Last Updated on December 31, 2022 by Stephan Lindburg
Welcome to our BitiCodes review and impartial scam investigation.
The BitiCodes scam app is advertised as the “crypto industry’s most accurate auto-trading software”. In the BitiCodes sales page, it is also mentioned that the software is a powerful and intuitive mobile web platform. Well, we immediately sensed foul play and as a result started to snoop around in order to see if this investment platform is legitimate or not.
As we suspected, the signals app in question has a particularly nefarious nature. This is partly due to the fact that it is being promoted by the sleaziest affiliate network operating these days. But also because of how it is marketed and the false promises which are being made by fake review websites.
BitiCodes Brokers: When we conducted our £250 deposit test, the broker that was assigned to us was named “Coin Centre”, and it has a registered business address in Tallinn Estonia. Tallinn has recently become one of the preferred legal jurisdictions for con artists and scammers. Specifically rogue Forex and CFD brokers love to open up business and bank accounts there because of the low banking fees and lax regulation. Of course this makes perfect sense since the complaints we received had to do with unethical brokers who refuse to payout.
So, if you have your mind set on investing with the BitiCodes trading app, we highly recommend you read our independent BitiCodes review before risking your hard-earned money.
Official BitiCodes Website, Login Page, and Registration Area: We already spotted 5 websites, and they all claim to be the “official app”. All versions of the BitiCodes trading app are fraudulent.
- 1 Scam Evidence
- 2 Fake Testimonials
- 3 Fake BitiCodes Reviews
- 4 Fake Celebrity Endorsements
- 5 What Is BitiCodes, Who Is Behind It, and How Does It Work?
- 6 BitiCodes Review. Intuitive Trading Platform Or Scam App? Our Experience!
- 7 Strategies, Signals, and Indicators
- 8 Mobile-Friendly Test
- 9 Safety and Security
- 10 BitiCodes Failed Our Virus Scan
- 11 Regulation Check
- 12 Biticodes FAQ
- 13 Here’s A Preview Of What Other Websites Have To Say About BitiCodes
Take a look below. You will see the BitiCodes main website and registration area. This is version which is currently being promoted by fake review websites.
And right here you can see a previous version of this website with the same template. Notice the background, design, registration form, and the sales pitch about how Bitcoin will “reach $318,000 by the end of the year”. These two websites are identical and used in what we refer to as a “production line” scam.
You can’t have a decent scam without some fake testimonials, and BitiCodes is no different. Here we can see the testimonials section in one of the BitiCodes websites. It’s saddening, but the scammers are not doing anything new and interesting. They are resorting to the same dirty tactics which apparently seem to be very effective at convincing victims to invest.
Fake BitiCodes Reviews
We have spotted over 7 fake BitiCodes Reviews. All of the websites endorsing this software are a part of the same affiliate network. This network specializes in search engine promotions and is able to gain top spots on relevant search terms. We also know that the people behind it have very deep pockets and will do anything to gain as much exposure as possible on the internet.
Fake Celebrity Endorsements
We already spotted one fake news article with Tesla CEO Elon Musk. This time it was in Spanish, however we know that there are fake news marketing campaigns in English as well as other languages. Our researchers also heard that the scammers are also using Amazon Chairman Jeff Bezos for promotional purposes as well. Countries that tend to be targeted in most cases are United Kingdom, Australia, Canada, Sweden, Norway, The Netherlands, Finland, Denmark, Spain, Germany, Belgium, Austria, Ireland, and Portugal.
The fake or spoofed news websites pretending to be legitimate media outlets are El Tiempo, New Zealand Herald, RTL, Toronto Star, and many more.
What Is BitiCodes, Who Is Behind It, and How Does It Work?
BitiCodes is reportedly an innovative and powerful auto-trading software. In the BitiCodes website it’s stated that the software is web-based and uses custom-made code. We are also led to believe that it works by implementing a set of “sophisticated automated trading” strategies designed to adjust entry and exit points in a speedy and seamless manner. There is no mention of who is behind it.
BitiCodes Review. Intuitive Trading Platform Or Scam App? Our Experience!
When we registered to conduct our deposit test the sales person that called us was not even aware of what BitiCodes was. We were openly told that it is most likely a scam and that there is no way for new members to generate money with the software. Our research staff has a recording of the conversation so if you would like to hear it please let us know.
But more interestingly, we were actually told to use an “in-house” trading app that is based on an MT4 Forex terminal. For those of you who are new to online trading, MT4 or Meta Trader 4 is Forex trading platform which offers technical analysis, algorithmic, and mobile trading. The problem is, we are not interested in MT4, we registered to try out BitiCodes and that’s what we expected to gain access to.
The account manager at Coin Centre started to get very upset at some point. That’s when we understood that the £250 we originally invested was gone and that BitiCodes is not a robo-advisor by any means.
BitiCodes supports BTC/USD, ETH/USD, LTC/USD, SOL-USD, XTZ-USD. Bid asking and closing prices vary according to contracts and and CFD brokers.
Customers enrolling for BitiCodes expect to see or access certain features that differentiate it from other systems. This does not exist and we tried registering through a few of the so-called “official” websites. Instead we were simply directed to a CFD broker who was only interested in getting us to fund our account with as much money as possible.
Strategies, Signals, and Indicators
Most Forex or crypto apps offer new members access to strategies or technical analysis tools. Some of the technical indicators we expected to see were Bollinger Bands, Moving Averages, and Parabolic SAR. Traders use these tools to determine changes in price movements and in that way optimize the contract buy/sell order process accordingly. Neither these tools, nor any others were made available for us.
BitiCodes is a mobile friendly app which can be access via your cellphone or any mobile device. However, this does not matter in the least bit since we are undoubtedly talking about a scam.
Some website claim BitiCodes offers a demo mode version and recommend you try it. We tested 3 versions of this software and according our estimation the demo mode on BitiCodes is extremely misleading. First of all, its only available on one of the versions. The others are just a fancy websites with no software at all. Secondly, we found if to be deceitful because it let’s you win on demo, but when you invest real money you start losing very quickly.
Safety and Security
All versions of the BitiCodes scam trading app have the usual AES-256 Encryption key with the padlock on the site. But does that really mean they are safe? We think not! The real question you should be asking yourself is what happens after you enter your personal information. We know for a fact that services like BitiCodes act as resellers of commercial data. That means after your register they sell your email and phone number to third parties. In other words, you will start receiving incessant phone calls from various services you never even heard about (let alone registered for).
The same can be said for PCI compliance which is the industry’s standardized protocol for credit card processing security. Most people don’t realize it but there are a lot of systems operating behind the scenes when credit card transactions are processed. Biticodes could care less about having your credit card transactions processed in a secure environment. This is also the case for ISO requirements. ISO or Software Quality Requirements and Evaluation (SQuaRE) is a key component in the integrity, reliability, and quality of the software.
When if comes to the firewall settings our tech experts found out that the protocols are weak at best. According to ENISA, which is the European Agency for Cyber Security, the agency responsible for developing the software is required to “develop and maintain a high level of expertise”. This is definitely not the case, and the word negligence seems to be the best way to describe how these charlatans maintain their operations froma technical perspective.
BitiCodes Failed Our Virus Scan
We noticed that one of the versions we tested had some issues loading, so we proceeded to conduct a virus check using a well-known virus scanning software. We were shocked to receive this message about a “deceptive website warning”.
The message literally says that BitiCodes may “trick you into doing something dangerous” like downloading malware or providing passwords. We can’t caution you enough about downloading software on your computer or mobile device. We only recommend that you have a proper anti-virus software installed on your computer at all times.
This trading platform is simply illegal. We searched for various patents regarding the software but came up empty-handed. Neither could we find anything in the form of a patent (pending or otherwise). Additionally, we were not able to find a license number with ASIC, CySec, or BaFin. These are the three most important licensing authorities when it comes to Forex or CFD’s (contracts for difference).
Biticodes is advertised as an auto-trading software specifically designed for Bitcoin and other cryptocurrencies. However, our investigation revealed that this not true.
No. Our review proves that it is a fraudulent software and not a genuine trading app.
Professional review websites conduct their own research based on their experience and knowledge. In this case, the only thing I would believe is their disclaimer. The rest is rubbish.
We will not help you enroll for this program. We know it is a scam and recommend you avoid it. It's not a genuine opportunity.
No. Advertisements may seem real but they are not. They are designed to attract your attention and get you signed up. Facebook is trying to combat fake ads but sometimes they are not able to.
Here’s A Preview Of What Other Websites Have To Say About BitiCodes
We are tired of reading ludicrous lies presented by the same types of websites which have a branded or polished look. These sites belong to the same cesspool of fake review websites we constantly hear about in the news. Word to the wise; genuine information is not always wrapped up in pretty cellophane. Sometimes you have to dig in deeper in order to find authentic reviews. Still, here is what some of these so-called “authority” sites have to say about BitiCodes.
- A fully automated crypto trading tool which produces highly accurate signals on a regular basis.
- Here’s a new “user-friendly Bitcoin trading platform” that expedites routine tasks related to cryptocurrency investments.
- Another auto-trading software for Bitcoin, Solana, Cardano, and Ethereum. The app also supports a variety of Forex currency pairs, shares, stocks, indices, and commodities.
- A highly adaptive signals software for the cryptocurrency markets. A “unique” app designed to withstand market volatility.
If all of this is starting to sound a little too familiar then it’s with good reason. These types of claims have been recycled so many times, but that’s OK! It just makes our job of spotting the fake that much easier.
Biticodes Cashier (Deposits and Withdrawals)
New members will have a very easy time funding their account. Some websites say that KYC (know your client) documents are required, but that is a post-funding process. Regardless, if you use your credit card you will most likely be required to use a pin code to confirm your deposit. This is also known as “verified by Visa”, “verified by Mastercard”, or 3D secure. In some cases deposits by cryptocurrencies are also available.
However, depositing is not the problem. Cashing out however is a different issue altogether. When we tried to withdraw our funds we were told we did not meet the criteria. After making multiple attempts to do so we were effectively locked out of our account.
Bonuses, Perks, and Incentives
When we registered for this service we were immediately offered a welcome bonus twice the size of our initial deposit. This was done in order to inflate our balance and get us to keep trading without being able to withdraw. Similar to gambling, bonuses incur a trading requirement which is very high. In our case it was 25 times our deposit plus the actual bonus we received. We immediately asked not to receive and bonuses and demanded a written response from our account manager acknowledging this.
Make a habit of inquiring about protection of funds. Biticodes uses illegal brokers so once you invest there is no recourse. You will not be able to get your money back.
When confronted with a similar situation we recommend you act in the same way. This is to avoid confusion and document the whole process. We have witnessed with our own eyes occasions where bonuses were intentionally forced on clients. When this happened the victims’ accounts were locked due to multiple failed withdrawal attempts.
Compatibility With Exchanges
The BitiCodes scam software is definitely not compatible with any of the major cryptocurrency exchanges. We messaged customer support for Kraken, Binance, and FTX. None of them are familiar with this trading platform. If you want to investigate this yourself feel free to contact their customer support just like we did. We are 100% convinced that you will get the same response.
Biticodes on Trustpilot, Reddit, and Other Forums
We have already seen a few fake profiles on Facebook peddling this software. There is also a start of a thread on Trustpilot, however it seems the scammers have yet to take ownership of this profile.
Taxes Related To BitiCodes
The last thing you need to be thinking about is taxes or issues related to taxation. That’s because taxes are levied on profits, and since we know that BitiCodes is a losing software there will be no need to declare any type of income to your local authorities.
|Biticodes||Compared To Other Bots|
|Regulation||This is an illegal trading software.|
|Anonymity Versus Transparency||We don't really know who is behind this software. Totally anonymous.|
|Technical Specs||We saw nothing resembling the technical specifications.|
|Minimum Deposit||The usual. €/$/£250|
Reputable Systems That We Tested
While its true that most of the trading apps launched these days are completely fraudulent, some actually have potential. Once our research staff recognizes this we immediate start testing these systems to see if they perform as expected. If the software passes our screening process and generates consistent profits, we immediately add it to our recommended section. That is where it is made available for our members and viewers.
Biticodes Review Summary, Conclusions, and Recommendations
It’s not without surprise that our research staff has decided to blacklist the Biticodes scam app. We are also advising our readers to avoid this bogus trading software after testing it and losing our money. The evidence is simply overwhelming as we have clearly demonstrated.
All of the polished review websites who use trickery and deception in order to bait their viewers will make all kinds of ridiculous claims. We urge you to use your common sense and conduct extensive research before risking your money. We are 100% convinced that you will end up thanking us in the end.