Fake exchanges have one purpose – to steal the funds of the trader or take advantage of their funds for in-house trading gains. If you’re considering putting your funds into the Bitrue platform, it would make sense to go through this Bitrue review so that you do not make mistakes that you may regret later.
Although this is one of the exchanges that have been in operation for a few years, the services rendered by Bitrue may not be appropriate for all types of investors as we shall see in a moment.
Bitrue in A Nutshell
Bitrue is an exchange that was set up by some individuals who claim they were cryptocurrency enthusiasts. The platform mentioned that its objective is to be aggregators of qualified cryptocurrencies that was developed with the crypto trader in mind.
The Taiwan based cryptocurrency was established in 2015 priding itself with its team which it said was top experts in the industry. They claimed that these are people that have expertise in web security representing the best the industry offers.
This enables the platform to be a stable, high performance and stable exchange that supports clustering, cold wallet and security.
Even though Bitrue is not one of the big or well known exchanges, it claims to have offices in different continents such as Europe, Asia and the US. This means that the operators see themselves as an international company that understands the local need of specific investor.
Security and Speed
The exchange states that it has an unparalleled security system
That enables users to gain access to a trading platform that has a simple user interface in which transactions are fast removing delays.
Why You Should Be Careful With Bitrue
Although Bitrue claims that its platform was designed with the cryptocurrency trader in mind, it has some very weird policies (assuming they are policies) that are detrimental to the users of the platform
There have been complaints that the exchange locks up accounts that take advantage of arbitrage when they discover that such investors have made profits trading the market.
This is a dishonest management strategy because they did not list that they are not in support of arbitrage in their Terms of Service.
Averse to Gains Or Just Mischief
In one instance, the exchange blocked the account of a user claiming that they had profited from what it called a complicated triangular arbitrage with unprecedented frequency.
What they failed to acknowledge is that investors routinely take advantage of differentials in prices of assets to make profit in the stock market.
The activity of the exchange is akin to changing the rules after the game has commenced. This is a behavior commonly seen with scam exchanges. They routinely check for loopholes to prevent the user from getting their funds after deposits have been made or after profit has been generated from trading activities.
This is why users are advised to avoid unknown and shady exchanges that have little or no reputation to protect. There are established exchanges that have top-notch services such as this one here. It is also essential that you conduct some background checks on the exchange that you plan to make investment with and familiarize yourself with the Terms of Service.
Furthermore, be sure to avoid those exchanges that have not built iron-clad reputation in spite of any promises that they offer on their website.
No Known Team
An observant user would notice that the Bitrue site shows no team members on the page it asks the user to “Meet The Bitrue Team”. Dubious projects almost always never lists genuine identity of its team members.
When you click on “More” you’re redirected back to the homepage. This is a clever attempt by the Bitrue owner to deceive users with the impression that there is a team of professionals behind the exchange. In reality, based on the number of scam reports made against Bitrue, we suggest that it should be avoided by investors.
Shifty Exchange Business
One of the features noticeable with Bitrue is that its officials do not promptly attend to queries but would rather refer the enquirer to their social channels claiming that there’s someone to attend to the questions there.
This is unprofessional behavior. Every serious exchange should have accessible customer support to follow up on the challenges of the users of their platforms.
Fake Trading Volume
Another trick employed by the management of Bitrue exchange is pumping of trade volume on its platform. This is meant to create a false sense of liquidity and a false sense of security for the exchange.
This is a serious crime and the operators could be jailed in some countries if they are found in such unhealthy market manipulation. This is meant to deceive the users and a big red flag on Bitrue.
Ignoring Emails and Blocking Users
Bitrue seems bent on making undeserved profit by making trivial excused on the activities of investors on the exchange. The support team routinely ignores emails sent by investors and if such individuals complained at the Telegram channel, they’re quickly removed.
Always avoid exchanges that you have little information about their mode of operation and be sure that the ones you use have clearly spelt out Terms of Service.
If in doubt, please check my recommendation on a reputable exchange that helps you by supplying every tool you need to make profit while investing your crypto assets.
What information do you have about Bitrue? Please share them in the comment box below.