There are many innovative solutions built on blockchain to the extent that many people give credit to the technology beyond what it is capable of accomplishing. This has attracted a lot of investment sites such as Bitrading888 which seems to have gone an extra mile in building a site that would undoubtedly attract many investors.
We took a look at the concept and the antecedence of the site in our bid to make sure that it fulfills its promises. In this review, that is exactly what we shall try to determine, so that you make up your mind if this is a worthwhile investment or not.
What is Bitrading888?
This is a platform that promises infinite prosperity for the investor and has made efforts to convince them that there is wealth to be made by participating in the investment scheme.
The so-called infinite prosperity 2.0 is premised on the notion that it takes the same amount of energy to dream big as in dreaming small, so the investors is given the impression that this is a platform where big dreams are realized.
The site claims that the platform has the vision of collaborating with investors to make big gains through trading of forex, cryptocurrencies and sports trading. Their innovation seems to stem from a robot called BT-888 which according to the site would help the investor trade various instruments and make profit.
This way, they claim they have a platform that gives the highest possible returns to their investors, leaving no one in doubt that they are the best platform to invest with.
How Reliable is This Platform?
In explaining why they’re accommodating individual investors, the site stated that:
“There is a difficultly for people who look to invest and have profits above what the banks and other financial institutions offer but to be successful you need to study each market and invest time and money until you can get profit and this process can sometimes be frustrating.”
As altruistic as that may sound, the company claims that it was set up to help people like this to start making profit, but that is debatable. Businesses are set up to make profit so the claims that they want to help you make profit may not be accurate. Even though we do not begrudge this, it could be the first sign that you are dealing with an unreliable site.
Another issue to look at is the quality of the content. I wouldn’t really say that the copywriter of this site is really proficient in English, do you?
Incentives Offered By the Platform
The reward system is structured like a ponzi scam. Even though one would be tempted to think that this is a legitimate business due to the elaborate reward system, it is obvious that it is a ploy to have committed participants recruits many people.
The scheme rewards participants according to level which have been classified as Bronze, Silver, Gold, Ruby, Emerald, Diamond, Double Diamond and Black Diamond. The rewards for these levels range from $500 to a gift of a helicopter.
Nevertheless, taking a close look at the site, it is obvious that this is another scheme meant to steal from investors because the reward system is not sustainable.
In fact, crypto based ponzi schemes like this have no chance of sustained profit to pay anyone on the long run. That is why their compensation plan usually have long term outlook.
The fraudsters are aware that one commodity they do not really have is time, so they would collect participants’ money while paying them a minute fraction pending when the scheme has many investors. When their target is reached, they would simply pull down the site and disappear.
Who is Behind this Site?
Even though there is no indication of who owns the site on the website, an embedded video shows a person named Mason Gomes as the CEO.
However, a search to link the image of the individual to the identity of a real person was not successful. This led to the conclusion that the video was delivered by a paid actor since a real CEO would be an identifiable person.
It is interesting that the company is making every effort to prove its legitimacy despite the fact that the basic requirements of a licensed company have not been met. There is no evidence that the company is licensed to offer financial services even though it is using paid third party reviews to boost credibility.
Promised Income Potentials
The income plans reflect what you would see in any ponzi scheme. According to the Facebook page of the program,
“Invest $100 Earn $300, Invest $500 Earn $1500, Invest $1000 Earn $3000…Invest $50000 Earn $150000”
In other words, the company promises to pay 300 percent on your investment. Even though the Facebook page made its first post on May 5, it is apparent that the response to this scheme is yet to pick up. The domain was registered on August 24 2018 and it seems that the site has been worked upon to improve it.
The good news about schemes like this is that many investors are quite wary while the bad news is that it sometimes takes a big investor to provide the deposit that would be used to promote the scheme, commence initial payments and lure in many more users.
One review online claims that the writer met the CEO of Bitrading888 in London. It even presented some pictures of the office and the CEO which we decided to investigate since traffic sources and other features of the site raises suspicion of its authenticity.
What we have seen so far is that this is a site that has a lot of its traffic coming from Brazil. Also many of its promotional materials are in Portuguese. This points to the suspicion that this is a ponzi scheme based in Brazil. Do not doubt the ability of fraudsters to set up grand deceptions to get your funds.
There are many efforts going on by scam investment sites to steal your cryptocurrencies. This is why you must not invest in any HYIP just because the returns seem high. The attempts made by this site is to deceive the investor and steal their funds.
For an investment site to be legitimate, its returns must be commensurate to realistic rate. The site must be regulated by the relevant agency in the country where it is located. This is why we refer you to our top recommendation to avoid losses.
Please let us know your thoughts about Bitrading888 using the comment box below.