Mrxbit Review – Should this Broker be Trusted?

 Mrxbit Review

With the rise in popularity of cryptocurrencies, it was a given that the demand for crypto exchanges and platforms would also go up and it has. More and more people are looking for platforms where they can buy and sell cryptocurrencies in order to make profits. Therefore, it is not surprising that their numbers have also surged, but quantity does not mean quality. This is definitely true in the case of crypto brokerages and exchanges because many of them have turned out to be fraudulent. This Mrxbit review can give you an example.

The crypto space has become quite renowned for the numerous scams and frauds that have been happening. One of these includes criminals presenting themselves as legitimate platforms and conning people out of their money. You will find plenty of stories about people who have gone through such schemes and lost their funds and you do not want to face the same fate. But, how do you make sure that does not happen?

It is not like these scams will warn you in any way. In fact, they go to great lengths to convince you otherwise and present themselves as platforms that can be trusted. If you don’t know any better, you would fall for their tricks and this is a disaster you want to avoid at all costs. This is certainly possible, but only if you do not make this decision in a hurry. Most people who become victims of these scams end up in this situation because they do not spend enough time looking into the broker they are partnering with.

This is a major decision because you have to trust the company with your money and your personal information. You cannot just pick any random platform for this purpose and this also goes for Mrxbit as well. No matter how impressive it may look at first glance, you have to know if the broker can be trusted or not. It is a good idea to do so because you will discover that Mrxbit is not what it appears to be. Read on to know what it really is.

An anonymous broker

Trusting a brokerage is only possible when you get to know them. You have to know who you are dealing with in order to be able to trust the company and this means looking into their background. Where are they based? Are they licensed and regulated? How can you get in touch with them? All of these questions need answers and you will not be able to find them at Mrxbit.

You will learn that Mrxbit is actually an anonymous broker that does not really tell you anything about itself, but expects you to share everything with them. Does that sound like a company you can trust? Definitely not. There is no address, or any other corporate background available. As a matter of fact, they do not even have a phone number.

The only way you will be able to get in touch with Mrxbit is through their website and you have to wait for an answer, which means they can up and disappear anytime and you will not be able to do anything about it. It does not tell you where it is based or whether it is licensed.

A basic platform

What is the key feature of online brokers or exchanges? It is the trading platform they offer you for your transactions. The platform has to be a good and capable one for you to be able to achieve your goals. Otherwise, you will not be able to execute your transactions and this can lead to a frustrating experience. What does Mrxbit offer in this regard? Here again, you are going to be disappointed because they only have a basic platform to offer to you.

You will come across a web-based platform at Mrxbit, which is offered by a number of scam and shady brokerages and exchanges for furthering their illusion. It is an overly simplistic platform that does not even come close to some of the top software that can be found in the market, such as MT4, or the MT5, as it is severely lacking in capabilities and tools.

A lack of proper trading conditions

The trading conditions that are offered by an exchange or brokerage are something that should be evaluated carefully because they affect your bottom line. How much you earn at the end of the day will depend on these trading conditions, so it is best to know what you are being offered. This also applies to Mrxbit, but the problem here is that it is not very clear about what it offers.

It asks for a minimum deposit of $200, which is quite high, considering most crypto exchanges asks for a minimum deposit of $10 to get started. Likewise, crypto brokers also do not ask for such high deposits anymore. Another issue with the trading conditions at Mrxbit is their leverage, which is as high as 1:100. Such ratios are definitely not recommended for crypto trading because these assets are already very volatile.

Regulatory bodies all over the world have capped the amount of leverage that can be offered to crypto traders or investors with the highest ratio at 1:5. Yet, Mrxbit is offering an obscene amount of leverage to draw in people, which is another sign it has no intention of providing fair services.

A payment issue

The fact that you can only make deposits with Mrxbit in the form of different cryptocurrencies is another indication that you are not dealing with a trustworthy broker. Why? This is because it is not offering you the ability of filing for a chargeback if you want to dispute a transaction. Crypto payments are permanent and you will not be able to get your money back if there is a problem. Only scam brokers will limit you this way, not genuine ones.

Wrapping up

Considering that you do not know anything about Mrxbit and it does its best to exploit you, it is easy to see that this brokerage cannot be trusted.