Beware! Perlybit 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.
Perlybit is an anonymous company trying to masquerade as a legitimate crypto exchange. These sorts of cheap tricks do not work on us, however – we were not fooled by the broker’s mediocre presentation, not for one second. If you would like to trade crypto safely, you would be much better off turning to a legitimate crypto exchange or forex broker – not only would fair treatment be guaranteed but you would also be getting access to better trading conditions and better trading software.
Perlybit REGULATION AND SAFETY OF FUNDS
Perlybit is as anonymous as they come – the only way to contact this company is to leave a message on their website. No registered address, phone number, or even e-mail was provided which is shady, to say the least. There is no proof that this is a licensed company either – which, admittedly, is not a deal breaker for crypto exchanges. Only some crypto exchanges – like Bitstamp and Coinbase, for example – are formally regulated. However, it seems like, moving forward, more and more companies will be trying to obtain some sort of official license. Those exchanges that are still not licensed – like Binance – are still big, established companies with millions of clients worldwide. They are as far from anonymous as possible and it is fairly easy to establish that they are not, in fact, scammers.
You do not have to open an account with a crypto exchange to trade cryptocurrencies – more and more forex brokers have also started offering that opportunity.
If you want to trade safely, be protected by countless laws, and know how your money is being handled, turn to a licensed UK or EU broker. In both cases, there would be authorities making sure that your interests are being respected and that the broker is treating you fairly. We already mentioned what minimum operational capital European brokers have to maintain but that is far from the only requirement. They also have to participate in compensation schemes that protect you in case of a broker’s insolvency – if your broker goes bankrupt, you could claim compensation of up to £85 000 in the UK and €20 000 in the EU. Client money must be kept in segregated accounts managed by third parties – this promotes transparency and proves that the broker would not be able to use your funds for their own business, knowingly or unknowingly.
Perlybit TRADING SOFTWARE
Perlybit offers a web-based trading platform that looks a lot like the trading platforms most crypto exchanges offer these days:
But unlike the platform offered by legitimate exchanges, this one is hardly impressive. It might seem quite easy to use but the problem is that you would not be able to access even the most basic tools and features available on more solid types of software. This platform did not even offer basic indicators and other charting tools – trading on it is hardly worth it.
Better check out the platforms offered by legitimate crypto exchanges such as Binance, Coinbase, Bitstamp, or Crypto.com. Another option would be to start trading with a forex broker who offers access to the crypto market. Most such brokers provide their clients with the chance to trade on MetaTrader 5 – one of the most popular and beloved platforms in the world of trading. This software manages to be intuitive and user-friendly while also offering a variety of useful tools. You would be able to access 38 technical indicators and 21 timeframes, use Expert Advisors and Strategy Testers, create your own trading bots and indicators, purchase VPSs, exchange strategies with others in a community chat, set signals check out the MT market for trading apps, have a built-in economic calendar at your disposal, and much more. MT5 is well worth checking out – open a demo account with a legitimate broker to see how efficient the platform is yourself.
Perlybit TRADING CONDITIONS
Perlybit did not specify what minimum deposit amount they ask for. However, losing any sort of money to such an obvious scam is not worth it – and that is exactly what will happen if you choose to deposit with this company. Many forex brokers offer the opportunity to trade crypto – on trading accounts that cost $100 or less. Legitimate crypto exchanges are not exactly pricy either – Binance allows you to start with as little as $10 while Coinbase requires an initial deposit of $2.
The fees Perlybit are not outrageously high but are still worth considering. As they themselves put it, “Maker and Taker fees on Perlybit.com are the same: 0.20% for regular users and 0.14% for Premium users”. If you would like to upgrade your account to Premium, you would have to pay an additional fee of 2.5% on your deposits. However, Perlybit might have all sorts of fees and commissions that you will only find out about after you have started trading – such scammers usually try to make the most of the fact that someone decided to deposit with them and will surely try to rob you blind in all possible ways.
Perlybit DEPOSIT AND WITHDRAWAL METHODS AND FEES
Perlybit charges a 1% fee on all deposits. The broker only accepts payments in crypto – clients can choose between a huge number of currencies such as Bitcoin, Ethereum, Tether, Binance Coin, USD Coin, Ripple, Cardano, Bitcoin Cash, Dash, etc.
What this essentially means is that Perlybit does not really offer you any more conventional alternatives – even crypto exchanges accept different payment methods such as card, bank transfers, or e-wallets like PayPal. Only scammers would urge you to deposit in crypto specifically. Unlike most other payments, those are untraceable – meaning they can only be traced to a wallet number and not to a company or person. They are also irreversible by default since all crypto transactions are final – they go into a ledger that can never be changed and confirm all transactions that came before and after them. This means that if you have already deposited with Perlybit, getting a chargeback would be impossible – which is exactly what the scammers want.
HOW DOES THE SCAM WORK?
This type of scam is really not that complicated – but it has proven to be quite effective and has managed to trick quite a few people. Given such schemes’ growing popularity, it is important to know how to avoid them – so reading the following paragraphs carefully is vital.
The scam starts with you seeing an ad on the Internet for a certain broker’s website. Such websites usually promise amazing conditions and extremely fast profits – but offer very little in terms of license and company information. However, sometimes scammers can be very elaborate in their promise – so you fall for it and provide them with a phone number or an email. There is another option – they might have stumbled upon your contact details somewhere and are the first to make contact. After that, a game of cat and mouse begins – you will be asked to open an account and make a deposit. Keep in mind that these are professional scammers who convince people to transfer money for a living – they will sweet-talk you into depositing by talking about profits and opportunities.
After that, you might indeed see profits and deposit even more money – but all of this is smoke and mirrors, scammers often manipulate results to make you transfer bigger amounts.
At some point, of course, you would want to withdraw your money – and the problems will start. Additional fees or unfulfilled clauses in the Terms and Conditions will appear, and you will be denied access to your money. At this point, you will probably discover something is wrong – and this is when the scammers will drop out of sight.
WHAT TO DO WHEN SCAMMED?
There are a few things you could do if you discover you have been scammed. Chargebacks are possible in some cases depending on the payment method you have used to deposit. Both Visa and MasterCard allow such chargebacks within 540 days while bank transfers and cryptocurrency transactions are irreversible.
Make sure to change all banking passwords. If you have installed any remote access software, remove it immediately – scammers ask their victims to install such software under different pretexts but their endgame is to just get access to your banking accounts and steal even more money.
Notify authorities and share your story with as many people as possible – the more people know about such scams, the less they will fall victim to fraudulent schemes.
Last but not least – don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam, sometimes even conducted by the same people that stole your money in the first place.
