If you’ve been in the industry for extended period, you would have come across BitGo, the custodial service that is doing a great job by encouraging institutional investors to get involved in cryptocurrency through its services.
Now Bit-go is quite different from the BitGo that you know in that the former is a new site that has not built the online reputation as the asset custody company that you know. It is important to know that the custodial service owns the domain, bitgo.com while the site that we are reviewing today owns the domain, bit-go.co.
Sometimes, new sites intentionally use domains that are similar to well-known businesses because they are in similar business or just want to take advantage of the name, reputation and traffic that the reputable company has already built.
In this review, we shall take an in-depth look at Bit-go.co with the aim of knowing what the company is up to. We would determine if this is a site that is reliable to invest with.
What is Bit-go.co?
The company is supposedly a trust management business according to the content of the site. It claims that its services are advanced and meant for people who desire to earn the highest returns on their investments.
Interestingly, it also claims that it is managed by professionals who also trade the investors’ assets.
“bit-go.co- an automated online investment platform is a top secured and profitable option for you. Part of bit-go.co – the team of professional traders focusing mainly on Bitcoin and other cryptocurrencies trading over multiple Exchanges and markets. Thanks to the extraordinary diversification of our finances, we can deliver steady returns for our investors.”
This is one of those sites that assert that they’re making so much money that all their investors need to share in the booty is signing up and purchasing an investment plan.
How Reliable is The Site?
Savvy investors check for clues that indicate that a site is reliable before sending their funds to them. This is obviously because a wrong investment could spell doom especially with crypto assets which are difficult to recover after they have been sent.
If you observe the content of the site, it is clearly delivered by a low-budget copywriter. When you have an investment site with grammatical errors, you’re likely dealing with a scam. No reputable firm would have a poorly written content on its site for extended period of time.
The web content of the site appears to have been copied from similar sites and edited to fit the Bit-go.co narrative. What we have learnt from months of reviewing sites is that genuine investment sites always create original content. If they need to quote other sources, they always attribute the source.
When a site plagiarizes another without attribution, it is indication that the owners of the site are not honest people. For an investment site, this should be a signal to a potential investor that they’re dealing with a fraud that would make them lose money.
Fake Certificate of Incorporation
Scam investment sites hardly operate successfully without false data. We can see this with Bit-go.co as the site used false information in the bid to convince investors.
The certificate of incorporation displayed on the site belongs to another entity, Bitenigma Limited which was registered with company number 12259965 on October 14, 2019. The registered office address is 34 High Street, Anerley, London, United Kingdom, SE20 7QS.
The site claims it was registered with the Company house with the registration number 11279395. Its registered address was provided as 283 – 288 High Holborn, London, WC1V 7HP United Kingdom. These discrepancies show that this is not a site that you should trust with your money.
How Long Has it Been Online?
Fraudsters who set up scam investment sites operate based on the presumption that many investors never really investigate investment proposals before putting funds in them. According to information available on the site, it has been online for 1752 days. This is more than 3 years and such site should have built an online reputation if it were a genuine investment site.
A Whois search shows that this claim of 1752 days is false. The domain Bitgo.co was actually registered on December 27, 2019. So it is less than 60 days old. The false assertion is meant to deceive the prospective investor and steal their deposits.
It is obvious that other claims made by the site such as the amount of deposits and withdrawals are false and so should be discountenanced.
A Referral Program
There are many people that promote sites like this with the hope that they would make some commission doing so. However, it is an exercise in futility because when you promote a scam, you end up helping the fraudster to deceive many. Do not think that the fraudster would even pay the referral commission they promised.
At the end of the day, the main beneficiary of a scam is the fraudster behind it. This is why it is unethical and borders on criminality to promote a scam investment site.
When a fraud site displays video testimonies from people, it is likely that such sites hope to be a round an generate a lot of traffic. They may have paid the video makers or promised them payments down the line. Do not believe what you see and hear just because they are online.
You should be convinced by now that Bit-go.co is a scam investment site that may be classified a HYIP or ponzi. The site claims it could pay 120 percent in 24 hours. Higher plans promise 140 and 200 percent respectively. This is absolute nonsense because no genuine investment site has the capacity to pay such returns on your capital.
The Securities and Exchange Commission warns that such ROI are baits used to lure inexperienced investors by making them believe that they would make money. If ROI is not what is normally obtainable in the industry but made to be too high, your investment is at risk.
Genuine investment sites do not claim they could double investors’ funds in a short time. Their owners are not anonymous and they operate based on set regulatory rules. Such sites have licenses to render financial services. Their managers and owners are never anonymous.
Sending your money to fraudsters encourages them to defraud other people by setting up new scam sites. This is why you should conduct due diligence and use only reputable sites for investment. Check our top recommendation and take advantage of the copy trading service.
What is your experience with Bit-go.co? Please let us know through the comment box below.