Why is this scam
Belgium’s Financial Services and Markets Authority (FSMA) has recently warned about fraudulent cryptocurrency trading platforms. The agency also published a list of 19 crypto platforms it “has received questions or complaints from consumers about and has established indications of fraud,” the agency wrote. One of them is Btc-cap. This platform are using the same methods to lure investors. They claim to offer the best (or one of the best) trading platforms on which, both beginners and professionals can trust and trade on instantly, the financial watchdog detailed.
Complaints include customers unable to reclaim their invested money and customers unable to contact the company once they have invested. “I invested via a platform that claimed to have a license,” said one of traders, “When I asked for the refund of my money, I was promised that my money would be refunded on a certain date. However, I have never received anything and now I do not even get access to the platform.” We found a lot of similar testimonials.
The signs of confirmation
Investors should be wary of companies that claim to have a permit or license by a supervisory authority, and this one doesn’t have, so that currently no supervision is exercised on online platform. This platform doesn’t provide clear and understandable information. Always verify the identity of the company such as identity details, country of residence, etc., and never trust a company if it cannot be clearly identified.
Let’s see the other signs.
This platform for crypto trade promise a guaranteed return or full capital protection. However, those promises are one big illusion in the crypto-coin sector! If an offer is fraudulent, the promised guarantee is undoubtedly fraudulent too. Investors should be wary of promises of excessive profits. If a return seems too good to be true, it usually is fraud.
Recommendation – Stay far away from this! Red flag!