The first sign there will be trouble with this company is a lack of transparency. Information such as legal name, founders, addresses, and contacts remain unknown. Therefore, it’s common sense to be doubtful.
These things play a key role when choosing a place to invest your hard-earned money. If any of these is missing, things might get complicated. However, if you read this Megbitc review carefully, you might stay away from it.
| Regulated by: | No regulations |
| Is This Company Safe? | No |
| Known Websites: | Megbitc.com |
| Have Warnings from: | N/A |
| Registered in: | N/A |
| Operating since: | 2023 |
| Trading Platforms: | Web trader |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | Not available |
| Trading Assets: | Cryptocurrencies |
| Free Demo Account: | No |
| How to Withdraw from This Company? | To withdraw the funds from this exchange you need to experience magic. All conditions and requirements lead only to depositing more money. But if you want to get the funds out, you better apply for a refund as soon as possible. If the assistance is necessary, feel free to contact our team. |
Legal info: Is Megbitc Legit or a Scam?
According to the presentation, Megbitc exchange was founded in 2017 by Justin Hance. However, two different brands have the same presentation – Togbit and Coinlume. On top of that, the company’s domain appears to be registered in September 2023 and not 2017. This is already enough to believe they are nothing but a scam.
Another proof of that is that the company doesn’t have the necessary regulations. Institutions like FCA, ASIC, and BaFin offer licenses for digital service providers. Quite a suitable option for any crypto investor to feel safe. Yet, this exchange doesn’t have any.
Who are Megbitc’s Victims?
Due to crypto transfer anonymity, it’s easy to transfer funds from anywhere in the world. That’s why controlling crypto transfers is very important. Thus, many scam firms find ways to avoid that and still find their victims. Megbitc Bitcoin trading victims mostly come from:
- United States
- Poland
- Brazil
- Mexico
- Turkiye
Even though some might think cryptos are untraceable, there is a way to track your funds. Therefore, if you think this company is holding your money without permission, let us know.
Leverage, Commissions, Spreads, Fees and Taxes
Important to realize is that this firm does not offer spot trading, margin trading, or any similar service. Instead, they are just a basic crypto exchange. Therefore, we can only expect fees related to the transfer and conversion of crypto.
For regular traders, these fees are fixed at 0.2%, regardless of the position (maker or taker). However, Premium users can get a bit lower fees of 0.14%. Still, nothing is admirable when you compare it to some far more legitimate firms.
Bonuses
In general, the welcome bonus is not available with this crypto exchange. Yet, T&Cs reveal there could be bonus programs in the play.
If you come to that point, just make sure to check the bonus policy first. Otherwise, you might end up trapped. Still, you can read our Crypto Comeback Pro review and find some additional tips on the protection of the funds.
Megbitc Trading Features
As can be seen, Megbitc crypto exchange has tried to simplify its offer. Therefore, all advanced features are excluded. Such as proprietary software, mobile apps, and advanced tools.
In general, not a single reason to trust them about anything. Yet, to be fair, there’s one interesting thing. But possibly not functional. That’s trading signals.
Trading Platforms Available
Generally, scam exchanges often use software that is easily controlled through the back end. This way, companies create non-existent urgencies.
However, you should know that with some software options, such options are not available. Yet, with Megbitc web trader, it is.
Available Trading Assets
Cryptocurrencies, in their safest form, are one of the most speculative assets nowadays. Imagine when you add to that hypothetical trading with shady exchanges. Even if this company has any credibility, their offer would be considered poor.
Currently, there are only 7 options available transparently:
- BTC
- ETH
- LTC
- XRP
- BCH
- DOGE
- ADA
Account Types
Generally, account types are optional for investors to get better trading conditions. However, with the Megbitc scam exchange, a Premium account appears to be mandatory. All traders with a balance higher than 0.25 BTC must activate Premium. If not, they won’t be able to transfer any of the funds.
Exactly, that’s where the catch is. Not to mention that deposit requirements, whether for regular or premium accounts, are not revealed.
Mobile Trading App
Trusted exchanges often offer third-party or proprietary mobile apps. Also, a key part of any exchange is the wallet app. Yet, none of these options are available with this scam investment firm. Their reputation is just getting worse and worse. But to see why mobile apps are crucial, read our Loom Investment review.
Demo Account
Since a demo account is not an option with this company, we expected at least platform access. Sadly, none of that is publicly available and transparent.
Instead, you can choose any Top-Tier licensed broker to learn and understand markets better and trade safely.
Education
Another key fact is that you won’t have adequate educational support with this exchange. Literally, none of the options are available. Thus, that’s exactly what this company wants. Otherwise, you would recognize their tricks from a mile away.
Megbitc Withdrawal
Obviously, withdrawal procedures are fast only for Premium users. Or maybe it’s just a trick to get traders to deposit more money? All in all, withdrawal fees and processing time are not disclosed for any of the accounts.
If you were expecting to get any money from this company, check their prior brand reviews and see how it played out.
Customer Support
One very disturbing fact is that traders don’t have the option to contact this firm. Possibly, when they sign up, they get invited to encrypted channels like Telegram and WhatsApp. Still, those details remain unknown to the public.
Key Information To Consider About Megbitc
Whatever you look at with this company, you can see warning signs. Starting with missing regulations, a shady platform, expensive costs, and zero contact options. If you want to go deeper into the details, you can.
In any case, there are many ways this company can trick its customers. It’s up to you if you will trust them or not. You are not the first nor last. However, if you get tricked somehow, know there’s a way to track your stolen crypto. Contact our refund experts now and see the magic of CipherTrace.
FAQ Section
What is Megbitc?
Megbitc is just one of numerous trading names used by the same group of people who are pretending to offer crypto exchange services.
Is Megbitc a Legit Crypto Provider?
Definitely not. If they were they would obtain a Digital Asset Service Provider license in the first place and trusted software.
What is CipherTrace?
CipherTrace is a crypto-tracking tool that helps our specialists, among other institutions, to track stealing or illegal crypto transfers. For more information, send us a message.
