Bank-bit has been flagged by Ontario Securities Commission for "Unregistered/Unlicensed entity offering financial products or services". Bank-bit found at http://bank-bit.com/ is not registered in Ontario to engage in the business of trading in securities. This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Bank-bit seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Copy trading available|Real-time alerts
Cons: Limited social trading features
My withdrawal request from Bank-bit has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Competitive fees|Educational resources
Cons: Minor UI glitches occasionally|Research section could be deeper
The platform itself is okay, but the customer service at Bank-bit is truly awful. I waited weeks for a response to a simple inquiry. When they did respond, it felt like a generic template that did not address my specific issue at all.
Pros: Fast deposits|Low minimum deposit
Cons: Onboarding videos are outdated
My withdrawal from Bank-bit was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. for about ten months of being strung along.
Pros: Stable platform|Personal attention
Cons: Minor UI glitches occasionally|No fractional shares
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. Bank-bit said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Multiple order types|Multi-currency support|Risk management tools
Cons: Cannot customize dashboard fully
I was about to invest with Bank-bit but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Ontario Securities Commission has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Pros: Website looks legitimate on the surface
Cons: Unauthorized firm|Found in IOSCO warnings database
After using Bank-bit for nearly two years, I decided to move my account elsewhere. The platform was unreliable, withdrawals took an unreasonable amount of time, and I could never get a straight answer from customer service. Frustrating experience overall.
Pros: Easy to use platform|Dedicated account manager|Transparent fees|Market news feed
Cons: None so far|No integrated tax optimization
I invested $15,000 with Bank-bit after seeing their professional-looking website. At first, everything seemed fine - they showed me impressive returns on my dashboard. But when I tried to withdraw, they kept making excuses. First it was "processing time," then "verification needed," then "you need to pay a tax fee first." I never got my money back. I have since reported them to Ontario Securities Commission.
Cons: Lost entire investment|Reported to authorities|Unresponsive
I joined Bank-bit through my accountant's suggestion and from the start, things felt off. The signup process collected far more personal information than necessary, the verification took unreasonably long, and when I finally got access, the platform was nothing like what was advertised.
Pros: Dividend tracking|Real-time alerts
Cons: Would like more payment methods
What really bothers me about Bank-bit is the disconnect between their marketing and reality. They position themselves as a premium service but deliver a below-average experience. Found them after hearing about them at a conference and I fell for the polished exterior. Never again.
Pros: Comprehensive tools|Economic calendar|Reliable uptime
Cons: None so far