Updated on January 8, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Obsbit due to the issues we've identified.
Is Obsbit Scam or Legit Broker? ▲
Trading with Obsbit is deemed unsafe. The firm, Obsbit, falls under the ownership of Setonix Holding Ltd., a corporation with registration in the Marshall Islands. The Marshall Islands has gained notoriety for its virtually non-existent regulatory requirements and oversight. The low costs of setting up shop in this locale do not extend to the regulation of forex trading, making it a haven for dubious forex brokerage operations, including known entities like MegaTradeFX and Finbitex.
Registered in: Marshall Islands
Type of License: Offshore License
Is Obsbit safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
Obsbit extends an array of products and trading alternatives to its clientele, covering Forex, Commodities, Stocks, Indices, and Crypto. While it claims registration in the Marshall Islands, its terms and conditions hint at a jurisdiction within Vanuatu. The common thread among brokers operating from such offshore zones is the lack of regulation, casting a shadow of unreliability over them.
Moreover, Obsbit has presented contact numbers indicative of the UK, Germany, and Spain without holding regulatory clearance in any of these nations. This points to a targeted approach towards European residents. Adding to concerns, Spain's CNMV has flagged the broker with a warning, highlighting that SETONIX HOLDING LTD lacks the authorization for providing investment services as detailed in the Securities Markets Law, including investment advice, as well as auxiliary services related to financial instruments, inclusive of foreign currency transactions.
Our thorough assessment impels us to strongly caution all potential investors and traders against engaging with Obsbit and similarly unregulated brokers hailing from the Marshall Islands. The cornerstone of forex trading is the assurance of financial security, a promise that unregulated and offshore brokers cannot fulfill due to the glaring absence of regulatory oversight. It is imperative for traders to align with brokers regulated by reputable authorities such as the FCA in the UK or ASIC in Australia, and consider reliable brokerage platforms like City Index and eToro for their trading endeavors.
Obsbit Update
Subsequent to our comprehensive research, we discovered that the Obsbit website is no longer active, indicating a cessation of their trading services. Despite this, we advise maintaining vigilance and steering clear of any future propositions that may arise from this broker or similar entities.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Obsbit Review 2024
