Bitcoinfxtrade is a crypto investment scam targeting naïve and unsuspecting investors. During our investigation, we found some damning features on Bitcoin FX Trade. Despite having what looks like a genuine investment goal, Bitcoinfxtrade.net is an outright scam. Members are up in arms over what they term as harsh investing conditions. No one has come out with proof of profiting with the platform. To find out more, you need to know the whole truth. Here’s our honest and detailed BITCOINFXTRADE Review.
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A Brief Overview of Bitcoinfxtrade
On the about us page, they claim to be a legally operating company in the U.S. They claim to be one of the first entities to invest in crypto. According to the page, they have a team of experienced experts.
They claim to have experience in blockchain technology and the crypto market. Despite all these, the platform is marred with several complaints from investors all over the world.
This has led to negative reviews on most review sites. They claim to offer financial leverage and guarantee high-profit margins.
As an investor, you want a website that does exactly this. And that’s what scam artists do, tell investors what they want to hear.
Once you land on the homepage, you find an aesthetically appealing website. The information is easy to comprehend, and the profit margins are high. All you have to do is sign up and deposit with them. It’s not as easy as they lead investors to believe.
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Account and investment packages
Bitcoinfxtrade offers four packages to anyone interested in their platform. These packages come with high yields of 35 percent and above. The four plans come with ROIs of 35, 47, 56, and 70 percent.
All of the plans have guaranteed profit margins, with yields expected to mature within a few days. We have to be honest with our readers as no expert or robot can achieve this feat. The plans are a decoy to attract deposits from naïve investors.
Account opening procedure
With the platform claiming to offer high yields, you expect the platform to charge these accounts. Opening an account with the platform is easy and free. It’s beyond us why they don’t monetize the process.
One reason for this is to attract different classes of investors. You don’t have to have any crypto investing or trading knowledge. All you need are funds to use as a premium for the accounts.
Withdrawing for the first time is when things turn for the worse. No one gets to withdraw funds without sending verification documents. These documents include bank statements, a copy of your ID, and credit card details.
We don’t see the need for this as they can verify using email links or SMS Codes. An expert in cybersecurity claims the platform is harvesting banking information from members.
And this could be true as some members claim to see goods and services charged on their accounts. With your bank details and credit card number, the people behind this can do anything. Including buying goods and services and charging your account.
If you’re not careful, they can sweep clean your bank account. Make sure you avoid sharing your banking information with unknown third parties.
Bitcoinfxtrade license and Registration
Bitcoinfxtrade is not a legal platform despite claims they are registered in the United States. We checked with the Company Register and found no such entity exists. They are trying their best to look and sound legit.
There’s no copy of any certificates on their platform. We don’t even have their registration number. It points to a platform that doesn’t comply with industry regulations.
The CFTC does not have any platform licensed under this name. We also checked with SEC, and they too don’t have this platform on their database. This is a platform that won’t have the interest of investors at heart.
It’s best to stay away from them or risk losing your deposit. We are sure the terms and conditions don’t favor members. All liability falls on the member putting them at risk with every deposit.
Bonuses on accounts
There’s a special bonus available on three of the packages. It’s more of an incentive to ensure investors deposit more funds. Beware of these bonuses as they might, in turn, prove costly. The platform will demand you pay back the bonus.
Even if the yields surpass the bonus amount, a fresh deposit is required. Once you make the mistake of paying the bonus, they shut you out. It’s what’s happening to some of the members.
Another worrying feature is the names we have as the people working for the company. Ajay Suryavanshi is the Co-Founder and CEO of the platform. With an Indian name, we don’t see why the picture is of Caucasian descent.
Jennifer Doe is the other Co-Founder with a name of a missing female. John Doe is the name used for an unidentified male. We have reason to believe these are random names.
Even the pictures are stock images that you can easily download. We couldn’t get a hold of their social media handles. You would expect at least one of the staff members to appear on search engines.
There’s no one on leading professional websites such as Jobcase or LinkedIn. This goes to prove that they are random people. The staff members on the platform are meant to show a professional-looking website. In reality, Bitcoin FX Trade is an anonymous website.
We have received hundreds of emails from investors who lost money with the platform. It seems they all face the same issues. None of them is in contact with support as they are told to wait.
According to emails sent to these victims, there’s a problem with their system. Some even find their accounts don’t exist. We have reason to believe the platform is slowly deleting the login credentials of these users.
Domain details (bitcoinfxtrade.net review)
Records show the IP address is in South Africa. This means they are not registered in the U.S as they purport. 235 is the number of days the platform has been active. The website went live on September 8, 2020.
What we have is a website that offshore persons operate. There’s no security of funds for those who deposit with Bitcoin FX Trade.
Safety of funds with Bitcoinfxtrade
Security of funds is not a guarantee when investing with this platform. Those who have deposited are already ruing the decision. Without any compliance, members are at the mercy of these scam artists. It’s the reason no one has been able to withdraw funds.
Scam or legit Bitcoinfxtrade
Bitcoinfxtrade is a scam waiting to pounce on investors. Those who deposit end up losing funds as the packages are a plot to swindle investors. We hope our review will open your eyes and avoid investing with them.
We have to add this platform to our scam blacklist.
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Our team wishes you all the best in your crypto trading venture.