Bitxart com is an offshore broker that claims to offer passive income opportunities. It deals with cryptocurrency trading and related services. The website has been flagged as a potential scam. This broker operates in the crypto niche and lacks transparency as they do not share any information about the owners or management.
Furthermore, the broker uses free stock pictures to represent their staff on their website, which raises suspicions about the legitimacy of the company.
This company is full of red flags so exercise utmost caution before investing your money with them. Read this article to know more about this fraudulent website.
Background Information
It seems that Bitxart is a cryptocurrency exchange platform based in Australia that is apparently regulated and licensed by AUSTRAC, the Australian government agency responsible for regulating financial services providers. But this information could not be verified at all.
The website is relatively new and when the website is merely a few months old, there is limited information available about its operations or track record, it’s important to be cautious when engaging with it.
Newly launched websites can be particularly risky, as they may not have established a reputation or track record yet, and they may be more vulnerable to hacking.
Based on our research, Bitxart does not disclose any information about its owners or management team on its website. Reliable and trustworthy companies usually provide clear and transparent information about their owners and management team.
It is always recommended to carefully read about the company before investing any money with them, especially if they are not transparent about their ownership and management structure.
Certifications and Regulation
When searching for brokers to conduct trading activities with, it is important to learn about their certification and regulation. This will tell you whether they are regulated by a trustworthy authority or if they are an offshore and/or unregulated entity.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means that they are unregulated and should be avoided.
Bitxart.com does not mention anything about certificates or regulations which is a warning sign for investors, as regulated brokers must adhere to certain standards and regulations put in place by financial authorities to protect the interests of the investors.
Bitxart Investment Options
The website offers the following investment plan:
100x leverage profit
Minimum Deposit: $100
Maximum Deposit: unlimited
Minimum withdrawal: $10
Referral commission: 5%
The investment plan details suggest that this website may be a trading platform that offers leveraged trading in cryptocurrencies and other assets. Leverage trading can be highly risky and should only be undertaken by experienced traders who fully understand the risks involved.
Additionally, the fact that this platform accepts a wide range of payment methods, including cryptocurrencies, Perfect Money, Visa, Mastercard, and Maestro, may indicate that it’s not regulated or licensed by any financial authority.
Potential Fraudulent Activities
Bitxart has several potential fraudulent activities that have been flagged by experts in the field. These include:
- Making false claims on the website.
- Having illegitimate rules and regulations, bonus and withdrawal policies to defraud investors.
- Urging investors to invest higher and higher amounts.
- Promising returns that are too good to be true.
- Hiding risk warnings on the website.
- Being located in countries or small islands with little to no regulation
- Providing good chances of making profits, but then making it difficult to withdraw funds.
- Suddenly becoming uncontactable or changing names and website URLs without notice to existing traders.
Reviews and Complaints
Bitxart has received a large number of negative reviews and complaints from traders who have used the platform. Many have raised concerns about the safety of their investments and the legitimacy of the platform. Even review sites have flagged Bitxart.com based on negative reviews, complaints, and other gimmicks they have showcased.
There are no reviews present on its official website which makes it questionable about the authenticity of the website. It clearly looks like they have something to hide.
On March 30, 2023, the following complaint was filed with the BBB (Better Business Bureau) by an Okaloosa County, Florida, USA person who claims he fell for a cryptocurrency scam on bitxart.com and social media:
This company is requiring a minimum investment of $566 to start trading cryptocurrencies. However, they do not provide any definite contact information. When asked if they were partnered with the Better Business Bureau (BBB), they abruptly ended the online chat session.
It seems that Bitxart is not very transparent and may not be trustworthy. Requiring a minimum investment of $566 for crypto trading is not necessarily unreasonable, but the fact that they do not provide definite contact outlets is a red flag.
Additionally, ending the online chat session when asked about their partnership with the Better Business Bureau (BBB) raises further concerns about their legitimacy.
Is Bitxart a scam?
Based on the evidence presented, Bitxart.com is considered a suspected scam and is not recommended for investment. It is important to research any broker thoroughly before investing, and to look for regulated and reputable brokers who can help grow your investments.
Furthermore, the employment of stock images to depict staff members on the website also casts doubt on the company’s legitimacy. This is a typical strategy employed by fraudulent businesses to fabricate the appearance of a more extensive staff and operations than what truly exists.
While Bitxart.com offers seemingly attractive opportunities for profit, traders often encounter dubious regulations that hinder their withdrawal attempts. The broker may continue to function for a while, only to abruptly cease communication with traders.
Overall, the lack of information about Bitxart.com and its operations is concerning for potential investors.
Bitxart Conclusion
In conclusion, it is our strong recommendation that potential investors should avoid Bitxart.com at all costs. The lack of transparency and information suggest that the company may be engaged in fraudulent or scam activities.
Investing in Bitxart.com carries a high level of risk. Hence, It is essential to conduct thorough research and due diligence before investing in any investment platform or broker such as Bitxart.com.
Furthermore, investors looking for a reliable and trustworthy investment platform should instead look for regulated and reputable brokers with a proven track record of success.
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