Bitcoin Loophole – Is it a scam? Test & Experience!
Have you ever thought of investing in bitcoin? Everyone once must have analyzed the idea of earning through bitcoin trading.
If so, you must be aware of bitcoin, but what is the bitcoin loophole?
Bitcoin loophole is an AI-based application designed to make the right crypto trading decisions with highly efficient AI bots.
How does the Bitcoin Loophole work?
The advance AI bots are highly efficient in breaking-down and signaling the perfect crypto trading option. AI bots initiate buying cryptocurrency depending on the available funds at their lowest price and wait till the price hikes up and allows the trader to earn the profit.
The application runs as a representative of traders to carry out buying and selling decisions by forecasting the profitable trading outcomes. You can use this application without any prior trading experience. Users need not be online all day as it is an automated application which generates profitable option by self-analyzing.
Is it a scam?
Yes, it is!
Due to the pandemic, people are considering different ways to make money online. Various investment schemes are preying on the recklessness to multiply money have multiplied. One scheme, i.e., the bitcoin loophole, is gaining worldwide attention.
Bitcoin loophole claims to be an algorithmic trading app. However, it is a scam affiliated with a different kind of investment. The self-proclaimed app has made some big claims like-
- The members make a minimum of $13,000 every day
- Few traders become a millionaire within their first 61 days
- The app also presents reviews of members who have successfully made money.
First of all, it is impossible to lose money when dealing with the bitcoin loophole. And secondly, the reviews and testimonials are fake, and member’s photo can be easily found on Stock photos (publicly accessible)
How does the bitcoin loophole try to trick you?
With the increasing prices of cryptocurrency, fraudsters are now eyeing potential investors. The most common scams are-
- Ponzi scams
It involves making consequential claims about the returns you are to make by investing in cryptocurrencies. Most people lose threesome or all of the investment due to this kind of scheme.
- Fake exchanges
You may see bitcoin opportunities being marketed on social media and emails-these will lead you to fake exchanges and can disappear overnight.
- Fake wallet
Wallets are all about storing your cryptocurrencies and not trading them. Fake wallets are scams so that malware can infect the computer and steal your ID and password.
- Phishing scams
It is a case when someone tries to trick you into thinking of them as a genuine source. Scammers can contact you in enormous ways and encourage you to initiate a transaction.
eToro – The safe way to trade cryptos
So, instead of being tricked, you can open your account with eToro. Bitcoin and cryptocurrency trading is advanced and requires knowledge about it. Therefore, eToro offers you the opportunity to open a demo trading account to learn crypto trading. eToro is a regulated service that has been a safe choice for many years.
Are you fed up with losing money trading? Give eToro ago.
eToro is a worldwide financial brokerage that provides a platform for financial trading and investment. It includes markets like crypto, stocks, indices, commodity, and forex.
The social news feed feature of eToro allows traders globally to post their ideas on market direction. The eToro application supports a demo trading account that will enable users to monitor their positions and analyze them. The application is highly responsive, and you can follow top investors to stay up to date on their activities.
Advantages of eToro:
- Regulated by the Swedish Financial Supervisory Authority.
- The minimum deposit is 100 euros.
- Personal help and customer service that is open around the clock.
- There are no false promises at eToro, but they help you understand how cryptocurrency trading works. There is also clear information that there are risks involved in cryptocurrency trading.
Best ways to ensure your broker is Legit
By following ways, you can protect yourself from an unprincipled broker and financial institutions-
- Beware of brokers that contact you uninvited from an organization that has never worked before. The connection can be initiated through different social media platforms but do not get dragged into it.
- If you don’t get straight answers from brokers or financial advisory, they are not someone to go with. Just don’t stick to the places where you don’t get complete and precise information.
- Do your research through the internet. That will bring a new report, wrongdoings, and disciplinary actions to your view. Try searching Professionals who are registered with federal and state regulators.
- Verify if the brokerage firm is a member of SIPC (Securities investor protection Corporation).
- Keep checking your statements regularly so that you can detect wrong doings or mistakes.
- If you are suspecting fraudulent then immediately remove your funds and file a complaint.
Signs that tell bitcoin loophole is a scam
- Unreal and surprising returns
It is impossible to offer a guaranteed return on cryptocurrency due to its unpredictable nature. The returns that bitcoin loophole promise is a total scam.
- Misleading urgency
The homepage of the bitcoin loophole mentions that only five tickets left. Besides, after submitting the email, users are shown a video claiming that the returns are just a few clicks away if they take action.
- Fake testimonials
The photos of members reviewing the bitcoin loophole can be easily found online.
How to avoid bitcoin fraud
- Do not reveal your sensitive information to unbelievable sources via calls and messages.
- Never leave your cryptocurrency on the exchange. The safest place you can leave them in your wallet. You know who to trust!
- Firstly, research about the most preferable and legitimate Forex trading platform. Survey on trading processes and terms & conditions. Make sure if the company is registered or not.
- Stay away from Quick and massive returns, especially if they are too good to be true.
- Be aware of imposter websites. Ensure whether the site you are on is real or duplicate.
What can you do if you have fallen for a bitcoin scam?
There has been a spike in cryptocurrency scams (especially bitcoin). So many traders have lost and are still losing their money to these bitcoin scams. If you are one of them, here are the measures that you should consider:
- Contact the fraudulent company: you will have to contact the company that scammed you and ask for your money back or warn them to report to a regulatory authority.
- Report to Financial authorities: to get justice in a short period, you need to provide as much information as possible.
- Online help: try publicizing your story online and seek help. Name the broker on apps like Quora, Facebook, Reddit, etc., and this also helps prevent others from the same scam.
- Informing your crypto wallet provider: Notify them about the fraud. This will raise awareness and jeopardize any scam relationship.
- Hire a bitcoin recovery expert: you can also hire a bitcoin recovery expert. An expert can track the bitcoin transaction. He investigates and takes all the necessary measures to recover the fund lost to crypto scams. Using the service of a bitcoin expert provides you best and largest cryptocurrency recovery solution.
Is the bitcoin loophole a fraud? Once again, yes, it is!
You can’t risk your hard-earned money on such heavy investments having even a point of doubt. As discussed above, the bitcoin loophole application is not what it claims to be. Do not attempt investing your money in schemes which you will regret later. The red flags here are visible and hence can’t be ignored. To invest in such heavy schemes, you need to go through detailed research.
Since scams in the digital currency world have become more rampant, anyone going for it should take utmost caution.