Perlybit Review: A Caution to All Possible Investors

Perlybit is not like the typical scam broker that we usually review in that they only allow their victims to trade crypto, in all other ways they are exactly like a typical offshore broker. 

Starting with absolutely zero information provided in terms of where the broker is based, who regulates them, how one could get in contact with them should an issue arise, and so on, and ending with the fact that they only accept payments in crypto. There is pretty much nothing that would make an experienced trader think that this is a legitimate way to trade crypto. 

Being unregulated is not necessarily a deal breaker when it comes to crypto brokers as Binance, one of the leaders in crypto trading is unregulated. However, when a brokerage has as many red flags as Perlybit does it is best to steer clear.

Regulation and Security of Perlybit

The first issue that comes up in this Perlybit review is that this scam broker does everything they can to ensure that they are as private as they come; the only method to get in touch with them is through their website. It is suspicious, to say the least, that no registered address, contact number, or even email address was given.

 Additionally, there is no evidence that this business has a license, although this is clearly not a deal-breaker for cryptocurrency exchanges. Very few cryptocurrency exchanges, such as Bitstamp and Coinbase, are officially regulated. However, it appears that more businesses will be attempting to obtain a formal license in the future. 

The unlicensed exchanges, like Binance, are nonetheless major, well-known businesses with millions of customers worldwide. They are not at all anonymous, and it is very simple to conclude that they are not running a scam like Perlybit. 

Perlybit Trading Platform

This scam broker provides a simple web-based trading platform that resembles those provided by the majority of cryptocurrency exchanges today

However, this platform is not very remarkable, unlike those provided by reliable exchanges. Although it may appear to be simple to use, you wouldn’t be able to use even the most essential tools and functions found in more reliable types of software. Trading on this platform is hardly worthwhile because it does not even include fundamental indicators and other charting tools. 

The tools that a broker provides its users are often a giveaway of the quality of the broker itself. In this case, it’s easy to conclude that this is not a quality brokerage as they have provided their users with the equivalent of the bare minimum to trade with.

Trading Instrument Available at Perlybit

With Perlybit, traders are only able to make trades with cryptocurrencies. Some of the available crypto coins are:

• Bitcoin 
• Ethereum 
• Litecoin 

These trades involve buying a coin or a segment of a coin and then selling when the price of the coin goes above what the trader bought it for. It should be noted however that the crypto market is incredibly unstable and even more unpredictable so trading with large amounts of funds is quite risky. 

This broker is far from full service, leaving lots to be desired as there are plenty of legitimate brokerages that allow their users to trade stocks and forex pairs as well as cryptocurrencies.

Perlybit Offers Bonuses and Promotions

The scam brokerage Perlybit has an extremely convoluted promotional scheme that involves multiple groups of referrals in order for the original person making a referral to get the reward which is as vague as it could be. 

This is due to the three-tier categorization that they have for the quality of the referrals with a category A referral giving the person making the referral 50% of the commission. 

It says quite a bit about how intentionally complicated their referral system is that the page explaining the ins and outs of the system is considerably longer than the entire “About us” page. 

Deposit and Withdrawal Procedure

Every deposit is subject to a 1% fee from this scam broker. The brokerage exclusively accepts cryptocurrency as payment; customers can select from a wide range of coins, including Ripple, Ethereum, Bitcoin, Tether, and USD Coin.

This basically means that Perlybit doesn’t actually provide you with any traditional options; even cryptocurrency exchanges accept a variety of payment options, including credit cards, bank transfers, and e-wallets like PayPal. 

Only scammers will advise you to deposit money, particularly in cryptocurrencies. As they are not traceable, unlike the majority of other payment options provided by legitimate brokers.

How Does Offshore Brokers’ Fraudulent Work?

This scam closely follows the blueprint laid out by offshore forex brokers. Often scams like this one involve finding victims through social media advertisements, then persuading them to click the link in the ad to go to a page that asks for their email before giving them access to a get-rich-quick formula that is only available after making a ludicrous deposit. 

This is obviously just a ruse to get the victims’ contact information. At this point, the fraudulent broker contacts you and offers you tempting incentives in an effort to persuade you to deposit money.

Because bitcoin is anonymous, untraceable, and immune to chargebacks and recalls, they usually try to persuade their victims to deposit money using this coin or other forms of cryptocurrency. 

Perlybit follows this last part perfectly as they only allow deposits to be made with cryptocurrency going as far as providing a long list of possible untraceable coins with which their victims can pay.

Best Forex Trading Brokers

Finding a broker who can meet all of your needs can be tough, and it can be even harder to do all the research required to find a reliable broker. Due to this, we have compiled a list of 6 trustworthy brokers who offer a variety of services and have reviewed each of them. 

These brokers are all licensed and regulated by top-tier regulatory organizations, and they all provide healthy trading conditions with minimum deposits as low as $10.

Perlybit Summary

Overall this Perlybit review does not mention many positive things about this crypto broker as they have made sure to check off every possible red flag that a brokerage can. 

Sticking very closely to the blueprint set up by the standard offshore scam brokers that have come before them Perlybit offers no clear information about the company such as where they are located and goes a step beyond by making it completely impossible to contact them by not listing a phone number or email. 

This scam brokerage does not even list the required minimum deposit on its website. This is something that traders have to find out upon making an account and trying to make a deposit. This is also when traders will find out that the only payment method accepted by this broker is the least safe option that being crypto. 

There are plenty of legitimate crypto exchanges, Coinbase which is regulated, and Binance which is not regulated but is still legitimate. We strongly urge you to consider these legitimate options as opposed to clear scams like Perly bit.

FAQs About Perlybit Broker