Bitstar is a popular site but the Bitstar we know in crypto circle is that gaming site. That’s why when I came across Bitstar Ltd, it rang a bell. It also would be of interest to many that are aware of the more popular gaming version. This is why it is important that you read through this post if you’re considering investing your money in this relatively new site that has a sound-alike name.
When It’s Too Good To Be True
Have you come across one of those sites that ask you to invest your funds for a chance to double them in a short time? No experienced investors take such sites seriously but of course, their targets are not the savvy investor, but people who know little about what they’re investing in.
There are many people that are deceived to believe that digital currencies such as Bitcoin is simply easy to generate from a computer through ‘mining’ activities, so fraudsters are taking advantage of the ignorance of such people to defraud them.
Trust me, I’ve been there because there was a time I knew nothing about how Bitcoin and other cryptocurrencies work. So I believed that scam sites offering easy bitcoin are real. However, don’t take my word for it. I’ll show you the tricks used by the owners of Bitstar Ltd in a bid to deceive investors and steal their funds.
Before we go right to that, you may want to know a reliable investment site where you could grow your assets without the fear of losing them to scam. Check our top recommendation here.
What is Bitstar Ltd?
Just think of the site as one of those high yield investment programs that lure people with promises of instant profit if they invest some funds.
According to the site, what the investor needs to make profit is just selecting one of their investment plans and making deposit. They can then relax and watch their funds grow without raising a finger.
It is not as if there are no sites that can actually help you grow your assets. The problem is that majority of those asking people to send their digital currencies to be invested are fraudsters who will steal the funds invested.
Owners Not Known
Why should anyone send their funds to a supposed investment site whose owners are not known? This means that there is no one to hold responsible if something goes wrong and something will likely go wrong since the persons behind such sites have no sense of connection or commitment to the investor.
In the real world, businesses generally are made to conform to certain standards in their operations by supervisory agencies. They also build the confidence of the investor through risk management practices such as insurance. But when random people set up sites and ask others to invest, they do so out of mischief, especially if there is no clear project the company is involved in.
As we saw with Bitstar Ltd, there is no indication of the owners of the site is, just a soliciting for investors to send investment funds. In the cryptosphere, there have been many scams especially during the days of initial coin offering. So experienced investors generally keep away from random investment sites irrespective of what they promise, especially if such sites have no identifiable owners.
What Does Bitstar Ltd Do?
Though there is no reason to believe what is written on the site, the company claims that it is into asset management, forex and crypto trading. According to the site:
“If you find yourself here, you are definitely in search of reliable and profitable investment. Yes, you are just at the right place! Our company offers trust assets management of the highest quality on the basis of foreign exchange and profitable trade through Bitcoin exchanges. There is no other worldwide financial market that can guarantee a daily ability to generate constant profit with the large price swings of Bitcoin. Proposed modalities for strengthening cooperation will be accepted by anyone who uses cryptocurrency and knows about its fantastic prospects. Your deposit is working on an ongoing basis, and makes profit every day with the ability to withdraw profit instantly.”
There is truth in assertion that the market swing could make a trader make a lot of profit in the cryptocurrency market. It is equally true that the trader could be in massive loss if the trade went awry. No one can predict the market and every trader could make losses. Even at that, expert traders that win almost every time do not have time to solicit for your investment as they are busy building their own capital.
What am I trying to say? Bitstar Ltd’s claims that they’re in so much profit that all the investor need do is make deposit and share in quick overnight profit is unrealistic. In fact, it is strategy employed by fraudsters to get the funds of the uninformed.
Here is a warning from the Securities and Exchange Commission (SEC):
“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.”
You will notice that Bitstar Ltd claims they can pay up to 100 percent of the capital you invest. That is impossible but an attempt to get your funds. The only person that makes money from the site is the fraudster behind it.
They succeed because there are many investors that never learn about what they’re investing it. Never send money to a random site whose owners are not known and that has no regulatory agency vouching to it.
There are genuine investments sites that can help you make money and grow your assets. The site that we recommend is a social trading company that has built a platform that enables users to copy the best traders and get the result they get. It’s just like trading like a professional.
What is your opinion about Bitstar Ltd? Please share it using the comment box below.