Beware! TrueNorthBit.com 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.
We don’t know about you, but at the moment we entered the website of TrueNorthBit.com was the moment we knew that this was not regulated. One of the most important skills that we have developed is the skill to be able to detect unregulate brokers just by the look. It would take a long time to explain why we concluded so fast that this broker was not legit just by looking at it. And so we will provide solid details and explanations as to why TrueNorthBit.com is ultimately an illegitimate brokerage firm and a risk to all. Read the review before you try anything out here.
The best way to get the most accurate trading and payment information from an unregulated broker is through the accounts. So we tried to create an account, and in no time we were directed to a user area that did not impressive at all and that we have seen hundreds of times been used before by scammer brokers.
But at least there was a web Trader that gave us pretty useful trading information. The EUR/USD cost of trade was 7.4 pips on average which means that trading with this broker will never lead to any profit. Such a high spread is absolutely useless. Users can trade with forex currency pairs, cryptocurrencies, stocks, commodities, and indices. The leverage is capped at 1:100.
The website cannot be translated from English.
TRUENORTHBIT.COM REGULATION AND SAFETY OF FUNDS
In terms of regulatory and contact information, TrueNorthBit.com is a very classic scammer broker, in that it includes almost all the expected cliches.
For one, the terms and conditions reveal that the company is located and registered in St Vincent and the Grenadines, while other sections of the same legal document claim that the user must check by his or herself the state his or her legitimacy in order to trade with the broker. This is is of course a complete reverse of how things should actually be.
Saint Vincent and the Grenadines is perhaps the most popular broker country in the world. And the reason for this is purely statistical. More scammer brokers are located in this Caribbean island nation then there are regulated brokers in Europe. St. Vincent and the Grenadines does not have an FX regulator, therefore TrueNorthBit.com is not licensed there.
We also find a phone number that is traced back to Canada in the contact page of the website. However, there is no proof that the broker is in any way connected to Canada. This is a simple misleading detail.
TrueNorthBit.com is definitely not licensed and is this a risk to all users.
Investing in unregulated brokers is basically throwing your money out of the window. They will very rarely return your money, and even if that happens it would cost the user an incredible amount of headache and time.
That is why we encourage users to only trade with regulated brokers. Please, once you enter a broker that you think is worth investing in always check for a license before doing anything else.
We recommend UK, EU, US, or Aussie brokerage firms. All such regulated brokers are very trustworthy and offer safe and secure trading grounds.
Furthermore, agencies like the FCA and CySEC offer user compensation funds that are applied only when the broker at hand is not able to pay back to user due to insolvency. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
TRUENORTHBIT.COM TRADING SOFRTWARE
The trading software is rather nice in terms of visuals and performance, but believe us when we say that it will get very mundane very quickly.
The reason for this is that there isn’t that much to do here and after a couple of hours any user will get bored.
TRUENORTHBIT.COM REGULATION AND SAFETY OF FUNDS
The user area claims that deposits can only be made once the client contacts the account manager or support team. As you will see in the last two sections of the review contacting or being contacted by the broker is the first initiation into the scam scheme.
According to the website the minimum deposit requirement is $250. Yet, we can’t be sure that this is actually the truth, even though this is perhaps the most popular minimum deposit requirement.
The withdrawal area in the user that boot reveals that clients can take out a minimum withdrawal amount of €100.
All the following information is taken from the websites meaning that it’s might not be accurate. The withdrawal policy tells us that users can use the following payment methods: Cards, bank transfers, and a bitcoin wallet. There is a 1% fee that is applied to withdrawals; if said 1 percent is equal to $30 or less than the fee will be automatically $30. Withdrawal requests take up to 7 days.
There is not one reason for which to invest in TrueNorthBit.com. Stay away from this broker.
How does the scam work?
It’s almost ironic that’s one of the most popular ways to get scammed by a forex investment fraud is incredibly simple to grasp. If you look at it constructively, the way a scam works is that it follows a couple of incredibly simple steps that nevertheless take a lot of experience and authority to pull off.
In fact, investment scams are so effective not because of the way they are structured but because the people that are behind them are very talented at human manipulation. They have an arsenal of psychological and behavioral tricks.
Indeed, the hardest part of any scam is to actually be introduced to the scammer in person which happens most of the time by phone but it can also occur by email correspondence.
The quickest and most effective tool they have is online ads. Fake and misleading ads are ubiquitous over the internet. They continually evolve into becoming more and more legitimate-looking while retaining their complete scammer nature. Everybody has seen at least a couple of these ads: they promote a carefree life, luxurious products on the go, beautiful women, and other very expensive and realistically unattainable stuff.
Behind these ads are the investment scammers. Once you end up on the website you will be asked to provide a phone number or an email address for the sole purpose of being contacted by the broker.
The representatives of the scam will ask you to invest. He or she will use an array of tactics to make you invest. This is a solicitation and nothing else. Investing an initial deposits will build trust with the scammer and can potentially lead to more and higher investments.
If the user continues to invest and trusts the broker, he or she will continue to invest money that will be very hard to retrieve.
And once the time comes to actually get your money back or at least withdraw a profit, the true scammer nature of the company will reveal itself. The broker will either block your accounts, close off all communications with you, shut down the entire website, or stall all requests. At times it can even pay you back a percentage of your deposit and profits in order to create a false sense of security.
What to do if scammed?
Now, the quickest way to get your money back is to file for a chargeback with your credit or debit cards provider. However, this applies only to those users that have actually lost money by means of a card. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to get back. First of all, we always encourage users to immediately change their bank account username and password. And then to contact the bank itself and try to find a solution to the problem together. The banking institution might have a specific section that deals with similar issues.
One sure way to lose all of your deposit is to invest in a regulated broker via any sort of cryptocurrency. Even in today’s world, crypto transactions are untraceable making crypto deposits the most popular investment gateway used by unregulated brokers. All funds invested through a crypto wallet are definitely lost.
And a warning to all readers! Do not trust the self-proclaimed recovery agency or agencies whose promises of returning all your funds are as misleading as the broker scam itself. They will take the initial fee charged for the false services and will disappear with the money.