This review explains why you should not trade cryptocurrencies or any other asset with Cryptobitup.
What it is about
There is also a cloud mining program, where you buy hash (mining) power and get the rewards.
There are several red flags with Cryptobitup that should make you stay away from this program.
First 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.
Cryptobitup 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.
The 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.
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.