Beware! CelsiusBit 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.
CelsiusBit is not a legitimate or a worthwhile broker – here is why you should avoid the shady company at all cost:
CelsiusBit regulation and safety of funds
CelsiusBit is not a regulated broker – and it lies about where it operates from – here is the address CelsiusBit pretends it occupies:
It is simply impossible for a broker to operate within the UK without a license from the regulatory body in the country – the FCA. And the FCA has some strict policies that make sure that brokers on the British markets have what it takes to operate there – for example, companies are required to hold over 730 000 euro to make sure they have what it takes to operate on the volatile Forex markets. The regulator also demands that UK-licensed brokers report on a daily basis on open and closed trades – that way, any attempt at market manipulation can easily be tracked and punished.
There are many more rules that brokers in the UK need to comply with – and CelsiusBit breaks no less than three of them – the company’s leverage is above the 1:30 cap the FCA has instituted and it offers bonuses and access to crypto CFDs that are both banned by the regulator.
The truth of where the broker operates from is much darker – here is what it has to say about the law applicable in disputes with the company:
The Marshall Islands are quite infamous – they do not regulate their Forex markets and most brokers on them are actually scammers, seeking to run their schemes without opposition from anyone!
CelsiusBit trading software
CelsiusBit provides access to a web-based trading software. It is quite lacking when compared to industry standard trading platform Metatrader 5 – notably, it does not have any automated trading available. Here is what the software looks like:
When it comes to trading conditions, the ones CelsiusBit has available are nothing to write home about – even though the leverage of under one pip is acceptable for FX majors like the EURUSD, the 1:100 leverage the broker has available is quite concerning – most regulators have joined the FCA and banned it for retail traders. Therefore, the majority of brokers that have such high leverage available are simply scammers, unlicensed or both – these companies are simply seeking to attract more clients!
CelsiusBit deposit and withdrawal methods and fees
CelsiusBit’s deposit page was malfunctioning – we could not see what methods the broker actually accepts, as the screenshot below shows.
However, if you have deposited with the broker, we suggest filing for a chargeback – otherwise, you will not be able to withdraw any of your funds, until a certain turnover has been achieved. Here is what that turnover is:
20 000 times the bonus CelsiusBit has issued is a completely unproportionate amount to demand from any trader – and CelsiusBit’s bonuses are only issued so that the broker can keep its clients’ funds.
Given what we said above, it is no wonder that CelsiusBit does not charge withdrawal fees – the broker does not need to, as it does not process any withdrawals in reality!
How does the scam work?
All of the facts above lead to a single conclusion – CelsiusBit is running a scam. Here is how the scheme the broker follows works:
First off, someone stumbles upon the website the scammers are running – and are prompted to make an account. Should they chose to do so, they will be asked to leave a phone number – and if the scammers get that, they will start calling around the clock to demand deposits. More and more will be taken from the poor victim, until they are bled dry or realize what’s going on – at which point, the scammers cut them off and move on to new targets:
What to do when scammed?
If you have been scammed, you would need to take the following steps to make sure you do not suffer any further losses:
Reissue whatever credit cards and forms of ID the scammers had access to – and remove any desktop sharing software they had you install on your PC.
Contact your bank and see if you can file a chargeback – and if you cannot, do not trust any recovery agency that demands an upfront payment for its services – these people are simply running a scam!
Finally, do not hesitate to speak up about your experience – that will help raise awareness of the scam, which is the best way to combat it. Our comment section below would be a great place to start!