The Bitvo way of operation is one that individuals keep asking about and requesting our help. So we have done some research to find out if this is an Authentic or Fake Platform.
How Does Bitvo Operate?
We’ve done some research on the company and discovered they run an unregulated scheme that may operate in many countries without the regulation required by the reputable regulatory authorities.
This means the customers are not protected and there are high chances they will get away with your hard earned money without a regulating agency to hold them responsible. This should be enough reason to avoid this broker.
But regulation is certainly not the only reason for calling out this company. You’ve probably come across lots of warnings and negative reviews about them on social platforms, let us explore other factors that raise questions about their operations.
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One of the most prevalent online trading scams is to initially display profitable trades that give the investor a false sense of confidence, and get them hooked to the idea of ‘instant profit’. Once this confidence is established, the investor will be marketed the idea of investing more money to earn greater returns.
Additionally, other incentives may also be provided to encourage the investor to get their friends and family onboard the platform too.
Once the brokerage believes that they have extracted all available funds from an investor and his/her network, they will then proceed to suspend the account, and the investor will no longer be able to access the funds put in.
Many fraudulent firms will even claim to be domiciled in a regulated jurisdiction, and display fake regulatory licenses. The fraudulent addresses on their websites to try and improve their credibility with unsuspecting investors. Be careful and verify your information through multiple sources. Constant vigilance should be applied at all times when sending funds online.
Bitvo Transaction Issues
Another suspicious factor we encountered was their constant shifting excuses when it comes to withdrawal. Your deposits are never secure with an unlicensed broker. Therefore when individuals request withdrawals, things become complicated.
No matter how much profit you have, when it gets to the time you wish to withdraw your funds, they will stall the procedure for months. And the Support team starts to ignore your emails or give you any sort of attention. You will not receive your money back no matter how many times you remind them or insist on withdrawing it.
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Features About A Suspected Scam Company
We see that the owner of the website is using a service to hide his/her identity. This may be because the owner does not want to get spammed. However, it also makes it difficult to identify the real owner of the website.
We found a lot of reviews for this company. What makes us a little bit suspicious is that the websites are always made recently. Usually, it takes a lot of time, effort, and orders to get this many reviews. We recommend you to check the reviews of this company manually to see if they are real or fake.
The domain has only been registered recently. We recommend you to be cautious when buying or using services from a website that is very young. Websites of scammers often only last for a few months before they are taken offline.
An old website is no guarantee that the site is safe. Some scam sites are even years old. However, Most scam sites are taken down after a few months as the number of consumer complaints rises. And the hosting company is getting tired of the many emails and phone calls.
We checked if the website is optimized for search engines. Several items are missing which most websites implement to make sure they can be found by search engines. We consider this suspicious. Why would a website not want to be found via search engines? This is usually the case if they do not want to be found by cyber security agencies
Is Bitvo an Authentic or Fake Firm?
When searching for brokers to conduct your trading activities with, the first and most important step should always be to learn about their certification(s). This will tell you whether they are regulated by a central authority or if Bitvo is an unregulated entity.
When a company is unregulated or regulated by an entity outside of your jurisdiction, you have limited to no legal recourse in the event that your funds are compromised. In an event of theft, complaints can only be made if that broker is licensed by the regulator in your jurisdiction.
This company has attracted many negative reviews. And users who traded with this company have lodged many complaints against it by posting reviews on other websites such as TrustPilot and so on.
The company provides a brief account of what happened, you may further damage them and prevent others from becoming victims. If you were a victim, kindly write a review and a remark in as many places as you can find online.
Additionally, when these people lose their websites, they frequently place phone calls to their former and existing customers. If this happens to you, please note it in the comment section or let us know by getting in touch with us.
Lastly, if you receive calls from other businesses do not hesitate to include their names in the remark or give them to us. We’ll also expose them.
Can I Recover my Funds from Bitvo?
So the worst has come to pass – you realize you parted with your money too fast, and the site you used was a scam – what now? Well first of all, don’t panic!! If you think you have been scammed, the first port of call when having an issue is to simply ask for a refund. This is the first and easiest step to determine whether you are dealing with a genuine company or scammers.
Sadly, getting your money back from a scammer is not as simple as just asking. If you are indeed dealing with scammers, the procedure (and chance) of getting your money back varies depending on the payment method you used. PayPal Debit Card/Credit card Bank transfer Wire transfer Google Pay Cryptocurrency PayPal etc.
There are quite a number of ways to Get your Money Back if you have already invested money with them. And they refuse to process your withdrawal, which is extremely likely to happen and has been happening.
First and foremost, you must save the proof of communication with the company as evidence. That you have asked them for a refund of your money. But that they have refused to do so or have delayed the process unnecessarily.
We are experts in recovering money for victims of fraud and we operate 24/7. One such subject that we frequently deal with is cryptocurrency frauds. Contact Our Experts for a Free Consultation to learn more about recovering your money from scammers.