General Information & Regulation
Obsbit is an offshore broker, offering six account types on a web based trading platform with leverage of up to 200:1.ObsBit is owned and operated by Setonix Holding LTD., a company registered on the Marshall Islands. There is zero evidence that ObsBit is subject to any regulation. Most offshore brokers choose to register on sunny islands to cut legal corners and many of them run investment scams.
Markets Instruments
ObsBit advertises that it offers trading in wide range of financial instruments, including forex, CFDs on indices, commodities, stocks, and cryptos. When we logged in in demo mode, however, we were only able to trade in cryptocurrencies.
Minimum Deposit
ObsBit offers quite a few trading accounts, with the minimum initial deposit requirement to start a basic account is $200.
Leverage
Obsbit offers leverage of up to 200:1. Since leverage, can amplify both profits as well as losses, choosing the right amount is a key risk determination for traders.
Spreads & Commissions
As tested with a demo account the bench mark EUR USD spread was as low as 0,5 pips. And although that may look attractive, here other aspects of the broker make us rather uneasy to trust our money with them.
Trading Platform Available
Most brokers, even those who have their in-house platforms, also support the MT4. This, however, is not the case with ObsBit. The web-based platform used by Obsbit is actually Activ8, Created by the developer of Sirix, Leverate. It has nice charting with a couple of technical analysis indicators, as well as a ‘Strategies’ category, an Economic Calendar, Market analysis and News section.
Deposit& Withdrawal
Obsbit supports only credit cards & bank wire transfer as payment methods. Its clients cannot use popular e-payment systems such as PayPal, Skrill, Netteler, etc., nor Bitcoin.
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