The broker FoxBit is a major player in the Brazilian cryptocurrency trading market. The brand is managed by BLINKTRADE network and has a presence in other countries like Venezuela, Pakistan, Chile, and Vietnam as well. Only one standard trading account is available that allows Bitcoin trading against Brazilian Real. No margin trading is available at FoxBit and deposition of funds are commission-free. However, maker and taker charges apply and they are quite high. This FoxBit review will sort out all the possible merits and demerits of this broker.
To make this FoxBit review one of a kind and unbiased we must talk about possible merits and demerits of it. The broker is operational from Brazil and gives access to Brazilian trades to trade with local currency the Brazilian Real. Other exotic currencies like Venezuelan Bolivar, Pakistani Rupee, Chilean Peso, and Vietnamese Dong are accepted by other subsidiaries of FoxBit. However, we are not sure trading with one subsidiary may grant access to all of these exotic currencies. The deposit of funds at FoxBit is commission less, however, withdrawals are charged a 1.39% with partnered banks. Withdrawals with non-partnered bank come with an additional charge of R$ 8.95. The broker also offers personalised services. It provides investment advice and tutorials by crypto-veteran. It also offers educational videos but we are not certain how educational they are. The broker also facilitates TradingView charts. But they are not directly integrated into the platform.
The disadvantages of FoxBit are as follows. The broker only entertains traders from Brazil. It is not suitable for the traders operating out of Brazil. Only Bitcoin is offered for trading. It means no product portfolio diversification. The trading fees at FoxBit is quite excessive. Market makers have to pay 0.25% and takers have to pay 0.50% per trade. The trading at FoxBit is margin free. It means only the exchange of fiat currency to Bitcoin and vice versa is possible. Also, trading charts provided by the third party and they are not built-in. Traders have to open two different tabs to avail this feature.
Is FoxBit scam or legit?
The broker’s services are designed to serve Brazilian traders only. Only one cryptocurrency Bitcoin is available. The market taker fee is excessive. The cryptocurrency trading is new and is not completely regulated. There is a high chance of scam in it. The broker FoxBit may or may not be a potential scam cryptocurrency broker. But trading with caution is advised.