In this review we issue a warning against the investment service named GovBid.
The website does not clearly explain which investment vehicles are used and how, but you are promised huge returns, such as 10% in less than 5 days. Which means more than 60% per month.
Gov.bid tries to create the illusion that is has something to do with government-backed investing and that it is a well-established service in several countries.
You really don’t have to go far to see it. Returns like 60% per month are ridiculous in normal investing, no legitimate company can offer that. This alone proves that GovBid is a scam. But there is more.
Illegal investment service
We did a background check about GovBid and we found that there is no licensed company behind it. It is an investment service that is not authorized by any financial regulator, therefore it is illegal.
Since it claims to be based in the US and UK, it has a huge problem and regulators will go after it, that is for sure. But we sincerely doubt that people who run this cam are in the US or the UK. They don’t even provide an address, they are hiding somewhere.
How it works
It is obvious that Gov.bid is a scam. It accepts deposits in cryptocurrencies only to stay as anonymous as possible and to be able to run away with your money. You have to realize that crypto transactions are irreversible, so once you send them money, it will be over.
Now, GovBid might operate as a Ponzi scheme, which means that at the beginning it might pay out some profits, but they will use people’s deposits to do that. The scheme is doomed to run out of money anyway, it is just a matter of time before it collapses.
GovBid review conclusion
Gov.bid is a total scam that has nothing to do with real investing, let alone with the government. Stay away from it!
If you want to try financial trading, do it on a free demo with a regulated broker.
If you later decide to trade with real money, be sure to understand the risks.