swiss-btc.com - Bitcoin Trading Platform
What is this site?
Today we are looking at swiss-btc and there are three reasons for that.
One - that is not how the Swiss spell Suisse, so who runs this site?
Two - we were forwarded to this site by a Brexit Millionaire clone.
Three - this site appears to be suspicious in terms of its financial purpose.
Let's start with the first point. Who runs this site?
Well that is a tricky question. This site does not appear to fulfil any of the prerequisites for doing business either in the UK or the EU, and whilst Switzerland is not strictly part of the EU, they definitely want to fulfil EU requirements in order to be able to do legal business with the EU countries.
There is no visible company registration data on the main page, no postal address, no details on the 'about us' page, nothing except a IPO voice phone number, and that could forward us to anywhere!
Even the T&Cs page just reads:
This Agreement is executed by and between Swiss-Btc and the Client, a physical or legal person, (the “Client”).
Clearing and billing services are done by Swiss-Btc
1. General Terms and conditions
This contract explains the use of various conditions applied to the services available on the domain of www.Swiss-Btc.com (henceforth “Our site“).
Our web site is accessible worldwide to anyone with Internet access. Access to and use of our site are subject to these terms and conditions.
Which is very concerning. They do not even divulge who they are in the legal correspondence of their site. This is a huge red flag! They do not even explain who the 'our' in 'our site' refers to in the above.
Let's have a look at the privacy and security terms in case they tell us anything there:
Our priority is to preserve your data
Use your personal and banking information on the internet can be dangerous depending on the chosen website. The privacy statement explains how we can protect your personal and banking data.
This is just getting more and more crazy. None of this has been put together by a legal team, or even one that good with English. 'The privacy statement explains how we can protect your personal and banking data' so where do you explain what you actually do rather than what you can do?
The contact us page has some addresses:
Head Office: Gartenstrasse 25, 8002 Zürich, Switzerland
Uk Branch: 40 Bank St, London E14 5NR, United Kingdom
Sweden Branch: Birger Jarlsgatan 3, 114 34 Stockholm, Sweden
call now : 41-7150-87430
Email : [email protected]
We could not match any of these addresses to any company as no one at these addresses matches up across locations. No other website has any record of a consistent company at all, or even two of these addresses. These addresses are fiction.
So in legal terms, there is no way that you should send any money to this site, as you have no idea where you are sending it, or even to who.
There are serious technical issues too:
the information transmitted between your computer and the website is encrypted using an SSL certificate encryption to 248 bits.
We think that it would be far more likely to be either 256 or 2048-bit than 248-bit SSL encryption as we have never heard of 248-bit. Gigantic red flag!
OK so on to point two - we were forwarded to this broker by a known scam campaign that lies about every part of the service it pretends to provide, especially the capabilities of that service. This does seem to correspond with the complete lack of transparency provided by this site and ties in with the feeling it inspires - the feeling that they have no financial or technical knowledge of any kind. Massive red flag!
This association with Brexit Millionaire also indicates that this site is part of a group who are prepared to pay their affiliates (they pay per person signed-up) $500-800 USD each signee. This means that they are confident that they will take at least $1000 USD from each customer. When trading CFDs, the brokers settle the accounts, which must mean that customers must have almost no chance of making money and every chance of losing at least $1000USD This is a huge red flag!
Lastly let us move on to point three, which has actually been covered quite well already in point one.
We are told that we add BTC to wallets to get started on the front page of this site and that we are protected by their rather unique 248-bit encryption from DDoS and all sorts of other scary problems. And yet sign-up is with debit or credit card. Why would that be? If you are opening a wallet you should be depositing BTC or ETH rather than only being asked for a card number.
You see this is the kicker, the leveraging of these deals means that they will be (in their minds at least) entitled to take any monies owed by you due to leveraging (multiplying losses and gains by up to 50x) on these Contracts For Differences you have made with the broker. If you deposit $500 you can be liable to pay 50x this amount to settle your account.
They do not just want a deposit, they want your savings and have found a way to legally(ish) get it.
VERDICT: SWISS-BTC ARE A: LEGAL(ISH) SCAM!