FiveStarBit company presents itself as a globally recognized and regulated institution. Yet, they are not brave enough to share legal names or documents. When it comes to the company address, it’s hard to fake it because nobody is willing to test it out.
Anyway, once you find out all the tricks this broker is using, you’ll be safe in many cases. Therefore, make sure you remember all the tips we reveal in this FiveStarBit review.
| Regulated by: | No regulations |
| Is This Company Safe? | No |
| Known Websites: | |
| Have Warnings from: | N/A |
| Registered in: | Switzerland (allegedly) |
| Operating since: | 2023 |
| Trading Platforms: | Web trader |
| Maximum Leverage: | N/A |
| Minimum Deposit: | $5.000 |
| Deposit Bonus: | N/A |
| Trading Assets: | Cryptocurrencies, Forex, Commodities, Indices, Shares |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Since the company is serving traders with numerous lies, especially about regulation and security, you can forget about clean withdrawals. At first glance of a problem, reach out to our refund experts for advice. |
Legal info: Is FiveStarBit Legit or a Scam?
Since the company presents itself as Swiss-based, our first stopping station is FINMA. That’s the main regulator in Switzerland and is known for strict requirements and quick exposing of scammers. However, this brokerage is not found in the regulatory register, neither is on the warning list. At least not for now.
Without success there, we always choose to check top-tier regulators, such as FCA, BaFin, ASIC, IIROC and CFTC. Practically, wherever you are coming from, these are always safe choices. Still, the results were disappointing, and the company’s license number was not found.
The last option was to check the CySEC database since the firm claims to be regulated there. Yet, it’s just another lie from this scam firm.
Who are FiveStarBit’s clients?
Through the company’s website, we can see they mention to be active for more than 11 years. Yet, the company’s domain was registered in September 2023. That’s another lie served by them.
Anyway, if you are coming from the following countries, be careful:
- Finland
- Sweden
- United Kingdom
Yet, regardless of your country, we encourage you to share your experience with this firm. Ultimately, FiveStarBit reviews can help traders avoid this company’s traps. Also, you can contact us directly if you need advice on a refund.
Traders Reviews
Generally, a few reviews that are available on the Sitejabber platform can’t reveal the truth. Especially when you know the broker is misleading traders about regulations.
Even though those look quite positive, it’s hard to believe traders have positive experiences with this broker. Anyway, if you experience anything that you find irregular, contact us for consultation.
Leverage, Commissions, Spreads, Fees and Taxes
Important to realize is that this scam broker is quite conservative when it comes to sharing trading conditions. Just briefly, they mention traders can expect spreads from 0 pips on Forex pairs. However, “from” is the keyword there. It’s never that low with unregulated scam brokers.
Regardless of that, traders don’t know the leverage, commissions, or any other trading-related fees. So, why would you trust them with your money?
Bonuses
Unfortunately, the company’s T&Cs, therefore, bonus policy, are not revealed. But if you get any bonus deals, make sure to skip it. But what you shouldn’t skip is our FXleader review.
FiveStarBit Trading Features
As can be seen, the company is promoting some quite shady features. Such as business planning, investment planning, personal wallet creation, and secured transactions.
Yet, the only thing that is true is that there is a crypto wallet opening. That’s the only way for them to steal money without leaving traces.
Trading Platforms Available
In addition to all these shady features, the company offers a web-based platform. They couldn’t provide a worse option on top of all their flaws. In any case, you can forget about copy trading, social trading, EAs, or any other advanced feature.
Available Trading Assets
Usually, tradeable assets can make a big difference when you are choosing a broker. Yet, if the broker is not legit, that becomes quite irrelevant. Anyway, the company’s offer consists of:
- Forex – USD/AUD, EUR/HKD
- Commodities – crude oil, natural gas
- Shares – Tesla, Netflix
- Indices – CAC40, S&P500
- Cryptos – ETH, LTC
Account Types
In general, the FiveStarBit account types only reveal some highly questionable features, such as VIP events, no-fee withdrawals, managed accounts, and more. Yet, none of those reveal trading conditions provided to traders.
Still, they will ask you to deposit for:
- Basic – $5.000
- Gold – $20.000
- Premium – $50.000
Mobile Trading App
Without FiveStarBit regulation, none of the company’s features matter. If there were any relevant.
Sadly, the situation is the same when it comes to trading on mobile devices. None of the trusted options are available. So, traders have to go through trouble called “trading via browser.”
Demo Account
Since there’s only FiveStarBit WebTrader available, a demo account would be more than the preferred option. Still, the company doesn’t care about it because they know someone will fall for their scamming tricks.
But to learn how to avoid those pitfalls, make sure to read our Deltafx review.
Education
One of the key things in trading is knowledge. Therefore, adequate educational programs are a must with top-tier companies. But the ones that just want to scam you will often offer signals, personalized trading alerts, and basic education. Like in the case of the FiveStarBit broker.
FiveStarBit Withdrawal
If you haven’t realized so far that withdrawals practically don’t exist with this broker, nothing will convince you. Still, there are a few more facts you should know.
Firstly, the company doesn’t reveal withdrawal methods. Secondly, they don’t reveal the withdrawal processing time. Lastly and most importantly, withdrawal fees are hidden. That looks like a recipe for a scam.
Customer Support
Another FiveStarBit scam sign is the company’s support. Apparently, they are offering 24/7 support. But only through e-mail since none of the other options are available.
However, there’s a hint of what other platforms the company is using. That’s Telegram, primarily due to the app’s encryption features. In any case, don’t raise much hope this broker will respond if you are looking for your money.
Key Information To Consider About FiveStarBit
Everything about this brokerage is suspicious. But the most disappointing thing is that they are lying to be regulated. That’s the only thing you practically need. Everything else can save you in some other cases. Anyway, if you have your funds stuck with this broker, don’t hesitate to reach out to us.
Our first meeting is non-obligatory and completely free. Yet, the information collected is priceless. Don’t wait anymore; contact us today.
FAQ Section
What is FiveStarBit?
FiveStarBit is a broker allegedly registered in Switzerland that has been operating only for a couple of months and not 11 years as they claim.
Is FiveStarBit a Legit Broker?
Absolutely not. Primarily because of bogus lies about regulation. But also because they are hiding key details like conditions, withdrawal procedures, and fees.
What is a Chargeback?
Disputed transactions that result in reversing card transfers are called chargebacks. To get started with yours, send us a message.
Source:
https%3A%2F%2Fscambrokersreviews.com%2Fcrypto-scams%2Ffivestarbit-review%2F
