BitsTrades: Bitcoin Cryptocurrency Investing, Banking, Lending?
BitsTrades, found online at Bitstrades.com, promises to change the way you trade bitcoin. Find out if it’s a scam or a legitimate opportunity today in our review.
What Is BitsTrades?
It doesn’t take much searching online before you realize that BitsTrades appears to be a scam: the company claims investors can expect returns of 450%, for example. The platform also has a dismal 1.9/5 rating on websites like BitTrust.org.
BitsTrades also claims investors can easily earn money through services like staking, lending, mining, and investing. They advertise enormous returns through all of these programs – despite the fact that they sell no apparent products or services.
Obviously, BitsTrades has all of the red flags we associate with bitcoin scams. It also certainly wasn’t founded in 2007 – news about the company only appeared online in 2017. However, let’s take a closer look at how it works.
How Does BitsTrades Work?
The official BitsTrades website has links to the Android and iOS app stores. However, both of the links are broken. The only way to access the platform is through BitsTrades.com.
That website features five different ways to earn money, including:
You can hold BitsTrades Coins in your staking wallet, then earn annual returns in exchange for contributing to the stability of the network.
BitsTrades will pay you “fixed daily profit based on total investment”. They claim investors can expect returns of 450% per year, which would make BitsTrades one of the best guaranteed investments in the history of the world.
BitsTrades claims investors can earn profits by buying coins at a low price, then selling them for a higher price.
Here’s how the company explains its entire mining process: “Connect an advanced mining equipments to Bitstrades coin network, and generate new Bitstrades coin.” Yes, this is the type of wording the company uses when asking for investment money.
BitsTrades Lending Scheme
BitsTrades has a lending system advertised online. Typically, when you see the word “lending system” on a shady cryptocurrency website, it means you’re dealing with a Ponzi scheme. Notorious Ponzi schemes like Bitconnect shut down their “lending programs” in January 2018, disappearing with investors’ money after months of operation.
In any case, there’s limited information about the BitsTrades lending program available online. However, we expect it to function similar to other fraudulent investment programs: you give the company a bunch of money today, then they pay you “daily profits” without allowing you to withdraw your principle.
The returns of older investors are paid by the deposits of newer members until the entire scheme collapses like Bitconnect. That makes BitsTrades a Ponzi scheme – not a legitimate investment opportunity.
Who’s Behind BitsTrades?
BitsTrades refuses to disclose any team information online. The company issued a press release where they listed their name as “BitsTrades Limited” with an address in London. However, the company does not appear to be legitimately based at that address.
When someone tries to sell you a “profitable, no-risk investment” online, but refuses to share their identity with you, it’s a sign you’re probably being scammed.
BitsTrades is a blatant scam that advertises returns of 450%. The company has no legitimate products or services in place. Instead, the entire purpose of the platform is to funnel money into the “lending program”. That lending program will pay you guaranteed profits every day with no risk involved.
Ultimately, when someone is advertising an investment like this online, but refuses to disclose their identity or provide any transparency, it’s a sign you’re definitely being scammed.
A quick Google search for BitsTrades reveals that plenty of gullible investors have already lost money through the platform. Be smarter and avoid giving any money to the BitsTrades scam.