Professional cybercriminals are using the novelty of cryptocurrency trading to prey on industry newcomers. As the ruses become more sophisticated, it becomes ever more difficult to distinguish the real deal from a fraud.

Unfortunately, many traders have found out the horrible truth about this exchange the hard way. Our HiBT review will show you how to avoid getting scammed, and how to recover money lost from a fraud.

Proof of Regulation: None

The HiBT exchange operates anonymously and without any license to provide crypto trading services. The company’s website claims that the exchange was established in 2021 in Canada. 

However, this country has provincial regulatory bodies in charge of supervising crypto providers in their areas. Therefore, it’s impossible to discover which body the company is registered with – if any at all. No particular details about registration and license were provided by the firm anyway.

While exploring legal documents for additional clues, we found Seychelles, Hong Kong, and Singapore being mentioned along with their courts. Apparently, the scheme is actually an offshore one, again without proper registration and license since neither FSA, SFC or MAS supervises them.

Recruiting Victims Through Social Networks

The swindlers have bought up an old domain to make their firm seem like it’s older than it is, which is a strategy Lykke uses as well. While the hibt.com domain was indeed created in 2011, it remained empty and listed for sale until April 2024.

This explains why you won’t find any HiBT reviews on ratings platforms. Here is a list of nations that generate the most traffic to the site:

• United States
• Germany
• Malaysia
• Japan

To attract victims, the fraud circle has created an elaborate online footprint. This includes profiles on numerous social networks, like Facebook, Instagram, X, and LinkedIn, with the exchange even listed on CoinMarketCap. 

The exchange has been banned from Reddit, with the apparent reason being that it was used for spam for a prolonged time period. Knowing how cybercriminals work, we can be confident that the spam was HiBT scam recruitment.

Not a Single Fee Revealed

The only trading condition revealed is the maximum leverage being 1:125 and maker/taker fees being 0.2%. The lack of transparency in the case of the HiBT scam is disturbing, to say the least.

Naturally, by becoming a client on this shady portal, you accept all of their terms and conditions. If you pay attention to the legal papers, you will only see claims that the client is obligated to cover all incurring fees. These are various, as there are network fees, transaction costs, commissions, taxes, and other charges… Dozens of them.

Range of Unregulated Services

At first, you may think that the company has a whole array of features to offer and most distinguished services when it comes to trading and staking crypto. Don’t be fooled, however. There’s nothing easier than claiming to be legit and setting up a crypto-stealing scheme.

Risky Trading Environment

The rudimentary web trader that we found in the user area doesn’t seem like the most reliable software solution for conducting online trading. Simple, yet barely functional, the software doesn’t include advanced analytical features, let alone the option to provide deeper market insight. If you choose to trade on here, you’ll be risking losing everything.

QR Code for Mobile Apps

The HiBT app for mobile devices can’t be downloaded from popular online app stores like App Store and Google Play, no. The only way to acquire this shady software is by scanning the QR code provided on the site after the sign up.

If you choose to do that, you risk infecting your device with malware or data-stealing software, so beware. If the app passed security checks, it would have been featured in the mentioned stores.

Popular Assets

Not a particularly wide range of digital currencies is available to buy and sell on this portal. Besides the most popular pairs, you won’t be able to trade other, more volatile crypto tokens. Here’s a short list of the currently most frequently traded coins:

• BTC/USDT, 
• ETH/USDT, 
• LINK/USDT, 
• BCH/USDT, 
• ADA/USDT, 
• MATIC/USDT, 
• ENA/USDT, 
• SOL/USDT

Account Necessary

If you’re interested in using any of the available services on this platform, you will first have to register for an HiBT login, although we do not recommend it. Sharing your personal information with shady websites like this one and FX Paramount can inevitably lead to identity theft. 

Furthermore, you’re immediately required to complete the KYC, which is another way fraudsters use to force you to disclose sensitive information. Considering all of the aforementioned, you’re advised not to create an account on this site.

Impossible To Withdraw

Payment channels are a total doozie. Allegedly, the company will accept deposits through a wide variety of coins, but the facade falls apart when you start reading all of the options. For instance, the dialog will prompt you to make an impossible Bitcoin over the Ethereum (ERC20) blockchain transaction.

The procedure for HiBT crypto payouts isn’t even defined. The Terms and Conditions say that withdrawals are done in accordance with Terms, and fail to elaborate any further. There is a step-by-step tutorial on how to request a payout, but the mentioned option doesn’t actually exist in the application.

Standard Support Options Omitted

Website users are advised to rely on the help desk with FAQs, as well as the community for support. If you want to get in touch with an official client service office, you won’t be able to do so. 

Instead, every client is directed to join one of the many communities and discuss their ideas and issues in those chat groups.

Our Experts Can Help Recover Money

The perpetrators of this online cryptocurrency fraud have taken complex measures to avoid detection and entrap their victims. If you start poking around enough, you’ll eventually find out that the company is not licensed as it claims to be, which undermines any credibility.

Still, falling for such an elaborate ruse is nothing to be ashamed of. Our experts can help you get back on your feet and recover the stolen money! You may reach us at any time by using the live chat on our website.

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