Last Updated on May 30, 2023 by Stephan Lindburg
Bitcoineer! What is it really and can it be trusted to generate consistent profits? In this Bitcoineer review and scam investigation we will provide you with all the answers you need. So, Bitcoineer is reportedly a new automated trading software. As the name suggests, this app is directed at new or amateur traders looking to trade bitcoin online. Bitcoineer is advertised as a “reliable” new auto-trading software which delivers winning cryptocurrency signals directly to your mobile app or device. In the product specs section, it is also mentioned that this “cross-functional” crypto robot utilizes a cloud-hosting solution in order to facilitate faster or more efficient trade execution.
But is that really the truth or is Bitcoineer just another get-rich-quick scheme we need to blacklist? In certain cases it’s difficult to ascertain whether a certain software or system is really up to par. However, this is not one of those times. It is our opinion that Bitcoineer is a scam. This scheme is similar to countless others we have exposed here on our website. Bitcoineer is what we refer to as a cookie-cutter or production line scam. As we shall prove, the scammers use the same template for many other fraudulent services and simply replace the logo and texts.
Bitcoineer Broker Check: When we registered to conduct our €250 deposit test, the broker which was allocated to us was named BitCFD. We checked and BitCFD is not licensed to manage investor portfolios. Additionally, this broker has a registered business address in Seychelles, which is a very questionable legal jurisdiction.
So, if you are absolutely determined to take this fake app for a test drive we recommend you stop and reconsider. Our research staff has stumbled on some seriously incriminating evidence which will literally make your jaw drop. So take a few minutes and read our independent Bitcoineer review.
Official Bitcoineer Website, Login Page And Members Area: Were were able to identify 4 (Four) websites claiming to be the official Bitcoineer app. None of them are trustworthy or legit.
- 1 Scam Evidence:
- 2 Fake Bitcoineer Testimonials
- 3 Fake Bitcoineer Reviews
- 4 Bitcoineer Fake News Campaigns
- 5 What is Bitcoineer, Who Is Really Behind It, And How Does It Work?
- 6 Bitcoineer Review: Is This Trading Software Up To Par?
- 7 Our €250 Deposit Test: How Does Bitcoineer Compare To The Rest?
- 8 Testing And Review Methodology
- 9 What Other Websites Are Saying About Bitcoineer
- 10 Backtesting And Strategies
- 11 Bitcoineer Pros And Cons
- 12 Patenting And Regulation
- 13 Confidentiality Of Personal Information
- 14 Security And Safety
- 15 Bitcoineer: It’s Not What You Really Expected!
- 16 Bitcoineer Leverage
- 17 Is Bitcoineer Compatible With Any Of The Exchanges?
- 18 Mining With Bitcoineer
- 19 Other Types of Bots
- 20 Bitcoineer Deposits And Withdrawals
- 21 Bitcoineer On Trustpilot, Reddit, and Other Forums
- 22 Bonuses, Incentives, and Perks
- 23 Bitcoineer FAQ
- 24 Taxes Related To Bitcoineer
- 25 Working Alternatives
- 26 The Verdict
Here we can see the Bitcoineer primary website and registration form. We kindly as that you take a very good look at the content, layout, and design.
And here we can see the same exact website, however it is used to promote one of the many other scams we have previously exposed right here on our portal. If you are shocked then it’s with good reason. Most people are not familiar with how these types of cookie-cutter scams work. If you are not an industry insider or professional marketer you will most likely start rubbing your eyes in disbelief once you begin to understand how the con-artists operate.
Fake Bitcoineer Testimonials
Well, if you thought the people telling their story about how much money they were able to generate are real then think again! The entire Bitcoineer testimonial section is forged and duplicated from other schemes. This can also be seen in the screenshot we added below.
Fake Bitcoineer Reviews
Here we have a fake review website which is a part of the Finixio scam affiliate network. This website is advising victims to customize the auto-trade settings for a software that does not exist. If that doesn’t constitute a fake review then nothing does.
Another giveaway is the branded or polished look. The fake review sites tend to look very professional, but they use that in order to make their victims less edgy and more susceptible to lies.
Bitcoineer Fake News Campaigns
Our research staff has identified multiple fake news campaigns related to Bitcoineer. The ones that are trending now are using Tesla CEO Elon Musk, Amazon Chairman Jeff Bezos, Tommy Tiernan, Stefan Persson, and renowned UK blogger and money expert Martin Lewis. We also spotted a campaign in German using Markus Lanz, and talk show host Thomas Gottschalk (see image below).
There are other campaigns which are trending and we will make sure to monitor this trend and update our review accordingly.
What is Bitcoineer, Who Is Really Behind It, And How Does It Work?
Bitcoineer is reportedly and automated trading software for cryptocurrencies such as Bitcoin, Ethereum, or Dash. This type of app is usually referred to as a bot or crypto robot. In the Bitcoineer website, we are not told who is responsible for creating this software. Additionally, there is very little information provided about the product specs and how the trading engine or algorithms work.
Bitcoineer Review: Is This Trading Software Up To Par?
Let’s start with some basic facts. First of all, we have received about a dozen complaints about Bitcoineer. Most of these complaints have to do with inability to withdraw existing funds. Other grievances are related to incessant phone calls and slow loading times. So right from the start Bitcoineer is getting hit left and right like a stuffed piñata.
Moving along, as we have already mentioned the scammers from Finixio have latched on to this fake app and are actively endorsing it. This fact by itself is enough for us to step up and say that Bitocoineer is a scam. That’s because websites belonging to this network rarely blacklist any type of service. So if you see a review site that only provides positive 4 or 5 star reviews on all systems you should stop right there and refrain from joining.
Another red flag we picked up on right from the start had to do with the fact that our account manager insisted we deposit at least €5000 using Monero or Dash. This really made us stop and got us thinking about the type of people who are associated with this dubious app. The enormous amount for spam we started receiving didn’t really help either.
Again, this is just an initial overview and explanation designed to illustrate how we feel about Bitcoineer. As we dig in deeper more detailed information can be accessed and evaluated.
Our €250 Deposit Test: How Does Bitcoineer Compare To The Rest?
Before we had a chance to fund our account a phone call from a person named Sam Riback came in. Sam introduced himself and asked us to send some documents. After a short conversation Sam told us that €250 is the activation fee and that if we wanted to make some real money we had to invest larger amounts. After we insisted that we were not ready to invest more he let us fund our account but not before telling us how discontent he was.
It’s also important to re-emphasize the fact that there is no trading software of any kind. We were adamantly searching for some kind of signals panel or any external investment tool but nothing was made available to us.
Testing And Review Methodology
We are not in the business of making unfounded claims. All of the information we provide is backed up by proven methodologies designed to filter out mistakes or miscalculations.
|Statistical Analysis||Check the performance stats.|
|Legal Check||Is the app regulated or not?|
|The Money Trail||Where does the money end up?|
|Rigorous Fact Checking!||Validate and re-confirm the information.|
|Cashier Evaluation||Is cashing out easy or not?|
Above you can find a table that lists some key factors we use to determine efficacy levels and trustworthiness.
What Other Websites Are Saying About Bitcoineer
Below are a few excerpts that describe what other review websites have to say about the Bitcoineer scam trading app.
- Here’s a new app for amateur traders we found to be simply delightful!
- Bitcoineer sets a new standard for automated crypto trading. Now it’s your turn to get in on the action.
- This new software is literally trading made easy. Especially designed for beginners, Bitcoineer beats the competition hands down!
There are a few other sleazy websites that make similar claims. However, it’s pretty clear that the criminal affiliate network is endorsing this fake app and advising innocent victims to join so they can claim their referral commissions.
Backtesting And Strategies
Interestingly enough, these con artists left out an important piece of information. In the Bitcoineer scam sales page we fail to see any type of reference to back testing or trading strategies. Some of the more common strategies include technical analysis and indicators such as Fibonacci and Elliot Wave. However, we didn’t see anything like that at all.
Backtesting is another strategy which provided members with historical data related to the app’s performance. No back testing was made available to us.
Bitcoineer Pros And Cons
We took a very long look at Bitcoineer before drafting our pros and cons table. Though we tried really hard we were not able to find any benefits for anyone considering joining this bogus app.
You can check out the table above. We tried to make it as clear and simple as we can.
Patenting And Regulation
Bitcoineer is not a regulated trading app. Online trading is a very regulated environment since large amounts of money are constantly at play. In terms of the actual software there are certain technical guidelines that are set in place. ISO 27001 are the actual specifications required to be implemented by the developers. PCI compliance are the safety protocols that are needed in order to ensure all financial transactions are executed in a safe and secured manner. That means that the transactions have to undergo encryption and stored on separate servers where only key people can access them.
The same can be said about certifications from CySec or ASIC which happens to be the regulating entity in Australia for example. We tried to message the Bitcoineer customer service staff in regards to this issue multiple times but failed to receive an answer.
Confidentiality Of Personal Information
New customers registering for this farce will find out the hard way that their personal information is being sold to the highest bidder. The odd thing is that the scammers are saying this in a very openly and candid manner. If you check the terms and conditions section you will see that they are specifically stating that they reserve the right to sell your information to interested third parties. Additionally, they are saying that they will try to sell you other products or systems as they deem fit.
Security And Safety
Bitcoineer is neither safe nor secure. It’s simply a copied landing page which is used by affiliate networks as a turnkey solution for marketing purposes.
That’s the reason why the people behind it don’t really care about security-related issues like firewall settings or SHA-256 Fingerprint protocols on HTTPS. That’s not to say the various Bitcoineer sites don’t have an SSL certificate, but these days every website has one.
Bitcoineer: It’s Not What You Really Expected!
Well, after taking a really close look at Bitcoineer it doesn’t take a genius to figure out this bogus trading platform is a total scam. Everything that could possibly go wrong occurred to us. The customer service staff was rude and impatient, we lost our initial investment in a matter of minutes, and we started to receive all kinds of phone calls from different people asking us to invest more money.
It all boils down to a few simple facts. Firstly, the app is not a functional piece of trading software. Secondly, the primary emphasis is based on marketing efforts instead of actual performance. Finally, offshore brokers pay a lot of money for affiliates who can deliver paying customers. That means ethical business practices go out the door and cash flow concerns top the agenda.
One could say that this our world and it would be wise to simply accept reality. We are not willing to do so since we despise the fact that rich marketers with deep pockets always outsmart the little investors who just want to get a few successful trades.
For those of you who are new or unfamiliar with the concept of leverage you should know that in many ways it is similar to a loan. Leverage is provided in terms of ratio. When examining leverage provided by regulated Forex brokers we can see that the ratio is 30:1 to 2:1 on the underlying. The scammers at Bitcoineer offer leverage of up to 5000:1. This means they are intentionally offering you a “loan” you will not be able to pay back and in doing so they are causing you to accrue debts.
Is Bitcoineer Compatible With Any Of The Exchanges?
No. This fake app is not compatible with any exchange such as Binance or Kraken. Anyone who is trying to convince you the opposite has a very suspicious agenda and you should be aware of that.
Mining With Bitcoineer
This scheme has nothing to do with cryptocurrency mining or any type of mining rigs. Mining is based on hash rate and it operates in a completely different manner. If you see a website trying to sell you the idea that Bitcoineer can be used for mining then simply skip it and move on.
Other Types of Bots
There are various types of Bots and they all operate differently. An arbitrage bot integrates with exchanges and generates profits based on contract margin rates. EA’s or expert advisors are Forex robots that send signals for currency pairs such as USD/EUR. But Bitcoineer is a CFD or contracts for difference bot which integrates with offshore brokers. In most cases these brokers are unlicensed and only care about investors topping up their accounts with fresh cash. That’s because that money is headed directly out of your pocket and into the scammers’ and there is no way you will get it back.
Bitcoineer Deposits And Withdrawals
As we have already mentioned, depositing money into your broker account via the Bitcoiner scam trading app is a simple process. However, trying to make a withdrawal is very much similar to squeezing water out of a stone. Certain websites claim depositing options such as Neteller or Skrill are available for new members. These are gambling websites and have nothing to do with cryptocurrency trading so please make a note of this as well.
Bitcoineer On Trustpilot, Reddit, and Other Forums
This platform already has some reviews provided by fake profiles on various review platforms and social media. Please make sure to note that anyone can say pretty much anything on these platforms and get away with it. At the end of the day the websites that really matter are professional review sites specializing in cryptocurrency and finance. Oh, make sure to avoid sponsored articles as well. Those are paid for and totally useless.
Bonuses, Incentives, and Perks
When we registered for Bitcoineer we were offered a myriad of incentives and comps. But these incentives are not free! Similar to gambling sites, these bonuses have a trading requirement. In our case it was 30 times the deposit plus bonus in order to qualify for cashing out. Most customers are not aware of these dirty little tricks, but we are. So if you are offered a bonus make sure to decline it and do so in writing.
Bitcoineer is a trading robot that reportedly generates money for you on Auto Pilot. The scammers say that the wins are guaranteed, but those are lies. Don't believe it.
No. If you try to do so you will end up losing your money not generating more.
This is because most of these sites belong to the same affiliate network. They don't care about what happens after you invest. They only want referral commission and will say anything in order to get you signed up and depositing.
There are better systems out there, ones that actually generate money. Check out our recommended system and see what we mean.
Well, con artists use fake profiles on Telegram and they can get away with anything that way. It's best you find a reliable source of information.
Taxes Related To Bitcoineer
Taxes should be the last thing on your mind at this point. That’s because taxes are levied on profits not losses. Realistically speaking, if you are inquiring in regards to the authenticity of Bitcoineer it means you were targeted by expert marketers. This should be your main concern and not how much to declare.
If you are searching for a few tested apps you are in luck. Our staff of researchers conducts daily inspections and performance analysis for new and existing apps. Take a minute and check out our recommended section. We never recommend any software before risking our own money.
Bitcoineer is a scam. This is not a supposition or an idea based on deductive reasoning. This is a fact which can’t be refuted or dispelled in any way. In our Bitcoineer review we prove without a reasonable doubt that victims who register for this fake app are solicited to do so under false pretenses.
The amount of money and manpower invested into recruiting new paying customers is massive and affiliate networks will do anything to recruit you. So yes, we are blacklisting the Bitcoineer scam app after producing ample proof of scam and advising our viewers and subscribers to refrain from joining. Should you have any additional questions or require clarifications, please reach out and message us via our contact page or social media.