How possible is it to double your investment twice in 3 months? Very probable I’d say but how do you know that the company that you’re sending your cryptocurrencies to are reliable to deliver on its promises?
As you may be aware, there are many phony online businesses whose target is to get peoples’ money and walk away. The essence of reviews such as this is to help you gain insight into these and make informed judgment based on the information that you have.
Grossbyte is s financial investment company that promises to double your investment in three months. In this review, we shall find out if it is possible that this company accomplishes this. We shall also look at the company to know if they have what it takes to be trusted with your funds.
The company stated on its site that it uses advanced technology to trade cryptocurrencies. The site was designed to accept funds from a wide range of payment platforms.
It claims to be the be the best trading platform for cryptocurrency adding that many platforms find the company the best place to make investments.
No Evidence of Trading Activities
Even though they did not provide evidence that shows they are involved in any form of trading activity, Grossbyte claimed to be involved in other forms of offline businesses which were not specified on the site.
Investors are generally advised to be wary of any sites that make claims without backing them up with evidences that are provable. In the case of Grossbyte, that they made claims that are unsubstantiated should be a red flag to any investor.
If No Business It’s Just Another Scam
There are many projects online that claim they could double or triple investments in a short time without providing a clear analysis on how they accomplish this.
Many of these are companies that do not have any commercial activities behind them yet their primary interest is to have people send them fund that would be unaccounted for down the line.
Regulatory and Oversight Functions
Grossbyte did not provide any evidence that it is under any regulatory authority which is ordinarily a standard for businesses offering financial services.
Countries make sure that legitimate companies offering these types of services are regulated. This helps to secure investors’ funds so any company that cannot prove that it has been licensed by the relevant authority in the country of operation should be treated with caution.
Virtual Physical Address of Business
Legitimate financial services companies usually assure investors of their honest intentions by providing the physical address of their companies. This address should be easy to locate and verifiable by investors.
Grossbyte claims that it has three international offices located in the UK, Seychelles and UAE. However, a Cryptoinfowatch investigation shows that the UAE office address, Level 21, A1 Habtoor Business Tower, Dubai Marina, Dubai, is a virtual office.
A New Company or Ponzi
Virtual offices are used by new companies that do not yet have funds to rend their own places. Company founders that do not want to use their residential address resort to virtual offices. But there are times that scammers and Ponzi or pyramid schemes use virtual offices to cover their tracks.
The other addresses on the site could not be linked to the company. This means that there is no certain way of tracking the owners of this business to know if it actually exists in real space or just on the cyberspace.
It is worthy to note that Grossbyte registered address at the Company House is 12 CONSTANCE STREET LONDON UNITED KINGDOM E16 2DQ. It is possible that the reason why this address could not be linked with the company is because it was just registered on April 4, 2018.
Grossbyte Investment Packages
Grossbyte has three investment plans with durations of 90 days, 100 days and 110 days. These plans have a minimum investment of $30 and maximum of $50,000. With ROI of 162 percent, 200 percent and 242 percent, it is an investment that could attract many to send in their deposits.
Nevertheless, it is essential to be cautious bearing in mind that many high paying investments from sites that their owners are not known may just be poised to steal the deposits and shut down.
Tracking fraudsters online or off is not an easy quest. This is why it is advisable that you conduct due diligence before sending your coins to any investment sites.
Having testimonials on a site is a good marketing strategy because it gives visitors the impression that there are people that have used the service and are satisfied with it. But there are times these testimonials are bogus because the site owners are eager to get people to send them deposits.
The testimonials that are reliable are mostly those from other sites where people express their opinions about the service.
The Positive Signals
What Grossbyte has in its favor is that the domain was registered in April 3, 2018. The owners registered it for 5 years so this means that they have a long term outlook for the business.
This could be a business that lasts for a long time if the owners are honest people. According to the FAQ on the site,
“We plan to offer our online investment services for as long as our clients are satisfied with our provided investment opportunities. We have designed a perfect financial and advertising strategy that ensures abiding progress and growth.”
Is Grossbyte A Scam?
With the information available, would you classify this project a scam?
Grossbyte can be categorically classified a scam since the company has failed to prove that it is capable of generating the profit it claims it could. This is the only red signal and the fact that it doesn’t have a proven record of its physical address.
These may be lapses or an intentional act to be anonymous. More so, the people behind the project are not known so this project is high risk investment for those willing to risk their funds.
Also, it made series of claims such as being built on the blockchain. This is a common line used by scammers since they’re aware that most crypto investors have no way of verifying such claims.
When You’re Uncertain, Don’t Invest
In this line of business, dicovering one falsehood is a pointer that you’re dealing with a fraudulent entity unless in cases of omissions. This is why you have to be careful if you intend to deal with Grossbyte as an investor.
It is possible that this is another ponzi scam that’ll pay a few people down the line and quit. In any case, you should seek better alternatives.
For a platform that has proven that it actually trades and makes profit, check my recommendation.
If you’ve had experience with Grossbyte, please send in your comments below.