mindbit.io is a fake forex broker from India and is being successfully run as a scam.
www.mindbit.io review
Mindbit is not a registered company, nor it is regulated. We have done a complete research about www.mindbit.io to prove that it is a scam done by unprofessional forex traders who have no prior track record of successful forex trading.
Don’t fall a prey to it, Please read our Complete review on the link below to know the truth behind this scam broker
MindBit.io is nothing but the Next Miniscule Forex Scam being run by a group of small Forex Scammers. Here’s our Detailed analysis to prove to you that it is a Scam and how are you likely to lose all your money to them.
Let’s Start !!
Company & Regulation
Firstly, the Broker (The Company) is not REGISTERED / INCORPORATED.
This particular broker belongs to a Group of Indians based in New Delhi. There is NO REGULATION. (Highly Risky: Unsafe to Trade with them) .
This broker is nothing but a Grey label from MatchTrade.
We’ll Start with our Detailed Analysis right from the Hosting of the Website:
As you can clearly see that the website was registered on March 8, 2018.
There surely arises a question as to why the ‘.io ‘ domain has been used for this particular broker when the Company has nothing to do with British Indian Ocean Territory. The website shows that it is registered in Belize.
Coming to how exactly do they scam people:
The team behind MindBit or what in our view should be called “Dimwit”, purchases leaked out data from existing Indian Brokers like Fidelis, GIFX, AVFX, etc and few bunches of girls set baits by Sweet-talking with the Prospective Investors and Make them invest via unofficial investment channels like BTC, other CryptoCurrencies, Skrill, Collect Cash from people, take the investment in their personal bank accounts or tie up with a Third party agency for a share. The entire trading is run on a B Book basis that is FAKE ! The investors would be given profit on money rotation basis for few days and ultimately will be told that the trader has made a loss or the investor has made a loss (in case of self trading) by manipulating the accounts. Owing to their sugar-coated tongues, they will again gain the confidence of the same set of people and SCAM them again similarly by returning them a small share of say 20-30% of the investment to the investors in form of Money rotation and keep the major chunk of the investment with them.
SO PLEASE BEWARE PEOPLE. Choose your Broker / PAMM Service Providers Wisely. Know the people behind the company and their Background well. Don’t fall for the sweet sounding Scammers.
Our Rating and Review :
0/5 Rating
IT IS A SCAM RUN BY FEW GIRLS BASED IN NEW DELHI BACKED BY A NETWORK MARKETING LEADER.
Mind Bit Review (http://www.mindbit.io)
What we feel about this website is that it is just a 10$ Domain and 5$ hosting with 50$ backhand support and 350$ grey label service taken from Matchtrade (https://www.forexbrokerz.com/brokers/match-x-review)
However, in reality, the initial investors are being paid back from the money generated by the current investors and a constant flow of new investors is required to keep the funds flowing, once there are no more investors in the scheme the owners usually close it down and take all the remaining money. This is why it is important to choose a Forex broker who is registered with a regulatory agency. These type of scams would normally involve having spreads of around 7-8 pips instead of between 2-3 pips which is the norm.