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ObsBit Review - is it scam or safe?

ObsBit Review - is obsbit.com scam or good crypto CFD broker?

RATING: 1 / 3 REVIEWS ObsBit
ObsBit is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Account type Min. deposit Max. leverage Spreads
Discovery  $200 1:5 N/A
Silver  $3 000 1:5 N/A
Gold 

$10 000

1:5 N/A
Premium  $30 000 1:5 N/A
VIP  $50 000 1:5 N/A
Luxury  $100 000 1:5 N/A

 

ObsBit offers the above trading accounts for trading in cryptocurrency CFDs on a web-based platform. Is it safe to invest with this broker, or maybe it’s one of the many scams that exploit the frenzy around Bitcoin? Read the full review to get the answers. 

 

 

 

ObsBit Advantages

 

Solid selection of cryptocurrency CFDs

Clients of Obsbit can trade in the most popular digital assets, including Bitcoin, Bitcoin Cash, Dash, Ethereum, Litecoin, Nem, Ripple, Monero, and more. They are being traded against USD, EUR, USDT and other cryptos. That being said, it seems that the broker does not offer trading in forex, nor other popular instruments, such as CFDs on indices, commodities, nor stocks.

 

Active8 platform

The web-based platform used by Obsbit is actually Activ8, Created by the developer of Sirix, Leverate. It has nice charting with a couple of technical analysis indicators, as well as a ‘Strategies’ category, an Economic Calendar, Market analysis and News section. Here is a screenshot:

 

 

Obsbit’s Activ8. Click to zoom in.

 

 

ObsBit Disadvantages

 

Poor corporate presentation, no regulation

The most serious disadvantage of this broker is the lack of reliability. According to the information on its website, ObsBit is owned and operated by Setonix Holding LTD., a company registered on the Marshall Islands.  However, the Terms and Conditions of the broker mention another offshore zone – Vanuatu. Anyway, forex and CFD brokers operating in such offshore zones are not regulated and are not to be trusted in general. Most offshore brokers choose to register on sunny islands to cut legal corners and many of them run investment scams.

 

Only crypto CFDs offered?

If you open ObsBit’s Active8 without logging in, it seems that the broker offers trading in wide range of financial instruments, including forex, CFDs on indices, commodities, stocks, and cryptos. When we logged in in demo mode, however, we were only able to trade in cryptocurrencies. Therefore, we suppose that live account holders are also offered only CFDs on digital assets, which would surely disappoint those who’d like to trade the EUR/USD, Gold, or some indices.

 

Negative feedback

ObsBit’s website is available in English, Spanish and German and it seems that the broker targets mainly European investors. Unfortunately, we came across numerous negative user reviews on ObsBit. It seems that the broker has swindles a lot of Spanish investors out of their money. Most investors say that they have been treated like kings and queens until they tried to withdraw. After that the broker’s representatives simply disappeared. Some of the complainants suggest that ObsBit is related to forex broker CIBFX.

 

MetaTrader4 not available 

When it comes to forex, the world’s leading platform is the MetaTrader 4 (MT4). Most brokers, even those who have their in-house platforms, also support the MT4. This, however, is not the case with ObsBit.

 

The MT4 offers amazing charting potential, so much so, that traders using other platforms often keep a demo account, with an MT4 broker just for analytical purposes. This is reiterated by the plethora of custom made technical indicators, which can be used, tested and bought at the MQL marketplace. The MT4 is also extremely popular for its support for automated trading, a.k.a. Expert Advisors.

 

 

>> Looking for a MT4 broker? <<

 

 

Limited Payment methods

This is not a major disadvantage, when compared to the previous ones, but still we will mention it. Obsbit supports only credit cards & bank wire transfer as payment methods. Its clients cannot use popular e-payment systems such as PayPal, Skrill, Netteler, etc., nor Bitcoin.

 

 

>> Forex brokers accepting Skrill <<

 

 

Conclusion

 

Overall, we cannot recommend Obsbit. This cryptocurrency CFD broker is registered offshore and does not provide much information on the company behind it, nor the trading conditions. What is worse, we found a lot of complaints and negative user reviews on Obsbit, so it is very likely that this is one of the many crypto scams on financial markets.

 

Our best advice for those of you who are keen on trading Bitcoin is to do this either on a major reputable exchange, or with a licensed forex broker that also offers cryptocurrency CFDs.

 

 

>> Regulated Bitcoin Brokers <<

 

 

To sum up our review on Obsbit:

 

Pros Cons
Many cryptocurrency CFDs Poor corporate presentation, no regulation
Active8 platform available No forex, CFDs on indices, commodities, stocks
  Negative feedback
  MT4 not supported
  Limited payment methods

 

Latest news about ObsBit
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Traders` reviews for ObsBit

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Devolucion

Necesito que se me devuelva mi inversion o tendre que iniciar denuncia

Translated by Google:

I need to return my investment or I will have to start a complaint

ramon rigol claveria 12/17/2018

DENUNCIAR por fraude

Mi pregunta es:
¿Cual es el procedimiento de denunciar y donde, un "Broker" no autorizado, que usa practicas fraudulentas y se niega de devolverte el dinero?

Translated by Google:

My question is:
What is the procedure to report and where, an unauthorized "Broker", who uses fraudulent practices and refuses to return the money?

Irene 11/25/2018

Scam Obsbit

They pressure you to invest, and offer you bonuses, the same bonuses that will not let you withdraw so be careful, I recommend you to not accept any bonuses, as they have hidden (and abusive) terms.

Another weird thing, first told me they knew about my past (and negative) investment with CIBFX, so maybe they are the same company, this I don't know, but it looks like that...

Anyways, better to look for a regulated serious broker.

Roberto

Roberto N 11/08/2018
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