It’s very important that you read our SpireBit Review and arm yourself with the truth. If you go into this blind, you’ll most likely get scammed.
SpireBit has claimed many victims, unfortunately. Please read our analysis of this broker’s legal status, platform, instruments, areas of activity, accounts, and payment methods to learn how this trading scam works.
This is crucial – SpireBit’s regulation, or lack thereof! This broker’s website is unavailable to us at the time of this writing. Nevertheless, it will not stop us from exposing this fraud.
We got our information from various sources. SpireBit claims to be based in the UK, connected to a company called SBT Investment Limited. If you want to learn whether a company is authorized to provide financial markets services in the UK, you simply have to check the legal entity in the register of the Financial Conduct Authority (FCA).
Is SpireBit registered with the FCA? No. What about SBT Investment Limited? Yes, but there’s a catch – this company has the trading name Healthy Cooking London. There’s no mention of SpireBit. And more importantly, per the FCA, this company “cannot hold or control client money.”
It is not possible that this entity is regulated, which makes it fraudulent and unreliable. Please find another broker that’s actually regulated by the FCA or any other regulated under the European Securities and Markets Authority (ESMA).
This warning was issued by the central bank on September 27, 2022. SpireBit’s website is still active, which means we must urge more regulators to issue warnings and shut down this scheme.
We did some research to find out where this unscrupulous broker dug its claws. Turns out, SpireBit was quite busy looking for victims:
It is evident that SpireBit is not a legit UK broker, i.e. is not regulated by the FCA. Thus, this scammer is not welcome in that country. The rest of the domains from the list are off-limits to SpireBit too, especially the United States.
A lot of complaints against the broker. A lot… Although there are a couple of “positive” reviews, the vast majority are negative. It’s undeniable that SpireBit scammed many traders. If you still haven’t given up on the idea of trading with SpireBit, may this complaint deter you from investing:
Stay away from this company. I currently invested a significant amount of money with them and there is no way of getting your money or the profits back. They keep asking for additional funds and it’s a never ending story… It’s a scam.
One source claims that SpireBit offers a proprietary platform. It’s allegedly available for both desktop and mobile (Android & iOS systems).
Since the website is unavailable to us, we couldn’t check out this platform. SpireBit promises a cutting-edge trading tool but we do not trust this scammer at all.
It is certain that SpireBit does not support any valid third-party platform such as MT4, MT5, SiriX, or cTrader. That’s a huge disadvantage.
SpireBit listed the following trading instruments to persuade traders to invest:
Let’s make an overview of SpireBit’s trading account types:
There are many legit brokers that will let you open an account for 10 $; you don’t have to risk losing $500 with this fraudulent broker.
SpireBit’s leverage ranges from 1:5 (Bronze) to 1:100 (Diamond). This is proof that SprieBit isn’t a UK broker – the legal leverage cap in the UK is 1:30 for retail clients. This limit was imposed to prevent huge losses. The spreads and commissions for trading are unknown, which is shady.
SpireBit does not offer a risk-free demo account. It means you have to open a live account to trade, without even seeing the trading platform and the spreads.
Even though we couldn’t read SpireBit’s withdrawal policy directly, we found out that the broker accepts the following payment methods:
The minimum deposit is 500 $ (Bronze account). Commissions depend on the payment method and SpireBit claims there are no deposit fees. That’s all we know.
You are not the only victim of SpireBit scam. Unfortunately, there are many others. If you have evidence that SpireBit violated any terms and conditions, please let us know.
Global Fraud Protection can try to help you get your money back. Our team specialized in crypto-tracing software such as CipherTrace. Also, our team will gladly explain the chargeback process to you.
If this broker steals your money, contact us for help. Use Online Chat to book a free consultation with us and learn what you can do.
No. SpireBit is not registered with the UK’s FCA. Plus, the broker has been blacklisted by the Bank of Russia. Do not invest!
Yes, SpireBit claims to offer a mobile trading app for both Android and iOS.
No. SpireBit does not offer a risk-free demo account for practice.
As far as we know, SpireBit does not offer any kind of referral or affiliate program. We could be wrong though.
No. SpireBit is not registered with the UK’s FCA. Plus, the broker has been blacklisted by the Bank of Russia. Do not invest!
Yes, SpireBit claims to offer a mobile trading app for both Android and iOS.
No. SpireBit does not offer a risk-free demo account for practice.
As far as we know, SpireBit does not offer any kind of referral or affiliate program. We could be wrong though.
The post The SpireBit Review Is Here To Shed Light On the Truth appeared first on Global Fraud Protection.
