Bitcoin Profit Scam Review
A few days ago my friend Chris called me and said “Keith, I’m thinking of investing in Bitcoin, and I wanted to get some advice form you.” This isn’t something unusual, lots of my friends ask for my opinion as I work with a lot of crypto start-ups. However what he said next really did bother me. He said “I’ve just got off the phone with someone from “bitcoin profits and……” I stopped him right there and said “Chris, it’s a scam don’t bother”
He was curious as to how I knew this, and for me it was going over old ground, as I used to blog about scams using the same hook a few years ago, and this made me realise that I have been so close to ICO’s and genuine start-ups that I’ve completely overlooked the shadowy world of bitcoin related scams that don’t have any interest in blockchain or anything remotely like that. It’s purely a world of boiler room call centres like the murky world of Binary Options that made the wolf of wall street look like a honest every day businessman.
Bitcoin profits is essentially what’s known as a scam funnel, this doesn’t mean that the end upsell is a scam, it just means they are misleading people to sign up to a trading broker under the premise that its how to trade bitcoin. They have created a clever video using news clips from prominent crypto space people such as John McAfee (who I have had on my show in the past) and even Microsoft CEO Bill Gates. All of these clips are freely available on YouTube and by using some basic video editing software like TechSmith Camtasia or Adobe After Effects, you can easily sew clips together to reinforce the legitimacy of a scam.
They have even quoted famous people like Warren Buffett on the website, and whilst the quote is very real, it’s completely out of context on the site, and it is not in anyway an official endorsement of the shady bitcoin profits site.
Already the site is littered with red flags, but I decided to enter my name and email to see where it takes me. As part of the sign up process I’m asked to set a password and then a phone number. Whilst it’s not unusual to be asked for both of these things when sign up to a crypto exchange like binance or coinbase, it is unusual to be asked in a by way of webforms and I know exactly how and why they are doing this.
They have partnered with forex brokers, and I assure you that the brokers will be 100% aware of the way in which they are funnelling you to them, as the reason they asked for a phone number and password whilst still on the btc profits website, was because they have integrated via API to register you automatically on the brokers website.
For me, I was referred to GMO Trading, which as you can see from the disclaimer below is a company owned by Royal Forex Limited in Cyprus.
I decided to then Google GMO and the site itself doesn’t seem to be a scam, it’s just a bog standard MT4 Forex platform, it’s not crypto related, you know need crypto in anyway shape or form it’s merely a rouse to tap in to people that have heard about bitcoin and get them leverage trading on an MT4 platform instead.
I’m not saying that leveraged trading is evil or bad, but it’s certainly not all there is to crypto investing, and it’s certainly not going to enlighten you in to how crypto and bitcoin works.
If you want to learn about the basics of bitcoin and crypto, and how to safely store it, I have created a guide which you can check out here www.keithwareing.com/crypto-course
Or if you want to trade real crypto futures, I recommend using something like Prime XBT or Bitmex which are both reputable crypto futures platforms.