If you're reading this review, you're wondering about the validity of BitConnect . Can you really earn money with this program? Is it a Scam? Can you trust the platform? The following review is a new update telling traders the possible risks awaiting future associates of this software. The bad news is that Bitconnect appears to be a scam.
BitConnect has been around for a little while now, and its popularity has risen exponentially. Lets face it, mining apps for CryptoCurrencies is all the rage nowadays. The values of cryptos are climbing beyond expectations. So why should investors stay away from BitConnect ?
After carefully exploring Bitconnect.co, in addition to user reviews, we've discovered several factors that makes Bitconnect a possible scam.
What Is Bitconnect?
BitConnect is a type of trading software that has launched what’s called an ICO, which means Initial Coin Offering. Basically, traders invest money and in return expect these “investors” to ‘mine' cryptocurrencies such as Bitcoin for you, for a gain percentage.
However BitConnect does things a little bit differently. Because they call themselves a social trading platform, trader investments are pooled together, and profits are shared among members.
What traders don't see is that this trading program is a portal site to probable Ponzi scheme. How most of these schemes work is that once these scammers have gathered enough of your money, they will transfer the money to their own accounts and close down.?
How BitConnect Is A Possible Scam
Speculations are one thing, but it's crucial that we dig deeper into the BitConnect scam. Let’s review the particulars of their illegitimate techniques for manipulating beginners.
These sorts of individuals are known as “faceless scammers”. Because in all honesty we don't have any idea who is behind this cryptocurrency system. They promise traders fiscal freedom options, but who are they?
If you step back for an instant, you'll realize that the entirety of Bitconnect.co includes no helpful info. Nothing of which discloses any programmers, founders or CEOs. Why don't they disclose their individuality so investors may feel comfortable knowing whom they are dealing with?
Almost every scam you can imagine either creates fake aliases or remains quiet altogether in an effort to remain anonymous as these criminals profit from your losses. Not once throughout the BitConnect website are people provided any legitimate information about its creators.
BitConnect Is Not Licenced Or Regulated
Since BitConnect is an ICO investment firm, requiring associates to invest a certain amount of capital to get a percentage return, by law they have to operate under the conditions of appropriate licenses and regulations.
These regulations are critical, some mandated to comply with policies such like Know Your Client (KYC) and Anti Money Laundering (AML). Of course a scam refuses those guidelines.
More Evidence That BitConnect Is A Ponzi Scam
Like many deceptive investments, BitConnect’s principal aim seems to be to get as much money from the registrations as possible, then run off when regulations crack on them.
BitConnect also includes an affiliate program where dealers can refer other individuals to join. In return, you will be given a percentage from their own deposits.
Whats crazy are their required deposit values for each plan. Ranging from $100 — $100,000, which is quite the range.
BitConnect does not invest any bitcoins or alternative cryptocurrencies. Instead, these scam-artists profit from your deposits, & encourage their services in the kind of affiliations to gather more victims.
Negative BitConnect Reviews
BitConnect has been around for few months now. However, what brought us to this moment is due to complaints from ex-members who've regretted ever joining.
According to dealer feedback, complaints are steadily rising, as well as the topics of these complaints change. The most usual of these negative reviews involve dealers not being paid cash owed to them.
Even though there is a chance you might make some cash with the Bitconnect app, the odds are slim. You are better off analyzing your luck at a casino since investing with this software is better described as Betting.
BitConnect Ponzi Scam Or Legit MLM Conclusion
After confirming this unethical scam was operating with no license to tens of thousands of individuals globally, we knew this is not safe.
But it is important we cover all aspects of BitConnect and its own methods, so traders may better understand what could occur with their cash.