Bitek Review – A Fast, Simple Way To Lose Your Money

Bitek

If you’ve been into cryptocurrency investment, you would understand that the quickest way to start counting losses is by running after high yield investment schemes, ponzi and pyramid schemes as we shall see in this Bitek review.

Scams come in various ways, even as fraudsters keep innovating as the industry evolves. As you may be aware, the blockchain is the focus of many fintechs and governments because they have realized its potentials.

Even president Trump recently twitted about crypto. This would give you insight into the possibilities inherent in it and why fraudsters are also focused on exploiting it.

For instance, the fact that cryptocurrencies do not respect national barriers makes them ideal channels for concealing illicit transactions.

Most times, there are services that could be taken advantage of to cover the tracts of the fraudster. So it has become very important that investors conduct due diligence before sending their funds to any sites.    

What is Bitek?

This is an investment company that claims that they would help you make money through an array of investment opportunities that they exploit. They aver that with the increase in the popularity of cryptocurrencies, that they have found profitable ways of making profits which their investors can benefit from.

BitekThe company is supposedly registered in the UK and has a registration certificate displayed on the site. However, we have long discovered that company registration is not a proof of legitimacy. Neither does it authorize an entity to render financial service to the public.

We also found out that there are thousands of companies registered in places like the UK and Belize with the intention to be used as fronts to steal funds from investors. The attraction of these countries to scammers may stem from their reputation as countries that are known as investment destinations.

According to Bitek, the teams behind the site are experts in cryptocurrency trading. They claimed to have perfected the investment strategies that the investors has minimal risks in passing their funds to this company as we can see from the site:

“We have tested a strategy for crypto market trading that works best with five major cryptos: Bitcoin, Ripple, Etherium, Litecoin, and Bitcoin Cash. We specialize in these cryptos to minimize the risk of investment, allowing you to enjoy as much profit as you can by utilizing our experience and services.”

We faulted this assertion because cryptocurrency trading, irrespective of the coins involved is very risky due to the volatility of the assets. There is no one that can guarantee that you would make profit consistently. So your risks sending coins to this site is higher than they admitted.

Unsubstantiated Claims

The site claimed that it has made huge profits of 2,500 percent in just 5 months, yet they did not provide a financial statement to buttress their claims.

In any case, if it is making so much profit, why does it seek more funds from investors?

According to the Securities and Exchange Commission (SEC), you not invest with a company that cannot prove its financial claims without showing you its financial statement:

“You’ll want to fully understand the company’s business and its products or services before investing. Before buying any stock, check out the company’s financial statements on the SEC’s website, or contact your state securities regulator.”

Who is Behind the Site?

BitekOne of the signs that should tell you that you may be dealing with a fraudster is their reluctance to reveal their identities. Why would you send funds to people you do not know just because they promised they would help you make money. The fact is that money doesn’t grow on trees and it is easy to take advantage of people’s greed to defraud them.

An attempt to find out the history of the domain was not successful because the registrant used an anonymous service to conceal the history. Why would a site that is open to investments be closed to scrutiny? This should be another warning signal the Bitek is not a site that you should send your funds to.

Here is another statement from the SEC on the necessary background check to undertake before certifying an investment platform fit to manage your funds:

“Spend some time checking out the person touting the investment before you invest – even if you already know the person socially. Always find out whether the securities salespeople who contact you are licensed to sell securities in your state and whether they or their firms have had run-ins with regulators or other investors.”

What is obvious is that Bitek has no license to offer financial services, but is offering it all the same. There is no record to peruse since there is no regulator having oversight function over the company.

The site claims that the company has its office at 2 Shoe Lane, London, United Kingdom, EC4A 3JR even though it could not be linked to that address through independent sources.

Suspicious Investment Plans

BitekBitek has five investment plans with the least claiming that the investor would receive 23 percent profit in 5 days. This is already far more than the 2,500 percent it claimed the company made in 5 months.

In other words, it is paying the investor more than it earns. This is quite suspicious and shows that this is not a reliable site. You will see even higher offers of potential gains such as 140 percent in 2 days.

No business has the capacity to pay such ROI, so that brings us to why Bitek is making such unrealizable offers. SEC’s warning on how to avoid frauds stated that:

“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. Low risk generally means low yields, and high yields typically involve high risk. If your money is perfectly safe, you’ll most likely get a low return. High returns represent potential rewards for folks who are willing and financially able to take big risks. 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.”

That should be clear enough. When you receive offers such as that, you could be sure that you’re dealing with possible fraud. Sending your funds to such sites is a quick way to make losses or even lose all your investment to fraudsters.

Conclusion

BitekA close look at the site shows that it is just another attempt to steal the money of investors. All the information was aimed at making you believe that you would make overnight riches. That is why they have displayed incoming and outgoing payments which are all false stats to create impression that your funds are safe.

Sites like this are the reason why every investor must conduct some research before making an investment. You must not invest with an unknown or unregulated company.

The sites that you should ever consider making investments with are those that have built online reputation over the years and have regulatory agencies overseeing their activities. Here is our top recommendation where you would grow your assets through guaranteed strategies from experienced investors.

What information do you have about Bitek? Please share them using the comment box below.

 

 

 

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Author: Jofor Humani

Peddling words has been a passion beneath the surface. I speak less than I write...naturally. Aside speaking and writing, I walk too...good for your heart they say. I sometimes do not feel like writing. Then I enjoy quiet times which I use to think and stay with family.

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