To trade Cryptocurrencies or any asset with Cryptobitup is financial suicide especially if you go on full swing with a lot of money that you can’t afford to lose. The damage will be greater. We don’t encourage it anyway. Cryptobitup is operating like a brokerage and also a Crypto currency cloud mining company. They are allegedly going to let you trade Cryptocurrency pairs, indices, stocks and commodities which are all denominated in BTC. Besides trading, there is a cloud mining program in place. This one is supposed to work like a regular cloud mining program where internet users rent hashing power for the rewards. We don’t encourage you to purchase hashing power from this company. If you want to mine Cryptocurrencies, please do it here.
Having said that, there are a few red flags that we want to bring to your attention about Cryptobitup. These problems make us want to stay away from this website because they suggest that this platform loses money rather than making it.
There re 4 different investment accounts offered by Cryptobitup. These ones are meant for your trading and also for the profits that you will receive from the company’s operations.
In addition to this, Cryptobitup promises 4.7% per month. We think this is a very bold statement which needs proof for us to believe. Otherwise, we don’t believe that this platform will ever achieve those returns no matter how realistic that figure is.
We are in doubt given that we have already picked several red flags worth mentioning in this review. So if you want to know why this platform should be a no go zone for serious investors, read this review because it contains valuable insights about this company.
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We initially mentioned that this broker was operating and still operating brokerage services. This is one of the areas that should have prompted them to seek a license because no legit broker can operate without having one.
The reason brokers are supposed to have a license is because they let investors trade derivatives, which are registered securities. Not only does this broker let traders trade derivatives, but they also offer investment plans with monthly returns as mentioned before.
Therefore, the first problem that we see with this website is that it is illegally being operated. It is a good candidate of closure should it fall into the radar of the authorities and regulators in this industry. Also, we have to question their authenticity when they have the audacity to operate like a fully fledged brokerage platform when they don’t even have a license. Brokers that are registered and licensed can be found here. As you can see, none of those brokers is a joker like Cryptobitup.
There is also something else that didn’t make sense to us. Cryptobitup is claiming that they are based out of Great Britain. Unfortunately, it’s not easy to determine if this broker is really based out of Britain because their phone numbers are leading to countries like Cyprus, Switzerland, France and Russia. We cannot explain why they do not have support in Great Britain as claimed on the website. At the same time, this might suggest that the brokerage is not even based out of Great Britain but in the countries where their phone numbers are originating from.
The problem is that all the countries where these phone numbers are originating from are regulating any kind of trading on the internet including trading on derivatives. So the fact that Cryptobitup is offering trading in these jurisdictions means that they are illegally operating in these countries which should earn them a fine and a ban.
Another problem is that if you are working with brokers who aren’t licensed, your funds are not safe because you are not protected. They could disappear any moment with their client’s funds. There is no sense of security at all.
The thing with this brokerage is that it presents a major problem for prospective investors who want to mine Crypto currencies. What makes us believe that they are a scam is because they don’t show us proof of mining at all. It would be very difficult to believe that this brokerage is also mining Bitcoins and other altcoins given that they are not licensed and are not offering any proof of engaging in economic activity.
The professional mining contract is promising 20% per month. That ROI is nowadays not possible to achieve in Crypto currency mining due to the dropping prices of altcoins.
These plans must be fictitious because the platform does not even disclose which coins they are mining. We are therefore entitled to think that no real mining is going on here.
Besides, it appears that the scammers who run Cryptobitup just made up numbers in their heads to convince us that their mining operations can yield 20% every month. We really suspect that this is not a legitimate investment operation but a sham meant to steal your coins.
What we do not understand is why the owner of Cryptobitup chose to remain anonymous. This discreteness is not contributing towards building their credibility and we suspect that there is a motive behind their failing to disclose their identity.
Most scams operate in this manner hoping that they will make it impossible for their users to find out about the owner. It is usually a big red flag.
We would have trusted them if they were transparent and reasonable. One of the problems we have against them is that they lack transparency and are expecting their clients to send money to them – a big red flag.
There is also no single proof of revenue generating activity. We are afraid that these two elements are communicating very important message.
Based on factual evidence and careful observation that we have done here, we strongly believe that Cryptobitup is a scam investment operation. If you want real mining, do so with respectable companies.
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