Warning Investors Bitmarket Trader
Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)
Introduction
In a world where investment opportunities abound, it’s crucial to exercise caution and due diligence to avoid falling victim to fraudulent schemes. Bitmarket Trader, a company claiming to provide investment and trading services, is one such scheme that should be kept at arm’s length. In this review, we’ll delve into the various aspects of Bitmarket Trader, shedding light on its questionable practices and highlighting the warning signs that should make any savvy investor run the other way.
Regulation and Compliance:
One of the most glaring red flags when it comes to Bitmarket Trader is its lack of regulation and compliance with any financial authority or jurisdiction. The absence of an AFM license or a European Passport means that Bitmarket Trader is not authorized to offer its investment services or products in the Netherlands or the European Union. The Dutch Authority for the Financial Markets (AFM), responsible for ensuring fair and transparent financial market operations, has explicitly issued a warning regarding Bitmarket Trader, categorizing it as a suspected boiler room. This warning was posted on the AFM’s website on October 9, 2023, and serves as a stark reminder that Bitmarket Trader operates on the fringes of legality.
Customer Reviews:
The internet is replete with scathing reviews and harrowing tales from individuals who’ve fallen prey to Bitmarket Trader’s scam. Many unsuspecting customers have recounted their experiences of being contacted by Bitmarket Trader via phone or email, allured by the promise of attractive investment opportunities boasting high returns. However, once they’ve deposited their hard-earned money, the promised returns remain elusive, and they find themselves coerced into paying additional fees or taxes before they can even think about withdrawing their supposed profits. Even more disturbing is the fact that some customers have reported their inability to contact Bitmarket Trader once they’ve grasped the grim reality of being swindled. In some cases, their accounts have been inexplicably blocked or deleted, leaving them in the lurch.
Products and Services:
Bitmarket Trader’s website boasts a wide array of products and services related to investment and trading, including stocks, commodities, forex, cryptocurrencies, indices, and options. However, these offerings are either entirely fictitious or operating on the wrong side of the law, given Bitmarket Trader’s lack of necessary licenses and permissions. To lure unsuspecting investors, Bitmarket Trader employs a plethora of deceptive marketing tactics, including fabricated testimonials, counterfeit awards, fictitious news articles, and sham social media accounts. These tactics are designed to ensnare potential customers in their web of deceit.
Location:
Adding to the dubious nature of Bitmarket Trader is its reluctance to disclose any physical location or address on its website or other communication channels. The company provides only a phone number and an email address, both of which are likely to be untraceable or disposable. There are indications that Bitmarket Trader may operate from offshore jurisdictions with lax or nonexistent financial regulations, such as Belize, Panama, or Seychelles, further shielding the scammers from accountability.
Customer Service:
A legitimate company’s customer service is often a reflection of its professionalism and commitment to its clients. Unfortunately, Bitmarket Trader falls drastically short in this regard. The company’s customer service can only be reached through a phone number or email address, both of which are notoriously unreliable and unresponsive. Reports from aggrieved customers paint a picture of rude, aggressive, and dishonest customer service representatives. These individuals employ manipulative techniques, including false promises, threats, guilt trips, and emotional appeals, to either convince customers to invest more money or to obstruct their attempts to withdraw funds. The inconsistency and contradictions in Bitmarket Trader’s customer service are particularly concerning, with customers being provided with differing stories and explanations regarding their access to their funds.
Conclusion:
Bitmarket Trader stands as a cautionary tale in the world of investment scams, and it is a financial minefield that should be navigated with extreme caution. The company’s complete lack of regulation and licensing from any financial authority, coupled with a stern warning from the AFM, underscores the peril it poses to unsuspecting consumers. Bitmarket Trader dangles fake or illegal investment products and services as bait, using deceptive marketing strategies to lure in potential victims. Furthermore, the absence of reliable and professional customer service, along with account blockades and deletions, demonstrates the extent to which this scam goes to prey on well-intentioned investors seeking legitimate opportunities for financial growth. In conclusion, Bitmarket Trader is a wolf in sheep’s clothing, and it’s one scam that savvy investors should steadfastly avoid.
