It’s impossible to believe the story of this false exchange about providing the highest security measures and, at the same time, the richest choice of crypto coins to trade. With a phishing warning and two regulators issuing public alerts, this firm represents a threat to every crypto investor out there.
That’s why you should first read this Bitetoro review in order to keep your funds safe and your investments lucrative.
| Regulated by: | Unregulated Crypto Exchange |
| Is This Company Safe? | No, this company is a confirmed fraud and doesn’t deserve trust. |
| Known Websites: | bitetoro.com |
| Have Warnings from: | HCMC, CONSOB |
| Registered in: | N/A |
| Operating since: | November, 2023 |
| Trading Platforms: | Web |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | No |
| Trading Assets: | Crypto |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Withdrawals aren’t possible without professional help of chargeback experts. |
Unaffiliated with Vie Finance
The bitetoro.com website is claiming to be a brand of a highly respectable and regulated firm – Vie Finance, which is licensed and supervised by HCMC. However, the claims are not true in the least and the scam scheme is in no way related to this company.
It was recently published by the said regulator that Vie Finance has no connections to a bunch of websites that claim to be run by this reputable firm. The full list can be found on the regulator’s website, and one of the entities on that list is our little scammer in question.
In addition the brand we’re reviewing isn’t licensed by any other authority, let alone a Tier 1 body. That efficiently rebukes all their claims about utmost security and safety conditions applied. In the end, they’re nothing different than textbook schemes like Roisea, that promise anything just to get you to invest.
Abusing A Well Known Name
Our inquiry with WhoIs revealed that the fraudulent site was launched in November 2023 with main targets being these countries:
- Australia
- Belgium
- Chile
- Saudi Arabia
In order for the site to get any traction the swindlers decided to make the name of their exchange sound as close as possible to a reputable company. In this case that would be eToro, one of premier Forex providers.
The company’s boiler room agents use these similarities when they solicit the services to their potential victims by phone. They claim to have created a new disruptive strategy that can yield easy profits to anyone… But this is all a sham, and recovering the invested assets becomes so problematic, it requires professional assistance.
Hidden Fees and Other Traps
Just another red flag detected on the website lies in the fact that no fees and trading costs are given explicitly. For any trading information you wish to obtain, you have to refer to the legal documentation.
Terms and Conditions state that by signing up you first accept to pay the company all and any trading and other fees occurring while using the service. There’s a wide range of fees, and the customer is solely obligated to cover them all.
Not all these charges are clearly defined, but what we do know is that there’s a mandatory fee of 1% (all deposits), 1.5% (all the transfers), 2.5% (all insurances if required). And when the company decides to freeze an account, without any particular reason and without prior notice, they immediately deduct 18-20% of the current balance.
Unusable Tools
Just like any other exchange, this firm also tries to leave an impression of a wide range of services available. There’s an exchange, options trading and staking possibilities, but of course, these are all bogus services. Nothing is worth investing your money in when it’s all just a farce.
Joke of a Platform
Attempting to place orders and hoping to generate profit on this terminal is worse than simply throwing your hard-earned cash into a fire pit. The stats given and the moving of the graph have no connection to the real state of the market and the current price trends.
Naturally, you can’t even test the defunct software without coughing up cash. There’s a reason the functionality is locked behind a paywall. The fraudsters know what they offer is rubbish but they do not wish you to find out before you invest real cash.
Banned Form Of Trading
The assets that the company provides for trading are the notorious crypto binary options. If you’re unfamiliar with these instruments, the type of “trading” they are involved with is basically gambling. Indeed, if you take a look at the app, you will see that trading is called a “Bet Game” instead.
With binary options, traders choose an asset and bet on whether it would appreciate or depreciate in a predetermined time frame. These trading instruments are banned in most regions, including Europe and North America.
- Cryptocurrency Binary Options – BTC, ETH, BCH
Expensive Premium Status
Account creation process is fairly fast and no personal details are immediately asked of you to share. However, that profile you activate at first can’t get you anything, and you’ll be urged to confirm your data, verify the account and invest money.
The website shares no particular details about what your account features, except that the Premium membership costs 0.31 BTC, which is quite pricey, with no explanation on what benefits it offers. In addition there’s staking options for various currencies with APY between 1.35% and 9.79% in terms between 60 and 180 days.
Unknown Payment Processors
Withdrawal of funds is said to be carried out from the cryptocurrency wallets of the exchange to other cryptocurrency wallets that are not in the ownership of the said exchange. These wallets belong to other payment systems that remain unmentioned. In addition, none of the incurring fees are clarified, either.
This much secrecy revolving around monetary transactions only solidifies our doubts about this service being an anonymous sham.
Support Chat Doesn’t Work
The only option for contacting the customer service is given after signing up. From the user area you can use the live chat function to try and get in touch. However, after repeatedly attempting to send through a message, no one ever replied.
What Can You Do To Recover Cryptos?
The explosion of cryptocurrency markets also saw a steep rise in various forms of fraudulent entities. This one is no different, as they use the same methods to defraud people as Glenrocks does. For all their bragging, the firm has failed to provide any trading amenities you’d expect from a reputable firm.
Recovering crypto assets from con artists is a problematic affair. Your best option is to seek professional help, and start legal action. You may book a free consultation with our experts at any time thanks to the live chat on our site.
FAQ Section
What is Bitetoro?
This is another textbook crypto fraud with a poorly designed site and a defunct bogus platform.
Is Bitetoro a Legit Crypto Provider?
No. While they claim to be a brand of Vie Finance, HCMC has published a document clarifying that no such connection exists.
How to Track and Trace Lost Crypto?
With the existence of advanced software solutions for that, our recovery team can help you regain lost crypto.
