BIT ICO is a service that allegedly trades Crypto currencies on the behalf of their customers. They also claim to perform ICO trading and management for their investors. BIT ICO has even announced on their sales page that they are using innovative solutions in addition to implementing strategies which they say is the advantage that they have. This way, Bit ICO can generate maximum profits for their customers. On another part of the website, Bit ICO states that they are an ISO certified and financial investment company that is authorized to provide its services to investors across the world.
But you see, the company does not disclose regulatory details on its site. Moreover, they claim to be based in Belize and that means that they should at least disclose to their audience whether the local financial regulator knows about their existence and trading activities — if at all they engage in any Crypto trading.
A certificate of incorporation does not mean anything when it comes to running a company that handles the finances of other investors. What matters is whether or not the company is regulated by a financial watchdog. These financial watchdogs have some strict conditions which they require financial companies to adhere to before they can be awarded with a license. This has kept scammers away from these financial watchdogs because obviously they cannot qualify for a regulator’s license. It also keeps jokers away from the industry because these financial regulators usually require these companies to set aside a certain amount of working capital in addition to ensuring that all clients funds are sent straight away to a segregated account as opposed to mixing them with the company’s operational capital. This way, investors can be safe and in case the company collapses, nobody will lose their money due to this arrangement.
You can see the role of these financial regulators and why scammers can never dare approach them. Is BIT ICO regulated? We are afraid that it isn’t. What is more, we are even more afraid of the fact that this website does not engage in any Crypto currency trading activities. If indeed trading is involved, the company would do whatever it takes to prove so. But this is not the case and we suspect that Bit ICo is just a cheap scam or a ponzi scheme that will end up ripping off users.
One of the red flags that we shall consider here is that Bit ICO is accepting a minimum deposit of $10 only. You have to ask yourself which fund manager is accepting a small deposit of $10 only. You cannot trade $10 and make a profit because this deposit is so small. A small market movement will swallow that balance and leave you with nothing even if your prediction about this market was right initially. So this is the first evidence that suggests this company is not trading but possibly looking to run a full blown ponzi scheme. If you want to trade Crypto currencies, do it yourself. You must use proper trading bots to do so. Don’t just settle for any other robot. Go here and sign up for any of those robots.
The first reason why we believe this is a scam is because they are advertising a ROI of over 300% in 17 days and 600% in one month. This is unheard of. It is impossible to generate these returns from the Crypto currency markets. It does not make sense to insist that they can generate a lot of profits from these markets. This simply means the company is claiming that you will be a millionaire in a short time if you trust them with your money. You should be extremely careful with such companies as this is often a sign that the website is a scam.
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The second issue that we have against BIT ICO is that it is claiming to be registered in two countries, Belize and the US. We have investigated and discovered that the company is not registered in Belize. So what they are showing us is fake certificate. Moreover, if they were registered in Belize, what would be the point to be registered in the US? These are questions that this scam cannot answer. You have to avoid this cheap scam at all cost.
The SEC usually requires companies claiming to invest funds for their investors to declare that they are offering registered securities for investment purposes. This company is not registered in the US and even if it was so, the SEC would require them to register their securities. But as you can see, the website is not offering any form of investment services to members of the public. Their sales page is just lying about it in order to convince many users who will send in funds.
BIT ICO is simply a ponzi scheme waiting to exit after it has stolen from its investors. $10 is a small amount of money to trade with or invest in an ICO. Therefore, if they are collecting this minimum, it simply means they are looking to collect as much money as possible before they can disappear. A ponzi scheme will pay a few investors and run away with 90% of funds collected on their website. That is why this scam is using Bitcoin and Ethereum to accept payments anonymously. You can rest assured that once you have sent any money to them, recovering it will be impossible.
We don’t know about you but BIT ICO is a website that will disappear 6 months from now. And even if it doesn’t, they will keep scamming until it reaches a point when they cannot scam anymore. We advice against using a service like BIT ICO when intending to trade Crypto currencies. There are better services which you can use. Tools found on this page can help you trade Crypto currencies without exposing yourself to scammers. Sign up and enjoy trading.
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