Caution Investors OpaBitcoin – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
Overview
OpaBitcoin was founded in 2020 and claims to have its registered address in London, UK. However, the website does not provide any details about the company’s owners, team, or legal status. The website also does not have a privacy policy, terms and conditions, or any other legal documents that would indicate the company’s legitimacy.
Regulation and Compliance
One of the most alarming red flags about OpaBitcoin is that it is not regulated by any authority in any jurisdiction. In fact, the Financial Market Authority (FMA) of Austria issued a warning against OpaBitcoin on 10 Oct 2023, stating that the provider is not authorised to carry out banking transactions in Austria that require a licence. The FMA also warns investors against concluding transactions with OpaBitcoin, as they may be exposed to fraudulent or manipulative practices such as insider dealing, market manipulation, misrepresentation of material information and others. You can read the full warning here: https://www.fma.gv.at/en/opabitcoin/
Customer Reviews
Another way to assess the credibility of OpaBitcoin is to look at the customer reviews online. Unfortunately, there are very few reviews available for OpaBitcoin, and most of them are negative. On Trustpilot, OpaBitcoin has a rating of 1.4 out of 5 stars, based on 7 reviews. The majority of the reviewers complain about losing money, being scammed, not being able to withdraw their funds, or contacting customer support. Here are some examples of the reviews:
– “OpaBitcoin is a scam. They took my money and never gave it back. They don’t answer emails or phone calls. Stay away from them.”
– “I invested 500 euros with OpaBitcoin and they promised me 10% daily profit. After one week, they asked me to pay another 1000 euros to activate my account. I refused and they blocked my access. I lost everything.”
– “OpaBitcoin is a fraud. They have fake testimonials and fake awards on their website. They are not regulated by anyone and they will steal your money.”
Products and Services
OpaBitcoin claims to offer a variety of products and services related to cryptocurrency trading and investing. According to the website, these include:
– A web-based trading platform that supports multiple cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Ripple, and others.
– A mobile app that allows users to trade on the go.
– A crypto wallet that provides secure storage and transfer of digital assets.
– A referral program that rewards users for inviting their friends and family to join OpaBitcoin.
– A mining program that enables users to earn passive income by mining cryptocurrencies.
However, there is no evidence that OpaBitcoin actually provides any of these products and services. The website does not have any screenshots, demos, or tutorials of the trading platform or the mobile app. The website also does not explain how the crypto wallet works or how the mining program operates. Moreover, there is no information about the fees, commissions, spreads, or other costs associated with using OpaBitcoin.
Location
OpaBitcoin claims to have its registered address in London, UK. However, this address is not verified by any official source. Moreover, the website does not provide any phone number, email address, or social media accounts that would allow users to contact the company directly. The only way to reach OpaBitcoin is through a contact form on the website, which may not be reliable or responsive.
Customer Service
OpaBitcoin claims to have a 24/7 customer support team that can assist users with any issues or queries they may have. However, this claim is contradicted by the numerous complaints from customers who say they were unable to reach anyone from OpaBitcoin or get any help from them. The website does not have a FAQ section, a live chat feature or any other resources that would help users solve their problems or answer their questions.
Conclusion
Based on our research and analysis, we conclude that OpaBitcoin is a scam and a high-risk platform that should be avoided by anyone who values their money and security. OpaBitcoin is not regulated by any authority, has received a warning from the FMA of Austria, has negative customer reviews online, does not provide any proof of its products and services, does not disclose its location or contact details, and does not offer any customer service. Therefore, we advise you to stay away from OpaBitcoin and look for other reputable and trustworthy crypto platforms instead.
