BTC Profit 505 claims to be a Dubai based mining and Forex trading company. This company is said to be operational from 2013 which is a lie and we will discuss about it later in the review. The returns this platform claims to generate are more than 400% for every 5 days.
Returns portrayed are complete hoax and are just a shady trick used by many false investments to evoke your greed and convince you to open an account with them. Read our comprehensive and unbiased review to find out all the major red flags and misleading factors sprinkled on this deceptive platform.
Company and Contact Information
Generally all the investment firms are required to follow certain guidelines laid by central authorities and hold special licenses. BTC Profit 505 is an ICO. They issue tokens or contracts to the investor for some amount of money and after the validity of the contracts gets over, the investor should get their initial deposit along with profits.
Since this company has not put up license details which we believe is an intentional omission, they are most likely to be operating illegally. For any reason if the users want to get in touch with the support staff, they can be reached via a support form provided on their website.
Here are the contact details this company has put up:-
Address – Bulivar Ivana Lepse b81, kv32m kiv Solan’yams’ kiy r-n, Ukraine, 03126
Phone – + 3802359813
Email – [email protected]
How does BTC Profit 505 work?
This company is said to be mainly involved with Forex trading and Cryptocurrency mining. Apart from this single piece of information, there isn’t anything we know about them. They have not shown any mining capabilities or the type of machinery they employ.
The names of the pools they are indulged with are unknown and even the location of their mining farms are not disclosed. With regards to forex trading, there isn’t any information which will boost confidence among investors.
We do not know whether they take a technical analysis approach to trading or stick with fundamental analysis. They have not talked about important aspects such as position sizing, the amount of leverage they use and the risk diversification method they have adopted.
How can any rational person trust this firm without knowing the above discussed matters?
The amount of returns this platform claims to generate are impossible to achieve regardless of whether you are involved with mining cryptocurrencies, trading forex or both. Check out the investment plan details but do not drift away from the reality because in the real world chances of these kind of things taking place is slim to none.
Returns – 125%
Duration – 24 Hours
Min Deposit – $100
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Returns – 140%
Duration – 2 Days
Min Deposit – $500
Returns – 400%
Duration – 5 Days
Min Deposit – $1,500
Like most of the online money making scams, this firm also aims to earn as much as possible before they get shutdown and to increase their revenue, they are ready to go to any level to convince you otherwise. This platform features a different affiliate program wherein the promoters of this scheme are heavily rewarded for every participant they bring on board.
There is tier 3 option available and the percentage of commission ranges from 2% to 10%. The affiliates are also given access to some promotional tools and they are not required to be an active participant of the scheme which is the main reason why many HYIP sites promote them.
A search on similarweb.com will reveal that this website ranks 17,881,861 globally and it ranks 8,537,213 in the United States. Since this website is new we do not have enough data to determine which countries they are targeting. Thanks to courtesy of whois.com this domain was registered on 21/01/2018 and it expires on 21/01/2019.
Deposit and Withdrawals
The minimum deposit is $ 100 and the minimum payout is not mentioned but usually it will be around $ 20. The e-currencies accepted by this service are Neteller, OK Pay, Perfect Money and Bitcoin.
We are not aware if there are any transaction fees applicable and the time required for them to process withdrawals is not specified.
Is BTC Profit 505 scam or legit ?
The answer is a confirmed scam,
Every investment firms uphold transparency and features details of the fund managers so that the investors always feel confident and if required can cross check the previous record of the managers but these scammers are not only refusing to show any proof.
They are also embracing anonymity undoubtedly this platform is a ponzi scheme and it will be for sure get shut in the near future.
BTC Profit 505 Review Conclusion
BTC Profit 505 is exploiting the lack of knowledge of the inexperienced investors in the crypto niche. This firm claims to be risk free but earning 400% in just 5 days over and over is impossible.
Mining does not provide significant returns in the recent times unless you have high capital to begin with which is out of reach for most everyday people. Before you send money to any firm always make sure that they are registered and licensed.