Digibits Network Limited Review – The Flaws in the Broker

Digibits Network Limited Review

If you are looking for an online brokerage, or any company without any flaws, then you are going to be looking for a long time. This is because it is not possible for a perfect company to exist in any field, or industry. Every platform will have some flaws, or shortcomings and you have to decide if they are something you can live with.

This depends on individual priorities and you have to take them into account before making the final decision. It also applies in the case of online brokerages, but the sheer number can be quite daunting. You can benefit from this Digibits Network Limited review in this scenario.

The massive number of brokerages boasting about their services can result in a lot of confusion and many people just decide to pick one out of a hat to start trading.

However, you should bear in mind that this can have serious consequences because there are not just good and bad companies, but downright fraudulent ones. They are only interested in stealing your money and you need to be cautious, or you will find yourself empty-handed.

It should be noted that you cannot determine the authenticity of a brokerage simply by looking at their website. Even fraudulent brokerages have decent websites that are great for creating a ruse and are the reason why a lot of people fall into their traps.

But, you need to be proactive and assess if there are any flaws in the broker. Once you uncover them, you need to decide if they are worth living with. Some things you can tolerate, but other flaws may indicate that you are dealing with a scam. Those you cannot accept and should look for a different brokerage.

You will certainly be impressed with Digibits Network Limited when you first come across this brokerage. It promises you quick, profitable and easy online trading and claims to be a trustworthy brokerage.

Since it also claims to be regulated, it seems that Digibits Network Limited is a fantastic option, but once you start looking for its flaws, you will find that they are completely unacceptable. What are they? Check them out below:

False regulation claims

The best way to steer clear of a fraudulent brokerage is to opt for one that is properly licensed and regulated. As most people are now looking for such platforms, scammers have decided to make false claims of being regulated and licensed to draw people to their offerings.

This is exactly what Digibits Network Limited is doing. It is bad enough when you are dealing with an unlicensed entity, but it gets worse when you are dealing with one that is making false claims about its regulatory status.

When you check out Digibits Network Limited’s website, you will find that the brokerage claims to be licensed by the Financial Services Authority (FSA) in Saint Vincent and the Grenadines.

However, this licensing is of no value because the financial authorities in the offshore jurisdiction have stated outright that they do not issue any licenses to forex and CFD brokerages. They have actually issued a warning on the topic to clear any misunderstandings.

This means that the claim that Digibits Network Limited is making is utterly false. It does not stop here because the brokerage also claims to be regulated by the Financial Conduct Authority (FCA) in the UK as a global brokerage.

This could not be further from the truth because Digibits Network Limited is breaking the rules of the FCA when it comes to leverage ratios. You can still check the online register of the regulatory authority and not find the broker listed. This is just confirmation that you are dealing with a fraudulent brokerage that cannot be trusted at any cost.

Poor trading conditions

You need to check the trading conditions of a broker before committing to them because your goal is to make maximum profits and this will depend on these conditions. You need to do the same with Digibits Network Limited and you will not be impressed by what you find.

First off, the spreads that the brokerage is charging start from 1.8 pips, which is significantly higher than what most other professional brokerages offer.

They usually have spreads below 1 pip, which are quite favorable, but Digibits Network Limited comes off as uncompetitive. As far as leverage ratios are concerned, you will discover that the brokerage is offering levels as high as 1:400, which might be impressive for some.

However, you have to remember that such levels are considered extremely dangerous. Therefore, regulatory bodies in a number of jurisdictions have limited the leverage that can be offered to retail traders.

The FCA has imposed a cap on leverage ratios of about 1:30 and despite claiming to be regulated by it, Digibits Network Limited is clearly breaking the rules, thereby proving that it is up to no good.

No refunds

You need to take a look at the payment methods that are supported by a brokerage because these determine if you can get a refund or not and if deposits and withdrawals can be made securely.

A look at the Digibits Network Limited website shows that it has advertised a number of payment methods, including VISA and MasterCard, Web Money, Skrill and Neteller. Some of these methods do give you the option of filing for a chargeback, so you will be reassured.

However, it turns out that Digibits Network Limited is just lying about its payment methods because it does not support the ones mentioned above. Instead, the only payment method that is supported on the website is that of crypto assets.

Bear in mind that crypto payments are a favorite of scammers because these are irreversible; there can be no chargebacks and this means no refunds. Apart from that, Digibits Network Limited is also confused about the minimum deposit you have to make. At one place it asks for $10 and $1,000 in another.

Bottom Line

The flaws that you discover in Digibits Network Limited will make it evident that you are dealing with a scam brokerage.