FMA Warns Against Trading with Bitcoin Profit

The Austrian Financial Market Authority (FMA) released a statement this Friday warning retail investors against trading with Bitcoin Profit.

According to the regulator, Bitcoin Profit has been offering its services to the Austrian ‘Volk’ without the requisite licenses.

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Currently the website that the company has been using to offer those services is down and so it is hard to gauge what people in Vienna have been sucked in by.

Having said this, the people behind Bitcoin Profit have been shilling their services across the web for almost six months.

Reading some of the fake ‘reviews’ left behind by ‘happy’ customers on various websites, it seems that the company is offering users access to some sort of cryptocurrency trading platform.

Bitcoin Profit – hiring a ‘spokesperson’ from Fiverr

In one video that the site has used to promote itself, a ‘user’ of the platform claims to have made thousands of dollars by using the system.

Amusingly, this man also advertises himself on Fiverr – a freelancing website – as someone who can act as a ‘spokesperson’ for your website or company.

So unless he is, by a massive coincidence, also a cryptocurrency trader that uses Bitcoin Profit, I think we can safely assume that he, along with the other ‘users’ in the site’s promotional video, is a liar.

People that do sign up for the firm’s services are simply redirected to a very dodgy, unregulated cryptocurrency exchange.It’s fair to presume that they are just making money as an affiliate of the exchange.

On top of this, the ‘special’ software that the company offers is just some white label garbage that a bunch of different cryptocurrency scams use. The only difference in the user-interface of the platform is a change in the colour scheme and the Bitcoin Profit log instead of one belonging to some other scam artist.

The lesson in all of this? Don’t use unregulated cryptocurrency scams folks – and if you want to hire a fake spokesperson for your company then get in touch, I know a guy on Fiverr who can help you out.