Heard of Zoom-bit.com trading platform? Really want to find more details before choosing the broker? You can carefully read the Zoom Bit reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
What is Zoom Bit?
Zoom Bit otherwise known as Zoom-bit.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
What is more, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Zoom Bit offers different account packages such as —-
What We Found about Zoom-bit.com Broker Regulation
First of all, Zoom Bit has not revealed any legal information about itself or its alleged registration address.
The text of the Terms and Conditions states that the applicable jurisdiction is that of Estonia. However, there is no authorised broker using the trade name and domain of Zoom Bit on the Estonian Financial Supervision Authority (EFSA) register.
A check of the UK’s Financial Conduct Authority (FCA) database shows that the regulator has blacklisted Zoom Bit. See yourself —
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These drawbacks are for forex traders/ clients to avoid losing money with unlicensed scam brokers. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Zoom Bit Minimum Deposit
Zoom Bit deposit is pegged $250 based on the account type. Just to put a comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, after we signed up, we were introduced to crypto currencies as the deposit menu.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Withdrawal process:
Zoom Bit withdrawal says nothing on specific information regarding withdrawal fee and processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Zoom Bit Platform
Checking through the Zoom Bit platform, the broker offers a basic web trading platform that doesn’t feature extensive customization options or advanced functionality.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Nothing is said about Zoom Bit leverage. Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Zoom Bit Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Bottom Line
Zoom Bit located at Zoom-bit.com has appeared like a genuine trading platform. Unfortunately, you should not take the words they say and their attractive looking website layout. By all appearances, we would advise traders to steer clear from this broker as it has been pegged red flag. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.
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