Bitcoin Trader has strongly promoted itself as the best and safest automated cryptocurrency trading app that can help people earn $ 1,300 a day. Many fake reviews and scam checks on Bitcoin Trader are highly ranked by Google, which makes this scam legitimate. News.Bitcoin.com is investigating this investment scam.
Bitcoin Trader scam
Numerous bitcoin scams have emerged as unemployment rose worldwide during the economic crisis and the coronavirus pandemic. One investment program that has recently attracted more attention due to its aggressive marketing tactics is called Bitcoin Trader. It claims to be “automated trading software” that can “trade cryptocurrencies and currencies in automated and manual mode”. However, there are many red flags on this platform.
The Bitcoin Trader website looks like many other investment projects that news.Bitcoin.com has already discovered as scams, such as Bitcoin Superstar, Bitcoin Era, Bitcoin Revolution, Bitcoin Evolution and Bitcoin Loophole. Besides a website that deletes cookies, these scams have the same configuration.
The official Bitcoin Trader site has changed its URL several times, but its logo remains unchanged. Its content has also changed slightly a few times since the start of the year when news.Bitcoin.com started following the pattern. Initially Bitcoin Trader announced that only bitcoin could be traded using its tools, but then claimed that users could also trade in other cryptocurrencies, including Bitcoin Cash, Ethereum, Monero, Litecoin, XRP and Dash.
The first page of the Bitcoin Trader website has an urgent message in red at the top of the page which reads: “Warning: Due to the extremely high media demand, we will close the registration from [today’s date] – Hurry. “During the five months that news.Bitcoin.com followed this pattern, registration has never been closed, but the warning message continues to appear with today’s date. The website also posts a video on bitcoin, featuring several famous people praising cryptocurrency, such as Virgin Group founder Richard Branson, Virgin Galactic president Chamath Palihapitiya, and the Microsoft founder Bill Gates, among others who have been used to promote Bitcoin Trader, include Tesla CEO Elon Musk and Spacex, former Google CEO Eric Schmidt, and the Winklevoss twins.
$ 1,300 a day and other promises too good to be true
Bitcoin Trader is attracting investors who desperately want to make money fast in this economic downturn with promises that are too good to be true. Its website displays messages like “you can usually expect to earn at least $ 1300 a day”, “some users would earn their first million dollars in a few months” and “you will only need to work for about 20 minutes per day. “
Some testimonials are also presented on the Bitcoin Trader website of alleged members who have made money using the platform. However, these reviews are false and the images used are photos.
The Bitcoin Trader platform also wrongly claims to be the best, most legitimate and most secure bitcoin trading application. Its website says the software has “99.4% the best accuracy in the world”, is “the safest investment application in the industry”, is “100% authentic” and “We have testimonials from several of our members who praise our ability to deliver huge profits over a short period of time. “The site further notes that the Bitcoin Trader app” has a success rate of 99.4%, making it the highest rated on the market. For this reason, it is considered the most reliable, in addition to be awarded and very well credited. “
Google Help, Aggressive Marketing Tactics, Fake Reviews
Bitcoin Trader uses aggressive marketing tactics to lure unsuspecting investors. The people behind the scheme themselves or their affiliates have published press releases on the scheme and dotted the Internet with fake reviews, news and scam checks to convince investors that Bitcoin Trader is a legitimate platform, not a scam . For example, a press release was posted on the popular AP News website in May, titled “Bitcoin Trader 2020 Review – Is It Really A Scam?” He explains how to register with Bitcoin Trader and tries to convince his readers that Bitcoin Trader is a legitimate trading application.
The Bitcoin Trader website itself even has a section to say that it is not a scam. “First of all, Bitcoin Trader is not a scam,” says the Bitcoin Trader website.
Many fake reviews are found online and many of them are well ranked by Google. The American technology and search giant, owner of the famous YouTube video sharing site, is known to rank fraudulent websites better than legitimate sites, which makes fraudulent reviews legitimate. Google and Youtube generate advertising revenue by listing these websites and scam notices. Youtube also currently generates a lot of advertising revenue by listing and recommending videos promoting a 5,000 BTC scam to its users. This recurring scam stars Elon Musk, CEO of Tesla and Spacex, and Chamath Palihapitiya, president of Virgin Galactic, who donate bitcoin.
What happens when registering with Bitcoin Trader
News.Bitcoin.com opened an account with Bitcoin Trader to see how it really works. After providing a name, email address and phone number, we were connected without being asked to confirm our email address. The Bitcoin Trader backend seems almost identical to other scams we have looked at, such as Bitcoin Loophole.
A notice quickly appeared in the middle of our screen asking us to deposit funds, which must be done by credit card: Discover, Mastercard, Visa, Maestro or American Express. “Click the” Deposit “button below and you will be transferred to the broker’s secure payments page to deposit funds into your trading account and start taking full advantage of our software. Note that you will need to complete a process verification and verify your identity, “says the notice. The minimum deposit is $ 250 and” the amount deposited can take up to 72 hours to be reflected in your account, “adds the website.
A section of the Bitcoin Trader dashboard lists “current brokers”. In our case, a company called Marketfornow has been listed. Clicking on “deposit” or any other link to “get started” took us to the Marketfornow website, which has five account levels ranging from $ 250 to $ 50,000. You can only proceed if you deposit at least $ 250. At this point, you will be dealing directly with this “broker”, who claims to be a Seychellois company specializing in forex trading and difference contracts (CFD). Each link on Bitcoin Trader redirects to a page on the broker’s website.
To find out which other companies are associated with Bitcoin Trader, news.Bitcoin.com signed up for the second time. The listed “current broker” was this time called “Interactivetrade”, the website of which indicates that it is owned and operated by Dristor Solutions Ltd., a supposed company located in Saint Vincent and the Grenadines. Several online critics also warn that this offshore broker is a scam.
A review website, Thatsucks.com, was redirected to another broker when reviewer Martin Kay signed up with Bitcoin Trader. He was sent directly to the Optionstars cashier page where he was asked to make a deposit. After browsing the Optionstars website and seeing no evidence of a robot or autotrader, he concluded: “Is the Bitcoin Trader a scam? Yes. It is. “He also concluded that Optionstars, an alleged broker headquartered in Samoa, is also a scam.
These so-called brokers claim to specialize in CFD trading, which carries a very high risk. A large number of scams are known to specifically target CFD trading and many authorities have indicated how to recognize them. The North American Securities Administrators Association (NASAA) warns: “If you are approached by a company that claims to trade CFDs and asks you to invest funds, you should be very careful … Rich programs, including those involving CFDs, tend to be scams. “
Anyone looking for investment opportunities involving cryptocurrencies should exercise extreme caution as many online scams may seem legitimate. They may even have false license information and a false address, but the funds sent to them are unlikely to be reviewed.
What do you think of Bitcoin Trader? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Bitcoin Trader, Marketfornow, AP News
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