Bitcoin trading isn’t a new concept. Thousands of people have made money from the activity globally, and even more people are interested in it daily.
At the same time, several services have also used this as a means to milk off unsuspecting investors and take them for every penny they’ve got. One of these scam services is the dodgy Bitcoin System, which is now heading for the U.K.
Bitcoin System is a platform that claims to earn Bitcoin on behalf of its members daily. The service claims to provide investors with $13,000 in guaranteed returns in a day, thanks to a trading bot that uses a sophisticated algorithm to analyze the Bitcoin market and make trading decisions.
Making Millions with just $250?
With Bitcoin System, you register with an initial investment of $250, and the service takes your money, uses it to make Bitcoin trades, and gives you astronomical returns. The registration process is also straightforward so traders can come in with their emails and phone numbers. Once you fund your account, you’re in. But, the question is, what did you get into?
Is Bitcoin System Legit?
After thoroughly searching through the service, we can confirm that the Bitcoin System is, indeed, a scam. The most significant proof is the service itself – Bitcoin System claims to offer $13,000 in daily returns. For people who will be funding their accounts with $250, getting $13,000 is a 5,200 percent return rate. Any investment expert will tell you that this isn’t possible. You can review our comprehensive Bitcoin System review here.
There are also some red flags with the service’s website. For one, the service’s founder, Steve McKay, is notable for having been affiliated with several scam crypto projects. Some of his previous ventures include Bitcoin Code, Bitcoin Trader, and Bitcoin Doubler.
Moving on, the Bitcoin Trader website offers a testimonial video from several investors. However, the first person who gives testimonials is, in fact, a Fiverr freelancer who acts and provides other professional services on the platform.
The same video that the freelancer does for Bitcoin Code is what you find on the Bitcoin System website. McKay himself is dodgy in his description of his service and what he does for a living. In his bio, he explains that he’s a software engineer for a firm that he’d rather not disclose. Such coyness can’t be a good sign.
The service’s website is rife with false information as well. It has a section where it shows some “past vacations,” but these are all stock pictures of models and promotional content.
Bitcoin System is obviously a scam operation, and there’s a high probability that anyone who puts money in here will lose it. The service already got busted in the United States for being fraudulent, and it is now making the switch across the pond to search for victims there.
While there are several legitimate crypto investment schemes, Bitcoin System isn’t one of them. British potential crypto investors should beware of this one.