Bitto Cryptocurrency Exchange: Bitcoin Trading Platform ICO?
Bitto Cryptocurrency Exchange is a cryptocurrency trading platform that offers unique programs like proof of stake, crypto-backed loans, and “smart trading”. Find out how it works today in our review.
What is Bitto?
Bitto, found online at Bitto.tech, is a cryptocurrency exchange that emphasizes safety, security, and an easy user interface – similar to most crypto exchanges on the market today.
Unlike most exchanges, however, Bitto has some unique incentive programs for users, including a staking platform, cryptocurrency-backed loans, and referral commissions.
In fact, Bitto claims users can earn daily interest rates of 18% (yes, 18% per day) by participating in the Bitto lending program. You use BITTO tokens to participate in the lending program, then receive your local fiat currency in exchange.
Obviously, when a cryptocurrency company starts promising ROIs of 18% per day from a lending scheme, you should start to see red flags. Is Bitto yet another cryptocurrency lending scam? Or is this a legitimate investment opportunity? Let’s take a closer look at how Bitto works.
How Does the Bitto Cryptocurrency Exchange Work?
Bitto is a cryptocurrency exchange that is marketing itself as an “all in one” platform. That platform includes the following core features:
Signal Trading and Copy Trading:
Bitto has a signal trading / copy trading system where you can match your portfolio with top trader’s, which means you automatically make trades based on the top trader’s activity. You earn money when they earn money, then pay a small commission in exchange for having your fund automatically managed.
Bitto will pay you BITTO coins daily in exchange for staking your existing coins on the platform. Bitto claims you can earn an enormous amount of money with no risk or effort through this staking program.
Here’s how the website explains it: “Using blockchain system, after 15 days staking on exchange, bitto coins can be earned daily. 3 Million USD worth of Bitto Coins rewarded. $125,000 Per month paid out.” It’s unclear where the company gets its valuations for BITTO coins, or why they’re advertising staking returns in USD instead of BITTO.
Bitto has a lending program that claims to pay users interest rates as high as 18% per day. You borrow money in your local currency without needing to sell your cryptocurrency. You use your crypto as collateral, similar to other lending programs.
If you refer a friend to the platform, then you’ll earn commissions every time that friend makes a trade.
You can interact with all of the above functions through the Bitto mobile app. That app lets you trade anywhere on the go. You can view and monitor your loan status. You can check your staking profits. And you can view copy trading reports live.
If you purchase BITTO coins during the ICO, then you won’t pay trading fees on the platform.
The Bitto ICO
Bitto is releasing 19 million coins during the ICO at a price of $1 USD apiece. There’s a total circulating supply of 33 million BITTO tokens.
BITTO coins are ERC20 tokens on the Ethereum blockchain. The pre-sale for coins began on December 22, 2017, with an ICO starting on January 16, 2018. As of February 2018, the ICO is still ongoing, although it’s not clear when the ICO is scheduled to end.
Bitto will implement a buyback program in the future. They plan to start phase 1 of their buyback program in Q1 2019.
Who’s Behind Bitto Cryptocurrency Exchange?
Bitto Cryptocurrency Exchange is led by co-founders Nic Chin and Steph Sim. There’s limited information about either co-founder available online. Nic’s LinkedIn page features basic biographical details about himself, but not much else. Steph doesn’t appear to have a LinkedIn page, and the website and whitepaper don’t go into any further details about their background and qualifications.
In any case, Chin’s previous experience includes founding VT Tech Solution (March 2015 to April 2017) in Kuala Lumpur, Malaysia. That was a cryptocurrency mining company. Nic doesn’t list any other work experience or background on his LinkedIn profile.
Oddly enough, other members of the Bitto team, including Adam Radivojevic, have similarly bare LinkedIn profiles. Adam is described as a “machine learning enthusiast” and a “marketing advisor”, for example, but his LinkedIn profile features just two positions – an education in theology from the University of Belgrade, and a position as Marketing and Social Media Manager at Bitto exchange.
Ultimately, Bitto appears to have a fully-explained team section. However, the profiles for all team members are suspiciously bare. Combined with the other red flags about Bitto, the team section is troubling.
The company lists its headquarters at 400 Pavilion Dr. in Northampton, UK. The address appears to be a legitimate office park. However, the office park offers virtual addresses: so it doesn’t appear that Bitto is legitimately, physically headquartered at this address.
Bitto Cryptocurrency Exchange Conclusion
Bitto is marketing itself as the next KuCoin. The exchange appears to have a working demo version in place (you can view the demo here: http://demo.bitto.tech/). However, certain other aspects of the project raise some red flags: there’s an overall lack of team information, for example, and the team members that are listed have limited information about themselves posted online. This isn’t unusual in itself, but it is unusual because Bitto is luring investors with promises of earning 18% ROI per day.
All of this isn’t to say that Bitto is definitely a scam. However, there are some unusual things about the ongoing ICO. You should be wary any time a company tells you about massive earning opportunities through lending and staking programs – especially when those returns are as high as 18% per day.
You can decide for yourself if Bitto is worth an investment by visiting online today at Bitto.tech. The ICO is continuing throughout February and March 2018.