Bitcoin Trader has been heavily promoting itself as the best and safest automated cryptocurrency trading app that can help people earn $1,300 a day. Numerous fake reviews and scam checks on Bitcoin Trader are highly ranked by Google, making this scam appear legitimate. News.Bitcoin.com investigates this investment scam.
Bitcoin Trader Scam
Many bitcoin scams have emerged as unemployment rises worldwide during the economic crisis and coronavirus pandemic. One investment scheme that has recently gained more attention due to its aggressive marketing tactics is called Bitcoin Trader. It claims to be “an automated trading software” that can “trade cryptocurrencies and forex in both automated and manual mode.” However, there are many red flags about this platform.
The Bitcoin Trader website resembles numerous other investment schemes that news.Bitcoin.com has already uncovered as scams, such as Bitcoin Superstar, Bitcoin Era, Bitcoin Revolution, Bitcoin Evolution, and Bitcoin Loophole. Besides a cookie-cutter website, these scams have the same setup.
Bitcoin Trader’s official website has changed its URL several times but its logo remains unchanged. Its content has also slightly changed a few times since the beginning of the year when news.Bitcoin.com began tracking the scheme. Initially, Bitcoin Trader advertised that only bitcoin could be traded using its tools but later claimed that users can also trade in other cryptocurrencies, including bitcoin cash, ethereum, monero, litecoin, XRP, and dash.
The front page of the Bitcoin Trader website has an urgent message in red at the top of the page that reads: “Warning: Due to extremely high media demand, we will close registration as of [today’s date] – Hurry.” Over the five-month period which news.Bitcoin.com followed this scheme, registration never closed but the warning message continues to appear with today’s date instead. The website also displays a video about bitcoin, featuring several famous people commending the cryptocurrency such as Virgin Group founder Richard Branson, Virgin Galactic chairman Chamath Palihapitiya, and Microsoft founder Bill Gates. Others that have been used to promote Bitcoin Trader include Tesla and Spacex CEO Elon Musk, former Google CEO Eric Schmidt, and the Winklevoss twins.
$1,300 Per Day and Other Promises That Are Too Good to Be True
Bitcoin Trader lures investors desperate to make money fast in this time of economic crisis with promises that are too good to be true. Its website displays messages like “you can usually expect to earn at least $1,300 per day,” “some users reportedly earning their first $1 million in a couple of months,” and “you will only need to work for about 20 minutes every day.”
A few testimonials are also featured on the Bitcoin…