Bitcdot Review – Old Pattern Crypto Scam

The platform we are discussing today in our Bitcdot review is built using a specific pattern, one we’ve already seen numerous times before. There are slight variations to the original, mainly with graphics and texts, but all of these differences are merely superficial.

It has become quite obvious that these TikTok cash grabs are a menace that will continue to plague the internet for some time to come, so it’s best to arm yourself with knowledge in order to avoid them.

Illegal In Every Jurisdiction

You will find, as we did, a few pieces of completely disparate information about where the company’s alleged headquarters are located. There are a number of various claims about licenses, so let’s focus on them for now.

In the website footer, the scammers claim to be licensed by US MSB, which is not the foremost financial authority in this nation. Regulation of crypto markets falls under the jurisdiction of CFTC and NFA, which share the same registry named BASIC. Entering the name of the company as a search term returns zero results.

The Terms of Use document mentions that the courts of Malta hold precedent in case of any legal dispute, which is unheard of for a legit US based company. Enquiring the MFSA register shows no companies named Bitcdot anyway, so this doesn’t check out either.

Looking into the Privacy Policy, the company is now allegedly named Bitcdot Australia, and should be regulated as such by AUSTRAC, but again, no such company exists in their database. We’re now quite certain that this group is operating an illicit venture, similar in function to CryptoSTADT, and should be avoided.

DeepFake TikTok Deception

The website hosting this fraudulent platform was only created in September 2023, which explains the lack of Bitcdot reviews. Here’s an overview of nations that generate the most traffic to the website:

• United States
• United Kingdom

All of the sites that were built from this pattern advertise various cryptocurrency airdrops by abusing the likeness of influential people. With this platform, it seems that the Bill Gates giveaway has been chosen as a method.

The wide availability of DeepFake AI software allows various unscrupulous people to create misleading content. The edited footage is then circulated on TikTok to attract potential victims, usually young people with no experience in investment markets.

The catch is that in order to withdraw these “free coins”, you need to fund the account first, and this is how they get you. If you’ve deposited money to this con scheme, contact our expert team for help with recovery.

Outrageous Hidden Fees

Reading the Terms and Conditions, we found out that the 0.0001 BTC (~$5) withdrawal fee is cumulative with “internal transfer fees”. These are charged an additional 1% for deposits, 1.5% for all transfers, and 2.5% for insurance, with an additional commission of 1.5% and a withdrawal tax of 18%.

Adding all these up, your typical withdrawal request will burn the original $5 plus additional 24,5% of your account balance with the giveaway funds included! Since the exchange does not include negative balance protection, indebted clients can expect an interest rate of 5% per transaction, every day.

Referral Program

Much of the traffic on the platform can be attributed to referrals. The website promises 40%, but doesn’t mention what this percentage is based on. Whether it is the referred clients’ commission, their investment value, or something else entirely is unknown.

Trading Features And Amenities

Various crypto exchanges today compete in extending the current cutting edge, and offering it at competitive prices. In this case, the price tag attached to the service is by no means an indication of its quality. So, let’s have an insight into the technicalities of this bogus platform, and what it offers.

Useless Trading App

The software you’ll find at Bitcdot exchange is nothing to write back home about, as there are basically no advanced options besides the limit order. Stop loss is not included, because the company actively works on getting you indebted.

Some charting tools are supported, but it’s incredibly easy to completely glitch out the app and leave it in a non-functional state.

Trading Instruments

Trading assets include some of the most common crypto coins, paired against stablecoins or FIAT currencies.

The selection isn’t large, considering that the majority of exchanges today offer tens of thousands of instruments. Here’s a few examples:

• Crypto to Crypto Pairs – BTC/USDT, ETH/USDT, SOL/USDT, XRP/USDT, ADA/USDT
• Crypto to FIAT Pairs – USDT/TRY, BTC/GBP, DOT/EUR, DOGE/BRL

Alleged VIP Account

Anyone can create an account for free on the platform, but this free account comes with some constraints. For this reason the swindlers also provide a subscription based VIP account.

Unfortunately, you won’t find any data about the account anywhere outside of Terms of Use, which states VIP as mandatory for any trader that has accrued more than 0.25BTC on their account balance.

The bogus giveaways, however, will inevitably raise account balance above this threshold. This in turn prompts clients to invest more money just to maintain access to the platform.

Problematic Withdrawals

The withdrawal options include crypto transfers (BSC, BNB, LIGHTNING), as well as FIAT transfers by bank cards, e-wallets and paypal. Interestingly enough, even if you do opt for a FIAT transfer, you still withdraw crypto coins, which makes us doubt the validity of the channels.

The truth is that the con artists have stacked up their hidden fees in order to prevent any withdrawal attempt whatsoever. If you need help getting your money out of this scam exchange, contact our legal experts.

Nobody Works In Support

For outsiders, no customer support options are available. Users can still access some kind of a live chat through the dashboard, which doesn’t work most of the time. When our message did get through eventually, we only got a chatbot reply with an automated message that somebody will respond shortly, which never happened.

Fraudsters Took Your Coins? Contact Our Experts!

The Bitcdot scam is one of numerous similar fraudulent sites that were built using the same pattern. All of the sites involve alleged celebrity crypto giveaways that are advertised on TikTok. Dealing with any unlicensed company like this one or CoinTiger for instance is not advised.

Should you need help recovering money you’ve invested with these confidence tricksters, feel free to contact our legal team. We are available 24/7 through the live chat, which you may use to book a free consultation session.

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