SPEED BIT TRADER has been flagged by Comisión Nacional del Mercado de Valores for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I have been trying to close my account with SPEED BIT TRADER for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Clean UI|Fast support response|Social trading features|Smooth onboarding
Cons: Limited social trading features|No integrated tax optimization
I wanted to transfer my portfolio from another broker to SPEED BIT TRADER. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: API access|Risk management tools
Cons: Desktop app not available on Linux|None so far
The onboarding at SPEED BIT TRADER was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Comprehensive tools|Copy trading available|Intuitive for beginners|Educational resources
Cons: Email notifications too frequent|Some tools only available on higher tiers
After seeing ads for SPEED BIT TRADER online, I investigated. The company is listed in the IOSCO I-SCAN warnings database and has been flagged by Comisión Nacional del Mercado de Valores. Their website looks professional but that means nothing - many scam operations invest heavily in appearance. Always check the regulatory warnings before investing.
Cons: Listed in warning databases|No transparency|Pressure to invest quickly
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. SPEED BIT TRADER said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Risk management tools|Dedicated account manager|Quick verification
Cons: Website design could be more modern|None so far
After doing some research AFTER the fact (I know, I should have done this first), I discovered that SPEED BIT TRADER is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: No regulatory oversight|Money disappeared|Fake testimonials
The reporting at SPEED BIT TRADER is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Fast support response|Comprehensive tools|Two-factor authentication|Quick verification
Cons: Would like more payment methods|No fractional shares
My withdrawal from SPEED BIT TRADER 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 the past six months of being strung along.
Pros: Intuitive for beginners|Tax reports included|Demo account available|Multi-device support
Cons: None so far|Mobile app could be improved
I found SPEED BIT TRADER through my accountant's suggestion and the initial impression was positive. But for roughly four months later, I have encountered so many issues that I cannot recommend them. Trades failing, charts not loading, and support tickets going unanswered for days at a time.
Pros: Risk management tools|Professional team|Multiple order types|Customizable dashboard
Cons: No integrated tax optimization
SPEED BIT TRADER advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Two-factor authentication|Economic calendar|Easy to use platform|Easy withdrawals
Cons: Live chat only during business hours