Firstbit.io Review – Cryptocurrency Trading Platform

Firstbit.io is an unregulated cryptocurrency trading platform that has a ton of merits and demerits. It is true that they offer high leverage to altcoins and have made it easier for the retail side to realise the true potential of the markets. However, their business is not transparent and their legal status is not desirable too.

The risk of losing money with them is greatly enhanced if you don’t understand their leverage cap and spreads. Also, note that the information regarding common aspects of the brokerage is also not as informative as it could have been. In short, you need to consider a lot of things before you open up an account with them or else it might turn into a herculean task to get your funds back.

Day by day, the Bitcoin prices are soaring higher and it has attracted a lot of retail traders and investors. While there is no guarantee about the longevity of the bull run, keep in mind to invest only the kind of amount you are comfortable losing. For more information on Firstbit.io, keep on reading this detailed unbiased report.

Is Firstbit.io a Trustworthy Broker?

The easiest way to gauge the reputation and credibility of any brokerage is to look at their regulatory status. As a rule of thumb, unregulated brokers are always hated due to the loopholes they exploit and the vast majority of traders love regulated brokers as they bring more security and transparency to the table. Firstbit.io is operated by Mirror Media Limited, the parent firm is located and registered in Dominica.

Technically speaking, this firm is registered, but they don’t provide any investor compensation funds which means if the firm goes bankrupt or shut down, the investors just have to accept it and move on. Obviously, no mentally sounds individual would take that risk and that’s why we never recommend any of our readers to sign up with an unregulated entity.

This brokerage hasn’t mentioned anything about their physical location, but they do provide a way for the clients to reach them via email and telephone. At the time of publishing this report, we couldn’t find much user feedback and as a result, we don’t know the quality of the support team. Nonetheless, for the time being it is best to give them the benefit of the doubt at least in this aspect. 

• Email – client.experience@Firstbit.io
• Phone – +37042742305

Firstbit.io Trading Software and Tools

Firstbit.io like most other crypto brokers doesn’t support any of the traditional platforms such as Ctrader, Metatrader, etc,. The webtrader application is decent enough for most people, but it doesn’t offer much flexibility for experienced traders. For example, clients won’t be able to add any custom indicator they want, the charting functionality is extremely limited.

If you are someone who prefers to keep multiple charts open, then you have to invest in a third party software as the default one won’t be able to fulfill the requirements. Moving on to drawing tools, they do have all the standard options available and 99% of the people will not have any problem with the available range of choices. Important metrics you need to know are displayed right at the dashboard and apart from risk management analysis almost everything can be done through the web trader itself.

Pamm, social trading and copy trading services are not available to the clients, but if you need assistance, then you can reach out to the support team and ask them for further guidance. People who deposited $100,000 plus are eligible for getting dedicated analysts and managers. The high capital requirement is ridiculous and for a lot of people, it is not within reach by any means. 

Leverage and Spreads

Leverage is a very important tool in the market. It can work for you or against you which is why it is usually not recommended for beginners? Cryptocurrency assets are very volatile, movements of almost 10% are a common thing for many coins. The market cap for new coins is way too low compared to the traditional counterparts and wild price swings occur frequently because of high concentration of coins.

So, an individual needs to be very careful while trading them and 1:10 leverage is also way too much especially if you are starting with a couple of thousand dollars. The maximum leverage offered by this broker is 1:40 and that is a dangerous amount of amplification.

Coming to the spreads, they are not as competitive as established platforms and the fees charged is also way higher than the average. For best results, we recommend traders to use Binance or Bitmex as they provide the most reliable trading infrastructure for retail clients. 

Account Types

There are 6 account types currently offered by this broker. For higher capital intensive accounts, matching deposit bonus is given and dedicated account managers are provided. They even claim to offer technical and fundamental educational material, but as there is no way to access the materials, we cannot comment on the quality of it.

Welcome bonus requirements can be found out by asking the support team for up to date information, but in general, traders are better off without it. At the core of every welcome bonus, there will be some degree of conflict of interest and the best way to deal with it is by avoiding the use of it. So, remember to turn down any bonus while signing up and as far as the high end account goes, don’t invest a big chunk of your savings account in it.

Deposits and Withdrawals

Minimum amount required to begin trading with this platform is $250, but it also depends upon the account type you choose. If you are a day trader or a small timeframe trader, then you might want to check with the support team before taking a stance. Minimum withdrawal amount is $10 if done via credit card, for wire transfer the amount is $30.

If the total withdrawal amount is less than $1000, there are no fees attached to it. However, for amounts higher than $1000, $50 withdrawal fee is applicable. Most regulated and unregulated brokers don’t charge high fees like this platform does and the time required for processing the payments by Firstbit.io are also unknown. All in all, their conditions and policies are not exactly user-friendly by any means.

General Consensus

We at Cyber Scam Review are exposing scams and shady brokers and businesses for a long period of time. Over the years, the best way in our opinion to gauge a service is to look at the user feedback online. We are aware that it is possible to create fake reviews by using black hat techniques, but at the end of the day it will never conceal the truth for long.

In case if you are still on the fence about whether to proceed with this broker, then checkout the Firstbit.io Trustpilot page. The information present there shows that they are not reputable or credible regardless of the angle you look at them. We understand that not everyone will look for reviews online before depositing with a broker.

If you have made the very same mistake, then don’t worry about it. Use the contact form on our website and input the basic information required for us to assess the situation. As soon as we have the data at hand, we will get back to you with all the ways you can employ to get back your funds from any entity online.

Firstbit.io Verdict

Firstbit.io is an unregulated broker that doesn’t have any outstanding features. The administrative side of this firm is not transparent and that kind of behaviour raises a lot of questions. Moreover, they are aggressively using welcome bonus offers to retain the clients for longer duration on their platform. Our recommendation to all our readers is to avoid interacting with any offshore entities and only use licensed and regulated parties. 

Do you dare to invest with Firstbit.io? Let us know your decision in the thread below.