Beware! BlockChainIvestmentbtc is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
One look at BlockChainIvestmentbtc, and even the newest traders will notice that something is definitely off. As soon as you start turning the pages of this alleged broker, you will see that most of its systems are broken. For example, the Terms and Conditions lead to an error page.
We understand that BlockChainIvestmentbtc aims to be a bitcoin investment ordeal, yet one simply cannot present itself the way this company does; on top if the missing legal documents, the website is extremely limited in both quality and quantity, there is close to no trading information, and as we shall see, there are technically no applicable trading conditions. More on that later.
Speaking of trading conditions, we were very easily allowed to open an account, which led us to a very unattractive client dashboard. From there, we have what to say, which will be included in the platform section of the review.
In this same trading area, we found out that whatever trading conditions the broker allegedly claims to be accurate, are all but. There is no spread, no leverage, and no assets, even if the BlockChainIvestmentbtc insists there are.
The only language of the website is English, while the client dashboard is also only in English.
BLOCKCHAININVESTMENTBTC REGULATION AND SAFETY OF FUNDS
Here is where we hit a brick wall. Not only are there no legal documents, but there is also no regulatory information anywhere!
The closest, and only insignificant hint, is the address, which puts BlockChainIvestmentbtc in both Canada and the United States. Obviously preposterous claims, these two countries, especially the US, have very strict forex brokers guidelines which all such companies must follow blindly.
The regulatory agency of forex brokers in Canada is the Investment Industry Regulatory Organization of Canada, long for IIROC. As most agencies, so does IIROC require of brokers very severe conditions in order to become eligible for a Canadian license. Of course, the official IIROC database of licensed brokers is devoid of the BlockChainIvestmentbtc name.
As for a regulation in the United States, we can 100% confirm that this is not the case. The United States are the most notorious regulators of forex brokers, and as a result only a handful of authentic firms operate there. BlockChainIvestmentbtc is definitely not one of them, as it covers literally none of the hundreds requirements posed by the local US regulators, the NFA and CFTC.
Last but not least, BlockChainIvestmentbtc does not actually claim to be holding a license from any watchdog. We can safely conclude that BlockChainIvestmentbtc is UNLICENSED. Such brokers should never be trusted with one’s funds.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
BLOCKCHAININVESTMENTBTC TRADING SOFTWARE
If you wanted more proof that BlockChainIvestmentbtc is a joke, well then look no further than the client area, which includes a total of 4 distinct “trading softwares”. Each of these does something completely different from the rest. We have, first of all, two Trading View charts which do absolutely nothing. ext we have a binary options trading gadget, allowing for Apple Stocks, EUR/USD, and GAZPROM betting. Finally we have a, what seems to be a bitcoin to USD conversion widget.
None of these acts as a trading platform, or anything close. So we have to conclude that BlockChainIvestmentbtc does not have a trading platform.
Furthermore, we discovered another aspect, which could easily be included in the aforementioned 4 so called platforms. The sole difference here is that this is not found on the client dashboard main area, but on the Packages section. Here the premise is simple, an is not done for the first time. Clients are expected to believe that a deposit of $5000 will magically give them interest returns over the span of time; this is package one. There is no mention where this profit is coming from. So again a red card for BlockChainIvestmentbtc who should have been out of the game for quite some time now.
BLOCKCHAININVESTMENTBTC DEPOSIT/WITHDRAWAL TIME AND FEES
The payment area reveals that registered users can deposit via bitcoin alone. Usually most fraudulent brokers choose bitcoin as their only payment methods because this gateway is untraceable, meaning that once a deposit is paid you will never be able to see where it went.
Withdrawals are, on the other hand, possible through Bitcoin, Litecoin, Ethereum, Wire Transfer, and Credit Card. Each method has its own minimum withdrawal requirement, the smallest being $10. Furthermore, there a fees. Every method has a fixed 2% charge, plus an individual $2 charge for all methods but Litecoin. On top of being charged a 2$ tax, Litecoin withdrawals are also issued a $4000 levy, which is ridiculous.
The missing legal documents means that the company can easily launch additional fees, or change the way it does business at any time, meaning that it can effortlessly come up with make up illicit provision for its clientele to follow, most of which will undoubtedly be related to some sort of fees.
We strongly advise traders dealing with offshore brokers to only deposit the minimum deposit, or better yet- not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.