There are many ways to start making money in the crypto space. This is evident from the fact that many investors who got involved in the industry early enough became the crypto rich that we know about these days.
Sites such as Bitcoinwin Club tend to give the impression that it is still possible to take advantage of the opportunities inherent in the industry. So in this post, we shall look at the possibility of earning crypto income and contrast them with the claims made by Bitcoinwin which are mainly spurious.
What is Bitcoinwin Club?
This is a site that claims that it is involved in the trading of digital assets and mining of cryptocurrencies. As you may know, these are activities that have the potential of making you profit if you know how to go about them.
However, the trading of digital assets demands skills that makes the trader win most of their trades. Trading of any type of asset demands skills and Bitcoinwin Club claims that they have such skills.
According to the site, its assets management system is the result of months of research on cutting-edge markets.
“This investment platform is the result of our intensive and fruitful work for the past few months, it is ready to offer secure asset management service on the basis of cutting-edge business, associated with Bitcoin mining as well as highly profitable trade on cryptocurrency markets.”
It stated that this is a beneficial market and this is not in doubt. The site also made it clear as seen above that aside trading, it is also involved in mining activities.
Even though mining could be profitable, it requires infrastructure and power to venture into. We presume that this is why such sites made require some investments.
Is This Site Reliable?
However, what we have seen over the years is that there are many sites set up for the purpose of collecting deposits from investors and turn out exit scams. You can take a cue from the SEC warning for investors as seen on the regulators website:
“SEC and CFTC staff have recently observed investment scams where fraudsters tout digital asset or “cryptocurrency” advisory and trading businesses. In some cases, the fraudsters claim to invest customers’ funds in proprietary crypto trading systems or in “mining” farms. The fraudsters promise high guaranteed returns (for example, 20-50%) with little or no risk.
After the investors make an investment, typically using a digital asset such as Bitcoin, the fraudsters in some cases stop communicating with the investors altogether. These fraudsters can quickly send your money overseas, with little chance of you being able to get it back.”
Things can get even more awry. This is why investors are advised to investigate every investment opportunity because losing money in this industry is very easy.
Scammers take advantage of the fact that most investors would never crosscheck the information provided on an investment proposition. The commission warns:
“Sometimes the fraudsters direct investors to pay additional costs (such as purported taxes) to withdraw fake “profits” earned from the investment. This is an example of an advance fee fraud scam, where investors are asked to pay a bogus fee in advance of receiving proceeds, money, stock, or warrants.”
This summarizes the reality of most crypto investment sites. This is the reason why it is not advisable to send funds to a random crypto investment site that has no online and offline reputation.
Identity of Owner is Not known
Sites that have no known owners but solicit for investments are most likely scams. This is what we observed with Bitcoinwin Club. A search of the registration certificate and the database of Company House, the UK agency responsible for listing businesses show that the owner was not listed.
Reputable investment companies always have identifiable management teams and owners. This leaves no one in doubt that the company is legitimate and managed by people that have reputation to protect.
No Evidence of Mining Activities
Companies involved in mining operations are known to prove this by showing their farms. Bitcoinwin did not provide evidence that it is involved in any mining activities.
That no single evidence was shown on the site could only mean one thing- this company is not mining but just interested in creating that impression because they need investment deposits.
Conflicting Commencement Date
According to information on the website, Bitcoinwin Club commenced operations on October 6, 2017.
This contradicts the evidence seen on Whois search which shows that the domain was registered on October 7, 2018. It is normal practice among fraud sites to extend backwards their commencement dates.
The reason is that many investors and prospects tend to believe that older sites are more reliable since they are supposed to have been paying their investors for longer periods.
Using Certificate of Dissolved Company
Bitcoinwin Club claims that it owns the company registration number, 11001242, but a search of the Company House database shows that this number and certificate belongs to another company, Bitcoin Crypto Trade Limited.
Compounding issues is that Bitcoin crypto Trade was dissolved on April 9, 2019. Obviously, the owners of this site didn’t envisage that the company they impersonated wouldn’t be updating their documentation.
It is important to know that having a registration certificate does not mean that a company is involved in legitimate activities.
For instance, to render financial services, every reputable company needs to get authorization from the appropriate agencies in charge of licensing financial services providers such as Financial Conduct Authority (FCA).
Obviously, Bitcoinwin has no authorization from the agency.
High Yield Investment Fraud
Why would you believe that anyone would double your investment in 24 hours? Even though this makes no sense, there are many people that believe that this is possible. This is the reason why scams thrive.
Bitcoinwin investment plans show that this is a HYIP scam. No genuine investment company offers ROI of 120 percent or higher in a month talk less a day.
Scam sites are aware that the quickest way to deceive people is by appealing to their emotion to get rich quickly.
Genuine investment companies play by the rules. They have the appropriate regulatory oversight over them. They have known operators and managers. They also strive to live up to their promises. For the site that we deal with, check our top recommendation.
What is your experience with Bitcoinwin Club? Please share them using the comment box below. Don’t forget to share this post too.