A bitcoin investment program that aims to help people make more than $ 13,000 in 24 hours has recently attracted more attention. Bitcoin Loophole claims to be an algorithmic cryptographic trading application that allows its members to make daily profits and become millionaires in 61 days. However, it is a scam associated with a different type of investment.
Bitcoin Loophole: Crypto Trading app scam
Record unemployment in many countries, caused by the coronavirus crisis, has forced many people to look for work or ways to make money online. Investment programs taking advantage of the desperation to make quick money have multiplied, many of which advertise investments in bitcoin or other cryptocurrencies, as they have recently outperformed most classes assets.
A bitcoin investment program that recently caught the eye of the world is called Bitcoin Loophole. Its simple website looks like other well-known bitcoin investment scams that Bitcoin.com has previously exposed, such as Bitcoin Trader, Bitcoin Superstar, Bitcoin Era, Bitcoin Revolution and Bitcoin Evolution.
Bitcoin Loophole claims to be algorithmic trading software for the cryptocurrency markets that can be automated so that no investor intervention is required, details its website. You can "make money using the official crypto trading software," which is integrated by AI and uses "cutting edge technology," he adds.
<img class = "lazyload wp-image-388515 full size” title=”Bitcoin Loophole: you want to earn $ 13,000 today? This Crypto Trading app is a scam” src=”data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%201280%20677%22%3E%3C/svg%3E” data-src=”https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-trading-bot.jpg” alt=”Bitcoin Loophole: you want to earn $ 13,000 today? This Crypto Trading app is a scam "width =" 1280 "height =" 677 "data-srcset =" https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-trading-bot .jpg 1280w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-trading-bot-300×159.jpg 300w, https://news.bitcoin.com/wp-content /uploads/2019/05/bitcoin-loophole-trading-bot-1024×542.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-trading-bot-768×406. jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-trading-bot-696×368.jpg 696w, https://news.bitcoin.com/wp-content/ uploads / 2019/05 / bitcoin-loophole-trading-bot-1068×565.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-trading-bot-794×420.jpg 794w "data-sizes =" (max width: 1280px) 100vw, 1280px”/>The Bitcoin Loophole investment program aims to help people make a lot of money quickly, like $ 13,000 in 24 hours. Its website claims that users have earned regular income and some have become millionaires in two months. However, this site is a scam.
In addition BTC, the Bitcoin Loophole website announces that members can also trade other cryptocurrencies, such as ethereum, litecoin, ripple, monero, bitcoin cash and dash, as well as fiat currencies, such as the US dollar and the euro. The self-proclaimed crypto trading app also claims that its members "generally earn a minimum of $ 13,000 a day", adding that "little real work is needed" and "some members become millionaires in their first 61 days ". It also indicates:
It is virtually impossible to lose money when trading with Bitcoin Loophole.
In addition, the Bitcoin Loophole website also displays a number of testimonials allegedly from members who have managed to make money using this trading app. These testimonies are false and the photos of the members are simply stock photos accessible to the public online. The Bitcoin Loophole app is also available on the Google Play Store.
<img class = "lazyload wp-image-388518 full size” title=”Bitcoin Loophole: you want to earn $ 13,000 today? This Crypto Trading app is a scam” src=”data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%201280%20492%22%3E%3C/svg%3E” data-src=”https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-users.jpg” alt=”Bitcoin Loophole: you want to earn $ 13,000 today? This Crypto Trading app is a scam "width =" 1280 "height =" 492 "data-srcset =" https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-users.jpg 1280w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-users-300×115.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019 /05/bitcoin-loophole-users-1024×394.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-users-768×295.jpg 768w, https: // news .bitcoin.com / wp-content / uploads / 2019/05 / bitcoin-loophole-users-696×268.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole- users-1068×411.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-users-1093×420.jpg 1093w "data-sizes =" (max width: 1280px) 100vw , 1280px”/>The Bitcoin Loophole website displays a ton of alleged testimonies from people in the United States. United States Despite the system which declares (after registration and connection) that it does not accept American customers. United States
What is the trick?
While the idea of earning $ 13,000 a day with little effort is drawing attention, there are a lot of red flags on Bitcoin Loophole. News.Bitcoin.com has created a Bitcoin Loophole account for this review. When registration is complete, the following message will appear in the center of the screen: "You have successfully registered and you are connected to your broker". Then another message asked us to deposit funds of at least $ 250 into the account to start trading. All deposits must be made with credit cards: Visa, Mastercard, Discover, Maestro and American Express.
There was a world of difference in the information and tone displayed on the website before and after logging into the site. Once connected, there are no more easy promises to earn bitcoin. Instead, a warning says:
Bitcoin Loophole accepts no responsibility for loss or damage resulting from reliance on the information contained on this website.
Another red flag is that before connecting, the website expressly declares that it is not a scam and that its application is "award-winning software". In addition, the so-called trading app states that "it has been recognized by leading institutions such as the United States Trade Association as the best trading tool for cryptocurrency investors". Of course, this is not true, as the company is not registered with any regulatory body and its application is not recognized by any authority.
Once connected, the website also displays a notice specifically for US customers. United States It says, "US regulatory notice. United States: Option trading is not regulated in the United States. Bitcoin Loophole is not supervised or regulated by any financial agency or by American agencies. Any commercial activity not regulated by American residents. United States It is considered illegal. Bitcoin Loophole does not accept customers located in the United States or with U.S. citizenship. This disclosure is false because option trading is regulated in the United States. United States For the Commodity and Exchange Commission (CFTC).
<img class = "lazyload wp-image-388561 full size” title=”Bitcoin Loophole: you want to earn $ 13,000 today? This Crypto Trading app is a scam” src=”data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%201280%20720%22%3E%3C/svg%3E” data-src=”https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-scam.jpg” alt=”Bitcoin Loophole: you want to earn $ 13,000 today? This Crypto Trading application is a scam "width =" 1280 "height =" 720 "data-srcset =" https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-scam.jpg 1280w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-scam-300×169.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019 /05/bitcoin-loophole-scam-1024×576.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-scam-768×432.jpg 768w, https: // news .bitcoin.com / wp-content / uploads / 2019/05 / bitcoin-loophole-scam-696×392.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole- scam-1068×601.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-scam-747×420.jpg 747w, https://news.bitcoin.com/wp- content / uploads / 2019/05 / bitcoin-loophole-scam-190×107.jpg 190w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin-loophole-scam-380×214.jpg 380w, https://news.bitcoin.com/wp-content/uploads/2019/05/bitcoin- loophole-scam-760×428.jpg 760 w "data-sizes =" (max width: 1280px) 100vw, 1280px”/>Bitcoin Loophole is a scam with several red flags. Once you have registered, you will no longer see any information on how easy and safe it is to use the system to trade bitcoins. However, you will see messages about the differential trading contract and the risk of this type of investment.
Bait and Exchange: CFD Trading and not Bitcoin Trading
After logging into the Bitcoin Loophole website, there is no longer any mention of bitcoin, but there are a lot of contract mentions for the difference (CFD). Negotiating difference contracts is a way of speculating on the financial markets that does not require the buying and selling of any underlying asset.
According to the information posted on the website after login, Bitcoin Loophole is more like a CFD scam without any bitcoin or other cryptocurrencies other than its name. It can also be a suspicious affiliate or referral website for an offshore CFD broker, in the same way as Bitcoin Evolution for an investment company registered in Cyprus. CFDs are high risk investments and companies often pay huge commissions for client referrals for CFD trading. The Bitcoin Loophole website (after logging in) even has a warning that says, "You can lose some or all of your invested capital, so you shouldn't speculate with capital that you can't afford to lose. "
Many scams are known to specifically target CFD trading, and many authorities have indicated how to recognize one. The Association of North American Securities Administrators (NASAA) cautions:
If a company that claims to trade CFDs asks you to invest funds, you have to be very careful… Getting rich plans, including those involving CFDs, tend to be a scam.
The association said that these scams are "highly promoted" as an "exciting opportunity" to make money, promising high returns and ensuring "little or no risk and high returns on investment". As the Bitcoin flaw did, these scammers "would encourage you to transfer your money overseas," NASAA said. "Keep in mind that once you transfer funds to a foreign company, it can be difficult, if not impossible, to get your money back."
As scams using the words bitcoin and cryptocurrency have become more prevalent, anyone looking for an online investment opportunity should be very careful. If you're looking for a legitimate way to start investing in bitcoin or other cryptocurrencies, Bitcoin.com offers many helpful guides to get you started, including how to get started. buy and sell bitcoin
What do you think of Bitcoin Loophole? Let us know in the comment section.
Image credits: Shutterstock, Pixabay, Wiki Commons, Bitcoin loophole
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