Bitpaypro entices you with the promise of daily profits through their unique platform for Forex and CFD trading. They portray themselves as a rigorously regulated company, offering a plethora of tools to access high-growth investment prospects.
As you delve deeper into this Bitpaypro review, you’ll uncover compelling reasons to question these claims. The evidence suggests that the company may be nothing more than a blacklisted financial scam.
Deceptive Licensing Claims and Sham Regulation
Bitpaypro took a significant risk by claiming its headquarters were based in Tulsa, Oklahoma. Given the stringent regulations in the US market, it took mere moments to verify that Bitpaypro lacked NFA licensing.
Their assertion of CySEC licensing also proved to be false. Regulatory authorities swiftly caught onto this fraudulent behavior. FCA was the first to blacklist them, soon followed by CONSOB, CMVM, and IOSCO.
In numerous jurisdictions, including the US, brokers must maintain segregated bank accounts. In the EEA, they are obligated to provide negative balance protection and compensation funds. While Bitpaypro professes to offer these safety measures, it’s a facade aimed at duping clients, not safeguarding their interests.
Exclusively 1-Star Ratings on Trustpilot
The Bitpaypro Trustpilot page is flooded with one-star reviews, albeit in a limited quantity. Despite the evident wrongdoing by the company, many individuals remain hesitant to share their experiences.
It is crucial to raise your voice as it serves as a warning to fellow traders about the perils of Bitpaypro. We are keenly interested in your story and may offer assistance in recovering funds from this perilous scam!
How Do They Deceive So Many Victims?
Bitpaypro doesn’t boast a reputable or well-known image, yet it manages to attract new clients through a combination of boiler room agents and a referral program.
The company’s agents dedicate their time to making phone calls or engaging in online chat services, honing their skills in persuasion to encourage victims to pour as much money as possible into Bitpaypro.
The referral program operates similarly to a financial pyramid scheme, enticing clients with promises of rewards for recruiting others to the platform. However, once you’ve made a deposit, the chances of ever seeing your money again are slim.
Who Falls Victim to This Fraud?
The Bitpaypro website, bitpaypro.net, makes audacious claims, including the assertion that the company has held a license since 2000. However, a simple Whois search reveals that the website was only launched in mid-2023, targeting audiences primarily in:
- United States