Caution Investors Bitmarket Trader – Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)
Bitmarket Trader: A Boiler Room Scam to Avoid
Overview:
Bitmarket Trader is a company that claims to offer investment and trading services to consumers, but in reality, it is a boiler room scam. A boiler room scam is a fraudulent scheme where unscrupulous individuals or organizations use high-pressure sales tactics to persuade unsuspecting investors to buy worthless or non-existent shares. Bitmarket Trader has been operating without a license or a European Passport and has been warned by the Dutch Authority for the Financial Markets (AFM) as a potential risk for consumers.
Regulation and Compliance:
Bitmarket Trader is not regulated or compliant with any financial authority or jurisdiction. It does not have an AFM license or a European Passport, which means that it is not authorized to provide investment services or products in the Netherlands or in the European Union. The AFM is the regulator of the financial markets in the Netherlands, and it is responsible for ensuring that financial institutions operate in a fair, transparent, and efficient manner. The AFM has issued a warning on its website (https://www.afm.nl/nl-nl/consumenten/waarschuwingen/bekijk-de-waarschuwingen/boilerroom/bitmarket-trader) on 09 Oct 2023, stating that Bitmarket Trader is a suspected boiler room and advising consumers not to respond to its offers.
Customer Reviews:
Bitmarket Trader has received numerous negative reviews and complaints from customers who have fallen victim to its scam. Many customers have reported that they were contacted by Bitmarket Trader via phone or email, and were offered attractive investment opportunities with high returns. However, after they deposited their money, they either received nothing in return or were asked to pay more fees or taxes before they could withdraw their profits. Some customers have also reported that they were unable to contact Bitmarket Trader after they realized that they were scammed and that their accounts were blocked or deleted.
Products and Services:
Bitmarket Trader claims to offer a variety of products and services related to investment and trading, such as stocks, commodities, forex, cryptocurrencies, indices, and options. However, these products and services are either fake or illegal, as Bitmarket Trader does not have the necessary licenses or permissions to operate in the financial markets. Bitmarket Trader also uses deceptive marketing strategies, such as fake testimonials, fake awards, fake news articles, and fake social media accounts, to lure potential customers into its trap.
Location:
Bitmarket Trader does not disclose its physical location or address on its website or other communication channels. It only provides a phone number and an email address, which are likely to be untraceable or disposable. Bitmarket Trader may also use different names or identities to avoid detection or prosecution. According to some sources, Bitmarket Trader may be based in an offshore jurisdiction, such as Belize, Panama, or Seychelles, where the financial regulations are lax or nonexistent.
Customer Service:
Bitmarket Trader does not provide any reliable or professional customer service to its customers. The only way to contact Bitmarket Trader is through its phone number or email address, which is often unreachable or unresponsive. Bitmarket Trader’s customer service representatives are rude, aggressive, and dishonest. They use manipulative techniques, such as false promises, threats, guilt trips, or emotional appeals, to convince customers to invest more money or to prevent them from withdrawing their funds. Bitmarket Trader’s customer service is also inconsistent and contradictory. For example, some customers have reported that they were told different stories or reasons for why they could not access their money.
Conclusion:
Bitmarket Trader is a boiler room scam that should be avoided at all costs. It is not regulated or licensed by any financial authority or jurisdiction, and it has been warned by the AFM as a potential risk for consumers. It offers fake or illegal products and services related to investment and trading and uses deceptive marketing strategies to attract customers. It does not provide any reliable or professional customer service, and it often blocks or deletes customers’ accounts after they deposit their money. Bitmarket Trader is a fraud that preys on unsuspecting investors who are looking for legitimate opportunities to grow their wealth.
