My Cryptobit Review: Scam Crypto Trading Bot

My Cryptobit Review: Scam Crypto Trading Bot

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My Cryptobit claims to offer Crypto trading bot for profits but at the same time showing signs of operating a Crypto currency MLM business model. And even though the site provides a full list of people they claim are their executives, the truth is that most of them have virtually limited digital footprints. This is always suspicious. However, we were able to relate this with two names David Bras and Ozcan Come.

On the website of My Cryptobit, they site Mr. Come as the owner founder and CEO of the operation. On the other hand, David Bras is introduced as ”department marketing content’ but his social media profiles suggest that he may be owning this website as well. Both Ozcan and Bras appear to be based out of the Switzerland and in 2017, they started another pyramid scheme called Capital Solutions.

My Cryptobit

The activities of Capital Solutions were not very clear. All we know is that it was abandoned in October 2017 and a month later founded My Cryptobit. Since this website involves your investment in one way or the other, it is better to shade light on it and the operations which they are undertaking.

Note: If you’d like to invest in Crypto currencies, the best way to do it is to trade them. If you have never traded before and would like to attempt it for the first time, we highly recommend these software for automated trading.

My Cryptobit Review

The one important thing that you have to know before you consider getting involved with this site in one way or the other is that the site does not have any real product or service. Instead, they have affiliate memberships through which members enter the program and market it so that recruits can join them too. This is the text book definition of a pyramid scheme and once this element is present, the risk of losing money is always high.

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My Cryptobit claims that they have an app which according to the site, has everything that a trader or investor may need to know about the Crypto currency market. The site also lists some extra information about their products to clarify on what they are doing. They claim that they are involved in ICO research and are a long term coin portfolio, an airdrop service, daily Bitcoin analysis site, one tap trading and important market news. So far, these are just claims and there are no hard facts to help boost our confidence and trust that the site is participating in what it says it does.

The compensation plan

If you want to invest with My Cryptobit, you will be promised a certain ROI. But according to the opinion of the majority of people who are interested in this project, their complain is that the site does not really talk about the investment side of My Cryptobit. Instead, they are only putting focus on the affiliate membership side, which is making it look as if the site is only concerned with running a pyramid scheme business model.

And now that this is a pyramid scheme already, it would be correct to say that it is one of the most expensive pyramid schemes of our time since the site is demanding a minimum investment of $1500 in order to secure membership. This amount of money is used by the company to pay recruitment commission. So it would be 100% right to say that My Cryptobit is taking investors money and using a portion of it to pay existing members. This is how a pyramid scheme is supposed to work and My Cryptobit is no different.

The compensation system has up to 13 affiliate ranks. We will not go through them here because the idea is quite clear by now. You invest the minimum in order to become a full member.

However, the Rookie package does not require affiliates to sign up with money. It is the safest way to participate in this scheme. But again, we do not think anyone would be willing to waste their time getting involved with this kind of operation.

Global bonus pools

The company claims that it will deduct 10% of ”weekly profits” with the intention of placing the funds in 10 different global bonus pools. Membership of My Cryptobit is either $500 for 3 months, $900 for 6 months or $1500 per year. As you can see, this is one of those pyramid schemes that may cause a big financial loss if things go haywire, which is most likely to be the case because the math behind a pyramid scheme is designed in such a way that the system collapses after a while.

But to participate in My Cryptobit’s attached investment opportunities, the site requires additional funds.

Is My Cryptobit a scam?

As you can see, this is a full blown Crypto currency MLM scheme with very exorbitant fees. The reason why this scheme is suggesting that people pay $500 for 3 months is because they want to give their victims a chance to be trusted. If people realize some profits, they can commit. In addition to this, it is very clear that the site is using some of these funds to pay affiliates that are already participating in the investment side of My Cryptobit.

And even though the site claims that all revenue is generated through trading, this seems to be a big lie because indeed the site does not have any evidence of trading.

The site is also listing ‘past ‘performance” of their trades, but this information is useless because it cannot be used as substitute for audited trading results. If they are trading, they should be using a statement sharing platform like Myfxbook. Also, the nature of this business makes it fall under securities investment, and that means they need to be regulated somehow. But this site has not stated anywhere that they are regulated.

Our best advice for you

Not only is My Cryptobit an illegal business, but the risks attached to it is really high. Invest in Crypto mining for instance and you will make money.

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