Bitsoft360 Review 2023: Could This App Scam You?

Is This Trading Platform Scam Or Not?

Bitsoft360 is being used by the scammers to lure unsuspecting victims. Bitsoft360 is a flashy website that promises to make quick crypto riches.
This “trading platform” claims to be a web-based trading system that uses multi-functional data scripts to facilitate trade execution. This bogus signals application is being promoted as a simple and risk-free way for new members of the community to earn passive income.

Bitsoft360 Review: Broker Check

We registered to test broker. The broker that synchronized with the app, Royal FX, was the one we used. This investment platform is registered in Belize, a very suspicious legal jurisdiction. Further investigation revealed that the broker was not licensed to manage customer portfolios. This means that this broker is illegally operating.

Our Deposit Test: Impressions & Customer Experience

It took us about five seconds from the moment we registered to receive a call from a London number. We answered and Michael Spanos, a man by the name Spanos, introduced himself as our account manager. Spanos was very positive and encouraged us to invest £1,000.
He allowed us to fund our account after we made it clear that we wouldn’t be willing to invest more than the minimum amount. To confirm the transaction, we used our Mastercard. We had to enter our pin code.

Are you constantly being asked to reinvest substantial amounts of money by aggressive account reps? If so, this is a clear indication that you are getting scammed.

After that, we were almost immediately contacted instantly by Simon Dennison, a senior account manager who was insistent about selling us a new “foolproof” trading strategy. The strategy requires a minimum buy-in of £5,000. Dennison stated that “if you want to make some real income” you will need to invest some cash.

Dennison eventually understood that we weren’t going to invest more funds until we saw some return on our investment. This was when we began receiving offers for trading systems and bonuses for online gambling sites.

There is no backtesting or strategy provided

You can view historical performance and get a peek at the trading app if it is legitimate. This is common with high-end investment platforms. Bitsoft360 doesn’t allow you access to performance data or stats. Members who are new to Bitsoft360 will find themselves searching for indicators like Bollinger Bands or stochastics, and come up empty-handed. These types of tricks are normal when you register for fraudulent software.

Regulation And Patenting

Bitsoft360 is a trading software that is illegal. It is not licensed by CySec, BaFin or ASIC in Australia. We requested documentation regarding PCI compliance, ISO licensing and confidentiality of personal data. Our staff also reached out to the patent office in the EU and other countries, but were not able to find any documentation.

High Risk Warning for Investments

It is the fine print that tells a story. This is also the only true truth you will find on Bitsoft360’s website. You will find the warning about high-risk investments at the bottom of the website. Most people don’t bother to look.

Safety and Security

This service is not secure in that customers who register for it will be advised to invest additional money into software that does not exist. Github also contained a warning about Bitsoft360 phishing. To check for malware, we also used a third-party service. It turned out that one of the domains associated with this fake app had a record of spyware. This spyware is then downloaded via.exe files with no user approval.

Bitsoft360 Leverage

If you are new to online trading, and don’t know what leverage is, it is similar to borrowing money. You are given money by the broker to trade. If you lose it, you will end up owing more than you intended. This is what happens to many victims. This is especially true when brokers offer leverage of 5000:1 which is totally insane.

Are Bitsoft360 and Other Crypto Exchanges Compatible?

No! It does not integrate with popular cryptocurrency exchanges like Binance and FTX. Some review sites may make you believe otherwise. You can message the exchanges to ask questions. We did and the support staff said that they were not familiar with Bitsoft360. It is most likely a fraud, and they are well-versed in misleading advertising.

Bitsoft360 Deposits and Withdrawals

Bitsoft360 makes it easy to fund a trading account for real money. Try cashing out to see what happens. We were basically shrugged off when we tried it and then tossed from one department to the next. This was done to discourage us making withdrawals. Our account was frozen, and we couldn’t log in.

Bitsoft360 Trustpilot, Reddit, and Other Forums

Already, we have spotted three fake profiles on social media platforms like Facebook. Trustpilot and other review platforms are used by spammers to promote their schemes. This is another reason we keep receiving complaints.

Get Bonuses and Free Gifts

New members are given bonuses to encourage them to trade. The sales reps fail to mention that these bonuses have significant trading requirements. The terms of the “free gift” were 35 times the bonus and a deposit.
To be eligible for a withdrawal, we must trade both the bonus and the actual investment amount 70 times. The sales reps demanded that we test it and even though we had asked not to, they placed the bonus into our account. We were able trade after multiple emails and the bonus was deducted. This didn’t help at all, as we still lost everything extremely quickly.

Bitsoft360: Video

Below you will find a short video about Bitsoft360. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about Bitsoft360!