May 17, 2021

Iron Bits Review: A scam or legit?

Overview:

With various scammers bringing out a variety of psychological tricks and advanced technology to trick innocent people of their money, it has become a little bit difficult to stay away from these scams. However, the trading company that we are going to review today seems to fall short of these psychological and technological tricks. Iron bits claims to be a popular trading platform with a brilliant reputation. The company also states to be solely committed to the trading experience of its users. We will soon find out that this statement is entirely false.

About Iron Bits:

Upon doing a little research on their website, we found out a variety of red flags that point towards the Iron Bits scam. The company claims to have 200+ instruments for trading. These include CFDs on Stocks, Indices, Commodities and cryptocurrencies, and Forex Pairs. The leverage on these is 1:400 which is very high for a licensed trading platform. Upon searching for a license on the platform, we realized that Iron Bits does not have a license nor does it have any contact information. This is our first red flag that Iron Bits poses. Most of the countries have a regulatory authority that approves the trading companies and gives them a license. This is done to make sure that the scammers do not get to infiltrate the market and scam the people. We concluded after our research that Iron Bits is not registered nor has a license from anywhere.

The leverage provided by Iron Bits is 1:400. Such high leverage is prohibited by the regulatory authorities because of these result in either a big loss or a big win. Moreover, the regulatory authorities claim that over 70% of the users who use this leverage lose their money. The leverage is capped at 1:30 in European countries and the UK; it is capped at 1:50 in the US.

Like other scam trading platforms, Iron Bits has set its minimum initial deposit at 250 dollars. This is another red flag as the licensed trading companies would never ask for such a huge amount of money from their customers in the name of an initial deposit. Iron Bits offers four different trading accounts with varying initial deposits. The four accounts are named Silver, Gold, Platinum, and VIP. While the initial deposit of Silver is 250 dollars, the same for gold is 10000 dollars and it is 50000 for Platinum. The VIP trading account can only be accessed by invitation and not available to everyone.

Is Iron Bits a scam or legit?

Upon summing up all of that has been said above, it is safe to say that Iron Bits is a scam. We request our readers to stay away from this Iron Bits scam and not to trade or invest in this platform. One must always research thoroughly before investing or trading in any trading platform. If you have been or are a victim of any of these scams, report it with us through this complaint form. We will get back to you at the earliest with the best possible solution to claim your money back. Till then, stay aware and keep reading!