Want to Trade with CMCBits? Read This First!
CMCBits is an offshore broker that offers unfair trading conditions. The first red flag is that it says it has a license from St. Vincent and the Grenadines. Brokers located in this area aren’t necessarily scams if they are a branch of a legitimate broker with headquarters in another region. However, CMCBits’ headquarters are supposedly in St. Vincent and the Grenadines, which means that it doesn’t provide any kind of layer of oversight, and there is no regulator that is going to penalize CMCBits directly for ripping off clients.
Is CMCBits a Scam or Legitimate?
So what makes us think CMCBits is interested in ripping off clients? We took a look at its terms and conditions. Its spreads are obscenely high at 4.5 pips and it has a crazy minimum fee of $250. Its withdrawal policies show that it is just out for clients’ money. CMCBits charges anywhere from $50 to $300 in withdrawal fees. This is ridiculous. Additionally, if you don’t trade in 30 days, you’ll have to pay a $90 inactivity fee. This is unheard of. Stay away from CMCBits.
We Found Problems with CMCBits:
- Not regulated
- Negative reviews
- No transparency.
- No contact information
What You Should Do If You Have an Account with CMCBits?
You should close your account immediately and demand a withdrawal. If you do not receive a withdrawal, contact CryptoCoinTrace experts. We consult with clients, advise them on claims and have the tools and methods to track down your funds. The sooner talk to us, the greater the chances of a successful claim!