Bit Times Review – Dishonest And Unconvincing Exchange

Bit Times considers their platform to be a world’s leading place for trading digital currencies. As safe and trustworthy as they try to seem, the whole scheme is so badly designed that you immediately figure it out for a scam. 

The blacklisted entity is thoroughly discussed in our Bit Times review below, so read it fully and see why BaFin has this crypto provider labeled as fraud.

Untraceable Scam

The nameless company established in 2022, behind the Bit Times website, doesn’t reveal any of its corporate information. 

Some clues we’ve found suggest the physical location of the firm to be Mongolia. If you search the Mongolian Central Bank for this entity, you’ll not find it among regulated service providers.  

Trying to dig up any info about a license, we went through several Tier 1 registers. One BaFin warning on this unauthorized crypto platform. FCA, CySEC and NFA own no data on it.

Chinese language being the default option might suggest another headquarters location, but search shows that SFC has never licensed them, either.

Their various regulatory breaches are evident, as we will show you further in this review. This sort of behavior can cause regulated companies to lose their license, which is exactly what happened with 24Option.

Lies About Company Age

The alleged 5 years of experience advertised on bit-times.net is a complete fallacy. As you may see on WhoIs, the domain was launched in 2022, with the main targets being these nations:

• India 
• United States 
• United Kingdom 
• Nigeria 
• Philippines

The boiler room agents behind the platform use WhatsApp to get new clients to join. They contact their victims through chat messages, and spew nonsense about yet unknown financial channels and great opportunities. If that doesn’t work, a pig butchering scam unfolds through a pretense of a loving and trustful relationship.

Get in touch with our experts if you need help with Bit Times withdrawal.

Fewer But Disturbing Experiences

Although no reviews on this crypto fraud are posted yet on the famous review sites, there’s still people who share their experiences online. 

For example, one victim of the sham has written a thorough report on Reddit. It explains how they got dragged into the scam, so you too should read it and see how far the con artists are willing to go. 

Hidden Fees And Humongous Leverage

While we couldn’t find any relevant information about fees, commission or other charges, what we did find will shock you. This firm offers trading of cryptocurrency derivatives, with leverage of 1:500 in a manner similar to Cryptorocket, another online fraud.

This is way beyond anything any strict regulator would allow. For comparison’s sake, crypto leverage in the EEA is set at 1:2, with the maximum of 1:5 in US and Canada.

Seemingly Rich Offer Of Services

No doubt that the swindler tries hard as a wannabe crypto exchange to seem legit. An option to buy and exchange crypto but also trade under leverage is marketed but available via a defunct software. The number of available assets is quite limited and no account types are provided.

Doctored Trading Software

Trading platform is a simple and borderline useless web trader. It sports only the simple tools including order limits, one click trading, and options to buy and sell assets.

Pricing information is from the exchange operators themselves, which lets them edit the market data however they seem fit. It’s a known fraudulent strategy used by Blu Exchanger as well.

Unsafe Mobile App

Mobile apps are allegedly available, but again only through the exchange and their own QR code. The swindlers claim to have an app of high quality, but when we attempted to download our antivirus reacted to the installation files. We do not recommend installing this software due to risk concerns.

Banned Trading Instruments

The majority of Bit Times trading instruments are illegal. Besides the cryptocurrencies, these include leveraged trading of crypto CFDs and crypto binary options, both of which are banned in most jurisdictions.

The selection of assets is miniscule, with 7 crypto coins in total:

• Cryptocurrencies (BTC, ETH, EOS, BCH, HT)
• Cryptocurrency CFDs (BTC/USDT, ETH/USDT, DEX/USDT)
• Cryptocurrency Binary Options (BTC/USDT, ETH/USDT, EOS/USDT)

Strange Login Requirements

There is but a single main account for Bit Times login, and although you may in theory create any number of sub-accounts, a demo is not included.

Clients are required to create a sub-account for different trading strategies, but these hold no merit to the customer themselves. They only exist to let the fraudsters rack up fees through internal transfers.

Anonymous Transfers Enforced

As any other typical crypto sham, this shady platform only allows you to deposit and withdraw in crypto. That is, if they even allow withdrawals. 

It’s known how reluctant these con artists are when it comes to enabling payouts. Anonymous and untraceable, these investments are extremely hard to track and restore. 

For help with that, you can refer to our legal support experts who can provide you with the knowledge and legal support on how to do it.

Disinterested Support

To limit your ability to get in touch with scam agents, the Bit Times support is only available via an email and whatsapp channel. Needless to say, this aspect of their conduct also heavily lacks transparency and honesty. No cyber criminal will allow you to track and contact them unless they wish so.

Don’t Let The Scammers Get Away!

What we have here is a run-off-the-mill fraudulent website. Everything about it raises suspicions, from poor website design, over the lack of necessary information and to the extremely high max leverage. Many former users of this platform testify that Bit Times is in fact a romance scam.

The con artists behind this company don’t intend to return any of your money. Don’t let them get away with their crimes! Get in touch with our professionals through the live chat, and book your free consultation today.

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