Beware! Bitample 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.
We give props to Bitample for at least presenting a somewhat unique approach to its website. The cartoony space theme is fresh, but in reality, it doesn’t really work that well with FX brokers, whose appeal should ideally be focused on a stoic and professional look. However, the visuals are the least of our troubles. Read the review to find out all the issues we had with Bitample.
The registration of an account happened, but not really. We completed the required form and then had to wait for a confirmation mail. And waited we did, until we figured that Bitample was not going to send it. Probably because it did not see us as potential investors. Whatever the reason is, we did not create an account. Thus all the trading and payment information will be taken from the website. We warn you that the information is not to be fully trusted.
On the website we find no trading information, and not because Bitample hides it, but because it is not really an FX broker. Bitample is one of those schemers that offers investment packages. We will give a brief explanation of them in the relevant section of the review.
Users must know that there are no available assets, no spread values, no leverages, and definitely to trading platform!
The website is available only in English.
BITAMPLE REGULATION AND SAFETY OF FUNDS
The website presents us with a completely useless blurry form that it claims to prove its incorporation in the United States as an investment company. We doubt that this is true, for in the US such a certificate is not nearly enough to be offering FX services. In fact, nowhere is a simple certificate enough for a company to start an FX trading service. It needs a license! In the United States, brokers are regulated by the CFTC and the NFA, the two most severe regulators in the world. So no, Bitample is not licensed in the US.
From the legal documents, we learn that Bitample is held by Bitample Incorporation, a company that is governed by the laws of the UK. This would mean that the company is regulated by the FCA, which it must be in order to be offering FX services. But unfortunately, it isn’t.
And anyway, the website is a mess, there are no FX trading conditions, and the broker is UNREGULATED. All investments are at a risk!
We always say that investing in unregulated brokers is a sure way to lose money. The first and foremost thing to do when picking a broker to invest in is to look for a license. Preferably look for FCA or CySEC regulated brokers, or other European watchdogs, or US ones. All legit regulators have long lists of rules and prerequisites that all brokers must abide by. Not doing so, will lead to penalties or foreclosure! Furthermore, many regulators have in-store financial compensation schemes for all users under licensed brokerages. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
BITAMPLE TRADING SOFTWARE
The investment plans, that have completely replaced the trading platform, are a common scam. They offer high return rates, form out of nowhere, in exchange for deposits.
So a deposit of $5000 will bring the user a profit of 370%? The idea sounds great, but in reality, this is a pure sham! There is no logical way for this to happen.
BITAMPLE DEPOSIT/WITHDRAW METHODS AND FEES
The short legal documents give us a minimum deposit of $100 in BTC, and claim that deposits under $250 are non-refundable. There is no other payment method revealed. Just remember that BTC wallet payments are untraceable, and thus a risk!
Users can only withdraw once their reach a minimum profit gain of $1000, which can never happen because these investment packs are a scam. And in the case that users actually are able to withdraw, we assure you that there won’t be a second round of luck! Withdrawal requests are eligible only after a certain time has passed after the initial deposit. The time depends on the type of investment package the user has chosen. There are no fees, and funds take three days to reach an account. However, none of this information is guaranteed by anything or anyone to be accurate.
Do not waste your breath on Bitample! It is a pure scam!
How does the scam work?
Online ads are the gateway to most investment scams. Ads that seem extravagant with quite impossible promises are most certainly the entry point into a scam. Gibing into one of these ads is the first step to being scammed.
The second step is to deposit. Once users click on the ad, they will be redirected to a scammer broker site or an intermediary website. What follows is a registration, where users will be asked to provide a phone number or a phone number.
Next, the scammer will directly contact those that have fallen for it. The first calls are made by the first level of fraudsters, the rookies. Their one and only goal is to compel users to deposit for the first time. Once a deposit is made, the user is hooked onto the scam.
The second wave of scammers, the core of the fraud, sometimes called “account managers”, will try to keep you invested in the shame for as long as possible. They might even pay some profits, just to keep you invested. The user will deposit an additional 2-3 times, which is actually the perfect scenario for these criminals. At some point, the user will realize he or she is in the middle of a scam
There are no more steps to the scam. The user has deposited as much as he or she did, and the fraudster have disappeared. The money is gone, and users cannot withdraw.
What to do if scammed?
If money was lost through a credit or debit card, the good news is that most credit card companies have an easy way of recovering money. Furthermore, MasterCard and VISA have a chargeback period of 540 days.
Wire transfer frauds, that is broker/investment scams, are harder to recuperate, but not impossible. The crucial thing to do is to change your bank account username and password! Aside from that, we advise users to contact their banks, because most banking institutions might have a plan on how to deal with money lost to investment scams!
Never invest in unregulated brokers through any sort of cryptocurrency wallet, no matter how good the returns sound! Crypto deposits are untraceable!
The last scam that users might stumble upon is in fact most of the time one that has nothing to do with the investment scam, although a potential relationship between the two is not excluded. We are talking about the so-called recovery agents or agencies. These will claim to be able to recover lost funds in return for a fee. After users pay this charge, they can kiss their money goodbye!