Bitcoin Code Review

Bitcoin Code Review

Autotrader Crypto Currency App Review

 

Let's have a look at the official website first of all.

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:

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.

Bitcoin Code are not brokers or maintainers of any code or algorithm, they are 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 the most likely to scam you as they already seem to know you're going to lose money.

Also so this offering is not buying and selling Bitcoin, it is leveraging on market changes in cryptocurrency, or possibly other markets. 

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.

As we can see from the brief video below we are actually redirected to ravenmarkets.com.

So who are ravenmarkets.com?

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.

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 Futures etc.

VERDICT: THE BITCOIN CODE IS A: SCAM !!

Do not invest with these people or their partners under any circumstances.

 


 

Advertising here: https://bitcoincode.ford-invest.com/

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