Defrauded Several Unwary Traders And Vanished

As we are writing the BTCSTT Review, the unscrupulous fraudster is on the run with the funds he stole from unfortunate traders. The bogus website is not available currently.

Nevertheless, that will not stop us from explaining to our readers why BTCSTT and the like are risky for investments. Please read our concise analysis to learn how to identify cyber trading scams and what to do in case you lose money to them.  

Legal Info: Is BTCSTT Regulated?

There is virtually no information about the legal background of the BTCSTT exchange available online, meaning that the platform is unregulated just like TheBTCPro. Engaging in trading activities on this platform carries substantial risks due to the absence of regulatory oversight.

Reputable jurisdictions such as the European Economic Area (EEA) are protected by firm regulations, enforced by the European Securities and Markets Authority (ESMA).

ESMA issues MiFID passports to authorized entities, enabling them to conduct business across Europe and offer compensation contracts of up to 20,000 EUR in case of insolvency or suspicious losses. You cannot count on regulatory help if your provider is unlicensed.

Therefore, we recommend you trade firms that are licensed to operate under the jurisdiction of esteemed financial market authorities such as the FCA (UK), ESMA, SEC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), CySEC (Cyprus), etc. 

Trader Reviews – Sharing Experiences

The BTCSTT reviews we found were on scamadviser.com. Several traders stressed on that forum that they lost a lot of money to the fraudulent exchange.

“I invested $27,000, after investing with them, they refused letting me withdraw insisting that I pay some taxes before I can withdraw, which I did pay for fear of losing my funds, but they still refuse,”

one unfortunate victim claims. 

Judging by what we read, users experienced withdrawal issues and were requested to pay an illegal upfront fee for the withdrawal. Once the scammer seized their funds, he took down the website and disappeared. That is how most online fraudsters roll.

Crypto thieves typically lure potential victims into their schemes using private Telegram channels and WhatsApp chats so be careful. Romance schemes are also a common method of deception.

Who Are BTCSTT’s Targets?

According to godaddy.com/whois, the btcstt.com website domain was created on September 21, 2023. For about two months, the swindling crypto platform mainly targeted unsuspecting traders who resided in the following countries:

• United Kingdom;
• Japan;
• Switzerland.

All of the countries on the list have strict market authorities that enforce heavy regulations. One common rule is that each market participant must obtain a permit to operate. To reiterate, the bogus exchange is not authorized to accept clients from any of the listed jurisdictions due to the lack of the aforementioned permits and licenses. 

We have already stressed the fact that if you invest money in this platform, you cannot count on help from the regulators or financial compensation.

Swipe the exchange’s website through a webparanoid.com evaluation test and you’ll see that it has been flagged as suspicious with an alarmingly low trust score. It’s the same type of fraud as OrbitGTM.

Which Trading Platform Is Available?

The BTCSTT crypto trading platform is a relatively simple web terminal that supports spot trading. Supported instruments include popular coins such as Bitcoin, Ethereum, Ripple, Cardano, and Litecoin.

While the platform ensures users have access to basic tools such as graphs, charts, and indicators, it lacks advanced options, making trading relatively ineffective in the long run.  

We thus recommend avoiding unreliable platforms and sticking to licensed providers that support recognized third-party software like MetaTrader 4, MetaTrader 5, or cTrader. MT platforms offer an array of cutting-edge tools, including automated trading, live market reports, advanced charting capabilities, a user-friendly interface, and instant order execution.

How the Crypto Scam Works

BTCSTT operated through a carefully planned deception, attracting users with promises of a legitimate cryptocurrency platform. Some of the devious tactics included creating a seemingly authentic website that mimics the appearance of valid crypto exchanges. 

The dishonest content was then used to entice potential victims through social media promotions and sponsored posts, presenting a facade of a transparent business. Once users signed up, the scammer gained access to their email and password, enabling phishing. 

Genuine negative reviews often warn of financial losses, emphasizing the importance of thorough research and caution in dealing with such crypto imposters and their schemes. An additional tip – always use secure and encrypted connections when accessing cryptocurrency platforms. Look for https:// in the website’s URL.

Funding Options and Refund Methods

The BTCSTT payment process is unknown due to the website being unavailable. From experience, we can assume the deceptive platform features a range of third-party electronic wallets that can be used for crypto purchases.

The complex multi-layered payment system favors the cyber black hats rather than traders. In the unfortunate event of losing crypto on this dubious platform, you have to trace down the wallet that received the funds, which is a difficult task. 

Reversing such transactions requires sophisticated tracing software like CipherTrace to overcome the perplexity of the blockchain system and increase the chances of recovering lost assets. Fortunately for you, our team is skilled at assisting people in the recovery process.

Key Information To Consider About BTCSTT

To summarize our analysis, we give a verdict on the platform – BTCSTT is an underhand crypto scheme designed to defraud traders and investors. The platform is not regulated or approved by any financial authority.  

We do not recommend the exchange because it is nothing but a hoax to deceive users through a suspicious website and rigged web platform.

If you have fallen victim to the BTCSTT scam and cannot withdraw your funds, we offer professional services and assistance. Book your free consultation with Scam Brokers Reviews today!

Book a free consultation with us and start the chargeback process.

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