Bitoshi.pro was registered anonymously in January 2019. The site is barely 1 month old but the owners want us to trust them 100% percent. They claim that Bitoshi is an fast, secure, convenient and transparent exchange that is willing to exchange fiat currency into Crypto currencies and vice versa. They claim that they can also exchange your Bitcoin into PayPal dollars. The minimum that they are accepting is 0.01 BTC and the maximum is 50 BTC.
They claim that the company behind Bitoshi is known as Bitoshi LTD. We have researched about this company and found nothing. This company does not exist anywhere on the planet. Besides ownership of the domain not being disclosed, the exact details of this company i.e physical address and the rest of the pertinent information have not been provided.
It is quite unprofessional to publish a website while leaving out such useful information. It simply does not make sense. It also appears as if Bitoshi has very sketchy information and by doing so, they are hoping to persuade us to try their exchange. Unfortunately, there are so many red flags involved and we are not about to ignore any of them. Therefore, what we know so far is that this is an anonymous Crypto currency exchange which cannot be compared to more established ones.
That means the risk of losing money is tripled if you decide to send your funds to the anonymous entity. To woo you into making a deposit, they claim that transactions are instant except when you are depositing a large amount which needs network confirmations.This claim does not sound very convincing because in the blockchain network, the speed at which transactions are completed does not depend on how big the money is. It depends on the queue instead.
Being that this website is very new, we were not able to establish where most of its traffic comes from. If anything, they still don’t have enough traffic to be able to tell what kind of visitors they have and where they come from. Perhaps this would have given us a clue as to where the owner is potentially based at.
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It’s quite easy to spot a fake exchange. There are many fake exchanges cropping up on the internet every day. Let’s just say that for every 2 genuine exchange, there are 10 fake ones. That’s how serious it is. This website tells us that they maintain a large network of companies which can make a company, and by doing so, we actually don’t know what they mean. We find this statement to be vague since it does not communicate the specifics of how this website works.
They also claim that the advantage that we can enjoy is low commission depending on the company that they are exchanging money with. Again, this is another vague statement. Which companies are they working with? This has not been disclosed. Again, established Crypto currency exchanges don’t work with companies. They simply allow buyers and sellers to come on board. If not, they have their own reserve which they use to meet the demands of their customers. There is no company in between.
They boast of quick transactions which take 1 to 10 minutes to clear. Well, this is just something they have listed and it is not very important if the credibility of the entire exchange is being doubted. To try erasing any fears in our minds, they claim that they have positive customer feedback on social media like Facebook and Twitter.
We are not so gullible to believe that and the reason is quite simple. The official website of Bitoshi does not have links to any of their alleged social media profiles. This is on top of the fact that even if you search Google for their social media pages, you will find nothing close to Bitoshi. This simply means that the alleged testimonials or feedback on social media are an imagination or an attempt to dupe individuals by convincing them that the website has feedback.
Furthermore, this website is only a couple of weeks old as at the time of writing this review. There is no way such a company can receive feedback from customers. It is too early. Keep in mind that the only response it can receive from visitors is negative feedback. They are simply thieves because of the kind of lies they spread on their website.
Bitoshi FAQ page does not disclose who owns or operates the so called exchange. They don’t show us their address, which probably means that this is something that is operated from a residential location and it is not a real company.
Their FAQ page does not address the question of why we should trust them in the first place. It simply states that we can exchange a minimum of 0.01 BTC into USD and any other supported currency. They also claim to support a wide variety of Crypto currencies.
In short, there is nothing useful in this page and we need to dig a little further to try finding out any useful information that can lead us into trusting this website. However, the more we dig for this information, the more we hit a dead end. The digital footprints of the owners or operators is almost zero.
We are surprised by the level of anonymity that this website owner maintains. If they were genuine, they would never hide from their customers. So this is a red flag and we should not ignore it. The level of unprofessional-ism that we see in this website is also worrying. Genuine exchanges don’t operate like this. You need to find an established exchange to do your transactions. As for this one, you should do all you can to avoid them.
Bitoshi is an obvious scam. Don’t send funds here. And of course if you’re looking to generate more BTC, make use of these platforms.
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