Last Updated on January 5, 2022 by Stephan Lindburg
BitcoinX Review. Is BitcoinX scam or legit trading robot? And what is The Elon Musk Effect? BitcoinX is supposed to be an “AI-powered proprietary software” and automated trading app. Scammers are trying to make a connection between BitcoinX and the fact that Elon Musk invested $1.5 Billion of Tesla’s money into Bitcoin and “nearly doubled its value”. What the con artists forgot to mention is that since then the same Musk discontinued Bitcoin payments for Tesla siting environmental issues. This was mitigated later by the Tesla CEO who said that his company could accept the cryptocurrency if mining operations make a transition into cleaner energy. But this fact did not deter in the least bit the promoters and offshore CFD brokers who are the the ones guilty of orchestrating this shameful get-rich-quick scheme.
BitcoinX Brokers: When we registered to conduct our £250 test, the broker which was allocated to us was named “Bit Traders”, and it has a registered business address in Tallinn Estonia. Similar to other fraud brokers such as “Brokerz” and Garson, this trading platform is unlicensed to buy and sell contracts on behalf of clients, or manage their financial portfolios. That’s why it made perfect sense to us that when we tried to withdraw our money we were deferred, deflected, and bamboozled by professional con artists who have mastered the art of getting victims to simply give up and go away without making too much noise.
So if you are keen on investing with the BitcoinX scam automated trading software, we recommend you read our extensive BitcoinX review and investigative report before doing so. Our researchers were able to expose this outlandish get-rich-quick scheme, as well as the thieves who are responsible for orchestrating this full-blown scam.
Official Website, Login Page, and Members Area: greatestpage(dot)com/bitcoin-x/
BitcoinX Review: Executive Overview
BitcoinX – “The Elon Musk Effect” is supposed to be a data-driven trading robot which uses artificial intelligence (AI) in order to mitigate volatility caused by Bitcoin-related statements constantly made by Elon Musk. There is also a mention of a signals app which offers an accuracy level of 99.4%, but that is a lie and copied from other blacklisted scams.
Proof of Scam
Below we have attached a screenshot of the BitcoinX website and primary registration area. It’s quite plain to see that they are using a template which is constantly being recycled by scammers.
And right below we can see that the scammers are using a template which is taken from older scams, only this time they switched the sales video. We have attached a side-by-side image which illustrates how the template is being recycled and marked the relevant sections for you in orange. For example the “exclusive offer” and registration forms are completely identical, and so are the logos in the lower section of the website (marked in red this time).
Right here we can see the section of the website where they talk about “laser-accurate performance” and “Crystal Ball” technology. Once again it’s very obvious that this content was ripped off from older scams we have previously exposed here at ScamCryptoRobots.com.
And for the finale, here we can see that the scammers cloned the whole FAQ section. We marked the copied parts about “what kind of results can I expect” in red so it’s easy for you to spot the fake.
Fake BitcoinX Reviews
Unfortunately we have found multiple fake BitcoinX reviews. Here we have a picture of another fake review website which is actually giving BitcoinX 5 stars. This website is part of a network which specializes in search engine promotions, and for that reason gains significant exposure on various search engines such as Google or Bing. This network is also involved in gambling activity as well as other shady schemes such as illegal health supplements.
BitcoinX Fake News Articles
There are quite a few fake celebrity-endorsements revolving around BitcoinX, but the most obvious one has to do with Elon Musk. The whole theme revolves around him and the idea that the richest man in the world is buying into Bitcoin.
BitcoinX Review, The Elon Musk Effect Is Fake And Has Nothing To Do With CFD Scams!
Despite what you may have been led to believe, the BitcoinX scam has nothing to do with automated cryptocurrency trading. Scammers are merely pitching you some lies designed to persuade novice traders into investing with unlicensed offshore CFD brokers. CFD’s or contracts for difference are highly speculative derivatives which are purchased and sold in a way which is very similar to Forex. However, CFD’s can also be traded in conjunction with other assets such as commodities, indices, shares, and currencies.
The problem with scams like BitcoinX, is that they emphasize the potential benefits but totally disregard the risks where are involved. Something else we found to be particularly alarming has to do with the fact that these con-artists are specifically targeting new or amateur traders. This means that victims will most likely read about an easy way to “make quick profits” or “guaranteed returns”, and won’t have the knowledge or experience to know any better.
Flashy cars and expensive luxury items like a Rolex watch are also excessively used in the BitcoinX sales page. This is another classic get-rich-quick tactic taken right out of the scammers text-book. Finally, we also see misdirection being used in a very effective and sneaky manner. To explain, the scammers are saying that big US banks like Goldman Sachs and JP Morgan are starting to invest in Bitcoin as well and this causes the price to go up. This of course is extremely deceptive because whilst it is true that big investment banks are diversifying into cryptocurrencies, it has nothing to do with crypto CFD scams. The same goes for Musk’s tweet about Dogecoin!
Is BitcoinX Free To Use?
As opposed to what some fake review websites would have you believe, it is not free. You will need to part with at least £/€250 in order to get started, and this money will be charged to your credit card by the offshore broker which was allocated to you.
Can I Make Money With BitcoinX?
No. It’s impossible to generate any type of income with BitcoinX. It was designed with the explicit intention of defrauding opportunity-seekers looking to generate some quick cash online. The ones who are making the money are the affiliate networks and brokers, and you are the one paying for it (if you choose to invest).
BitcoinX Review: Deposits and Withdrawals (Cashier FAQ)
As we have previously mentioned, depositing is very simple. It will cost you at least $/£/€250 to get started, and in some cases the brokers will demand much more. This is done in order to cover their marketing and operational fees. We have received initial reports that some members were even asked to invest at least $/£/€1,000. This usually happens during the weekend since there is no senior staff which is skilled at extracting additional money from victims once they have deposited.
BitcoinX Scam: Our Checklist
Our scam investigation checklist is constantly evolving and designed to make sure the product or system we are reviewing adheres to our standards and completely scam-free.
- Customer Support: BitcoinX do not answer their email. We have tried multiple times.
- Transparency Versus Anonymity: This software is completely anonymous. We don’t know who developed it, there is no product roadmap, or anything remotely resembling what type of code is used to power the app. Saying it uses Artificial Intelligence is simply not enough.
- Regulatory and Legal Perspectives: This software is not patented and not licensed in the European Union, Asia, or anywhere else. There is no mention of ISO certification or data privacy. The software is also not PCI-compliant, which means the information can be leaked and used to sell you alternative products or systems. In other words they will spam you and try to sell you other things you have never expressed any interest in.
- Signals: There are no signals. There is no trading panel or anything which looks like indicators or strategies which may be used in an automated or semi-automated manner.
- Navigation and Ease of Use: There is no software so there is nothing to use or navigate.
Other Disturbing Issues We Noticed
There are SPAM comments on Trustpilot, Reddit, and other forums. We find this development to be very problematic since most people tend to believe these review platforms. We have written a separate article just about this trend and why you should only read professional reviews from websites specializing in cryptocurrencies or finance.
What Are CFD’s?
CFD’s or contracts for difference are derivatives or financial instruments which can be used to buy or sell contracts according to predetermined rates. CFD’s can be commodities, indices, currencies, or shares for example. Unlike stocks, you don’t have to actually own the assets, you merely speculate when and how the contracts expire. Guess correctly and the profit is yours, miscalculate and you lose. CFD’s can be very profitable but also carry a significant amount of risk. The con artists that promote BitcoinX emphasize the potential benefits, but neglect to highlight the risks. That is the biggest problem we have with BitcoinX and other get-rich-schemes like it.
Tested Systems That Work!
It’s no big surprise that most systems which are launched these days turn out to be flops. That is because they are designed from the outset to be losing systems which take the money generated from investors and give it to the promoters and offshore brokers. However, once in a while a new and genuine system is launched and that’s when we step into the picture. If the software passes our strict evaluation process we add it to our recommended section where our members and subscribers can use it to generate money for themselves.
BitcoinX Review Summary, Conclusions and Recommendations
The BitcoinX scam software and bogus automated trading app is blacklisted, and if we could we would take this fraudulent website down immediately and save many victims a lot of grief and misery. BitcoinX is not a trustworthy software, and we have proven this with facts not just supposition or mere suspicions. The evidence and facts speak for themselves and the message is resounding! Avoid the BitcoinX software or end up losing your money. If you believe our assessment to be too harsh or inaccurate and would like additional information, please reach out and message us through our contact page or leave a message below.