STAY AWAY from Cryptobitup, it is an ILLEGAL broker – review

This review explains why you should not trade cryptocurrencies or any other asset with Cryptobitup.

What it is about

Cryptobitup websiteCryptobitup claims to be a broker and a crypto mining company. It allows you to trade with cryptocurrency pairs as well as indices, commodities and stocks, all denominated in bitcoin.

There is also a cloud mining program, where you buy hash (mining) power and get the rewards.

Big problems

There are several red flags with Cryptobitup that should make you stay away from this program.

Not regulated

The companyFirst of all, Cryptobitup is a broker that is not regulated. Not only it allows you to trade derivatives, but it also has an investment program with promised returns. All these things are heavily regulated, so you need a licence to be able to offer them legally.

Cryptobitup claims to be based in Great Britain, meanwhile support phone numbers lead to Switzerland, Cyprus, France and Russia. All these countries regulate trading, and because Cryptobitup has no licence, it is operating illegally in all these countries.

With brokers that are not regulated your money is not protected in any way and could disappear any time.

Investment accounts?

Fishy investmentCryptobitup offers four different investment accounts that obviously are not meant only for your trading, but also for profits generated by the company. Again, this is illegal, because the company is not regulated.

What’s more, Cryptobitup promises returns about 4.7% per month, which is a very bold promise and we have every reason to doubt that they will achieve such results.

Fictitious mining

Mining scamThe mining accounts is the thing that makes us believe that Cryptobit is not only illegal, but also a scam. The professional plan promises 20% per month, which is impossible to achieve in real crypto mining nowadays.

The fact that Cryptobitup does not even specify which currencies you will be mining, support our belief that their plans are fictitious, that there is no real mining going on.

Conclusion

Cryptobitup is an illegal broker, because it is not regulated. The investment accounts and mining plans look extremely suspicious, we believe that it is a scam. Stay away from it!

If you want to try to make money in crypto trading, start on a free demo with a regulated broker and learn.

Don’t trade with real money until you have a solid strategy and understand the risks.

Summary
Review Date
Reviewed Item
Cryptobitup
Author Rating
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5 thoughts on “STAY AWAY from Cryptobitup, it is an ILLEGAL broker – review

  1. Hmm I dont agree with the author. I trade with them for a little over half a year, everything is fine. money can be withdrawn without any problems if the account is verified. the company is regulated, you can see this on investing.com
    it’s impossible that this site works with scammers

      1. I have been with Cryptobitup for about 3 months or more now then quite suddenly the chap who was ‘advising’ me, namely Alex, seems to have disappeared. I have had no response from him in 3 weeks whereas he used to call me twice a week. I have a balance of about 0.53 Bitcoin on the account of which about half is my own investment but I can’t withdraw it and I can’t get any response from their chatbox or from emails to Alex.
        What would be your advice please?

        1. Hi, I’m sorry but with unregulated brokers it is difficult, try to put pressure on them, but there is no regulator that could help you, maybe only police.

  2. Do not get involved with this mob of scamming thieving Ba—ards. You will not get your money back.
    They will put on winning trades but when you want a withdrawal nothing happens. They will stop calling and will not answer call.

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