I keep looking for companies that seem suspicious and BitsTrades got my attention through its claims that seem nothing more than the pie in the sky. BitsTrades has provided no information about the founders of the company on their website.
In case of BitsTrades, the domain WHOIS information revealed an interesting information. The domain (bitstrades.com) was registered on 20th July 2016 when the company was investing into index trading. The company’s website came into operation in September 2017 after the new scheme was initiated.
Alexa provides the traffic information from November 2017, right after the company started the second time.
If we talk about the products and services, we have nothing much to discuss about. The only verifiable source remains, the affiliate recruitment program. It is free to join the affiliate program. But, a free membership will only give access to the referral commission. To enjoy all the perks listed on the website, one needs to spend a minimum of €100.
All these can be tricky and get you into investing your hard-earned money, but make sure to calculate the risk associated and ready to lose money with companies which are not transparent.
BitsTrades – Compensation Plan
BitsTrades sell pre-generated points, BSS points and the affiliates are required to acquire these points from the anonymous admins in exchange of the real money. The another option to buy BSS points is from BitsTrades affiliates through an internal exchange.
The BitsTrades points are worth €2.50 EUR each as per their internal exchange rate. After acquiring these points, affiliates are required to lent back these points back to the platform for huge ROI promised on the website.
- Plan 1: You need to invest 100 EUR – 1000 EUR for receiving daily ROI for 289 days
- Plan 2: You need to invest 1001 EUR – 2500 EUR for receiving daily ROI for 259 days
- Plan 3: You need to invest 2501 EUR – 5000 EUR for receiving daily ROI as well as 0.1% daily bonus ROI for 229 days
- Plan 4: You need to invest 5001 EUR – 10,000 EUR for receiving daily ROI as well as 0.2% daily ROI bonus for 169 days
- Plan 5: You need to invest 10,001 EUR – 100,000 EUR for receiving daily ROI as well as 0.25% daily ROI bonus for 110 days
BitsTrades – Referral Commission
The company uses unilevel compensation structure to pay referral commission to its affiliates. In a Unilevel structure, an affiliate is placed on the top order and personally recruited affiliates are placed directly under the one who recruited them.
For example, the affiliates who are recruited by the top affiliate are placed on the level 1. Those who are recruited by the level 1 affiliates are placed on level 2 and so on.
This continues for an infinite series and the cap is put on level 10 for paying the referral commission. The referral commission would range from 5% of the invested funds by the new affiliates to 19% of the funds invested by new recruits. More recruitments would lead to more referral commission.
BitsTrades, however, has not listed the commissions level-wise.
BitsTrades – Reviews
Rex Acio: Anonymous devs. The next BCC. Goodluck!
Indra Gita: I haven’t receive my BTC withdrawal from bitstrade to my BTC wallet. I only receive an email said that the withdrawal will be processed 2-4 hours, but it’s been 18 hours ’till now and nothing happen, no further notification, even no TX ID. Can you help me with this issue?
Conclusion from the above Reviews
The reviews clearly simplify the research aim. Users and affiliates are facing problems with withdrawals and the company is not giving its time to resolve these issues. This says it all. BitsTrades is working for itself and not for its affiliates.
The past is painted with red colour. BitsTrades was involved in ponzi scheme with forex trading niche. The new start is not all different. This time, BitsTrades is operating the same Ponzi Scheme into cryptocurrency niche.
The company claims to own the volatility software for generating ROI for its affiliates. However, there is no proof for such software exists anywhere on the internet.
BitsTrades is using the funds that are invested by the new affiliates to pay the old ones. This makes it a Ponzi Scheme, something that they already know a lot about.
Once the recruitment will freeze and the minimum threshold will reach, BitsTrades will stop paying its affiliates and the anonymous owners will run away with the what is left.
Those who would join early, would be able to make some profit, but majority of the affiliates will lose money at the hands of these anonymous admins. So, be cautious before you spend your life savings on these scammers who have a history of cheating people.