Is Grand Bit a trustworthy brokerage, properly licensed and responsible when it comes to client funds? We don’t think so, which is why we did an analysis of the broker’s bogus website in our Grand Bit Review.
Read about this shady and unregulated platform, trading instruments, client reviews, accounts, and payment methods. Learn the ugly truth about the Grand Bit scam.
Absolutely not. Grand Bit is an anonymous website posing as a legit crypto trading platform. This is evidenced by the fact that none of the legal documents found on the website mention the name of the company behind the broker or the jurisdiction under which it operates.
There is mention of Estonia, which a vast majority of scammers put in their Terms and Conditions text – it is a lie! Do not mistake Grand Bit for a legit Estonian brokerage, it’s not.
Trading under these regulators has numerous benefits such as negative balance protection, segregated funds, leverage restriction, and indemnification (i.g. up to 85,000 GBP in the UK).
What do traders think about Grand Bit? Well, there are not many Grand Bit reviews but the ones we found were mainly complaints against the broker.
Traders clearly emphasized that Grand Bit is not a legit broker but rather an unscrupulous trading scam with bad intentions. Here we learned that the financial swindler uses a pseudonym, i.e. a fake name to communicate with clients – Ben Wilson.
My mum got ripped off, the same guy Ben Wilson, she gave him £5k, he is now saying the money invested has gone up to £40k but she will have to pay £3300 release fee…
Grand-bit is a complete con. They start you off with a little amount and then a professional convinces you to add more. When you request the money back is when it goes wrong… They will be telling you which buttons to press but then will tell you it’s the wrong one and money has gone to an unknown account…
What about the areas of Grand Bit’s activity? In which domains did this broker try to provide illegal services, i.e. an unregulated trading platform? Here is the list of countries:
According to Grand Bit’s website, the platform includes only crypto assets. There is a total of 12 coins available for trading, the most popular being:
The crypto market is an especially volatile one, meaning there are heavy fluctuations. You should not be in such a risky market with an unregulated and anonymous broker.
Grand Bit offers a web-based trading platform, supposedly “a crypto trading platform made by crypto enthusiasts for budding and experienced crypto traders,” according to the website. Since there is no demo account, we were not able to check out this mysterious online terminal but based on our experience with web platforms, we do not expect much from it.
WebTraders are usually pretty lackluster with limited features and options. Advanced tools such as automated trading, live market reports, and customizable charting are missing.
If you want those features and perks, you should find a licensed broker that offers valid third-party software such as MT4, MT5, or cTrader.
Let us make an overview of Grand Bit’s shady trading account types:
Odd, we have already seen this same account type selection somewhere – State-Bit, another scam broker we exposed, offers these same trading accounts.
According to the T&C, Grand Bit included the following payment methods:
The fraudster promises hefty returns on investing in the crypto scheme – up to 94%, which is kind of hard to believe.
After reading about the fees, we are definitely certain that Grand Bit copied State-Bit’s legal documentation. Nevertheless, here’s an overview of the fees but we highly doubt that Grand Bit performs any withdrawals.
Grand Bit is a foul crypto scam. If you are a victim of the Grand Bit trading scam, please contact us. Global Fraud Protection is willing to help you get your money back.
Our experts will guide you through the chargeback procedure but you must act quickly and set up a free consultation as soon as possible.
If you were scammed by this broker, let us know.
Grand Bit is definitely a scam. This brokerage is anonymous and has no trading license.
Grand Bit allows only crypto trading; there are no CFDs available.
No but Grand Bit’s trading platform can be accessed via mobile phone.
No, which is good news since referral programs are typically Ponzi schemes in disguise.
Grand Bit is definitely a scam. This brokerage is anonymous and has no trading license.
Grand Bit allows only crypto trading; there are no CFDs available.
No but Grand Bit’s trading platform can be accessed via mobile phone.
No, which is good news since referral programs are typically Ponzi schemes in disguise.
The post The Grand Bit Review Will Tell You the Truth About This Crypto Scammer appeared first on Global Fraud Protection.
