Beware! Bitample is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We give props to Bitample for at least presenting a somewhat unique approach to its website. The cartoony space theme is fresh, but in reality, it doesn’t really work that well with FX brokers, whose appeal should ideally be focused on a stoic and professional look. However, the visuals are the least of our troubles. Read the review to find out all the issues we had with Bitample.
The registration of an account happened, but not really. We completed the required form and then had to wait for a confirmation mail. And waited we did, until we figured that Bitample was not going to send it. Probably because it did not see us as potential investors. Whatever the reason is, we did not create an account. Thus all the trading and payment information will be taken from the website. We warn you that the information is not to be fully trusted.
On the website we find no trading information, and not because Bitample hides it, but because it is not really an FX broker. Bitample is one of those schemers that offers investment packages. We will give a brief explanation of them in the relevant section of the review.
Users must know that there are no available assets, no spread values, no leverages, and definitely to trading platform!
The website is available only in English.
BITAMPLE REGULATION AND SAFETY OF FUNDS
The website presents us with a completely useless blurry form that it claims to prove its incorporation in the United States as an investment company. We doubt that this is true, for in the US such a certificate is not nearly enough to be offering FX services. In fact, nowhere is a simple certificate enough for a company to start an FX trading service. It needs a license! In the United States, brokers are regulated by the CFTC and the NFA, the two most severe regulators in the world. So no, Bitample is not licensed in the US.
From the legal documents, we learn that Bitample is held by Bitample Incorporation, a company that is governed by the laws of the UK. This would mean that the company is regulated by the FCA, which it must be in order to be offering FX services. But unfortunately, it isn’t.
And anyway, the website is a mess, there are no FX trading conditions, and the broker is UNREGULATED. All investments are at a risk!
Losing money is the only certainty when it comes down to investing in unregulated brokers. The thing we advise users to do first is to check for a license, preferably from know regulators, such as the FCA or CySEC, or other European overseers. The big regulators all apply specific frameworks for brokers to abide by, and should they diverge from these rules, the brokerages will sooner or later be penalized for their actions! This is a stimulus for brokers to follow the rules, thus making them trustworthy FX trading sources. Moreover, the FCA and CySEC have financial compensation schemes for users. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
BITAMPLE TRADING SOFTWARE
The investment plans, that have completely replaced the trading platform, are a common scam. They offer high return rates, form out of nowhere, in exchange for deposits.
So a deposit of $5000 will bring the user a profit of 370%? The idea sounds great, but in reality, this is a pure sham! There is no logical way for this to happen.
BITAMPLE DEPOSIT/WITHDRAW METHODS AND FEES
The short legal documents give us a minimum deposit of $100 in BTC, and claim that deposits under $250 are non-refundable. There is no other payment method revealed. Just remember that BTC wallet payments are untraceable, and thus a risk!
Users can only withdraw once their reach a minimum profit gain of $1000, which can never happen because these investment packs are a scam. And in the case that users actually are able to withdraw, we assure you that there won’t be a second round of luck! Withdrawal requests are eligible only after a certain time has passed after the initial deposit. The time depends on the type of investment package the user has chosen. There are no fees, and funds take three days to reach an account. However, none of this information is guaranteed by anything or anyone to be accurate.
Do not waste your breath on Bitample! It is a pure scam!
How does the scam work?
The first step to being scammed is traced all the way back to online ads. We all have seen them. They offer luxurious lifestyles, beautiful women, sports cars, and shiny items. It’s all a part of the scheme. The first step is to tempt users to click on these ads.
The ads lead to either a scammer broker site or an intermediary source. On whichever one you fall you will be surely asked to provide a phone number and an email address. These are imperative to the scammers because they need a way to contact you.
The second step is to contact the user, and pushing him or her to invest for the first time. This is done by the first wave of scammers, whose job is to hook you to the scheme. The first investment is important because through it you build trust.
The initial deposit will ensue the second wave of scammers, which are the core and probably the creators of the fraud. The expert scammers sometimes called “account managers”, are responsible for keeping you invested in the shame. They might even pay you a hefty preliminary sum, just to add confidence to your investments. Their deposit requests will gradually become bigger, and in the perfect scenario, the user will deposit an additional 2-3 times, until she realizes she has been scammed.
At this point, your money will not be eligible for withdrawal, and neither will your profit. The broker can withhold requests, close down accounts, or even shut down entire websites! The final step is for the fraudsters to keep what they have stolen!
What to do if scammed?
Credit and debit card losses are easiest to recover because users can file for a chargeback. What’s more, is that MasterCard and VISA have a chargeback period of 540 days.
Money invested and lost to scams through bank transfers can be potentially refunded if the bank the user is using has an emergency plan. Remember to always change your bank account username and password when scammed!
Cryptocurrency deposits are untraceable, and so cannot be recovered. Forget about investing in unregulated brokers through this method.
Recovery agents are the last frontier of the entire scammer process. They will appear out of nowhere and will convince users that they have the tools to return all lost deposits. However, they will ask for an upfront payment. If paid, they will disappear.
Rich Snippet Data