Several years ago, we had an explosion of Bitcoin bots that are allegedly able to predict the market far better than humans. One such was Bitcoin Trader, endorsed by celebrities, or so we’re told.
We’ve seen several authority warnings throughout the years and wanted to clarify things. Read our Bitcoin Trader review to find out whether this bot is trustworthy.
Under the latest crypto regulation rules, any trading company offering any kind of crypto-related services must be duly licensed. Especially those that claim to provide services from the UK, a country with one of the firmest financial authorities.
Bitcoin Trader’s regulation is not with the UK FCA or any other financial authority. As a matter of fact, several regulators issued warnings against the scheme. This, combined with the fact that several sites are inactive and a severe lack of information, is enough to conclude that this bot is nothing but a fraud.
Any transparent project will provide you with its whitepaper or any other kind of backup material, where you can check the alleged success. Saying, “we can predict the market with up to 85% accuracy,” means nothing without appropriate evidence.
If you have any information about the bot and the entire project, feel free to let us know.
In May 2020, the Italian regulator, CONSOB, warned against Bitcoin Trader. The site was marked as a fraudulent project offering financial services without proper authorization.
In December of the same year, the UK FCA banned another company’s website, marking them a financial scam, along with a similar project, Bitcoin Revolution. Namely, the firm seemed to claim a UK address, which is why FCA found it essential to deny this and ensure that clients know they cannot get reimbursed from the FSCS compensation fund.
Finally, Australian ASIC stated that Bitcoin Trader misused famous people, including Kochie, Celeste Barber, and Waleed Aly, for fraudulent advertising. These and many others were used as false endorsers of the project, leading to persuading common people to invest.
According to our traffic research, the majority of Bitcoin Trader victims come from the following countries:
While the main website, bitcointrader.com, was registered in 2010, we’ve had several other fraudulent sites since. All belong to the same owner, who was accused of misconduct by many official financial regulators.
According to reviews, transactions are suspicious, going through Israeli companies registered for selling books and educational magazines. What’s worse, these people present themselves as senior financial advisers without having the appropriate degree or knowledge for it.
As you can tell through the warnings, the company has many websites. Spotting a scheme is hard if you see different sites and ads. What’s typical for them all is that they pop up on social media, such as Facebook and Instagram, and promise profit.
While legitimate investment firms cannot guarantee returns, fraudulent ads can do anything. As we saw, they even falsely used celebrities to promote their bot. In reality, even if you get access to some sort of robot, it won’t be able to predict the market for you. Actual bots cost a lot of money and require holding a license. The scheme project surely won’t invest as much, but pretend to own it, then vanish with your deposit.
If you’re seeing suspicious ads or receiving too many unsolicited phone calls or WhatsApp messages, know that something is off. Always check the offer before going for it. It’ll keep you safe.
According to the ad, you can connect the bot to just any trading platform, from well-known MT4 and MT5 to WebTrader. Then, it will analyze the crypto market and find the best trades using complicated algorithms.
Of course, you have to make a minimum deposit first, $250. Then, you will be transferred to a brokerage firm providing the platform in the name of Bitcoin Trader. Most of these “partner platforms” are unlicensed and offshore.
The easiest way to spot the scheme is to check with the brokerage firm. If you notice that they have no authorization for the services they provide, you can immediately run.
In addition, the Bitcoin Trader website has a direct link to the Kraken exchange, where clients are encouraged to purchase crypto, then transfer it to a designated broker. Scammers often prefer crypto transactions over cards and bank transfers since they’re harder to trace. However, it’s not impossible. Don’t lose hope before you exhaust all your options!
Once you invest, you may even see some profits on your screen. It’s a common tactic; brokers try to convince you that you’re doing so well that they could approach you for higher investments.
However, when you try to withdraw the money, this is where your problems will begin. You will be delayed under various excuses. These can include owing cash for taxes and broker commissions, accepting bonuses with malicious clauses, and so on.
If the brokerage you’re connected to doesn’t allow you to withdraw your profit, file a report immediately. Don’t wait until it’s too late!
There are many people out there who fell for the Bitcoin Trader scam. It’s nothing to be ashamed of. However, you have to take steps toward recovery right away.
You can reach out to Global Fraud Protection and share your experience with us. Based on your payment method, we will connect you to our CipherTrace crypto analysts or chargeback experts.
Book your free consultation today, and let’s get your money back before it’s too late!
Bitcoin Trader is not a legit bot, and you should avoid it by all means. If you are already involved with the firm, let us know, and we might be able to help.
Bitcoin Trader allegedly provides you with a bot you can connect to your broker platform through a mobile app or desktop device.
The company requires an investment of at least $250 to provide you with access to the bot.
Bitcoin Trader is not a legit bot, and you should avoid it by all means. If you are already involved with the firm, let us know, and we might be able to help.
Bitcoin Trader allegedly provides you with a bot you can connect to your broker platform through a mobile app or desktop device.
The company requires an investment of at least $250 to provide you with access to the bot.
The post Bitcoin Trader Review: A Scam Software For Money Extortion appeared first on Global Fraud Protection.
