In this era of technology, where almost all industrial sectors adopt automation, the financial sectors initiate AI-enabled bots for investment functions and trading conditions. Truth to be told, there was a time when human experts conducted them. These bots are nothing but a set of algorithms that are set to perform several functions. With Artificial intelligence, algorithms have reached the pinnacle of human intelligence, even acquiring learning skills. One of the finest examples of such includes Bitcoin Supreme. It is an AI-enabled bot, claiming to change with continually changing data and submit returns above crypto market rates.
What Exactly is Bitcoin Up?
Bitcoin Up is the trading system that has been built around the idea of Artificial Intelligence backed by blockchain technology to create transparency. While Bitcoin up is relatively new to the market, it has gained tremendous popularity in recent times. Bitcoin Up trades automatically, requiring minimum human input from crypto traders to get the operations done. This, in turn, is actually one of the main reasons Bitcoin Up made a fortune out there in the market.
Bitcoin Up: Scam or Legit?
There is no point in arguing that there are several fraudulent software that has flooded within the market. Indeed, one of them includes Bitcoin Up. Their “click-bait” ad copies are a clear indication that there’s something fishy going on. Being able to become a millionaire overnight is something every one of us dreams for. But, factual data speaks otherwise.
Particular looking at their demo trading set-up is yet another clear indication that they are running nothing but an apparent scam. Tweaking the historical data enables the trader to gain confidence while grooming them for the real market experience. It is imperative to understand that the live trading experience will be utterly different from showcased in demo trading.
Fact: In April 2020, the FBI had generated a notification to warn would-be investors about keeping an eye on growing numbers of cryptocurrency-related frauds.
Fake Scam Review
Any scam may not be sufficiently attractive until it offers a high amount of return. A usual scam offering begins with a handsome percentage of the recovery that promises that interest would get compounded every month. Neither less to say even it comes insufficient to attract prospective investors into the scam. In these scenarios, the websites offer to get rich quick schemes through cryptocurrency. There are instances where people who were rich through bitcoins got portrayed in such types of plans. The phrase,” You can be the next millionaire,” is something you must have heard once in your lifetime.
Looking at the perspective of the fraudsters, it is relatively easy to understand their scheme. Oftentimes they display pictures of individuals who have earned their fortunes from Bitcoins. After all, potential investors won’t be trusting anyone for that matter. Thus, to cope with this problem, the websites display logos of highly reputed organizations to garner prospective investors’ trust. Along with these, highly convincing testimonials of already successful investors are portrayed with the message that “You can be one of them.” This helps more investors to enter the scam. Unfortunately, there is no way to verify the testimonials and the usual tendency that people who want easy and quick money do not bother to verify the facts.
Stay Away from Open Account for Free
The onboarding process’s entire idea is to let the investor open an account, which is generally free. After the account is made, the request to deposit the funds gets in to activate the trading account. Once the fund is deposited, it is converted to Bitcoins or at times to any other cryptocurrency.
This is the point where the investor technically loses control of their hard-earned money. The fund converted into virtual currencies can only be bought back through certified media. Now, the investor is entirely in the hands of the investment website or the company. Under such circumstances, even when the company is cashing out, the investors lose their access to their own money.
Beware: There are reports that investors do not even get a confirmation mail after investing their funds.
There are numerous instances that an investor’s account gets authenticated without any notice or further verification. The most usual and bizarre promise that almost every website makes is that the entire investment, trading, and earning procedure is absolute without risk. It is to be engraved in mind that every form of investment is subjected to risk. Suppose anyone claims to give a higher return. In that case, it has to be considered that the risk of losing everything is also higher. Disrupting the Risk: Reward ratio is their only way to entrap desperate investors into their website.
A deeper Inspection
As claimed to be a highly efficient algorithm-based robot that virtually trades the funds that the investors put in and give you high returns, Bitcoin Up, at the end of the day, is nothing but another “Get rich in no time” scheme.
Fact: Bitcoin Up is nothing but a fraudulent scam run by affiliate networks doing their work with unlicensed Forex of CFD (contract for difference) brokers.
It is imperative to understand that CFDs are derivatives that can be sold and bought at contract rates. The main point is that the people who promote CFDs try not to have experienced traders hop into this. Instead, the sole purpose remains to sell out on dreams while attracting investors looking for an easy way to earn.
Fact: As per reports, if an investor deposit funds, he is connected to a “Pro CFD” who does not have e proper legal certification, which limits them from handling the clients’ investment portfolios.
So, suppose someone is investing in such circumstances. In that case, technically, the investment goes right to the broker or trading platform, which in most cases, is unregulated. The website is simply a page decorated with luring “Invest and become a millionaire” videos. In reality, when you are investing, the money is actually going to the broker’s hand, and you can bid farewell to it.
Fake reviews are not breaking news in today’s world. Scammers are well aware of the power of Mass Media and use them to get in more victims onboard. High-profile celebrity videos on the websites, which are definitely fake endorsements, are part and parcel of this website. Generic messages like “Lucky investor becomes a millionaire with the path-breaking Trading platform” can be seen often, which skillfully depicts that people are using Bitcoin up in this Pandemic situation and making huge profits from the comforts of home.
Bitcoin Up is portrayed as a human input free-trading app that conducts trading in autopilot mode and is powered by a “one of its kind” algorithm. As per other reports, Bitcoin Up has an elite club for the new bitcoin millionaires. You may not find fruitful discussions on success ratio or crisis management tactics.
The videos found in the websites are reported to be available in other scam investing websites as well. Adding to this, researchers have also discovered multiple Bitcoin Up websites. All of them have claimed to be the official one. The reason being that each of these official websites belongs to the various affiliated networks operating separately. Each one of them is trying to lure investors to their websites with different registration forms.
Once they get hold of an investor who invests through their website, that particular network receives a commission once the funds are received. In reality, all these websites’ destinations are the same, i.e., a CFD broker who actually works from behind. And it is an illusion that Bitcoin up is free. Once registered, the investors are charged somewhere around 250 Euros.
A Word of Caution
However, Bitcoin Up is a comparatively new website, so it is still not under the regulatory authorities’ scanner. As mentioned earlier, all the information suggests that one needs to thoroughly research before investing in it. Online investment fraud has seen a surge during this time of crisis where economies are falling, industries are shutting down overnight, and tenured people are losing their jobs all of a sudden. It is high time that we work cautiously.
By this, we can conclude that Bitcoin Up is yet another cryptocurrency scam that is taking advantage of the current crisis situation. It claims that the human free autopilot robot has an accuracy of winning trade with a whopping percentage of 94% approx. However, there is no documented proof or testimonials to complement this claim.
One cannot find the brokers who actually run the business, and literally impossible to figure out the technology that powers the entire stuff. It has been found that numerous feedbacks indicate that the “Contact Us” link does not work. So, before diving into these scams, you must have a clear understanding that it is your hard-earned money. So, make sure to spend it wisely. Stay vigilant, and only after rigorous research reach out to such websites.