This ByBitForex review will analyze the broker’s operations, focusing on red flags and tips for recovering lost funds if scammed.
ByBitForex Broker Overview
- Website: https://bybitforex.com/
- Website Availability: NO
- Headquarters Country: United Kingdom
- Owned By: NA
- Blacklisted by: Not recommended by the review website like Fraud Recovery Experts
ByBitForex is a more recent online trading platform that seems to have been born in the last couple of years and registered in the United Kingdom. Although the location of registration proves to be quite a hot topic, the site indeed works without any regulation with recognized financial authorities, which is already quite a significant factor that questions its legitimacy and the safety of client funds. Even the official website https://bybitforex.com/ could not be accessed, as it turned out, as it is unavailable at present.
Inaccessible Website
Of course, an inaccessible website by ByBitForex is an indicator that raises an alarm. What is basic to any self-respecting online trading platform is a functioning, accessible website. The inability to reach their site not only hampers potential and existing customers from availing of services but also indicates something might be wrong with the operations or ceasing of business activities.
Red flags and complaints by users
For a few indicators, the company, ByBitForex, is pointing towards a possible scam:
No Regulation:
Operating without a license means that the customer suffers low protection and limited redress options in the case of disputes or malpractice.
Negative User Reviews:
WikiFX and other platforms have given ByBitForex an abysmally low score of 1.13 out of 10, indicating a lot of loss dissatisfaction, and worry about how it operates.
Scope of Business Suspicions
These three flags: unregulated status, inaccessible website, and negative user feedback give rise to suspicion about the legitimacy of ByBitForex operations. Such characteristics are the trademarks of most fraudulent entities in online trading. Thus, all potential investors are advised to perform due diligence before associating with this platform. The brokers regulated by top-tier authorities, on the other hand, are suited as they provide enhanced security and peace of mind.
Avoid These Popular Online and Financial Scams
Scammers have various ways to get into the minds of people and take away money from them. Here’s the list of scams:
- WhatsApp Scams: Scammers pretend to be officials, friends, or investment consultants. Their task is to lead the victim to invest in fake schemes or attempt phishing.
- Telegram Scams: Scammers create bogus groups and pose as real businesses to promote fraudulent investments, fake giveaways, and Ponzi schemes.
- Ponzi Scams: Their promise is of high returns and low risk, which is paid by new investors to earlier ones until the scheme collapses.
- NFT Scams: Scammers create bogus NFT projects, artificially inflate the price of NFTs, or simply dupe buyers into purchasing worthless digital collectibles.
- Amazon Scams: Fake Amazon representatives trick users into leaking personal details via fake order confirmation emails, refund scams, or phishing websites.
Is ByBitForex Broker Legitimate?
Using the following aspects, we try to confirm the legitimacy of ByBitForex Broker:
- Regulation Status: Legitimate brokers are regulated by the SEC, FCA, or ASIC. The lack of regulatory information is a big red flag.
- User Reviews and Complaints: Complaints from dozens of investors regarding lost funds and withdrawal issues point to scamming.
- Transparency and Credibility: Lack of company data, hidden fees, and misleading terms are signs of fraud.
How to Get Funds Back from ByBitForex Broker?
If you got scammed by ByBitForex Broker, these steps might help you recover your funds:
- Report to Your Bank or Payment Provider: Refer to transactions made without your permission and file a chargeback request.
- Collect All Evidence: All communications, transaction receipts, and screenshots should be consolidated as proof of the scam.
- Complaint Registration with Financial Authorities: Report the scam to the regulator within your country.
- Consider Seeking Professional Help: Recovery experts can follow the money trail and launch a lawsuit against the fraudulent brokers.
About Fraud Recovery Experts
Fraud Recovery Experts offer assistance to financial fraud victims in recovering their money. Our team of specialists works alongside banks and legal authorities to trace fraudulent transactions and assist them in the process of recovery.
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New fraudulent schemes targeting traders are something we are constantly keeping an eye on across the internet. Having gathered data on scam brokers for over ten years, we hardly can think of any other untrustworthy company in the market. Information about the scammers is provided below from our List of SCAM Brokers.
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