22BitBank review – 5 things you should know about 22bitbank.com

22BitBank review – 5 things you should know about 22bitbank.com

Rating: 1

Beware! 22BitBank is an offshore broker! Your investment may be at risk.

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22BitBank is just another broker that will bite the dust for scammer reasons alone. This entity can never qualify as a legit business because is barely can stands on its own let alone in front of a regulatory committee. Yet, it’s still here suggesting to us that it has defrauded at least a dozen or so users and its presence hints at plans to scam more. So please read the following review very carefully for it may be the deciding factor in whether your funds remain intact.

We registered successfully according to the broker, but we never received a confirmation mail, even though the broker assured us that we did. In the end, our email was empty and therefore we had to rely on the website for all trading and payment information throughout the review.

According to the site, the available trading assets are forex currency pairs, commodities, shares, indices, and cryptocurrencies. The standard account spread starts at 1 pip, while the raw account cost of trade is 0 pips but with a €3.5 commission- which increases the spread either by 0.25 (if round turn) or by 0.7 pips (if per side). Another section of the site reveals the typical EUR/USD spread for the standard account to be between 0.5 pips and 1.8 pips. The spread situation is confusing, and by the end we had no real trustworthy source since every single one had something different to say.
There was no leverage value to be revealed.

22BITBANK REGULATION AND SAFETY OF FUNDS

The official information we have at the moment places the broker in the UK. But in order to be registered as a legit broker in the UK the company must be a holder of an FCA license, otherwise it would be deemed illicit. Well, the goo news is that 22BitBank is not regulated by the FCA.

At least we have this out of the way, making room for the ridiculous footer claim. The bottom of the page contains a link to following page:

We don’t even know where to begin with this. Crucially, this is not a relevant legal or regulatory piece of information. First of all, it has nothing to do with the broker at hand, and second, it seems that this was copied from a Japanese crypto exchange regulator. And actually, it does say that 22BitBank is regulated as you can see the broker’s name is in the list. But who’s to say that this isn’t a forged document? We checked with both the Japanese Financial Services Authority, and the Financial Futures Association of Japan for a legit search result and found none. Therefore, 22BitBank is not licensed in Japan. It’s all a hoax.

Furthermore, there are no legal docs in sight, which further works against the case of 22BitBank. This firm operates outside the law, and users are not safe to trade with it.

22BitBank is not licensed and a risk to all!

Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.

22BITBANK TRADING SOFTWARE

The broker advertzies both an MT4 and MT5, but there is only an MT4 download link on the site that leads to a differently named MT4; an MT4 with different trading servers carrying, on top of everything, a malware warning.

Moreover, our inability to access a user area leads us to nowhere on the trading platform predicament. We suppose that there is probably some metatrader ripoff or some other limited web trader in the client portal. Or there is nothing at all.

Whatever the case is, there is no reason to trade with this scam.

22BITBANK DEPOSIT/WITHDRAW METHODS AND FEES

The website states that the minimum deposit is €100, while the available payment methods are indicated as being credit cards, debit cards, wire transfer, Skrill, and Neteller. The same are used for withdrawals.

The processing time for withdrawal requests depends on methods, but it is indicated as being between 1 and 3 days for most methods. There are also no fees related to payments.

We do not trust these details. First of all, the broker is unregulated, and there are no no legal docs to support these. Nothing is within the confines of the law.

HOW DOES THE SCAM WORK

Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.

First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.

The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.

When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.

WHAT TO DO IF SCAMMED

The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.

Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.

Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.

Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.

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