Keep your cash away from Northern Bits because, despite the fact that it may not seem unsafe at first, this broker is actually highly dangerous. There isn’t much to it other than the fact that it is an outright hoax. Everything you see on the website, including the design decisions made, is a part of the deception used to conceal the firm’s genuine motives.
We quickly and easily registered and were then taken to the web trader. The following assets are available for trading there: forex, cryptocurrencies, equities, commodities, and indices, though as you will see, we don’t advise trading with them.
The following Northern Bits review explains all the reasons why you should not invest with this broker.
Also, remember the names of theAllinvestFX,Everrise BrokersandVirtusCapitaltrading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Headquarters Country:||St. Vincent and the Grenadines|
|Supported Platforms:||Web Trading|
|Minimum Deposit:||250 USD|
|Types of Assets:||Forex, Crypto, Stocks, Commodities & Indices|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Is Northern Bits a Reliable Broker With a License?
According to the legal paperwork, the broker abides by Saint Vincent and the Grenadines’ governing rules, indicating that the company is based there. Which is completely false since there is no regulatory body to give Northern Bits a licenses.
There is also the well-known fact that thousands of unregulated brokers from all over the world reside in Saint Vincent and the Grenadines, numbering in the hundreds. The way the country is organized makes scammers welcome! A local registration certainly spells danger!
That’s all there is to it, really. We have also checked the FCA, ASIC, and BaFin to see if Northern Bits is regulated there, but nothing was found. Therefore, Northern Bits does not have Tier1 regulation.
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 a Licensed Broker’s Platform Preferable?
It would be terrible to lose money to scammers. You are essentially wasting your money by signing up with and making investments with an unlicensed broker, which is unlawful and completely worthless. Relying on European, UK, US, Australian, or any other licensed brokers for that matter is what we advise our readers to do.
Globally regulated brokers provide several features that unregulated brokers are unable to, such as client funds segregation, consumer protection, protection against negative balances, reporting on every transaction, and many more.
So Is Northern Bits a Scam?
Northern Bits is an unregulated forex and CFD trading company. The business claims to be regulated and licensed, yet this Northern Bits review, shows that all of the claims are false.
What Trading Software Does the Northern Bits Broker Offer?
The software that Northern Bits offers seems tempting, we can assure you that it is not worth it. You see, these online traders make use of the first impression impact to seduce unsuspecting users, and from that point on, the user may believe that he or she is getting value for the money.
What Northern Bits Offer is a basic web trading platform that doesn’t have any necessary tools that industry approved platforms have.
Also keep in mind that another telltale sign that you are dealing with a scam is the lack of any tried-and-true trading software, such as the industry standard MetaTrader4 or MetaTrader5. It makes sense that it is only used by unlicensed brokers.
Does Northern Bits Have Mobile Trading?
The trading company does not offer mobile trading, since they claim that their web trading platform is optimized for all devices. However, the platform on mobile devices is very faulty and unstable.
Furthermore, apart from being unstable, the web platform is unreadable and does not look at all professional. A completely basic and unprofessional web platform that should discourage you from investing with Northern Bits.
Northern Bits Accounts Overview
It appears that the broker offers five different account options. Here is a quick overview of all the accounts available:
- 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
Northern Bits Range of Trading Markets
Listed below are the trading assets available with 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 more, we strongly advise you not to invest inShangquan,Cryptos CircusandFirmonfraudulent brokers.
What Is Known About Northern Bits’s Trading Conditions?
The website claims that the Standard Account spreads begin at 1,6 pip, but when we entered Northern Bits’ web-based platform, we found that the EUR/USD spread was locked at 3 pips. Such spreads are by no means appealing, but as we’ve already mentioned, this situation has much bigger issues because it’s clear that we’re dealing with a pure scam.
Otherwise, it is claimed that the maximum leverage is 1:500, but again, considering that we are dealing with a largely anonymous website that obviously bears all the telltale signs of a scam.
Northern Bits Minimum Deposit, Withdrawal Terms
Both the deposit and withdrawal pages for Northern Bits in the contact form was completely unavailable. We don’t know why that is, and we don’t really care. Given that the broker is a scam, any explanation is possible. If the user can actually withdraw money is still up for debate.
The withdrawal policy states that withdrawals are free, yet there are unstated commissions and fees that the company does not elaborate on. The site mentions the existence of additional commissions that are still a mystery, in addition to the standard costs that are charged to legitimate brokers as well.
The minimum deposit is $250, according to the website. Which is roughly the amount that the majority of other brokers would ask regardless.
Methods of Making a Deposit
When we tried to make a payment, we were instructed to contact support or our so-called account manager for further information. Northern Bits claims to accept payments using major debit and credit cards, bank wire transfers, and some unidentified e-wallets.
However, we were unable to confirm this. Legal documentation that Northern Bits provides states that the broker may alter these procedures at any moment without notifying the user.
Scammed by Northern Bits Broker? – Let Us Hear Your Story
Northern Bits is scamming traders in the US, Serbia, and Canada. Numerous traders in those regions have complained to us about this broker. We advise our readers to steer clear of this broker.
The most common action is to request a chargeback, but only if the user made their purchase using a credit or debit card. This has led to a decrease in the number of credit card-based investment scams. The good news is that if funds were invested using a card, MasterCard and VISA each have up to 540-day chargeback periods.
Sadly, cryptocurrency transactions are complicated to refund. Scammers are taking full advantage of these qualities since systems supporting them become more complicated, and the results are highly profitable. So, never use cryptocurrency payments to trust unlicensed brokers.
We advise contacting the bank to sort out the problem since wire transfer deposits are more difficult to recover.
But What Is A Chargeback?
A chargeback occurs when an item on an account statement or transactions report is successfully disputed by a customer. This refund goes to the payment card. Refunds are a possibility with both credit cards and debit cards (and the associated bank account).
A reversal is a specific kind of refund since it gives back money that has already been taken from an account. Chargebacks, which target charges that have been fully processed and addressed, can typically take several days to execute since they need to be reversed through an electronic process involving several companies.
If Northern Bits scammed you, get in touch with our chargeback specialists for support, arrange a consultation, and we’ll do everything in our power to help you get your money back.