Note: Exobit's official website: https://exobit.io/ is currently inaccessible normally.
Based on the United Kingdom, Exobit offers forex and CFDs financial services through their web-based platforms. It offers different leverages for different account types. But it offers unsafe trading conditions such as unregulated environments, unreasonable fee items and so on.
Pros and Cons
Is Exobit Legit?
Exobit is not regulated. It asserts that SwellTech LLC is its parent company and is situated in Riga, Latvia's capital city. To verify this, we consulted the online registry of the Latvian financial regulator, the FCMC (Financial and Capital Market Commission), but found no record of a company by this name. Besides, their website is not accessed.
What Can I Trade on Exobit?
Exobit offers Foreign Currency Pairs, CFDs on Shares, Indices, Commodities, and Cryptocurrencies.
Account Type
Exobit offers the Presidential, Executive, Platinum, Premium and Green accounts. They require the minimum deposit of $250, which is higher than the regulated industry standard of $100 on average.
Leverage
Exobit provides different leverage options for its account types. The Executive account features the highest leverage at 1:400. The Platinum account offers a slightly lower leverage of 1:300, while both the Premium and Green accounts provide a more moderate leverage of 1:200.
Exobit Fees
As stated in the policy of Exobit, an account becomes dormant after just 60 days, incurring a monthly handling fee of 10% or 100 UST. Furthermore, each account incurs an annual handling fee exceeding 10%, which is quite outrageous.
Trading Platform
Exobit says it supports a web-based trading platform. However, this platform can not be accessible due to their inaccessible website.
Deposit and Withdrawal
Exobit accepts credit and debit cards, but this acceptance is facilitated through a third-party vendor called Ipaytotal.solutions, which raises suspicion and decreases trustworthiness.
Notably, even if a withdrawal is cancelled, a 5% fee is still deducted. Additionally, if a bonus is applied (referred to as Credit Tokens), a 10% levy is charged on the total deposit when attempting to withdraw. The minimum withdrawal amounts are 50 UST for credit/debit cards and 100 UST for wire transfers, with all charges denominated in digital currency, not fiat, which adds to the questionable nature of the broker.
Customer Service
Exobit offers phone and email to contact.
The Bottom Line
To this end, Exobit is an untrustworthy broker that has misrepresented its regulatory status, trading software, and inaccessible website. We strongly advise against conducting any business with this broker and would not recommend it to anyone.
FAQs
Is Exobit safe?
No. Traders should avoid trading with it.
Is Exobit a good for beginners?
No. They do not offer demo accounts and requires high minimum deposit.
What security measures does Exobit have in place to protect my funds and personal information?
No.
