In this review, we will describe why your funds are not safe with CoinBits.
Is CoinBits Legit ?
CoinBits is an offshore broker owned by Gama Solutions Ltd. This broker is located in Saint Vincent and the Grenadines (SVG), a popular offshore zone. Problem with offshore brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why your funds are not safe with CoinBits.
Are Funds Safe with CoinBits ?
With such lack of information and CoinBits being offshore, funds are not safe. Security of funds is a huge problem with offshore brokers. A red flag that we noticed is CoinBits is withholding vital information to users.
CoinBits could go bankrupt from one day to another since there are no banking information about this broker.