Firstbit.io is a crypto broker that offers a lot of unique things. At first glance, chances are many people might find them delightful. However, that is not the case and there are a lot of things about them that are concerning to say the least.
From the owner’s history to the way the funds are handled, there are too many mysteries present. Leverage offered by them is pretty decent, but their trading conditions are harsh and it will be very difficult for the retail investors to proceed with them.
Minimum capital required to get started with them is around $250 which is way higher than most competitors. Trading interface and support are also not that good.
Charting is also pretty basic and we do not know whether things like automated trading and grid trading are allowed. Other fees such as dormant charges are also high and processing time for transactions aren’t covered well by them.
In short, depositing with them itself is a risky affair. To learn more about this platform, stick with us.
Is Firstbit.io Regulated?
This broker is operated by Mirror Media Ltd which is a firm registered in the Dominican Republic. We searched almost all the regulatory bodies, but still could not find any information about this platform. Clearly, they are unregulated and as such there is no such thing as security of funds with them.
Any investor that deposits with them will be left empty handed in case the brokerage bites the dust. Also, they have a tremendous amount of control over policies and they can affect the data feed to a certain extent.
The kind of control enjoyed by them is unjustifiable and the infrastructure built by the creators make the conditions worse for the end clients. Due to the number of risks, uncertainties and conflict of interests present, one should never dare to mess around platforms like this one.
Remember, trading crypto may or may not be rewarding, but dealing with an offshore entity with no credibility is always a bad thing.
Support Team
We did not get a chance to test out the support team. So, we cannot comment much about it. Surprisingly, the contact details were present, but the response time for emails weren’t mentioned.
There is a bit of anonymity present in everything they do and the support aspect is no different. Profiles of employees and founders are not shared with the investors.
Nonetheless, if you are looking for the contact information, then check out the following paragraph.
- Email – client.experince@firstbit.io
- Phone – +37042742305
Trading Instruments and Conditions
Firstbit.io supports traditional web trading interface. Though the platform offered charting tools and other key stuff, it simply isn’t enough for most traders. Custom indicators are not supported and we do not know whether algo-trading is present.
Trading instruments are plenty but the margin requirement is not as big as what forex offers. Note that it is your duty to check the associated charges before opening a position. Leverage is capped at 1:40 which is more than adequate.
However, know that leverage might change from time to time. In other words there are a lot of things that are subject to change. Plus, there is an aggressive fee structure present. Dormant account charges are also on the higher side.
All in all, the conditions are not ideal for any type of traders and almost everything with this platform favors the house.
Firstbit.io Deposits and Withdrawals
The minimum capital required to get started with them is $250. Compared to other reputable platforms, the kind of capital barrier enforced by this entity is way higher.
Minimum withdrawal amount is not specified by them and the charges associated with it might reach around $50. Funding methods supported by them include bank transfer, credit/debit cards and bitcoin.
Processing time is not stated by them and we do not know whether they offer any bonuses. While interacting with them be careful and go through the small print.
They are definitely not the kind of people that deserves the benefit of the doubt in any way, form or matter.
User Reviews
If you check the consensus about this broker, then you will be blown away by the kind of things you will encounter. People have nothing but bad things to say about them.
Many clients are still not able to withdraw their capital and the kind of marketing tactics used by them is predatory in nature. The user reviews act like a repellent and surprisingly, the firm hasn’t replied to any of the comments and allegations yet.
Given every piece of the puzzle, it is clear that you should stay away from them for your own good.
Is Firstbit.io a Scam?
Firstbit.io may or may not be a full fledged scam. However, it is certainly a sketchy firm that is likely to cause harm. There are a lot of uncertainties present in the way they run their business. Policies are favorable towards the house and the client’s for the most part have nothing much to say about important aspects.
Leverage is decent, but trading conditions are harsh. In short, save yourself from a lot of hassles just by avoiding this kind of brokerage. If you have already deposited with them, then withdraw your funds immediately.
For any reason, if you cannot get your money back, then get in touch with us. We will assess your case, do due diligence and help you with the recovery process for free.
Our team has decades of experience and the icing on the cake is the fact that we never charge for any of our services. Book an appointment with us by filling out the contact form below.
Verdict
Cryptocurrencies are exciting, but there are a lot of scams around this sector. So, be selective and deal with exchanges and brokers that are reputable and regulated.
As far as Firstbit.io is considered, avoid them regardless of what anyone says.
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