You may have come across the Bit Forex site and wondering if it would be worth your while buying some of the investment plans you saw on it, but you felt the need to make some background checks on the company.
Doing that sets you apart as one of the painstaking investors in the crypto ecosystem and that is commendable. I urge you to go through this post before sending your coins to the company.
The decision to invest your funds should not be impulsive. In fact, the reason why scams thrive is that fraudsters are aware that most investors do not make in-depth research on the companies they invest with.
This review would enable you make appropriate decisions on the proposals set forth by this company.
What is Bit Forex
This is an asset business that claims to be involves in the mining and trading of digital currencies. Like similar sites, investors have the opportunity of buying some of the lucrative plans and possibly make some profit.
Interestingly, BitForex assures its customers that the UK registered company has a team of professionals that would ensure that their funds are well managed so that they meet their financial obligations.
According to the site:
“The team of professional, experienced traders at the Admin is passionate about cryptocurrency and providing their clients with effective Bitcoin currency investment strategies that will give them a higher return on their investment and increase their profits.”
At cryptoinfowatch, even though we do not anticipate that what a company posts on its site is debatable, we always are skeptical until every statement and claim is proven to be accurate.
In the case of Bit Forex, we did a background check on the site according to the guides set by the Securities and Exchange Commission and found out that some claims do not quite add up.
The securities agency on its site stated:
“Research the company before you invest. You’ll want to fully understand the company’s business and its products or services before investing.”
That is what we have done and found out the following:
Copied from Scam Site
Nearly all the content found on the BitForex site was copied from other sources without attribution. This is a common practice among fraud sites because most times, the owners are in a hurry to launch their scams to enable them quickly start taking money from investors.
For instance, this statement from the site:
“The team of professional, experienced traders at the Admin is passionate about cryptocurrency and providing their clients with effective Bitcoin currency investment strategies that will give them a higher return on their investment and increase their profits,”
was copies from another scam site, Listlion. No legitimate business would copy the content of its site from another source without attribution. That the source is another fraudster makes it clear that the intention is malicious.
Your funds would not be safe if you send them to this company. You can check the image below from the Listlion site.
Dissolved By Company House
Even though BitForex was registered in the UK, by Company House on August 24, 2016, the entity was dissolved by the agency on January 30, 2018 via compulsory strike off. This means that the site is illegally operating for the owner who was listed as Leonard Campbell.
Campbell claims to be a Chinese resident in the United Arab Emirate. This is obviously a fake identity used as front to steal the funds of those that invest with this site since the name is not Chinese.
According to SEC guide on identifying fraudulent investments proposals,
“Guaranteed returns” aren’t. Every investment carries some degree of risk, and the level of risk typically correlates with the return you can expect to receive … Most fraudsters spend a lot of time trying to convince investors that extremely high returns are “guaranteed” or “can’t miss.” Don’t believe it.”
This is applicable to the claims made by the BitForex on its site which shows that it is a high yield investment program. This should warn every investor that putting funds in this scheme would lead to losses.
The 3 available plans show that the least claims the investor could earn 120 percent in a day, 140 percent in 2 days and 200 percent in 4 days.
No legitimate business would promise you this rate of returns. This was meant to lure the investor to make deposits. At best, BitForest is another ponzi scam that would steal the funds deposited by the participants of this scheme.
It is already obvious that the address provided by this site is not genuine. In fact, this is a virtual office address that businesses that want to create the impression that they’re located in London routinely use.
BitForex is really not a genuine business that has a physical office. So if you send your funds to them and something goes wrong, you have nothing to hold onto and no way of recovering your funds.
Other features seen on this site such as last deposits and withdrawals are false stats meant to deceive the potential investor. You shouldn’t believe any of them.
The audacity of scammers stems from knowing that there are people who never research before investing. Do not fall into that trap.
Do not send your funds to a site that has no online reputation, the best investment platforms are those that are regulated by relevant financial regulatory agencies.
These are the companies that have authority to render financial services because they are licensed to do so. You may check here for our top recommendation.
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