Warning! BlockchainInvestmentBtc is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
BlockchainInvestmentBtc is a dashing name to label a broker with, and by the looks of this one, flair is the only thing it has going on, and it even isn’t that pretty a picture. Read on to find out more.
The moment we stepped in, it was clear how we were going to deal with this one. In essence, BlockchainInvestmentBtc is a sloppy alleged broker, with defective elements, found both in the interface and content. For one, the Terms ad Conditions led us to an error page.
The website claims that the company is registered in Canada; a hilarious presumption. The main regulatory agency of forex brokers in Canada is the Investment Industry Regulatory Organization of Canada, or IIROC. The website of IIROC is devoid of any mention of a BlockchainInvestmentBtc, as is expected. Thus the broker my be incorporated there (by some miracle) but it most definitely is not licensed there.
There is no other mention of a regulation anywhere, so we are bound to conclude that BlockchainInvestmentBtc is UNLICENSED, making it a definite risk to all!
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimised clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We opened an account, and were presented with a client area that is as confusing and messy as the main site, if not more. There are no trading conditions as we shall see in the following section.
The website is English only.
BlockchainInvestmentBtc suggests that it is a btc investment type deal, but the client dashboard says differently. There are 3 different charts plus a binary options trading terminal, all doing different things. The first chart bitcoin price/profit correlation which is irrelevant. The second table is actually a bitcoin to USD converter. The third chart is a classic chart provided by a third party with unrelated asset values. The final one, is a small terminal allowing for binary options trading for apple stocks, EUR/USD, and GAZPROM commodity. Overall, none of these connect in any way, or will allow an invested client to profit.
We have attached the first three tables. The last one, the third party one, readers have probably encountered in previous reviews.
BLOCKCHAININVESTMENTBTC MINIMUM DEPOSIT
According to the dashboard, users can deposit via Credit Card, bitcoin, ethereum, and Bank Transfer.
We were not able to continue depositing without providing a Payment Proof document, what ever that is, so a minimum deposit amount was not made available. The website claims that the minimum required funding amount is $200.
This broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
BLOCKCHAININVESTMENTBTC WITHDRAWAL TIME AND FEES
Surprisingly, the withdrawal section in the client area contains all the necessary info. The minimum withdrawal is $10, and there is a $10 fee for all withdrawals. However, litecoin withdrawals are charged with a $4000 fee, which is unheard of and totally ridiculous. Only bank transfers take 2 days to process a withdrawal, all other methods are instantaneous.
ADDITIONAL FEES AND TAXES
Because there are no legal documents we cannot give you any additional fees or concerning clauses. Be aware that no legal documents always speak volume for the fraudulent nature of a broker.
Nevertheless, reader should be aware that unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable realizing their schemes, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
BlockchainInvestmentBtc is scam, without a doubt. Every nook and cranny says so. Do not deposit here!