Main Bit Review – Can Main Bit Forex Broker Scam You?

As of May 2023, the broker (main-bit.com) has ceased operations. But you can read the article to avoid falling for similar scammers.

Main Bit of a Forex and Crypto Trading Scam

We don’t know much about Main Bit Forex broker. Main Bit regulation and the identity of the owner are not known.

The Terms and Conditions of the company are more complicated than they answer. The brokerage also listed three headquarters in Canada, the UK and Switzerland. To confirm the legitimacy of this brokerage, we decided to search Tier1 license provider databases. We found nothing after going through the registers of the FCA and FINMA, IIROC, etc.

Trading services provided without a license are directly against the regulations set forth by ESMA within the EEA, FCA in UK, CFTC and other regulators in their respective jurisdictions.

Main Bit is an unregulated brokerage that offers Forex and CFD trading. After numerous complaints, the company was blacklisted in Canada and the UK. They should not be trusted with your money due to their low consumer index.

Official proof of the Main Bit trading fraud was issued by FCA, the UK regulator. It states that this brokerage has not been registered on a commercial register and that clients cannot seek assistance from the financial ombudsman, or the FSCS compensation fund.

A similar warning was issued by the Canadian regulator for Ontario. CONSOB, Italy’s financial authority, published the OSC warning in Italy.

The Swiss regulator FINMA also issued an official warning, as one of the alleged HQs was located in Zurich. It states that Main Bit has not entered the commercial register.

This scheme firm should not be confused with Mbit Consulting GmbH Zurich which has been duly registered by this authority.

Where are the Main Bit Scam Victims?

Reviews of Main Bit come from all corners of the globe. Residents of: submitted the vast majority of complaints.

• Canada
• UK
• Germany
• US
• France

Main Bit, a broker, has been in business since March 2022. In just seven months, it has received 3 regulatory bans.

Different types of trading accounts

You have the option to choose from one of seven Main Bit account types.

1. Test – 250 MNT
2. Bronze – 5,000 MNT
3. Silver – 10,000 MNT
4. Gold – 25,000 MNT
5. Platinum – 100,000 MNT
6. Diamond – 250,000 MNT
7. VIP Invitation only

Main Bit’s minimum deposit in Mongolian Tugriks is not clear. The table shows that the Test account requires 250 MNT to equal $0.07.

Can I trade with the Main Bit Demo account?

The Main Bit Demo account cannot be enabled. You may still be tempted to try the system, even though the initial deposit is not more than $1.

Scammers will only wait for your deposit. Once they have your personal information and funds, they will pressure you into investing more until you are out of money.

How do I withdraw money from my main bit account?

The main methods of withdrawing the bitcoin are:

• Credit/debit card
• Wire transfer
• Cryptocurrencies

For bank transfers, the company charges 50 units and for withdrawals by card. The fees are 35 units. You cannot request a withdrawal if you have not reached the minimum trading volume 25 times the bonus amount plus the deposit amount.

What is a chargeback?

Chargebacks are a way for your bank to recover funds from the merchant. We recommend that you contact us immediately to begin the process. We will have a free consultation to discuss how we can recover your money right away!

Main Bit: Video

Below you will find a short video about Main Bit. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about Main Bit!