Vannit Bit has been flagged by Financial Conduct Authority 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. Website domain: vannitbit.com.
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. Vannit Bit said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: No hidden fees|Real-time alerts|Easy withdrawals|Helpful community forum
Cons: Limited ETF selection
I was about to invest with Vannit Bit but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Financial Conduct Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Cons: Not registered with regulators|Unrealistic promises
My card was charged twice by Vannit Bit on the same day. I had to dispute it with my bank. Vannit Bit then froze my account and said I had a negative balance because of the chargeback. They created the problem and then punished me for it.
Pros: Good mobile app|Full transparency|Excellent charting
Cons: Minimum deposit could be lower
After for just over a year with Vannit Bit I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Fast execution|Risk management tools|Real-time alerts
Cons: Cannot customize dashboard fully|Minor UI glitches occasionally
Do not be fooled by the professional-looking website. Behind the scenes, Vannit Bit is disorganized and incompetent. I found them through a financial advisor and I can only assume the positive reviews are either outdated or paid for because my experience was terrible.
Pros: API access|High security standards|Multiple order types
Cons: Cannot customize dashboard fully|No fractional shares
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. Vannit Bit recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Dedicated account manager|Tax reports included|Risk management tools|Smooth onboarding
Cons: Charting tools need more indicators
My withdrawal from Vannit 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 eight months of being strung along.
Pros: Regular platform improvements|Multiple order types|Transparent fees|Market news feed
Cons: Could offer more webinars|No integrated tax optimization
I gave Vannit Bit a fair chance. After for about five months of usage, I can say with confidence that there are far better options available. The interface is clunky, the fees are higher than competitors, and the customer support team seems overwhelmed or understaffed.
Pros: Social trading features|Reliable uptime|Easy withdrawals|Dividend tracking
Cons: Onboarding videos are outdated
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Vannit Bit 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: Lost entire investment|Reported to authorities|Unresponsive