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What is Bitcoin Code?
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Let's have a look at the official websites first of all.
Well certainly there are a lot of websites all claiming that they are the official website which seems odd. Why would you want so many websites splitting the traffic and your own efforts of maintenance if it does nothing except duplicate the material? This would not be a good thing for Google rankings. Well there is no reason that we can see, unless all of these sites are run by different people competing over investors.
All of the sites appear to carry a similar message - that Bitcoin Code is a system in beta testing that will make you money by being able to predict movements in the cryptocurrency markets.
Is Bitcoin Code Really An Auto-Trading Robot?
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Now this is obviously not true, as no one can predict markets with total accuracy unless they dictate them. As soon as a market becomes predictable then it is no longer a market, it would just collapse. The markets would also have outlawed the software and shut down access to the system. The share-dealers would also not deal with an AI in beta testing if anyone tried to connect it to the markets. The system would have to communicate through the brokers system without them knowing which is not something you would advertise on many different official websites. Every part of these claims is ridiculous.
What Does Bitcoin Code Do Then?
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As always in these cases, when any money is going to change hands before any return is received, we have to start with the small print at the bottom of the Bitcoin Code pages:
Disclaimer: Bitcoin Code uses a high-risk/high-reward investment approach. Moreover, it trades on high leverage. This increases the possibility of blowing an account when trading through the platform.
Bitcoin Code may get paid a commission for linking you to underlying brokers’ platforms.
So, Bitcoin Code are not brokers or maintainers of any code or algorithm, they are a broker using leveraging to increase rewards and losses. But what does the next sentence mean then? Well the commission being paid must mean that they are not even a broker, but an affiliate of brokers, seeking fees for an introduction to the supposed trading interface of these offshore, unregulated brokers. And this is where we finally realise what Bitcoin Code is. It is just an affiliate trying to sell the services of a broker. They are only connecting you to whoever pays the best fee, which means that they are connecting you to a broker who is the most likely to scam you. This is why they already seem to know you're going to lose money, the only broker that would pay $700 USD for a prospective customer is planning to rob them!
Also so this offering is not buying and selling Bitcoin, it is leveraging on market changes in cryptocurrency, or possibly other markets. It is trading CFDs or Contracts for Differences.
What Is Leveraging?
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Leveraging means that you are essentially betting on market outcomes, and you can multiply your potential gain by leveraging at say x3.5 with a regulated onshore broker, without actually increasing your risked capital, just the likelihood of closure of your position. If, however, as the small print is suggesting, you use offshore, unregulated brokers, you can leverage at say x100 which is a very appealing idea if you do not understand that the broker can liquidate your position on a 1% move the wrong way and keep your stake.
Here is great article on the problems of offshore brokers in Crypto markets and why the volatility is a result of their lack of regulation rather than a feature.
Leveraging on Crypto is not for the inexperienced trader. It is also open to a lot of misdirection and fraud by the offshore brokers. If the servers are too slow for you to get out when you want tough luck. No one is on your side to recovery your money. The brokers will likely be registered in the Caribbean and not subject to any local law. The regulations will be in their favour anyway as they are warning you at the bottom of the page already, and you haven't signed up yet.
How Does Bitcoin Code Work?
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As we can see from the brief video below we are actually redirected to ravenmarkets.com.
Who are RavenMarkets.com?
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Well as we mentioned earlier, it is quite a difficult question to answer with these types of companies. Their front page says:
Raven Markets is one of the most trustworthy cryptocurrency exchange and trading platform, with more than 50,000 active users worldwide.
Now that is an odd thing to say anyway. Why would you say that you are one of the most trustworthy exchanges. This is enough to make us suspicious alone, but let us stick with the facts.
They have a Swiss address on the website but a UK phone number, so they are registered abroad to avoid EU law, if they are even actually registered in Switzerland at all. They do not disclose their address in the UK, but they would be in Leeds if that number is correct, and not redirected overseas; the ring tone does sound as if it is redirected.
We have not sent money through to this broker but we did register a temporary phone number with Bitcoin Code who then sent the number through to RavenMarkets.com without explanation. The boiler room scammer who then phoned us tried to get us to invest money into their system and explained that Bitcoin Code was one of their Marketing campaigns and that they would be able to get an experienced broker to explain how we could make money. The person calling us was English and they called from an 0203 number that was obviously a redirected number to hide their real location and identity. This is a sure sign that they were boiler room scammers.
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It should be noted that the brokers are the easiest part of the operation to trace and soon pickup bad reviews online. As a result they disappear fast. If we look at RavenMarkets.com now, this is what we see:
So this is perhaps another part of their business, to make a domain name sought after, even if it is purely from people looking for refunds, and then reselling the domain name at a profit. The only constant with these sites is the payments system but then we have the problem of proving that the payments system people understand that their customer was a scammer which is a tricky link to ascertain.
What Do The Brokers Have To Do With Bitcoin Code?
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Well Bitcoin Code are a contact details harvesting system for boiler room scammers like RavenMarkets.com. Once they have your details they will tell you anything to get you to invest. They will phone ten times a day every day until you either give in and hand over your money, or you get a new phone number. This is how boiler room scammers work. Once you agree to invest they send your money into cryptocurrency accounts, often by using remote control software to operate you computer, and then they put you in front of a fake trading website that keeps you busy while they disappear with your money.
So let's recap:
- Bitcoin Code does not appear to be a code or algorithm, just a details forwarding service
- The broker you enter into the platform of is not regulated in the US, AU, CA or EU
- The broker is at an unknown location and has obviously taken great care to remain so
- The Bitcoin Code website is constantly changing URL to remain alive
- The Bitcoin Code is interchangeable with Bitcoin Circuit and all the other Bitcoin boiler room scammers.
VERDICT: THE BITCOIN CODE IS A: SCAM !!
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Do not invest with these people or their partners under any circumstances.
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