Exceeded

Score

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/10

Frubit

United States

|

1-2 years

MSB License|

Suspicious Overrun|

High potential risk

https://www.frubitvip.com/

Website

Rating Index
Contact
Frubit
https://www.frubitvip.com/
The WikiBit Score of this exchange is lowered because of too many unresolved complaints!
Influence
E

Licenses

FinCEN

FinCENExceeded

MSB License

WikiBit Risk Alerts

3
Previous Detection 2024-05-27

The number of the negative comments received by WikiBit have reached 7 for this Exchange in the past 3 months, please be aware of the risk and the potential scam!

The number of this Exchange's nagitive field survey reviews has reached 1, please be aware of the risk and the potential scam!

MSB License goes beyond their business with the licenses United States FinCEN (license number: 31000220390884), please be aware of the risk!

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Keywords

Time Machine

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New Arrival

Company Name
Frubit
Regulatory Status
Exceeded
Company Abbreviation
Frubit
Platform registered country and region
United States
Phone of the company
--

User Reviews

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7 ratings

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喵喵兒
This frubit is a fraudulent exchange, it was established in July 2011, and it has been fraudulent for more than 4 months. Now they have got all of my money and gone, They may also open exchanges with other names,Please don't invest in cryptocurrency anymore, many of them can't withdraw money, It will make you bankrupt, and I advise everyone not to invest in virtual currency.
2023-01-20 17:22
0
喵喵兒
This exchange is established by a fraud group. There are many victims. Go to hell.
2023-01-16 18:03
0
S33934083
At the beginning of the primary certification, it did not say that the withdrawal of coins must pass the advanced certification. When a large amount of money is invested and the coins are withdrawn, it is said that the advanced certification must be passed. I applied for the advanced certification for more than 3 months, and I kept saying that the information was wrong, so I re-certified. After I applied for the third time for more than a month, it was said that I violated the money laundering regulations. I had to invest more than 10,000 U before I could pass it. Gold wants to detain it, it's a scam! The website also often has messages about being unable to log in and fraudulent webpages.
2022-12-23 19:46
0
S33934083
They didn't pass the advanced certification with various reasons after I made the deposit, and even the principal couldn't be withdrawn. The website was often unable to log in, and showed fraudulent words.
2022-12-20 19:45
0
喵喵兒
There was no response message yesterday. The exchange address said that 10000 dollars would be paid for the docking. Yesterday, the customer service had paid the notice and submitted it. After they received the money, they did not reply
2022-12-20 14:54
0
S33934083
If you want to withdraw, you must pass the advanced certification. After applying for 3 months, they always use various reasons to delay it. If you ask again, you must pay the margin (30% of the principal) and use all kinds of excuses to not withdraw money! The platform also appears frequently (this is a fraud website)
2022-12-16 21:28
0
子玹
When you want to withdraw money, you will not be able to withdraw if you have not passed the advanced certification. When the certification is passed, it means that the account is abnormal and will not give money. It is also said that the account is suspected of money laundering. The money is gone, why can't it be deducted from it, and it has to be paid in addition, and the police have been questioned, saying it must be a fraud, and it has been reported to the police
2022-10-19 17:32
0
Aspect Information
Company Name Frubit
Registered Country/Area United States
Founded Year 2017
Regulatory Authority FinCEN
Numbers of Cryptocurrencies Available 100+
Fees Varies based on transaction type and account type
Payment Methods Credit/debit cards, bank transfers, cryptocurrency transfers
Customer Support 24/7 live chat, email support

Overview of Frubit

Frubit is an regulated virtual currency exchange that was founded in 2017 and is based in the United States. Frubit offers a wide range of over 100 cryptocurrencies for trading, providing users with ample options to diversify their portfolios. The fees charged by Frubit vary depending on the transaction type and account type, giving users flexibility in choosing the most suitable plan for their trading needs. The platform supports multiple payment methods, including credit/debit cards, bank transfers, and cryptocurrency transfers, providing convenience and ease of use for users. Frubit also offers customer support around the clock, with 24/7 live chat and email support, ensuring that users can quickly and easily resolve any issues or concerns they may have. Overall, Frubit provides a user-friendly platform for individuals looking to engage in virtual currency exchange.

Introduction

Pros and cons

Pros Cons
Wide range of over 100 cryptocurrencies available for trading Fees vary depending on transaction and account type
Flexible payment methods including credit/debit cards, bank transfers, and cryptocurrency transfers Payment methods do not include popular e-wallets
24/7 customer support via live chat and email Relatively new platform with less industry experience compared to some competitors
Exceeded Regulation

Pros:

- Wide range of over 100 cryptocurrencies available for trading: Frubit offers a diverse selection of cryptocurrencies, allowing users to engage in a variety of trading opportunities and potentially expand their investment portfolios.

- Flexible payment methods including credit/debit cards, bank transfers, and cryptocurrency transfers: Frubit supports multiple payment options, making it convenient and accessible for users to deposit and withdraw funds, regardless of their preferred payment method.

- 24/7 customer support via live chat and email: Frubit's round-the-clock customer support ensures that users can reach out for assistance whenever they encounter any issues or have inquiries, allowing for prompt resolutions and an enhanced user experience.

Cons:

- Fees vary depending on transaction and account type: Frubit charges different fees based on the specific transaction type and the type of account the user holds. This may require users to carefully consider their trading needs and evaluate the associated costs.

- Payment methods do not include popular e-wallets: Frubit does not support popular e-wallets as payment methods. This may be inconvenient for users who prefer using e-wallets for their transactions.

- Relatively new platform with less industry experience compared to some competitors: As a platform founded in 2017, Frubit may have fewer years of industry experience compared to other established competitors. This may potentially result in a smaller user base and less extensive market history.

- Exceeded regulation, therefore regulatory supervision effective date has been exceeded, indicting a lack of compliance of the effective date of the regulation.

Regulatory Authority

Frubit, the virtual currency exchange, is regulated by the Financial Crimes Enforcement Network (FinCEN). The Regulation Number for Frubit is 31000220390884. As per the available information, Frubit has exceeded the regulatory requirements set by FinCEN, indicating its lack of compliance with the necessary regulations. Frubit holds an MSB License (Money Service Business License), and the specific license name for the exchange is Frubit Exchange.

Regulatory Authority

Security

Frubit takes security seriously and implements various protection measures to safeguard user assets and personal information. These measures include but are not limited to:

1. Two-factor authentication (2FA): Frubit offers the option to enable 2FA, which provides an extra layer of security by requiring users to provide a second verification factor, such as a unique code sent to their registered mobile device, in addition to their login credentials.

2. Encryption: Frubit encrypts sensitive user data, such as passwords and financial information, using industry-standard encryption protocols. This helps to protect the confidentiality of user information and prevents unauthorized access.

3. Cold storage: A significant portion of user funds is stored in offline cold wallets, which are not directly connected to the internet. This offline storage reduces the risk of hacking and unauthorized access to user assets.

4. Regular security audits: Frubit conducts regular security audits to assess its systems, identify vulnerabilities, and implement necessary updates or enhancements. These audits help to ensure that the platform maintains a robust infrastructure.

It is important to note that while Frubit implements these security measures, no system is entirely immune to risks. Users are encouraged to take additional precautions, such as using strong passwords, keeping their login credentials confidential, and being cautious of phishing attempts.

Cryptocurrencies Available

Frubit offers a wide range of over 100 cryptocurrencies for trading on its platform. Users have the opportunity to engage in trading activities with popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, as well as a variety of altcoins and lesser-known digital currencies. This extensive selection allows users to diversify their portfolios and take advantage of different investment opportunities within the cryptocurrency market.

Cryptocurrencies Available

How to open an account?

The registration process for Frubit can be completed in the following six steps:

1. Visit the Frubit website and click on the “Sign Up” button to start the registration process.

2. Fill in your personal information, including your full name, email address, and password, in the provided registration form.

3. Agree to the terms and conditions of Frubit by checking the appropriate box.

4. Complete the email verification process by clicking on the verification link sent to the email address you provided during registration.

5. Provide additional security measures, such as setting up two-factor authentication (2FA) for added account security.

6. Once your account is successfully created, you can start exploring the platform and engage in virtual currency trading.

Fees

Maker Fees: Frubit applies a maker fee of 0.1% to transactions. This fee is relevant when users place limit orders that add liquidity to the market without resulting in an immediate match.

Taker Fees: Frubit enforces a taker fee of 0.15% for transactions. This fee comes into play when users engage in market orders or place limit orders that are promptly matched.

Withdrawal Fees: Withdrawal fees associated with Frubit vary and are subject to the specific cryptocurrency being withdrawn. These fees are influenced by factors like the cryptocurrency's network congestion and the size of the transaction.

Deposit Fees:Frubit applies different deposit fees based on the chosen payment method. Deposits made through bank transfers are subject to a fee of 0.5%. For deposits made using credit cards or debit cards, a fee of 3.5% is charged. The specific fee is determined by the payment method selected by the user for depositing funds into the platform.

Fee Type Fee Rate Details
Maker Fees 0.1% Applies to limit orders adding liquidity
Taker Fees 0.15% Applies to instant market or limit orders
Withdrawal Fees Varies Dependent on cryptocurrency and circumstances
Deposit Fees 0.5-3.5% Based on selected payment method

Payment Methods

Bank Transfers:Bank transfers serve as a convenient and cost-effective way to deposit and withdraw funds from your Frubit account. Notably, these transactions are incure a fee of 0.5%. While deposits are usually processed within 1-3 business days, withdrawals follow a similar timeline, ensuring your funds reach your bank account securely.

Credit Cards:For those preferring the convenience of credit card transactions, Frubit supports credit card deposits with a slight consideration for fees. Deposits made via credit cards incur a 3.5% fee, allowing you to swiftly fund your account. The processing time for credit card deposits is generally 1-2 business days, ensuring you can jump into the action without delay.

Cryptocurrency Transactions:Frubit also embraces the world of cryptocurrencies, offering both deposit and withdrawal options for digital assets. Cryptocurrency deposits are a fee-free endeavor, making it an attractive choice for crypto enthusiasts. The processing time for deposits is notably fast, ranging from 1 to 30 minutes, depending on blockchain confirmation times.

Educational Resources

Frubit provides a range of educational resources and tools to help users navigate the world of virtual currency trading. These resources may include informative articles, tutorials, and guides that cover various aspects of cryptocurrency trading, such as fundamental analysis, technical analysis, and risk management. Additionally, Frubit may offer tools such as market analysis charts, price alerts, and trading indicators to assist users in making informed trading decisions. These resources and tools empower users with the knowledge and tools they need to navigate the cryptocurrency market effectively.

Is Frubit a Good Exchange for You?

When considering the trading groups suitable for Frubit, it is important to understand the platform's strengths and offerings. Frubit's wide range of over 100 cryptocurrencies available for trading can be attractive to both experienced traders and newcomers looking to diversify their portfolios. Additionally, the platform's flexible payment methods, including credit/debit cards, bank transfers, and cryptocurrency transfers, cater to users with different preferences and needs.

Based on these considerations, the following target groups may find Frubit suitable for their virtual currency trading:

1. Experienced traders: Frubit's diverse selection of cryptocurrencies provides experienced traders with a wide range of trading opportunities. The platform's 24/7 customer support ensures that traders can receive prompt assistance whenever needed. However, it is important for experienced traders to carefully evaluate the fees associated with their specific trading needs to ensure that they align with their strategies.

2. Crypto enthusiasts: Frubit's extensive range of altcoins and lesser-known digital currencies may attract crypto enthusiasts who are interested in exploring and investing in emerging cryptocurrencies. The platform's regulatory compliance with FinCEN can provide users with confidence in the legitimacy and security of their transactions and investments.

3. Newcomers: Frubit's user-friendly interface and educational resources can be beneficial for newcomers who are venturing into virtual currency trading for the first time. The platform's availability of multiple payment methods and round-the-clock customer support can help ease the onboarding process and provide assistance when needed.

4. Investors seeking portfolio diversification: Frubit's wide range of cryptocurrencies allows investors to diversify their portfolios beyond traditional assets. By accessing different cryptocurrencies, investors may potentially benefit from the growth and volatility of the cryptocurrency market.

It is important to note that while Frubit may be suitable for these target groups, users should always conduct their own research and carefully consider their individual trading goals, risk tolerance, and financial situation before engaging in virtual currency trading.

Conclusion

In conclusion, Frubit is an regulated virtual currency exchange that offers a wide range of cryptocurrencies for trading. Frubit implements various security measures, including two-factor authentication and encryption, to protect user assets and personal information. However, no system is entirely immune to risks, and users are encouraged to take additional precautions. Frubit provides a user-friendly interface and educational resources, making it suitable for both experienced traders and newcomers. However, users should conduct their own research and consider their individual trading goals and risk tolerance before engaging in virtual currency trading on Frubit.

FAQs

Q: What cryptocurrencies can I trade on Frubit?

A: Frubit offers a wide selection of over 100 cryptocurrencies for trading, including popular options like Bitcoin, Ethereum, and Litecoin, as well as a range of altcoins and lesser-known digital currencies.

Q: How long does it take for deposits and withdrawals to be processed on Frubit?

A: The processing time for deposits and withdrawals on Frubit depends on the chosen payment method. Credit/debit card deposits and cryptocurrency transfers are typically processed instantly, while bank transfers may take a few business days to complete.

Q: Does Frubit provide educational resources and tools for traders?

A: Yes, Frubit offers a range of educational resources such as informative articles, tutorials, and guides to help traders navigate the cryptocurrency market. Additionally, the platform may provide tools like market analysis charts, price alerts, and trading indicators to assist users in making informed trading decisions.

Q: Is Frubit suitable for newcomers to virtual currency trading?

A: Yes, Frubit's user-friendly interface and educational resources make it suitable for newcomers. The availability of multiple payment methods and round-the-clock customer support can also help ease the onboarding process for beginners.

Q: Can experienced traders find opportunities on Frubit?

A: Yes, experienced traders can find opportunities on Frubit due to its diverse selection of cryptocurrencies available for trading. The platform's 24/7 customer support ensures that traders can receive prompt assistance whenever needed.

Q: How does Frubit ensure regulatory compliance?

A: Frubit is regulated, but the FinCEN regulation is exceeded.

Q: Is Frubit suitable for investors seeking portfolio diversification?

A: Yes, Frubit's wide range of cryptocurrencies allows investors to diversify their portfolios beyond traditional assets. By accessing different cryptocurrencies, investors can potentially benefit from the growth and volatility of the cryptocurrency market.

User Review

User 1: “Frubit's regulated status raises security concerns. Limited cryptocurrencies and slow customer support further dampen the experience. Approach with caution.”

User 2: “Trading at Frubit comes with unclear fees, reflecting privacy issues. Slow deposits, withdrawals, and interface glitches hinder trading efficiency.”

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.