BitsTrades, found online at BitsTrades.com, promises to revolutionize banking using an open source digital banking platform. Find out how it works today in our review.
What Is BitsTrades?
BitsTrades aims to change the way we bank online. To do that, the developers have created a multi-featured platform. That platform allows you to deposit money, then earn easy profits through staking, investing, mining, and trading.
The company promises to pay you up to 40% per month. All you need to do is deposit money into the company. You can stake the money or invest it to enjoy enormous, easy returns with no hard work, experience, or skills required.
We’ve found three websites associated with BitsTrades so far, including BitsTrades.com, BitsTradesCoin.com, and BitsTradesCoin.io. All three websites feature nearly identical marketing.
All three websites claim that BitsTrades was able to raise $9.4 million USD through a recently-completed ICO. The ICO ran from September 20 to October 31.
How Does BitsTrades Work?
BitsTrades claims to be a frictionless digital currency that offers multiple benefits. Here are some of the core features of the platform:
Staking: You can hold your BitsTrades tokens in your staking wallet, then receive interest on your total balance.
Investing: You can get “fixed daily profit” by investing in the BitsTrades platform.
Trading: You can trade BitsTrades using the in-platform exchange.
Mining: “Connect an advanced mining equipments to BitsTrades coin network, and generate new BitsTrades coin,” explains the official website in broken English.
BitsTrades claims to be a proof of stake (PoS) currency. You buy coins from the company, download the wallet, then leave your coins in your wallet to participate in PoS mining. You can also deposit coins into BitsTrades investment packages, which claim to earn guaranteed profit on a daily basis.
Despite the fact that BitsTrades claims to be a PoS coin, the company also mentions a PoW-style mining system where you dedicate your CPU or GPU cycles to the blockchain. Here’s how the company’s official website explains it (again, in broken English):
“The mining is the term used for the creation of new BitsTrades coins. You are allowed to mine the GPU or CPU BitsTrades coins. But, the small amount of the BitsTrades coins has been created with the process of mining.”
I can’t really make sense of this sentence – or most other information on the BitsTrades website.
One of the biggest red flags on the BitsTrades website is that the company promises to pay users 40% ROI per month using “smart investment policies”. There are no specific details about any investments made by the company, or how they can achieve returns this high.
Typically, when someone is advertising returns anywhere close to 40% per month, or anything above 1% per day, it’s a sign you’re probably involved in a Ponzi scheme.
BitsTrades advertises itself like a revolutionary digital currency. However, as far as we can tell, the features are identical to most other currencies on the market today. Here are the advertised benefits from the official website:
Virtual Banking: Enjoy virtual banking-style services, similar to the banking services you enjoy from your traditional bank.
Digital Cash with Instant Payments: Enjoy instant and secure payments using “BSS”, or BitsTrades tokens.
Low Transaction Fees: “Choose us to get the privilege of a low transaction fee,” explains the official website.
Decentralized: BitsTrades appears to be built on a private blockchain – or at least, that blockchain is not visible to the public. We’re led to assume that the blockchain is controlled by a centralized party – like the BitsTrades developers. However, the company emphasizes decentralization as a core benefit of the platform.
The BitsTrades ICO
The BitsTrades ICO took place from September 20 to October 31. The official website claims that the company made over $9 million USD during its ICO.
Who’s Behind BitsTrades?
The BitsTrades website features no information about the management team, the founders, or anyone else involved in the project. We don’t know where the project is located, or why the team is qualified to handle your investments.
Based on the few people interacting with the BitsTrades platform online, the team appears to be based mostly in Southeast Asia.
The developers of BitsTrades have created a digital token called BitsTradesCoins. That coin doesn’t appear to be connected to any products, services, or investments. Despite the lack of products and services, the company promises to pay you up to 40% per month. All you need to do is give the company your money, and they’ll invest it in some mysterious projects.
Ultimately, there’s no transparency about the BitsTrades project online. The website is worded in English that’s difficult to understand. There’s no information about team members or anyone else involved with the project. When you combine all of these red flags with the advertised 40% returns, it makes us suspicious about the long-term success of BitsTrades.
Unless the team behind BitsTrades provides more transparency about the project and how it works, we have little evidence that any of the information online is true. BitsTrades can’t “revolutionize digital banking” when it has no verified products or services available on the official website.