Beware! This is most probably a scam system! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Those who carry the most blame for the high risk of fraud in forex trading are without-a-doubt the so-called crypto robots. Websites like BitcoinCompass are often made very clumsily with no effort in hiding their ill-minded nature. There is usually nothing more than a trailer-video on the website, and in this case, the video only tells us of the advantage in trading with Bitcoin by using cut up moments from interview with financial gurus like the American libertarian candidate for president John Mcafee. We also discern that with BitcoinCompass we have the opportunity to make huge money of off crypto the same way many clients of the past have done, we need only invest a small amount of about $250. We even learn that there is an “unprecedented number of clients” attempting to register with the crypto robot. It should go without saying that such over-the-top stuff smell very fishy.
Furthermore, on the website we see the logos of CNN Money, Forbes and Fortune without any clarity as to why they are there. Probably, the crypto robot wishes to convey to traders that is has something to do with them, and in such a way leech of off their reputation in trading world. This is a popular trope with scammers.
No name, no address, no number
Despite our thorough research, we did not find any information on the website regarding the registered address, the supposed company behind the operation, nor even the country of origin. Furthermore, after checking with the listed media outlets on the website – we can confirm that the crypto-robot is not endorsed by any of them. Bitcoin Method is simply yet another crypto robot engaged in the most prevalent scam in the trading world.
Precisely such websites, promising riches and profits through crypto trading, mislead traders into registering and carelessly giving away their address, phone number and email. Minutes later, that same personal data is sent to brokers and the registered traders begin getting phone calls from unregulated forex brokers like PrimeCrypto or GBC FX urging them to invest. The crypto robots receive a commission for every trader that invest with the brokerages.
No verified track record
One of the biggest problems with crypto robots such as BitcoinCompass is the lack of assurance for results. Platforms such as eToro or Zulutrade allow you to search through the profiles of different traders, taking notice of his track-record in trading, whether losses or winnings are the majority. Such transparency adds significant assurance and partially, if not fully, removes risk. Where as with websites such as BitcoinCompass you are simply taking a leap of faith.
No regulatory supervision
We should also point out that such operations are not overseen by any relevant authority. The people operating BitcoinCompass are not bound by any government regulator and potential clients have no one to turn to in case they have legitimate grievances.
Last, but not least – the mere way in which such operations seek funding should raise red flags. If BitcoinCompass did have anything of value, they would have found alternative ways of financing themselves, instead of relying on cheap traffic through a cheesy, badly-done commercial about itself. They can apply for a credit at the bank, or another option utilized by today’s crypto companies is raising money through crowd-funding. However, all these options require something BitcoinCompass desperately lacks – legitimacy.
All in all, BitcoinCompass comes across as a standard scam operation – the likes of which we have seen a lot – and we advise those interested to stay away.