Obsbit Review (2023)

Is Obsbit a scam or legit broker?

No, it is not safe to trade with Obsbit. Obsbit is owned by Setonix Holding Ltd. which is an offshore company registered in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex and more.

Obsbit offers its clients a variety of products and trading options, including Forex, Commodities, Stocks, Indices, Crypto. The broker claims to be registered in the Marshall Islands, however, the terms and conditions state the company is under the jurisdiction of Vanuatu. Anyway, most of the brokers operating in such offshore zones are not regulated and are not to be trusted in general.

In addition, the company provides contact numbers with the phone codes of the UK, Germany and Spain, when it is not actually regulated in any of them. It also means that Obsbit has been mainly targeting European residents. Moreover, Spain’s regulator CNMV has issued a warning against this broker:

“SETONIX HOLDING LTD is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which include investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions.”

Conclusion

We strongly advise all investors and traders to avoid Obsbit and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and eToro.

Obsbit website is no longer active.