Beware! Wobit.io is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Scammers are criminals and sort of businessmen, so they have to adapt to the changing environment. Of course, there are repeating scam tactics such as providing fraudulent legal information, creating unrealistic expectations and so on, but scammers have to be up-to-date with the latest trends. If you haven’t guessed yet, we are talking about cryptocurrencies. Bitcoin is skyrocketing, so literally, each scammer is ready to present you with the best cryptocurrency investment opportunity.
So, let’s focus on Wobit.io now. They are shady, sell cryptocurrency trading and investment services, reassure that traders would start making profits within minutes and claim to provide a revolutionary proprietary trading platform. Well, the crypto offers and the high expectations they create don’t prove anything so far, but according to our assessment Wobit.io is a highly unreliable broker. Read the in-depth review to find out why.
Wobit.io REGULATION AND SAFETY OF FUNDS
Wobit.io is allegedly based in the Netherlands. However, they do not provide sufficient information regarding their legitimacy, so it turns out to be a shady business and a potential scam. Our research showed that there isn’t a licensed company associated with Wobit.io, so we can conclude that it’s an unlicensed and unregulated broker, which is risky to trade with. We’ll support our statement with more evidence later in the review. Your funds are not safe if you deposit with Wobit.io.
Avoid them and see some trusted EU brokers and British brokers. We recommend European FX companies for those are covered by deposit insurance funds protecting traders and investors’ money in case of bankruptcy or fraud. As a result, CySEC brokers’ clients can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. Overall, Europe offers high-grade security, so the brokers operating there are safe to trade with, and you should consider this fact before making any deposits. If you can open an account with an EU or UK broker, take advantage of the opportunity, it’s a no-brainer.
Wobit.io TRADING SOFTWARE
We sincerely wanted to test Wobit.io’s trading software, but it turned out to be a mission impossible at the time. We couldn’t register due to some annoying phone error. After many attempts, it was still impossible, so we dismissed this broker as unreliable. No trustworthy Forex broker would allow such an amateur-ish gaffe to occur.
Those MetaTrader4 brokers and MetaTrader5 brokers are reliable and won’t ridicule themselves in such a foolish way. We picked them because MetaTrader is a solid platform including advanced trading tools such as Expert Advisors, Algo Trading and many complex indicators. The platform also has a marketplace with more than 10 000 apps you can use in your strategy.
As a result, we can’t show real-time spreads or actual leverage levels. However, Wobit.io claims to offer a leverage ratio of 1:125, which is prohibited in the EU. This offer proves that Wobit.io is either unlicensed or a broker breaching the EU financial laws. Whatever the case, this is a potential scam, so beware. Now, in a few sentences, let’s concisely discuss leverage and some regulations applied.
Leverage misuse is the main reason for retail traders’ losses, so many financial regulators restricted its usage as a customer protection measure. As a result, EU, British and Australian brokers (to come in effect later in 2021) are limited to 1:30, while the Canadian brokers and the US brokers can’t provide higher levels than 1:50. Be cautious when dealing with companies offering excessive leverage because most of these are poorly regulated and might as well be a scam.
Wobit.io DEPOSIT/WITHDRAW METHODS AND FEES
There is no information about minimum deposit requirements, withdrawals, charges, request processing time, inactivity fees, dormant procedures, etc. The legal documents presented do not settle any trading conditions at all, which is a major red flag and evidence of a scam.
Considering the website’s information, you can deposit after a crypto purchase from CoinMama, CoinBase, Gemini & Kraken. It usually happens like this: you buy cryptos and then send them to the broker. Be cautious as it’s impossible to get a refund once you send your Bitcoins for the transfer is final, and you don’t actually know whom you are sending money to. Thinking of safety, the best option to send money is via bank card because it’s possible to apply for a refund within an extended period of time if something happens.
Anyway, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The appointed companies are strictly regulated, so it’s unlikely to come across fraudsters.
There is a 10% bonus on each deposit above $100, but there isn’t any further information available. As we can’t test their trading software, we can’t verify anything either.
We can’t finish the Wobit.io assessment without mentioning the highly controversial reviews on many websites. Half of the people swear it’s a legit business that helped them pay their debts, gain financial freedom etc. In fact, most positive reviews sound pretty similar to each other, which might be considered a disturbing fact. On the other side, many people testify it’s a pure scam. We won’t draw conclusions based on a bunch of reviews, but Wobit.io’s reputation is undoubtedly contentious.
Overall, Wobit.io is an unreliable shady business that’s not compliant with some EU financial regulations. Stay safe and avoid this potential scam.
HOW DOES THE SCAM WORK
People can see many fraudulent ads on the Internet and social media posted by scammers who want to steal as much as possible from traders and investors.
If you click on the post and submit your e-mail and contact number, they’d ring you immediately and would promise you anything to make you deposit money as quickly as possible. Most of the scammers are experienced manipulators, and before you know it, they’d ask for your bank card numbers out of the blue. Urgency is a treacherous sign, so if someone pushes you to start trading ASAP, then it’s most probably a scam.
However, the first deposit is just the beginning. Gradually scammers would ask for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d insist every day you should fund your account over and over again for no obvious reason. Legit companies do not bother you over the phone to deposit with them, so if someone pushes you to invest, it’s most probably a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!