May 06, · If you are looking for trusted and legit Bitcoin Investment Sites, below we’ll give you the updated list of the best ones for eToro (official website) and Plus (official website) are some of those, according to the thousands of users who trade everyday with no . Nov 17, · November 17, by Patrick Jones 31 Comments. The Bitcoin Trader SCAM software (not to be confused with Bitcoin Code) is a fake trading robot and we blacklisted it in our fair and impartial review and investigation. First a word of caution, we have warned our members about the recent surge in Bitcoin scams which are riding the recent wave of endless success stories about new Bitcoin Millionaires. May 15, · The outcome of our analysis on the Bitcoin Trader platform leads us to support the claims that Bitcoin Trader is % legit and can assist new and experienced traders in generating a passive income and growing their wealth. It is estimated that a new user can earn between € and € every week.
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Still, the jury is out on the legality and usefulness of bitcoin - leaving it in a proverbial grey area. Perhaps you've found bitcoin while it looks to be on the rebound and find yourself interested in it as an investment. However, there have been several legitimate bitcoin scams that have become infamous, and you need to know about them - but, what are the top 7 bitcoin scams?
And how can you avoid them? For most cases, it may be pretty obvious what a scam is - but with bitcoin, and cryptocurrency in general, things become murkier.
Bitcoin itself is an unregulated form of currency that essentially is a mere number that is only given value because of an agreement. It's basically like a moneybag with a lock on it - the code of which is given to the recipient of the bitcoin an analogy drawn by Forbes in Bitcoin scams have been famously criminal and public in nature. With no bank as a middleman in exchange, things become more complicated; so hackers and con men have had a heyday. There have been and undoubtedly will be nearly countless bitcoin scams, but these frauds make the list of the top 7 worst bitcoin scams to date.
Take note. Malware has long been the hallmark of many online scams. But with cryptocurrency, it poses an increased threat given the nature of the currency in and of itself. Recently, a tech support site called Bleeping Computer issued a warning about cryptocurrency-targeting malware in hopes of saving customers from sending cryptocoins via transactions, reported Yahoo Finance.
The malware, CryptoCurrency Clipboard Hijackers which reportedly manages 2. Surely one of the easiest ways to scam investors is to pose as an affiliate branch of a respectable and legitimate organization. Well, that's exactly what scammers in the bitcoin field are doing. South Korean scam BitKRX presented itself as a place to exchange and trade bitcoin, but was ultimately fraudulent. The fake exchange took on part of the name of the real Korean Exchange KRX , and scammed people out of their money by posing as a respectable and legitimate cryptocurrency exchange.
BitKRX used this faux-affiliation to ensnare people to use their system. The scam was exposed in And, the reality is just as bad. Several organizations have scammed people out of millions with Ponzi schemes using bitcoins, including South Korean website MiningMax. The site, which was not registered with the U.
While this makes it easier to find the coins investors desire, there is still no regulatory body overseeing these exchanges in many countries. Thus, many investors have been left penniless when the exchanges they signed up for turn out to be traps.
One of the biggest red flags is the promise of unrealistic prices. Exchanges that promise heavy discounts on bitcoin use this strategy to lure in unsuspecting victims. Visiting unsecured websites is a bad idea, but alert investors can avoid losing thousands by looking for the right signs. One of the best results of the cryptocurrency boom has been the rise of the initial coin offering as a way for companies to raise capital.
With thousands of new blockchain-based companies entering the market with unique ideas and exciting projects, users can now back their favorite businesses easily.
However, this massive explosion of ICO opportunities has inevitably raised the specter of fraud. There are several ways scammers can separate investors from their bitcoin.
One popular method involves creating fake websites that resemble ICOs and instructing users to deposit coins into a compromised wallet.
Centra Tech, for example, a blockchain venture backed by several celebrities, has been sued in the US. The company stands accused of portraying fake team members, misleading investors, and lying about their products.
Mining is the only way to extract new bitcoins without buying or exchanging them, but it has become an incredibly resource-intensive activity. Due to the unique way new coins are mined, it takes massive amounts of processing power and electricity, and thus money, to mine a coin.
However, many companies now offer regular users the ability to rent some server space to mine coins for a set rate. Some companies offer "lifetime contracts" that keep costs the same and supposedly offer outstanding returns. However, as the difficulty of mining increases, the same investment will return smaller amounts each time. Moreover, some companies make bold claims regarding their returns without being transparent about the true costs and diminishing returns.
Others operate Ponzi schemes that can lead to massive losses. One major company that has been repeatedly outed is OneCoin , whose owners were implicated in several other shady operations.
The company offered investors massive earnings, as well as luxury goods and perks for paying more. However, there is little information on the company outside of its site, and users have left scathing reviews online. The market is also showing signs of maturity, leading to better transparency and clearer rules.
Keep up the good work exposing scam brokers. About a month ago I started receiving SMS messages on my cell phone with a link that led me to bitcoin code when I clicked on it, I spend a lot of time reading on that site, and it was very tempting to try making an investment with them, especially when you are where I am financially, having hardly enough to be able to just afford to eat and pay your rent, so you pray to find a good place to plant a little of your seed in hope for some return, to be able to afford to eat and pay your rent, and hopefully enough to become a little more financially stable.
And I decided to open an account with them, within minutes of doing so I received a phone call from them with a number showing it to be a Winnipeg Manitoba Canada number, which is about two hours north east from where I live, The gentleman that called me identified himself as being Manny Okiro, with starkmarkets. Sofy, is there a good robot software that would do automatic trading for me that you would recommend, and maybe a good broker that would help me make the right bitcoin investment placements?
Hi, I am looking at investing in bitcoin but it would appear to be a mine field of scammers. Can you suggest a genuine broker that I can look into.
Yet it still sounds like a Ponzi scheme to me — plus Google searches has 9 out of 10 saying scam possibility. Can you provide your insight? Thank you very very much. You have saved me from being scammed.
God bless you. What about brit method please. Thank you. I agree. I almost got taken with the Brit Method. This is just a hook for a company called Prestige Options.
It is OK for them to behave irresponsibly. It is not their money. So, is this legitimate info or is it a ploy to push the people away from trading in such circumstances because the banks and financial systems are panicking. It makes me wonder if this is just propaganda to put us all off the idea and go back to leaving everything in the bankers hands. I proven that the banks and those who own them manipulated the markets to their own gain. I would rather I was completely anonymous with finances as my money is my own personal business and not of the governments business.
Just the same as my love life has nothing to with anyone else but me and my lover. If you have solid proof of your claims, maybe share them. Ironically, it may come back to really bite the channel 10 Shark Tank investor on the behind.. About Bitcoin traders, how is it possible: 1 To appear on BBC2 as they have and to be believed by the Dragon Den Millionaires who are by nature more suspicious than most and ought to know better. Is there any way to report Google for continuing to support this?
Hi Sofy , thanks for confirming this scam. The website sign up page was identified by firefox as being insecure and would allow me to sign up then i found your page after searching for further bitcoin trader info. Hi Sofy what about goldenmarkets. I am totally new to all this, wanted to invest and jumped in too quickly. I say leave it well alone. Like what I have been reading from you, thank you for identifying the scammers.
Thank you Clive… close to retirement and need financially far from safe …. Is Havoption. He said in 7 days the profit will be 3k. Too good to be true! Good point Kris. Hi Sofy, thanks for the info you are sharing. Hi Sofy. I spoke to an agent at Arotrade and according to him QProfit System is the app they broker use.. Does that mean Arotrade is also a scam?
I signed up but did not make the deposit yet. Is there any legitimate system out there to earn me consistent profits whilst i learn to trade in my own time? I am a complete novice to trading, but it would be nice to earn while i learn so to speak.
Honestly, Bitcoin has become a fraud. As an expert, this is a great website to read and avoid losing more. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Notify me of follow-up comments by email. Notify me of new posts by email. Bitcoin Trader Review Starting off the review, it seems that the scammers have decided that they would use bitcoins as their base.
What does the Bitcoin Trader Claim? How Does It Work? False Testimonials This is something which you should be aware of.