Main-bit Review
- Alissa F.
- Read time: 17 minutes
- Updated March 1, 2022
Main-bit
Trading Platforms
- MT4
- MT5
- Web Trader
- cTrader
- Mobile App
- Proprietary
Available Assets
- Forex
- Crypto
- Stocks
- Indices
- Commodities
- Futures
Funding Options
- Bank Wire
- PayPal
- Visa/MC
- Crypto
Company Information
- HQ: United Kingdom
- Excluded: US, DE
- Founded: 2015
Pros
- Free deposit & withdrawal
- Wide range of assets
- Great support
Cons
- US Excluded
- No zero spread accounts
General Information
- Min. Deposit: $250
- Max. Leverage: 1:10
- Average Spread: 0.11
- Demo Account
- 24/7 Support
- Free Withdrawal
Overview
Main Bit is a crypto trading platform with three offices based in Switzerland, Canada, and the UK. The broker has an experience of almost 7 years in the industry as they were established in 2015. In this Main-bit review, we will go through most pros and cons this broker provides to the direct clients. They have been operating in more than 150+ countries worldwide, with a few exceptions like US and Germany. The broker offers a wide range of high volatile crypto assets to trade besides Forex, indices, commodities, and stocks. Top-notch currencies like Bitcoin, Ethereum, Ripple, and Solana can be traded without hassle. Main Bit is not a regulated broker; however, the process is underway, and they will soon get the regulation license as it gets approved by the authorities.
Trading Platforms
Main Bit provides the in-house Web Trading platform and a user-friendly trading view platform for instant execution of orders. On a downside, the broker does not offer a mobile app or well-known platforms such as MetaTrader 4 and cTrader.
Main Bit Web Trading Platform
Main Bit provides you instant access to the Web Trading platform. All you need is an internet connection to get started. Before opening an account, you submit basic credentials such as your name, email address, and phone number, and a window appears on your computer screen, enabling you to observe currency market conditions instantly.
The charts in the Main Bit Webtrader were imported from the TradingView API, which provides free charting services to websites and mobile apps with limited features. Main Bit Web Trader allows you to trade currencies, stocks, indices, commodities, and cryptocurrencies in a single setup. For the beginners, live price movement and order placements may be observed, which is comprehended. All popular cryptos, such as BTC, ETH, and XRP, are available, giving convenient access to a highly volatile market.
A trader may open three types of positions and check them out with a single click at the bottom of the screen using the Web Trader. They get access to all open positions, closed positions, and pending positions in one place.
The Web Trading platform provides a plethora of drawing tools that may be used to create and implement trading strategies. Here is a list of drawing tools to assist you in building a strategy.
TradingView
TradingView comes with over 100 built-in market analysis indicators based on industry formulas. Over 5,000 custom-built indicators designed by talented community developers are housed in the public library. Users may create custom indicators from the ground up since they are written in the Pine programming language. Indicators are price or volume-based calculations that are displayed on the chart.
Some indicators give unambiguous buy and sell signals, while others must be interpreted based on a specific strategy. Most traders who employ indicators do so in various ways that complement one another. They seek for a combination of signals based on these indicators. Popular indicators include the Average True Range (ATR), Relative Strength Index (RSI), Moving Average Convergence/Divergence (MACD), Ichimoku Cloud, and Exponential Moving Average (EMA).
Here are a few of the features of TradingView platform:
- Up to 8 charts per tab
- Candlestick patterns recognition
- 100,000+ community-built indicators
- Volume profile indicators
- Alerts for every device
- Pine script alerts
- 12 chart types, including Kagi, Renko, and point & figure
- Push & webhook notifications
- 50+ smart drawing tools
- 12 alert conditions
- 40+ most popular crypto exchanges
- 100+ pre-built most popular indicators
- Worldwide coverage
- Valuation analysis
- Multi-timeframe analysis
- 100+ financial matrices
- 100+ fundamental fields and ratios
- Financial statements
- 130+ exchanges from all over the world
- Alerts on price, indicators & strategies
- Plus, synchronize symbols, intervals, and even drawings
- Historical data you can apply to the chart
Platform | |
MetaTrader 4 (MT4) | X |
MetaTrader 5 (MT5) | X |
cTrader | X |
Proprietary (Web) | ✓ |
Desktop | X |
Web | ✓ |
Mobile | X |
Social Trading | X |
Other (TradingView) | ✓ |
Fees
Here is the structure of trading and non-trading fees of Main Bit.
Commission and Spreads
Main Bit charges different spreads and commissions depending on your account type. While the lowest spreads are 0.03 pips on VIP accounts, and the minimum commission charged by the broker is 1.5% from the profit on the same account. However, the criteria to be a VIP account holder is strict and needs to comply with many requirements. On top of that, the customer can enjoy maximum leverage of 1:10, which is also on the VIP accounts.
Here is the complete breakdown of spreads and commissions charged on various accounts:
Test Account: The spreads are charged from 0.13pips while the commission is 5% from profit on Test account.
Bronze Account: The spreads are charged from 0.11pips while the commission is 5% from profit on Bronze account.
Silver Account: The spreads are charged from 0.11pips while the commission is 5% from profit on Silver account.
Gold Account: The spreads are charged from 0.11pips while the commission is 4% from profit on Gold account.
Platinum Account: The spreads are charged from 0.08pips while the commission is 3% from profit on Platanium account.
Diamond Account: The spreads are charged from 0.05pips while the commission is 2.5% from profit on Diamond account.
VIP Account: The spreads are charged from 0.03pips while the commission is 1.5% from profit on VIP account.
Deposit and Withdrawal Fees
Main Bit provides a variety of payment options. Clients can deposit and withdraw funds through bank (wire) transfers, debit/credit cards, and cryptocurrencies.
By not charging fees for deposits or withdrawals, the broker provides seamless transactions for its clients. However, you should verify with your service providers, such as a bank or an intermediary, to see whether any transaction fees are required. While proceeding with your transaction with BTC there will be no fees at all.
The broker requires a minimum deposit of 250USD in every account type. But you need to take a withdrawal of atleast 100$. The broker offers many major currencies like USD, AUD, EUR and GBP. Besides this, the broker also provides THB, VND, MYR and IDR as other currencies.
Inactivity Fees
Main Bit does not charge any account inactivity fees. You are free to sign off and won’t be charged above the basic deposit whenever you re-join.
Trading Instruments
Main Bit is keenly offering services in crypto assets. However, the benefits are not restricted to mere crypto only. You can trade a wide range of forex, stocks, indices, and commodities for trading. Yet, financial assets, including bonds and options, are not available with Main Bit.
Instruments | Availability |
Forex | ✓ |
Stocks | ✓ |
Indices | ✓ |
Commodities | ✓ |
Cryptos | ✓ |
Options | x |
Bonds | x |
ETFs | x |
CFDs | ✓ |
Customer Service
Main Bit provides email and phone support to clients worldwide. The broker has three offices based in Switzerland, Canada and the UK. Using local numbers benefits local clients as it reduces the cost. On the downside, the broker does not provide WhatsApp and Viber support.
Usability
Main Bit has developed a web trading platform for traders of various experience levels. The platform’s usability is the broker’s initial impression; if they fail to offer simple menus for all users, they will fail to convince the audience to develop long-term commercial connections.
The web trading platform supports the following order types:
- Stop-loss / Take-profit
- Pending Order
The broker has been utilizing a TraidngView API for its platform, which provides many customization options and strategy tools. It is simple to use and well-known among all classes of traders. The execution of orders is instant; there is no slippage so that you can benefit precisely the same as you
Research & Education
Main Bit offers a variety of free educational tools for rookie and experienced traders. These training tools will help you enhance your trading abilities and financial market understanding.
Technical Analysis
Technical analysis is used in conjunction with other types of research by professional analysts. Retail traders may base their decisions solely on a security’s price charts and similar statistics, but competent equity analysts seldom confine their research to fundamental or technical analysis alone.
Any security with previous trading data may be subjected to technical analysis. This includes stocks, futures, commodities, fixed-income securities, currencies, and other financial instruments. Indeed, technical analysis is more common in commodities and forex markets, where traders are concerned with short-term price movements.
Main Bit equips every level of trader with the necessary tools to do technical analysis. Besides this, the team of prudent traders keeps providing the analysis on important financial assets frequently.
Trading Strategies
Main Bit provides a library of trading strategies to their clients for education. All trading strategies, including day trading, is discussed in detail so that everyone can be benefited equally. Assets-specific strategies like digital currency strategy are also shared in detail.
A trading strategy is a well-organized process trader use to buy and sell securities in the financial markets. Trading strategies may be broken down into many sub-strategies. When developing a trading strategy, several factors are considered into account. Some of these aspects include fundamental and technical analysis, investment style, market capitalization, portfolio diversification, timeframe, risk tolerance, leverage, tax considerations, and others.
Traders construct a trading strategy using precise data and in-depth analysis of the market, and once it has been formed, they stick to it religiously. However, given the volatility of the financial market and the fact that traders’ objectives may change over time, it is imperative to be evaluated and updated frequently.
Economic Calendar
While you are dealing with trading financial assets, the importance of an economic calendar can never be denied. By default, the economic calendar will provide you with information on all upcoming economic news and events that are happening place all over the world. You can customize the period that you wish to review by selecting ‘Today,’ ‘Tomorrow,’ ‘This Week,’ or ‘Next Week,’ or by using the calendar button to set a custom date range.
If you scroll down the calendar, you will be able to see the name of each event, the day, and the time in GMT that the event will take place. When you click on an event in the calendar table, you will be presented with actual and deviation, true range, and volatility ratio economic data charts.
Calculator
If you are associated with the trading industry, you will always need a calculator. It cuts down your processing time and helps you make instant trading decisions. Many trading strategies require you to react instantly if certain conditions are met. You need some calculations, and if you fail to calculate accurately within the time, you will lose the opportunity. Main Bit offers pip, margin, currency, and profit calculator for every trader’s ease. You set the parameters and input values on one side of the calculator and can instantly get the result you require.
Resources | |
Market Analysis | ✓ |
Guides | ✓ |
Videos | X |
Webinars | X |
Autochartist | X |
Trading Central | X |
Economic Calendar | ✓ |
Other (e.g. calculator) | ✓ |
Safety
Main Bit is not a regulated broker, nor does it have a banking license. Besides this, the broker is not backed by any bank and is not listed on any stock exchange. Above all, the financials of the company are not publically available.
However, the license is under process, and soon, the broker will be regulated, adding more credibility to its reputation. Besides this, it has three registered offices in top-tier countries like the UK, Canada, and Switzerland, which emits a sense of relief for traders.
Since its inception in 2015, we have not observed any negative reviews about the broker, making it more credible for trading.
Pros & Cons
Pros
- Multiple payment methods
- Wide range of accounts for all type of traders
- No account inactivity fees
- Free deposit and withdrawal
- Instant order execution
- Facility of TradingView
- Tight spreads and low commissions
Cons
- US and German clients not accepted
- Demo accounts are not available
- No MetaTrader platforms
- Financial information is not public
Conclusion
Main Bit has been extending its financial brokerage services since 2015. They have three registered offices in U.K, Canada, and Switzerland. The trading assets offered by the broker are enough as they cover forex, indices, stocks, crypto, and commodities. Main Bit offers tight market spreads and commissions. The only point of concern could be its regulations. However, according to authentic resources, the broker’s regulation process is underway with UK and is expected to be a regulated broker soon. Additionally, no complaint has been filed against the broker for its conduct. So, it is safe to trade with Main Bit.