[vc_row][vc_column][vc_column_text]
Northern Bits Broker Review
Keep your money away from Northern Bits since, despite its initial appearance of safety, this broker is actually very risky. There isn’t much to it other the fact that it is a complete fabrication. Everything you see on the website, including the design choices chosen, is a trick to hide the company’s true intentions.
We registered fast and effortlessly, after which we were directed to the web trader. Forex, cryptocurrencies, equities, commodities, and indices are among the assets that can be traded there, but as you’ll see, we don’t recommend doing so.
The reasons why you shouldn’t invest with this broker are covered in detail in the following Northern Bits review.
Broker status: Unregulated Broker
Regulated by: Unlicensed Scam Brokerage
Scammers Websites: northern-bits.com
Blacklisted as a Scam by: N/A
Owned by: N/A
Headquarters Country: St. Vincent and the Grenadines
Foundation year: 2022
Supported Platforms: Web Trading
Minimum Deposit: 250 USD
Cryptocurrencies: Litecoin, Bitcoin
Types of Assets: Forex, Crypto, Stocks, Commodities & Indices
Maximum Leverage: 1:500
Free Demo Account: No
Accepts US clients: Yes
Is Northern Bits a Reliable Broker With a License?
The broker complies with Saint Vincent and the Grenadines’ governing laws, according to the legal documents, proving that the business is situated there. which is untrue entirely since no regulatory agency has ever granted Northern Bits a license.
Another well-known truth is that Saint Vincent and the Grenadines is home to hundreds of thousands of unregulated brokers from around the world. Scammers are allowed in the country because of the way it is set up! A local registration undoubtedly indicates risk!
Really, that’s all there is to it. Additionally, we looked into Northern Bits’ regulatory status with the FCA, ASIC, and BaFin, but nothing was discovered. As a result, Tier1 regulation is not applicable to Northern Bits.
There is no reason to believe this broker is reliable without a license. The unregulated Northern Bits will take all of your money.
Why Is Trading on the Platform of a Licensed Broker Preferable?
A dreadful thing would be to lose money to con artists. By registering with and making investments with an unlicensed broker, which is against the law and absolutely useless, you are simply wasting your money. We urge our readers to rely on licensed brokers from Europe, the United Kingdom, the United States, Australia, or any other region.
Unregulated brokers are unable to offer numerous services including client funds segregation, consumer protection, protection against negative balances, reporting on every transaction, and many more that globally regulated brokers can, such as these.
Are Northern Bits a Scam, then?
Northern Bits is an unlicensed provider of FX and CFD trading services. This Northern Bits review reveals that all of the promises made by the company regarding regulation and licensing are untrue.
What Trading Software Is Available Through Northern Bits Broker?
Despite how alluring the software Northern Bits provides may sound, we can tell you that it is not worthwhile. As you can see, these internet dealers use the power of the initial impression to entice unwary customers, and as a result, the customer may start to think that he or she is getting value for the money.
What Northern Bits offers is a simple web trading platform without any essential features seen on platforms that have been approved by the industry.
Remember that the absence of any tried-and-true trading software, such as MetaTrader4 or MetaTrader5, is another red flag that you are dealing with a fraud. It makes sense that only unlicensed brokers use it.
Is Mobile Trading Available on Northern Bits?
Since the trading company claims that their web trading platform is optimized for all devices, they do not provide mobile trading. Mobile platforms, however, are seriously flawed and unstable.
In addition to being unstable, the web platform is also difficult to read and does not appear professional at all. A very unprofessional and unsophisticated web platform should deter you from investing with Northern Bits.
Overview of Northern Bits Accounts
There seem to be five different account options available from the broker. Here is a basic rundown of all the accessible accounts:
- Standard – $250 deposit, leverage 1:100, 1.6 spread.
- Advanced – $10,00 deposit, leverage 1:200, 1.5 spread
- Superior – $50,000 deposit, leverage 1:300, 0.5 spread
- Premium – $100.000 deposit, leverage 1:200, 0.0 spread
- First Class – $250.000 deposit, leverage 1:200
Markets for Trading Northern Bits
The following is a list of the trading options offered by Northern Bits:
- Forex (NZD/USD, NZD/CAD, AUD/USD)
- Crypto (Litecoin, Chiliz, Chainlink, Bitcoin Cash)
- Stocks (Next, AstraZeneca, London Stock Exchange)
- Commodities (Natural Gas, Platinum, Gold Spot)
- Indices (UK 100, Germany 40, Japan 225 Futures)
What is known about the trading conditions at Northern Bits?
When we joined Northern Bits’ web-based platform, we saw that the EUR/USD spread was fixed at 3 pips, despite the website’s assertion that Standard Account spreads start at 1,6 pip. Such spreads are by no means pleasant, but as we’ve already indicated, the fact that we’re dealing with an obvious scam makes the situation much worse.
Otherwise, it is stated that the greatest leverage is 1:500, but once more, we are dealing with a website that is primarily nameless and clearly is a hoax.
Terms for Northern Bits’ Minimum Deposit and Withdrawals
The Northern Bits contact form’s deposit and withdrawal sections were both totally inaccessible. We have no idea why, and we don’t particularly care. Since the broker is a fraud, any justification is viable. It is still debatable whether the user is truly able to withdraw money.
Although the withdrawal policy clearly specifies that withdrawals are free, the corporation does not go into detail about any implicit commissions or fees. The website mentions the presence of mysterious extra commissions in addition to the regular fees that are paid by reputable brokers.
The website states that a $250 deposit is required. which is around the price that the majority of other brokers would demand if they had the choice.
Methods for Depositing Money
When we attempted to make a payment, we were told to get in touch with customer service or our fictitious account manager for more details. According to Northern Bits, payments are accepted using a variety of e-wallets, bank wire transfers, and popular debit and credit cards.
We were unable to verify this, though. According to legal paperwork provided by Northern Bits, the broker may change these policies at any time without telling the user.
Is Northern Bits a Scam Broker?
Northern Bits is an unlicensed foreign exchange and CFD broker. Both the US and the UK, as well as many other nations, offer Northern Bits.
Canadian, American, and Serbian traders are being scamed by Northern Bits. Many traders in those areas have voiced their concerns to us about this broker. We suggest that our readers stay away from this broker.
Requesting a chargeback is the most typical action, but only if the user completed their purchase using a credit or debit card. As a result, there are now fewer investment frauds based on credit cards.
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]
