Beware! BidderProfits is an offshore broker! Your investment may be at risk.
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BidderProfits is yet another scam company that prays on people that do not have a high knowledge of the crypto market – the company seems to offer mining contracts. It also pretends to be a Forex broker too – a broker specializing in copy trading.
Copy trading is the highly controversial service some companies offer that allows traders to track and mimic the top performers on a platform in real time – but the issue with it is that there are a lot of scam companies out there that make their top performers appear to be performing beyond what is humanly possible in order to appear more lucrative and attract more clients. Here are the plans BidderProfits has available
Most of the times you see such investment plans out there, you are dealing with a scam – and even though BidderProfits does not list what the expected returns are on its investments, we would assume the broker advertises them as higher than any other company could reasonably achieve!
BidderProfits does not seem to open accounts at the time of writing – here is the message we got after submitting for an account and filling up all the information BidderProfits required:
Our account never got verified, which we cannot help but see as a good thing – if the broker does not open accounts at the time of writing, it cannot scam anyone! But if that changes in the future and accounts with BidderProfits become available, you should avoid it – here is why:
BidderProfits regulation and safety of funds
BidderProfits is not a regulated broker, and it lies about its address – the company has the following location available on its website:
However, the UK has banned the provision of any crypto derivatives to its citizens – and CFDs are such assets. Therefore, BidderProfits cannot be operating from Britain! This means that the company cannot provide you with protections UK traders have grown accustomed to – access to Negative Balance Protection and guarantee funds. If you wish to make use of them or learn more, check out these top-rated UK companies!
BidderProfits trading software
As we could not make an account, we do not know what form of trading software BidderProfits has available – or how it stacks up to industry standard Metatrader 5.
BidderProfits deposit and withdrawal methods and fees
BidderProfits seems to only accept deposits via cryptocurrencies – the payment method is not eligible for any kind of chargeback. This is why scammers love only having it available – it makes their clients unable to get their money back. This seems to be the case here as well – BidderProfits has a rather malicious clause in its Terms and Conditions, which you can see below:
It states that the broker charges fees, the size of which is not available anywhere in its Terms. This leads us to believe that BidderProfits seeks to charge its clients through the nose if they attempt to withdraw!
How does the scam work?
BidderProfits is undeniably running a scam – the company has all the hallmarks of it. We also know exactly how the model BidderProfits runs unfolds – here is how it usually goes down:
First off, the future victim stumbles upon the website BidderProfits runs – and, on it, they are prompted to make an account, leaving a phone number in the process. This might seem innocuous, but the scammers need the phone number to start calling and manipulating their victims to deposit – more and more money will be taken from them, until they are left with nothing or realize they are being conned – at which point, the scammers cut them off and move on to new targets.
What to do when scammed?
If you have been scammed, you need to take the following steps to make sure you are not suffering any further losses:
First off, reissue whatever credit cards and forms of ID the scammers had access to – and get rid of any automated trading software they had you install on your PC.
Secondly, contact your bank and see if you can file a chargeback – but even if one is not possible, do not trust recovery agencies, which demand an upfront payment for their services, as that is simply another scam!
Finally, do not hesitate to leave a comment in the section below and tell us of your experience with BidderProfits – in doing so, you will be helping us raise awareness of the scam, which is the best way to combat its spread!
