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CoinBits App is an online-based block chain firm that we do not recommend to any investor. While writing this review, we highlight some of the scam traits exposed by this platform.
The sales page is poorly presented, and they fail to reveal more info on the operation strategy and the algorithm used in coming up with the profits. The platform aims at generating passive income for investors across the United States.
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The company claims they are creating the software to assist in ensuring the collective interest of investors across the globe. The claim to take advantage of bitcoin being the leading way and they come with block chain solutions.
They claim to fill the gap between cryptocurrencies and regular investors. CoinBits claim to ensure the collective interest of investors across the globe. The company requires investors to sign up and verify their email, and once this is successful, you have to provide personal data.
Meanwhile, no information regarding the platform owners is available, yet you have to share your data with anonymous people. Due to the vast competition in the market scammers try to take advantage and rob innocent customers.
Customers are urged that bitcoin purchase is made weekly to meet the Dollar Cost Averaging. They claim that the strategy helps in buying the same amount on regular intervals.
They also promise customers that the strategy helps in the volatility and that you do not have to worry about timing the market. Investors can learn more on cost averaging, and you can always add a recurring deposit to meet your needs.
The company claims to focus more on bitcoins but plans to introduce Ethereum and Litecoin in the future. Investors can also benefit from the referral program and receive a commission for every member they manage to bring in the company.
Coinbitsapp.com claims to send the personal information that you submit to a bank, and they verify your identity. They claim the process helps them to know the customer more and that it is mandatory by law.
However, trusting the company, yet you do not know who runs the operation is not sensible and may result in massive loses on your investment funds. After verification, you link your bank, and they claim they do not check password or usernames during the process.
Nevertheless, the kind of strategy used in protecting your details is unknown, and your details may not be safe in these hands. Once you link the account, it will pay for the bitcoins purchase, and upon successful transactions, profits are sent to your account.
Customers can automate the round-ups once you complete linking the accounts and debit or credit cards. Coinbitsapp.com converts the purchases to the nearest dollar. The platform claims to use the funds from round-ups and buy with the spares bitcoins.
It claims to do round-ups at the start of the week, and the total amount of gains and loses, incurred are showcased on the platform. They claim to be transparent, and the total used is made known to you.
Furthermore, the central question of how the trading app operates is unknown, and you risk trusting a shady investment firm to make profits for you. If you are looking to make profits, it would be wise to use tried and tested apps that will surely make profits for you.
Investors can choose to skip weeks without being charged a single coin the claim to only charge you while purchasing the bitcoins.
Funds Safety
Investors are charged a minimum of $5, and the system deducts from your account and a fee of 1 dollar. The company requires you to share very delicate personal information, yet the people behind the investment firm are unknown.
Trusting an investment firm with your funds without knowing how they operate or the people behind the company is very risky. They do not provide a trial period, and how they work and come up with the profits is not known.
They claim you can withdraw multiple times and withdrawals take between 3-5 days. The company allows investors to withdraw $500 daily and up to $5000 yearly, and you can adjust the withdrawal via request.
Pricing
CoinBits claims-free signs up, and the software only charges a flat processing fee on all purchases. The company will always make profits on every purchase, yet the investor is not guaranteed returns.
Nothing this investment firm offers is sensible, and they are not evident in the method of operation. They claim not charging customers % fees the fee customers are charged are for payment transfers and transactions.
Furthermore, if at all they were generating profits, this should easily be showcased on the website and they would not be giving the app for free. The company does not provide any past trade transactions that you can verify trade activities taking place.
Regulation and Customer Support
The company aims to avail services to investors across the globe, and currently, they claim to offer assistance to the USA only. They do not reveal any regulatory measures they have undertaken, and you risk trusting an unregulated company.
The company risk is facing criminal prosecutions for operating illegally without any past trade transactions. Regulated platforms will showcase a high level of transparency, and you can easily trust the company to generate profits for you.
Despite claiming to be based in the USA, it requires all platforms to be regulated; they do not seem to abide by this law. The company risks facing closure for operating illegally against the law, and you may end up losing all your funds.
They do not reveal any whereabouts address that you can use to reach them just in case you have any query related to the firm. The people behind this investment firm may also go against the law whenever they choose to because they are not bound to any requirement.
Coinbitsapp.com customers can reach the platform via email and a chat section, and no telephone contact has been provided. The company is not recommendable since they are operating illegally without showcasing evidence of regulation.
Final Verdict
The company fails to reveal any regulatory data that you may use to trust its credibility. There are legit bitcoin trading apps that will profit you and are transparent in their method of operation; hence you can easily imagine the company to make profits for you.
The platform owners are anonymous, and they risk facing criminal prosecutions for operating without providing investors with regulatory information. Legit platforms that are regulated showcase a high level of transparency, and you can easily verify their credibility.
The company owners are anonymous, and the kind of experience they hold is also not known. You need to be able to see past trade transactions for the past couple of months to trust the company with your funds.
How they operate and generate profits for you is not known, and the kind of algorithm used is also not elaborated. Transparency is vital in every legit platform, and this platform does not seem to showcase such qualities to earn your trust.
Legit companies will provide a trial period or demo account that you can use and come up with a winning strategy. We do not recommend this platform to make profits for you no unless there is any positive feedback to prove otherwise.
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