If you have an account with Fxbits Markets (fxbitsmarkets.com) or have considered trading with them, we urge you to think again. The FCA has issued a warning about this broker and regards it as suspicious because of various concerns including licensing and its trading activities.
We summarize warnings from regulators and generate broker reviews to warn you about suspected financial scams. If you have a license with Fxbits Markets (fxbitsmarkets.com), we recommend you close your account and contact us right away.
What Is the FCA?
The FCA is the Financial Conduct Authority, the main regulator in Great Britain. Any financial company or broker that wants to operate legally in the U.K. must have a license from the FCA. Since the regulator has the responsibility to protect the public to keep them safe from financial fraud and issue warnings when they find a broker suspicious.
What Are Some Problems with Fxbits Markets (fxbitsmarkets.com)?
The fact that Fxbits Markets (fxbitsmarkets.com) appears on the FCA’s watch list indicates that it must have at least one of the following serious problems.
Fxbits Markets (fxbitsmarkets.com) has raised questions about licensing. Their license may not be real or they could be signing up customers in the UK without authorization. It’s important to trade only with brokers that have valid licenses.
Fxbits Markets (fxbitsmarkets.com) has information on its website or advertising that may not be accurate. Many suspected frauds rely on hype and exaggeration rather than credentials. The result is that customers may get the wrong idea about services.
Lack of Transparency
Fxbits Markets (fxbitsmarkets.com) may not have released enough information about the people who run it. All brokers should reveal to customers names, locations, licensing, addresses and contact information. A lack of information may indicate a fake broker.
Customers may have complained to the FCA because they had limited access to accounts. Their requests for withdrawals could have been ignored or they may have been hit with threats of high fees for the right to make transactions.
The FCA has been hit with many customer complaints about Fxbits Markets (fxbitsmarkets.com). Regulators don’t simply flag brokers because of the number of complaints but investigate claims to determine whether they are legitimate. You can be sure that if the FCA is flagging Fxbits Markets (fxbitsmarkets.com), there are many dissatisfied customers.
Have You Lost Money to Any of These Brokers? Talk to Us!
ReportScamOnline experts understand brokers–reliable ones and scam operations. We have researched brokers and have created these reviews to help consumers make the right choice for trading. We recommend that you avoid the scam brokers mentioned here and instead find a reliable and licensed broker. If you have lost money to this broker, contact us and we will launch an investigation that will bolster your claim.