Bit-Trade has mentioned on the website that it is operating from Canada and has also provided profiles of the CEO and the Chief Analyst. The company is an addition to the cryptocurrency trading, at least that is what they are flaunting. But, there are various things that I noticed while researching the claims that they have made on their website.
The domain (bit-trade.io) was registered privately on 28th July 2017. So, an attempt to find a clue about the owner of the domain failed. However, I did find some interesting leads while surfing the profiles of the team listed on their website. This I have discussed in detail later in my blog.
I checked the Alexa estimation and it indicates that 100% of the traffic that was reaching Bit-Trade during publication, was from India. This strongly suggests that whosoever is behind the operation of Bit-Trade is from India, instead of Canada.
When it comes to the product, I did not find any evidence to support that they have any other product or service to offer, apart from their affiliate recruitment scheme. They have provided a free membership plan to lure affiliates into joining them and have restricted their pay to the referral commission only.
For making most of the perks as promised by the company, you need to invest at least $100.
In short, they know how the MLM game is played and have tried their best to look legit. But, the holes are too bigger to be hidden. So, I believe that the most vital thing to consider while investing in a company, is its transparency. And, Bit-Trade fails to meet that requirement at every step.
Bit-Trade – Member’s Profile
I have outlined
it earlier in the blog that the profiles listed on the website of Bit-Trade is plotted and has nothing to do with anyone who is real incharge of the company’s operation.
The first profile is of Mr.Philippe Nicolas who has been listed as the Co Founder and CEO of Bit-Trade.
When I matched the image for other results, I found couple of pages where he is listed with another name.
Moving on, the second profile is of Mr.Damion Williams, listed as the Chief Analyst Officer at Bit-Trade. The similar results appear for this image as well, when I tried to google it.
This clearly signifies that these profiles do not exist. And, the admins who do not want to disclose their names, are hiding behind the faces of these fake images. What else do I need to say? This is enough evidence that they are not legit.
Bit-Trade – Membership Package
Bit-Trade has promised a 250 days ROI in return of the investment made on bitcoin. To access the ROI, there are different packages available with the company.
- Starter Pack: $100
- Standard Pack: $200
- Ultimate Pack: $500
- Professional Pack: $1000
- Investor Pack: $5000
They have not provided the exact ROI that would be received as per the package.
Bit-Trade – Sponsorship Income
The sponsorship income or the referral commission, as you can term it, is provided through unilevel compensation structure. In this structure, an affiliate is placed at the top and the personally recruited affiliates are placed directly under them. For example, the affiliates recruited by the top affiliates are placed under him, on level 1 and so on.
The cap is made on level 5 for paying the sponsorship Income.
- Level 1: Daily 0.10% of package
- Level 2: Daily 0.05% of package
- Level 3: Daily 0.05% of package
- Level 4: Daily 0.05% of package
- Level 5: Daily 0.05% of package
Bit-Trade Matching Bonus
Bit-Trade uses binary compensation plan with right and left recruits to provide matching bonus to its affiliates. The website does not mention the exact bonus but has provided limited information as under:
- Matching bonus Income First Pair 2:1 or 1:2
- After First Pair Next Pair 1:1
Bit-Trade – Review
John C: The website looked fake as the information provided was vague and things were not making sense. So, I decided not to put my money on this. This company was referred by a friend. But, I believe that I would not be doing him the favor of joining, this time. I wish you get your money back, man. Good Luck.
Eugene: Not happy! Waste of time and money. A dirt bag with no actual results. Stay far away from Bit-Trade.
Conclusion from the above Reviews
As I said, the attempts to make the website look genuine has made it even worse. It is pretty obvious from the website itself that the company is nothing but an MLM trap. The fake profiles and wrong address, say most of it. These reviews further strengthen my research results.
I believe that with growing number of such scams, we need to tap the basics to find ourselves ending up with the right ones.
The Verdict
It is no brainer to see through the lies that the company has tried to stick with. Bit-Trade’s fake profile of management team, the lie about the country’s operation, the undisclosed plans, anonymous admins and many other considerations, make this company a doubtful option.
They have mentioned in their business model that they are involved in cryptocurrency exchange and trading. What a joke? Do you believe that after so many lies, we are going to fall for that catch? We are not that desperate.
There is no evidence provided to prove these claims and affiliate program is the only option to pay ROI to its members. The funds invested by new affiliates are used to pay the existing ones. This makes it a Ponzi Scheme.
As usual, once the recruitment would freeze and the minimum threshold will reach, the company would stop paying its affiliates, resulting in the collapse of entire platform.
Those joining early, may get an upper hand and would receive some perks. But, majority of the affiliates would lose money in the hands of these scammers who are too scared to disclose their identity.