Biteagle.io is an automated online trading solution which claims to generate returns ranging from 10% to 20% per day with no risk involved. All the claims made by this firm are just empty promises and they do not have any auditory records to prove them.
Their website is very simple and pretty straightforward perhaps that is the main reason why thousands of innocent investor have fallen for this scam. While we went took thorough look at their service, we were convinced that we are looking at a glorified ponzi scheme which will have a terrible ending.
Read our complete review which will help you make an informed decision and show you all the shady tricks followed by this phony platform.
License and Background
Scams have plagued the financial markets for decades. Regulatory authorities all over the world are trying their best to educate people about the ways of identifying unlicensed authorities and why they should not entertain them in any way. On the other hand firms which provide investment advice have to follow strict guidelines.
This firm is basically an ICO which raises money from general public for capital needs and in return the investors are promised a certain amount of money according to their initial contribution.
When we were trying to check the legitimacy of this firm, we couldn’t find any licenses they should lawfully hold. We have confirmed through FCA Biteagle.io has never been licensed which means they are simply aligning their pocket with the clients deposits.
These scammers have put up a registration certificate on their website but that does not mean they are authorized. It merely is a trick used to earn investors trust.
Here are the contact details of this firm:
Address – 76 Knox St, Marylebone, London, United Kingdom.
Email – [email protected]
Phone – +447442827402.
How does Biteagle.io Work?
This firm is said to be lead by a bunch of professional traders who mainly focus trading on Bitcoin and other cryptocurrencies trading exchange over multiple exchanges and markets. They claim to have a diversified portfolio which provides them stable returns.
This narration does not provide any type of valuable insight, unless you are a new entrant to the crypto space with zero knowledge about trading, there is no way anyone is going to trust this firm with their money. We have no clue as to what fundamental events or technical factors are considered by them before entering a trade.
There is no information about risk profiling or money management techniques they employ. Since the names of alleged expert traders are not revealed, there is no credible evidence to prove that they are profitable in the first place.
Cryptocurrency is the hottest trend of the decade but still since many people are not aware of how they work, there is a mass euphoria around them.
The big moves in the major cryptocurrencies have already taken place, of course it has made many people a fortune but that does not mean anyone can become rich by trading them. These fraudsters advertise returns which are very unlikely and impossible to deliver on a consistent basis.
Here are the details of the investment packages:
Hourly Returns – 0.42%
Daily Returns – 10%
Period – Forever
Minimum Deposit – $20
Hourly Returns – 0.50%
Daily Returns – 12%
Period – Forever
Minimum Deposit – $1,001
Hourly Returns – 0.63%
Daily Returns – 15%
Period – Forever
Minimum Deposit – $5,001
Hourly Returns – 0.84%
Daily Returns – 20%
Period – Forever
Minimum Deposit – $10,000
The success and longevity of a ponzi scheme relies on their ability of finding enough victims. To get more people on to their platform this firm encourages individuals to promote their platform and rewards them handsomely for every successful conversion.
The affiliates are paid a fraction of deposits made by their referrals. There is even a tier 2 level available on this platform. In case if you were wondering, it is not mandatory for the affiliates to have an active deposit to collect their commissions.
According to whois.com this domain was registered on 16/06/2018 and it expires on 16/06/2019.
This website has a global rank of 287,823 and it ranks 29,816 in Russia according to alexa.com.
The majority of the users coming to this website are from Russia, Iran, Venezuela, Azerbaijan and Brazil. They are using ad networking sites like mellowads.com for promoting their platform.
Deposit and Withdrawal
The minimum deposit amount is $20 and the minimum withdrawal is $2. The e-currencies accepted by this platform are Bitcoin, BitcoinCash, Litecoin, Ethereum, Dogecoin, Dash, PerfectMoney, Payeer and advcash.
The deposits and withdrawals are not associated with any transaction fees and they state that they process withdrawals instantly
Is Biteagle.io a Scam?
The amount of misleading information and claiming to generate returns which are too good to be true while maintaining complete anonymity are all the common traits of a ponzi scheme.
They typical start out by paying a few clients in order to instill trust and confidence among clients but once they decide to stop paying or get shut down, there is no way of getting your money back.,
Biteagle.io Review Conclusion
Biteagle.io and many other crypto related fake investments are on the rise recently as these crooks are very well aware of the fact that it is very easy to fool people. If anyone on the internet is promising to make you a fortune within few days, chances are you are most likely dealing with a scam.
If you were scammed by Biteagle.io, please share your opinion and feedback by leaving a comment below.
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