BitGrow Investments Limited is a cryptocurrency investment service.
What Is BitGrow Investments Limited?
BitGrow Investments Limited, found online at BitGrow.biz, is a cryptocurrency investment fund that promises to help investors access the exciting world of cryptocurrencies.
The company’s official website explains that it “Not only successfully combines super-lucrative lines of business, but also offers profitable terms of trust management to the customers all over the world and secured remuneration to partners and regional representatives for attracting investments.”
Awkward wording aside, BitGrow wants to help you make money through cryptocurrency investments.
That all sounds good. Unfortunately, BitGrow gives us several red flags that indicate it’s more of a scam than a legitimate investment opportunity: the first red flag is that it promises 7% daily returns “forever”. And the second red flag is that it emphasizes referrals as a way to make money.
We’re not the first ones to label BitGrow as a scam. Our friends at NetBusinessRating.com have given it an “Illegal” status based on their definition of Ponzi schemes and pyramid schemes.
Lately there has been a a lot of new companies planning to profit for cryptocurrencies creating gifting programs that can easily pass as scheme, so it's understandable that we advice you to be cautions when it comes to joining a new opportunity.
Let’s take a closer look at how the investment platform promises to work.
How Does BitGrow Investments Limited Work?
BitGrow claims to give investors access to one of the best opportunities in the history of investing. After giving money to BitGrow, investors will get their money back and have the opportunity to earn daily profits for life.
Those daily profits include a 7% return. That’s right: BitGrow promises that you’ll receive a 7% return every day for the rest of your life. Other key features of the platform include:
- 21% hourly minimum return on investments of 10 BTC or more
- 200% investment return after 10 days with a minimum investment of 20 BTC
- Instant payments
- Minimum withdrawal amounts of just 0.0005 BTC
- No maximum withdrawals
- BitGrow debit card (although it appears to be only available to investors who give 10 BTC or more)
Like other scams and pyramid schemes online, BitGrow encourages users to give them as much money as possible upfront. The more money you give to the company, the bigger your investment returns can be.
Those who donate 0.001 BTC, for example, will receive 7% daily returns “forever”. Those who donate 3 BTC will receive 9% daily. If you donate 1 BTC, you’ll receive 0.21% hourly interest rates forever. 10 BTC “investments” receive 140% returns, and 20 BTC investments receive 200% returns.
In other words, the more money you give to this investment scam, the more money you have the potential to earn.
It’s unclear where that money is held, or what kind of guarantee investors receive. There doesn’t appear to be anything stopping the founders of BitGrow from running away with your money.
In reality, your earnings seem to have nothing to do with BTC investments and entirely to do with referrals. Like all good pyramid schemes and Ponzi schemes, BitGrow appears to rely on referrals – not legitimate investment opportunities – to keep the system afloat.
Regardless of your initial “investment”, you receive 7% referral commissions on the first level, 2% on the second level, and 1% on the third level. If you chart the earnings potential onto a piece of paper, you can see why so many people are calling BitGrow a pyramid scheme.
BitGrow Investments Limited Debit Card
BitGrow lets you order a debit card through its official website. To order that debit card, just enter your personal information into the form provided on their site.
It’s unclear if you actually receive a debit card after signing up through that link. We couldn’t find anyone online who had successfully received or used the BitGrow debit card.
One of the biggest red flags about the debit card is that it’s only available to investors with more than 10 BTC in BitGrow.
About BitGrow Investments Limited
BitGrow was incorporated on March 9, 2017, according to a UK-based corporation registration organization. The corporation is registered to the following address:
126c Elgin Crescent
London, UK W11 2JP
That address appears to be a private residence located in Notting Hill, London. The company’s number is 10662527.
One of many red flags about BitGrow is that it displays certification symbols across its website. It claims to have been verified by Comodo, McAfee, AVG, Trustwave, and other trusted services, for example.
In reality, BitGrow doesn’t appear to have ever been scanned or identified with these services. At least, we could find no evidence that these services had verified BitGrow – despite the fact that BitGrow prominently displays this information all over its website.
The official company “About” page gives us little additional information about BitGrow. The company describes itself as “an experienced team of professionals from various economic and finance fields.”
In terms of cryptocurrency experience, the company claims to participate in bitcoin mining and cryptocurrency trading. They’ve been active since 2012 – although BitGrow wasn’t founded until Mach 2017.
Should You Invest In BitGrow?
BitGrow appears to be an illegal Ponzi scheme or pyramid scheme. Found online at BitGrow.biz, the site makes ridiculous promises about the amount of profit investors can earn.
The primary goal of the service seems to be to take as much BTC as possible from users, and then encourage users to recruit more members to the network. Like most pyramid schemes, this system is bound to collapse eventually.
There’s also the problem that there’s no transparency about the team behind BitGrow. Typically, when you’re being asked to give thousands of dollars to an investment company, you want to know where your money is being held. BitGrow doesn’t explain anything about its team.
Making things look worse for BitGrow is the official website, which is filled with verification symbols from organizations that have never actually verified BitGrow – like Comodo, McAfee, and AVG. All of this is designed to enhance the legitimacy of BitGrow. We have to admit: the website looks pretty legitimate at first glance.
For all of these reasons, BitGrow is one “investment opportunity” you should definitely avoid. The lack of transparency, the shady investment promises, and the ridiculous profit assertions all make BitGrow a dangerous investment opportunity that’s been labeled as a pyramid scheme or Ponzi scheme across the internet.