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MyBitChain Broker Review

MyBitChain wrote a full article about why you should select them above other firms on their homepage, in contrast to other brokers who strive to say more with less words. If true, everything would be great. Read our MyBitChain review to find out everything about this unregulated brokerage.

Broker status: Unregulated
Regulated by: Unlicensed brokerage
Blacklisted as a Scam by: FMA
Owned by: N/A
Headquarters Country: Austria (allegedly)
Foundation year: N/A
Supported Platforms: Web trader
Minimum Deposit: $250
Cryptocurrencies: Available – BTC, BCH, ETH
Types of Assets: FX, commodities, indices, shares, cryptocurrencies
Maximum Leverage: 1:200
Free Demo Account: No
Accepts US clients: No

MyBitChain Regulations and Security

The proprietor of MyBitChain broker is nowhere to be found on the internet. Due to the fact that you are unsure of who to contact in case of problems, we may state that this is the first red flag. Additionally, despite the company’s purported Austrian base of operations, there is no FMA regulation. Any business operating on Austrian soil is required to choose the regulation. Without it, all financial services offered by the broker are illegal, and you have no assurances about your investment. Consider if the risk is worthwhile for MyBitChain.

MyBitChain Warnings From Financial Regulators

Instead of FMA regulation, we found a MyBitChain warning. The regulator decided to alert individuals about the MyBitChain scam and publish that the firm acts unlawfully, without any license or approval, because the broker claims to be Austrian.

Withdrawal Issues

Since the broker is unregulated, no one can control its operations and ensure that customers get their money back. For instance, the majority of EU regulatory agencies have rigorous guidelines requiring brokers to hold a 730,000 EUR compensation fund. If a customer is defrauded, this amount must be utilized as a compensation fund.

MyBitChain has no regulations at all, as we’ve previously shown, hence there is also no compensation fund. If you request a payment, the brokerage will probably try to postpone it as long as it can, only for your trading account to be stopped in the end. Avert the MyBitChain scam and promptly report any suspicious behavior.

Therefore, you should stay away from MyBitChain forex broker and similar brokers.

Are you having trouble successfully requesting a withdrawal from your broker? Tell us about it and add a comment.[/vc_column_text][/vc_column][/vc_row]