ByBitForex Review – Is Investing in ByBitForex Safe?
In this detailed ByBitForex review, we will uncover the red flags, and types of scams associated with ByBitForex Broker, and guide how to recover lost funds.
About ByBitForex
Company Name – ByBitForex
ByBitForex Website – https://www.bybit.com/
Address – Suite 201, 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, Mauritius.
Regulatory Warning – Financial Services Agency (FSA)
Domain Blacklisted Status – It seems there is no direct mention of this domain being on a blacklist.
BybitForex, widely called Bybit, is a cryptocurrency exchange platform that offers a variety of trading services, including spot and derivatives trading. Users log into Bybit Forex to manage their trading activities.
No Free Deposit Methods
While Bybit may allow for several fiat deposit methods, many involve charges. For example, bank transfer charges vary from 0.08% to 2%, depending on the region and payment method. Bybit, on occasion, will create promotions for deposits with no fees, like the EUR Zero Fees Fiesta; however, these are usually limited-time events and may not be presented for all currencies.
No Insurance for Client Deposits
Bybit runs an insurance fund protecting traders from excessive losses in derivatives trading. However, this fund does not ensure client deposits against any breaches of the platform or bankruptcy. In that case, users’ assets may not be insured against other misfortune events affecting the platform’s operation.
Lack of Licensing in Many Regions
Bybit has been given authority in certain jurisdictions: i.e., Virtual Asset Service Provider (VASP) in Georgia. However, it remains unregulated from all other regions, with limitations or complete inaccessibility for services in those areas. Users need to check the regulatory status of the platform in their respective countries before proceeding with trading activities.
Poor Customer Support Services
Customers have given BYBIT support a mixed review, with several customers claiming they have trouble reaching customer services to get their issues addressed in a timely manner.
In short, while BybitForex offers a lot of trading services, possible users should be aware of deposit fees, insurance on deposits is not comprehensive, they lack licensing in many regions, and challenges faced by some customers in availing of service. A deep dive into this will therefore be paramount, and considerations should be made before working with this platform.
Beware! These Scams Are on the Rise
There are different types of scams, and what is more, they have been unified to a very high level so that they target common people at varied venues. Here are common scams you should know about:
It’s possible to create fake profiles, phishing links, or other impersonation tactics aimed at stealing personal data, hacking your accounts, or persuading people to send money.
Scammers promise extremely high returns, and then disappear with the investment process; scams also come in phishing attacks, which target crypto wallets to steal digital assets.
Lure and entice a trader with talk evincing profit and their fantastic trades for unregulated forex brokers and open signal providers, only to manipulate the trades or close access to withdrawals.
These scams entail building a relationship around a victim through dating apps or social media to win the individual’s trust before asking for some funds.
Scammers do run scams on Instagram, Twitter, and TikTok for different purposes. They fabricate investment schemes, phishing links, and identity theft-based tactics.
How Scams Report Can Assist Victims Get Their Funds Back
If ByBitForex Broker is scamming you then you are not alone. Contact us! Our expert team provides:
- Free Consultation: We analyze your case and advise on the best recovery strategy.
- Chargeback Services: If you paid through a credit card, we assist in initiating chargebacks to reclaim your funds.
- Crypto Recovery: We provide specialized crypto fraud recovery solutions for victims who lost money through digital assets.
About Scams Report
Scams Report is a trusted fraud reporting and fund recovery assistance company dedicated to helping victims of financial scams. It provides expert guidance, chargeback support, and legal assistance to recover lost funds. Additionally, its blog educates users by exposing fraudulent brokers and investment scams, ensuring safer financial decisions for traders worldwide.
All newly invented fraudulent schemes to fool new traders are constantly monitored by us on the Internet. For over a decade, we have been collecting scam-related data, so we do believe in knowing every UNFAIR company operating in the market. Therefore, we have gathered the information regarding the scammers from the List of SCAM Brokers for you.
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Disclaimer: This review is based on online reports and customer complaints. Always research carefully before investing with any broker.
