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Bitcoin Profit Review: Scam or Not? The Ultimate Test

Last Updated: 29 January 2020

Bitcoin Profit is an automatic trading software that claims to make people money by buying and selling cryptocurrency at the right time, offering a win-rate of supposedly up to 92%.

The Bitcoin Profit app, also known as a bitcoin robot, uses a complex algorithm to detect market trends. These ‘signals’ are used by the most experienced traders to open and close buying and selling orders automatically. The Bitcoin Profit software completes this whole process on auto-pilot, making it beginner friendly.

You’ve probably heard about the Bitcoin Profit after seeing a Facebook ad claiming it’s made people rich. You may have also heard that the app was featured on some program such as This Morning and Shark Tank, and trusted by famous business men such as Peter Jones and Richard Branson.

In our Bitcoin Profit review, we look at whether Bitcoin Profit is legit and how it works.

Try Bitcoin Profit, the most popular auto trader in 2020!

  • 92% Claimed win-rate
  • $/£ 250 Min Deposit
  • Accepts Debit and Credit Card

Is Bitcoin Profit Scam or Not?

It’s no secret that everyone is looking for the perfect way to make money online. With the word spreading around trading robots, this is no exception. While some robots claim to be able to generate thousands per day, not all of them stand up to the best. BTC Profit claims to be one of the robots with the highest conversion rate in the wide selection of automatic trading tools, just like CryptoSoft and The Bitcoin Code software. If you’ve been scouring the web for reviews about this robot you will find that the search “Bitcoin Profit Scam” is very popular. However, after having reviewed the software in detail and read user testimonials and reviews, it seems that there is a very positive opinion of Bitcoin Profit online. We have tested the software and we have found that it appears legitimate and fully working. Read on to find out everything you need to know about this software and whether it’s worth investing in.

Is Bitcoin Profit Legit or Not: The Verdict!

  • 1). Inside Bitcoins has tested the Bitcoin Profit software and the platform is very intuitive and easy to use.
  • 2). Because of high risks and volatility when trading with Bitcoin and cryptocurrencies, we recommend beginning with a conservative investment of $250.
  • 3). Bitcoin Profit claims to have around 92% success rate, meaning that out of 10 trades, around 9 of them would be accurate.
  • 4). Try Bitcoin Profit right now through this link, or read on to learn more first.

What is Bitcoin Profit?

Bitcoin Profit is an automatic trading software created by John Mayers that claims to operate 0.01 seconds faster than the market average for trading signals and claims to helps many of its users making daily profits by trading Bitcoin and other cryptocurrencies.

Bitcoin Profit works by sending signals on the daily trends, and automatically opening and closing buying orders. Reliable auto trading platforms like Bitcoin Profit and Bitcoin Trader work this way. They are designed for inexperienced users, allowing them to lay back while the system gets to work. These are not the only platforms we consider to be reliable. You can check out our bitcoin robot page to find out more about these robots.

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There are many trading robots advertised on the internet that promise to make daily profits. When the term Bitcoin surfaced, people started to be aware of the real value that investing in assets like Bitcoin has. There were several self-made millionaires from day to night, who invested a whole lot of money in trading Bitcoin. At the end of 2020, Bitcoin was the word that had the highest search volume in Google.

Who founded Bitcoin Profit?

According to the Bitcoin Profit’s website, John Mayers, the creator of Bitcoin Profit, created the algorithm so that it operates 0.01 seconds faster than the market average for trading signals.

How Does Bitcoin Profit Work?

The way that the software behind BTC Profit works is very straight-forward. The application provides its users the trading signals for free, and performs the purchase and selling of Bitcoin (also known as buying and selling orders) happen automatically with their selected broker inside the platform. That’s right, the algorithm provided by John Mayers is completely free as advertised on the video in Bitcoin Profit’s homepage.

If you’re wondering why the developers behind Bitcoin Profit are providing this tool for free, the reason is fairly simple. The way they make money is taking a small percentage, as tiny as 1% of all their users’ profit. This means that the CEO of BTC Profit firmly believes that his platform is the next big thing.

How to Place a Trade on Bitcoin Profit

Just like other similar Bitcoin robots, with BTC Profit it’s fairly simple to place a trade.

Follow these steps below to sign up, and learn how to make your Bitcoin Profit login and get started:

1. Registration

Firstly, click here to open your account with Bitcoin Profit. You will need to fill out their registration form with basic information including first and last names, e-mail address, and phone number. For your password, remember to put a word or code that is only known by you, that is easy to remember but at the same time difficult to be discovered. Once you’ve created the account, you will be assigned a broker automatically. This broker is the one your Bitcoin Profit software will be performing the trades with. In order to begin trading, you need to add funds to your broker account.

2. Deposit

Once you’ve selected the option to deposit, you will be taken to the your selected broker’s website. It’s just an interstitial pop-up that’s open inside the Bitcoin Profit’s platform, which means you won’t have to browse all the way back to find your way inside their platform.

The minimum deposit is of $250. The payment methods accepted are many, including Skrill, MerchantPay, GiroPay, SafePay, Visa and Master Credit and Debit cards. It’s true that the more money you invest, the higher your payouts and profit could be. To begin, we recommend making a moderate investment of $250 until you familiarise yourself with the platform.

3. Demonstration account

You can try the demo account either before or after the initial deposit. Once you’ve selected the demo mode, you will be taken to an initial tour, so you can learn more about every functionality of the platform so you can trade bitcoin even if you’re a beginner.

On your test account, you receive a total balance of $1,500 to start the auto trade mode. It’s very simple, and you don’t need to fiddle with any of settings. Simply click on auto-trade ‘ON’, and the software will begin trading the pairs automatically.

4. Live account

Once you’ve familiarised yourself with the Bitcoin Profit platform, and you’re ready to start try the live mode, all you have to do is click on the switch that reads Push ‘Auto Trade’ to start on the dashboard screen.

On the dashboard is where you can check your Trade history, deposit additional funds, open trades, withdraw your profits, and change the settings. Bitcoin Profit trades with many pairs, including BTC/USD, ETH/USD, XRP/USD, LTC/USD and Crypto/Crypto as well. The cryptocurrencies available in the platform are Bitcoin, Ethereum, Ripple and Litecoin.

To begin your auto-trading, simply choose the amount you want to spend in every trade, the number of trades, and any limits you may want to set like Stop Loss or Take profit. After you’ve chosen the settings and configured the software, you will be ready to activate Bitcoin Profit and start trading.

Try Bitcoin Profit, the most popular auto trader in 2020!

  • 92% Claimed win-rate
  • $/£ 250 Min Deposit
  • Accepts Debit and Credit Card

Do I need a Bitcoin wallet in order to trade with Bitcoin Profit?

Bitcoin wallets are not needed to trade with the software. The reason for that is because the software does not buy actual Bitcoins – it trades cryptocurrency and claims to profit on the winning trades. This makes it a very convenient tool as the set up is very minimal, and you also avoid the risk of having your funds hacked.

Bitcoin Profit: Key Features

The robot claims that on average, users earn at least $1,300 on a daily basis. Even though you may not earn such high amounts at first, some users have reported to make high profits, part of which they have reinvested to increase their balance.

To sign up you will need some personal information, including your email address and phone number. Once you have created an account all you will need to do is deposit funds into your account. To do that you simply have to provide your payment details, but no ID or utility bills. It really is as simple as that.

You can make a withdrawal at any time of the day and you can be sure that it will be processed within 24 hours. In the remote case that does not happen, do not worry, because it could take up to three days. There are robots on the market that take 10 days to process a single withdrawal.

The only fee you should be aware of is that Bitcoin Profit plans to keep only 1% of your profits. That is how the platform makes profit. That is a very small amount considering that other robots have ridiculously high commissions and fees to make profit.

The testimonials and stories shared on their website show that Bitcoin Profit has the potential to change lives. If you’re a new investor and do not know how to trade Bitcoin, Bitcoin Profit can definitely help you. Because the software handles all the trades for their users you don’t need much experience to trade with it. However, note that due to a lot the volatility with the cryptocurrency market, the team behind Bitcoin Profit recommend their users to invest 20 minutes of work per day, and let the software run automatically asides from that. The amount of work required of every user is minimal.

You can contact customer support at any time of the day or the night. There is staff available 24/7 and you may contact them via email. We contacted them to conduct our test and they were very professional and friendly and responded within an hour. Hopefully though, you will not be needing any support.

Like all crypto trading robots, with Bitcoin Profit your money is used to trade with online brokers. So basically your investments on assets are placed through brokers. These are regulated and secure so you should worry about this aspect.

Bitcoin Profit Versus other Robots

Bitcoin Profit Other bitcoin robots
✅Bitcoin Profit is one of the most popular and well-reputed robots because of its reported success of around 88%. ❌ Many robots have hidden fees and leave the trader with little or no profit at the end of trades.
✅Bitcoin Profit requires users to deposit a minimum of $250 to start trading. ❌ Other robots tend to require higher sums, which pushes new users to take higher risks.
✅Bitcoin Profit offers a wide variety of digital coins that users can choose to trade with or without. ❌ Most trading robots offer a very basic choice of assets.
✅Bitcoin Profit uses regulated and/or reliable online brokers. ❌Some platforms channel funds through unreliable brokers, risking users’ funds by investing them on the platforms supported by such broker.
✅The trading platform is suitable for all kinds of users, both beginners and experienced. ❌ Trading platforms on other robots can often be perceived by beginners as too complex or by professionals as too simple.

Can You Make Money With Bitcoin Profit?

The software claims it can generate good profits. Just like the other users that have left their testimonials in their website, the platform was easy and simple to use when we tested the demo. Although we didn’t commit as much as the serious investors, we did make automatic trades on the demo. Bitcoin and other crypto assets are highly lucrative, but also have a very high risk due to their volatility. Using a tool like Bitcoin Profit or Bitcoin Revolution can be helpful for new and experienced traders who may wish to invest in cryptocurrencies but do not have the time for manual trading. Below, we will share some tips on how to make the most of your Bitcoin Profit subscription:

    Start Small. You should start with a small investment to get yourself familiarised with the software. We recommend starting with the minimum deposit required of $250. Once you start making profitable trades, then you can choose to invest a little more to make higher payouts.
    Withdraw Your Profits. Don’t forget to withdraw your profits when you invest with Bitcoin Profit. Remember though to always reinvest some of the haul earned, to continue earning more and more.
    Follow the Expert’s Advice. You should definitely mix up a little bit with other settings and strategies from users who have tried the software themselves. Reading about Bitcoin Profit on other blogs and watching videos on Youtube could help you to find the best settings for this robot and to make the most of your account.
    Only Invest What You Can Afford to Lose. That’s right, you should only invest additional money that you are willing to risk. Investing in cryptocurrencies has a high risk due to volatility. You will find lurking on the web reviews of users who have invested a lot of money into Bitcoin Profit, but didn’t get the results expected. This is completely normal in such a volatile market like cryptocurrencies.

Why Trade with Bitcoin Profit?

There are many trading bots available in the market, and some claim to have extraordinary conversion and performance rate. The problem is that you will always find a feature that doesn’t make other robots as good as Bitcoin Profit. In comparison to other bitcoin robots, here’s what Bitcoin Profit brings to the table:

    Bitcoin Profit has an intuitive and user friendly platform. Needless to say that this is one of the features that makes Bitcoin Profit stand out from the crowd. The software works with a very complex algorithm, but the user experience is simply one of the best ones out of every platform tested by Inside Bitcoins. It’s very easy to set up the software, and have it up and running in no time.
    Bitcoin Profit claims to have a high success rate on its trades. Another major difference between Bitcoin Profit and other platforms is the amount of trades that are placed. Basically, the reason why the software claims to have a high success rate of 90% or more is because of the concurrent trades being placed with shorter investments. Out of a $250 deposit, it could place many concurrent trades of as little as $25 USD each.
    Demo account and tutorials. Inside the platform, you can create a demo account to get yourself familiarised with the software and its functionalities. If you access your mirror account, an account that is created with the broker at the same time you register on Bitcoin Profit, you can access many tutorials and tips on trading and educate yourself in their educational section. Responsive and dedicated customer support. Another strong point for Bitcoin Profit is their customer support. You can engage one of their customer experience representatives any time from your dashboard screen, or on the homepage. The fastest way to do so is via live chat.

Has Bitcoin Profit Been on TV?

Bitcoin Profit has not been advertised on TV. The reason for that is because they have recently completed their open beta platform, and their exclusive selection process for accepting new users is on a first come, first served basis.

Although Bitcoin Profit seems to be one of the best automatic trading platforms out there, it has never appeared in Dragon’s Den. There are, however, a lot of images and fake news spread around the internet that indicate otherwise.

The same goes for Shark Tank. Despite the rumours spread by fake news and online images, Bitcoin Profit has never appeared on the popular TV shows. These websites are usually just trying to deviate the serious investors on their path of choosing a platform like Bitcoin Profit.

There are rumours that link Bitcoin Profit to the UK TV show “This Morning”. We have analysed the images that are circulating on the web, and we haven’t found anything that looks legit, or any episode that has Bitcoin Profit being featured on This Morning.

Is Bitcoin Profit endorsed by celebrities?

There seems to be a lot of rumors involving crypto trading robots and celebrities, with robots such as Bitcoin Loophole using celebs as a marketing strategy. These rumours are usually spread around the internet to advertise these platforms by affiliates. But have any celebrities been linked to Bitcoin Profit? Read on to find out.

The CEO of Shopify Tobias Lutke has been said to endorse Bitcoin and even endorse trading apps. Tobias clearly understands the value of Bitcoin as being an innovative investment and what a great asset it is, but there doesn’t seem to be anything linking him to the trading software Bitcoin Profit.

It’s no secret that Sir Richard Branson is a massive fan of Bitcoin. He’s openly said in many interviews of how fantastic cryptocurrencies are, and how he personally knows many people that made huge fortunes out of Bitcoin. As much as Branson supports Bitcoin, there doesn’t seem to be any connections between him and the trading robot Bitcoin Profit.

The presenter for the UK TV show This Morning and Dancing on Ice, Holly Willoughby, has been said to endorse Bitcoin Profit. Rumour has it that it all started after she received a guest on the show that had supposedly introduced a miraculous trading tool that helps people achieve financial freedom and make profit with Bitcoin. None of this has been confirmed. In fact, we could not find the episode anywhere on Youtube where Holly was seen talking about Bitcoin trading.

There are claims that Gordon Ramsay the British Billionaire has Endorsed Bitcoin Profit. InsideBitcoins investigation reveals that these are lies. We contacted Bitcoin Profit in this regard, and they denied any Gordon Ramsay Bitcoin Profit endorsement. We have determined that these claims are from unscrupulous affiliates. Bitcoin Profit has promised to take action against any affiliate tarnishing its name through misleading marketing.

InsideBitcoins recommends that you always carry out enough due diligence before settling on any tech product. The use of deceptive marketing techniques is common with most affiliates even for genuine products such as Bitcoin Profit. Never invest into a product based on celebrity endorsements purely. InsideBitcoins makes the research easier for you through comprehensive reviews like this one.

The Polish footballer Robert Lewandowski has been said to be an adept of Bitcoin. There have been claims about Lewandowski and Bitcoin Profit, but nothing can be confirmed about him endorsing trading apps. Footballers do make a fortune with playing, so it would not be uncommon that a few of them invest in Bitcoin.

The controversial rapper 50 Cent has been known to endorse Bitcoin for a long time. He has made it public that he was paid for an album in Bitcoin and he just forgot about it and let it age. The then bankrupt 50 cent had profited millions in Bitcoin, and was even said to have made so much money with trading apps such as Bitcoin Profit.

The truth is that 50 Cent said he was lying on social media, and didn’t make millions on Bitcoin. There are no backup claims about 50 cent and Bitcoin Profit as well.

Mirror and Bitcoin Profit

There are claims of Bitcoin Profit being featured in an article on The Mirror, a UK news tabloid. Truth is that there have been images circulating on the web, usually followed with a story about a single mum making millions by trading with Bitcoin.

It seems to be a fake Mirror page, which leads people to believe it is the real deal. Bitcoin Profit has not been featured on the Mirror, and if you see anything of the sort it’s most likely a scam.

Trading with Bitcoin has made a lot of people into millionaires, and believe it or not, these bitcoin robots do help people with trading and making profit.

Is there a Bitcoin Profit app?

There currently is no Bitcoin Profit app available but you can access the software from any mobile device with an Internet connection and benefit from the same functions you would if connected from a laptop.

Bitcoin Profit Review: The Verdict!

What do all of these successful businessmen have in common? They were all pioneers in their targeted niche and specific product. Although many people have already gotten started with Bitcoin, it’s such a complex asset to invest in that not everyone understands the true value of it yet. That’s why the smart and successful people cracked the best way to get started with Bitcoin and are already making a huge amount of profit on a daily basis investing in this cryptocurrency.

The bad reputation of automatic trading platforms, or robots, comes from the fact that some users who have never traded in their lives create an account expecting to have a 100% foolproof system, when in reality there is a lot of volatility that comes with trading stocks, forex, bitcoin and cryptocurrencies in general. Although Bitcoin Profit appears to be a legit automatic trading robot, new investors should always start with a moderate investment to test the software out. We would recommend an initial investment of no more than $250 to begin.

If you still have any doubts about whether or not you should get started with Bitcoin, and start trading with an automatic trading tool like Bitcoin Profit, take a look at the video below.

Try Bitcoin Profit, the most popular auto trader in 2020!

BITCOIN LOOPHOLE REVIEW: SCAM OR LEGIT? THE RESULTS REVEALED!

Last Updated: 27 January 2020

Bitcoin Loophole is an automated trading software that claims to make people money by buying and selling bitcoin at the right time, claiming to have a win-rate of up to 88%. You will find in this Bitcoin Loophole review whether or not they are a scam, a fake app, or worthy of investing your time and money on it. We will also clarify all that you need to understand before getting started bitcoin trading with Bitcoin Loophole.

The Bitcoin Loophole claims to have been featured on Dragons Den and to offer its users large profits from a minimum deposit of $/£ 250 – claims we’ll examine in this review.

You may have read about the Bitcoin Loophole after seeing a Facebook ad claiming it’s made people wealthy. You may have also seen that the app appeared on TV programs such as This Morning, Dragons Den and Shark Tank, and was used by famous people such as Peter Jones and Richard Branson.

In our Bitcoin Loophole review we found it to work with the correct trading settings. We also found testimonials of users claiming to have turned our initial deposit of $250 into profit in a few hours. This is not the fortune that some ads claim, but a decent, realistic profit. Read on to see how…

  • Robot
  • Rating
  • Properties
  • Trade
  • 85% claimed win-rate
  • $/£ 250 Min Deposit
  • Accepts Credit and Debit Card

Is Bitcoin Loophole Legit?

The Internet is always full of contrasting reviews when it comes to crypto trading platforms. That is why we have analysed Bitcoin Loophole. From testing the software and reading user testimonials and reviews, it seems that Bitcoin Loophole is a legitimate robot which meets some of the expectations it creates on the website. Judging from the fast withdrawals, no hidden fees, good customer service, Bitcoin Loophole appears to be a reliable platform to trade on.

Bitcoin Loophole also provides the possibility to have a demo account before asking you to deposit real funds. Having this possibility is definitely a useful resource, especially for beginners. You will be able to access all the trading functions on the platform and will be able to place trades with a demo balance of $1,500.

Is Bitcoin Loophole a Scam or Serious? The Verdict!

At InsideBitcoins, we have made efforts to confirm if Bitcoin Loophole app is reputable and the following are our observations.

  • 1). The software was tested by our team and was found to be reliable
  • 2)Bitcoin Loophole claims to have a win rate of 88%.
  • 3)This automated trading platform is not a scam, however, it is important to note that there are risks trading on it.
  • 4). We recommend that you start with Bitcoin Loophole by depositing the minimum investment which is $250.
  • 5). Click here to start trading with this software today.

What is Bitcoin Loophole?

In case you have not heard about Bitcoin Loophole already, it is one of the most popular crypto bots in the market, with thousands of users across the world. Like Bitcoin Trader, Bitcoin Revolution and other reliable robots, the Bitcoin Loophole software brings users an auto-pilot cryptocurrency trading option, which claims to be able to generate great profits in little time. On top of this, Bitcoin Loophole offers trading tools that are simple to learn and allows you to follow your preferred investment strategies to help you in your trading needs .

Bitcoin Loophole has gained popularity because of how easy it is to use. Thanks to the robot, a world that was once impossible to understand unless you were a finance expert is now within anyone’s reach. All you need is $250 and a little patience and you can get trading in no time!

We believe it is a good platform to use to trade Bitcoin and other cryptocurrencies, especially for beginners. According to user reviews we found online, people have been able to change their lifestyle completely thanks to this robot. Many claim that this app has given them the ability to be debt-free and to afford a life of luxury and travel.

Bitcoin Loophole exposed – how does the Bitcoin Loophole work?

Bitcoin is one of the few high-tech software capable of predicting changes and movements in the crypto market and place trades accordingly. The robot’s algorithm is able to make thousands of trades per minute and they assert that most of the trades placed are profitable thanks to the fact that it is 0.1 second ahead of the market.

In order to trade on it you will of course have to deposit funds first. The minimum required for you to start trading is $250. Once you have done that, this software, like Cryptosoft, Bitcoin Code and all the other reliable robots, pool together all the money deposited by users around the world and automatically invest it at the best time to attempt to generate profits for the user.

This means that according to the software, the more you invest, the more money can make. However we recommend taking it slow. There is always a risk of losing funds when trading, so you should start by investing small amounts. If you see that you are making profits, you can start depositing more money to grow your account.

Another important thing we suggest doing is to withdraw some of the money you earn. You should never re-invest everything because whenever you invest, there is a risk that you will lose your money. By withdrawing some of it each time, you will be sure to break even no matter what the outcome of your trades is.

How to register an account with Bitcoin Loophole?

In this section we will run through the Bitcoin Loophole registration process, demo trading and deposit process to get you to the trading stage where you can hopefully start making profits after you login to Bitcoin Loophole.

Step 1: Registration

You can register on the platform in three short steps and it should only take you a couple of minutes. After that, you will be able to either try the demo account or place funds into your account and start your trading experience.

To sign up, you first need to provide a full name and email address. Then type in a password of your choice. The password must be between 6 and 10 characters and must contain both numbers and letters to improve its security. You are then required to choose your country and provide a phone number.

Step 2: Deposit

After you have signed up, you will be redirected to a page asking you whether you want to start trading or try the demo version first. If you click on “start trading”, you will be directed to the deposit portal. You are required to deposit a minimum of $250 to start trading. You can pay via credit or debit cards but also PayPal, Skrill, Maestro, WebMoney and much more. The availability of these payment methods also depends on the country the user is operating from, so do not be surprised if you do not see them as the payment methods listed. Cryptocurrencies like Bitcoin and Ethereum are also accepted as forms of payment.

Step 3: Demo trading

Demo trading gives the account holder a proper overview of the platform. This version of trading helps the trader understand the different functions of the platform. Through demo accounts you will also be able to learn about different aspects of the trading account, such as the sections of the platform dedicated to your total balance, winnings, dashboard, current trades, trading history, open orders etc.

When trading in demo mode, you will be given $1,500 to trade with. Once you activate the auto-trading mode, you will be able to see how the platform works and get familiar with it. The demo account is a perfect practice round for novices and trading with real funds is much easier once you have tried the demo account. Whenever you are ready, you can deposit money and start trading.

Step 4: Trading

Once you have deposited funds into your account, you will be suggested to change the trading settings based on your preferences. You can change daily stop loss, maximum trades per day, daily profits and more. You can also choose the currency pairs you wish to trade with and exclude all the others. When you are satisfied with your choices you can simply activate the auto-trading mode and wait for the investments to be places. Hopefully you will see your balance increase fairly quickly.

Beware of These Top 5 Bitcoin Scams

The value of bitcoins goes up, and then it comes back down. The press is all over the story. Pundits and market watchers all have their opinion and voice it loudly across the airwaves and the Internet.

Bitcoin has taken us all on quite a rollercoaster ride. Only time will tell whether this cryptocurrency, which has been controversial since its introduction in 2008, will continue booming or if the bubble will burst and prompt more people to short-sell Bitcoin.

One thing is certain: Bitcoin’s meteoric rise has attracted a lot of attention. People may not understand the technology or philosophy behind Bitcoin, but they do see stories of early adopters and savvy investors who turned a few thousand bucks into millions when Bitcoin’s value increased.

And they want to be one of them.

Unfortunately, that puts them in a position—along with veteran investors—to be victims of opportunistic con artists and hackers who perpetrate Bitcoin scams. One of the benefits of cryptocurrency is that it’s unregulated by the government and very private. But that also makes it ripe for fraud.

Let’s check out the top five Bitcoin scams you need to look out for:

Bitcoin Scam 1: Fake Bitcoin Exchanges

In 2020, South Korean financial authorities and the local Bitcoin community exposed one of the most insidious Bitcoin scams: a fake exchange called BitKRX. It presented itself as part of the largest trading platform in the country and took people’s money. To avoid this, you should stick with popular, well-known Bitcoin exchanges and Bitcoin forums so you get news of fakes quickly.

Bitcoin Scam 2: Ponzi Schemes

Bernie Madoff is perhaps the most well-known Ponzi schemer. He did it with mainstream investments. But the principle of a pyramid scheme, in which you take money from new investors to pay previous investors, can be applied to Bitcoin scams. MiningMax, one such scheme, brought in $200 million before 14 fraudsters were arrested. As you can imagine, the investors never got any returns on their Bitcoin investments.

Bitcoin Scam 3: Fake Cryptocurrencies

A common scam is to present a new cryptocurrency as an alternative to Bitcoin. The idea is that it’s too late to cash in on Bitcoin and that you need to invest in one of these up-and-coming cryptocurrencies. My Big Coin was shut down for this reason. The fraudsters behind My Big Coin took $6 million from customers to invest in the fake cryptocurrency and then redirected the funds into their personal bank accounts.

Bitcoin Scam 4: Old School Scams

If somebody emailed or called and said they were from the IRS and that you owed back taxes that had to be paid immediately, would you send them money? Many people do. Instead of having the victim wire money via Western Union or transfer funds to a bank account, con artists are contacting victims and demanding that victims transfer bitcoins. The best way to avoid this scam is to be skeptical of phone calls or emails that say they’re from a government agency. Legitimate authorities wouldn’t contact you that way, and they won’t ask for bitcoins.

Bitcoin Scam 5: Malware

Malware has long been a way for hackers to get passwords needed to access computer networks or steal credit card and bank account numbers. Now they’re using it to conduct another one of the most common Bitcoin scams. If your Bitcoin wallet is connected to the Internet, they can use malware to get access and drain your funds if you’re not protecting yourself from malware.

You can download malware by clicking links in your email. You can also download it from websites and social media. There might be a post, for example, where someone claims a certain program allows you to mine bitcoins for free. Download it, and you get malware.

When in Doubt, Verify

If you’re not sure of a website or email’s legitimacy, contact the company involved directly. If you can’t find the company’s contact information easily on social media or on its website, that’s a red flag.

Don’t Fall Victim to Bitcoin Scams

Bitcoin is a volatile enough investment as it is. Don’t increase your chances of losing money by falling prey to these Bitcoin scams. Stay alert for potential fraudsters and trust your instincts. If something seems too good to be true, it probably is.

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    2nd in our ranking!

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