Quixbit Review: Another Crypto Scam Exposed!

Last Updated on November 11, 2024 by Stephan Lindburg

Quixbit is a new marketing scheme in the guise of a cryptocurrency trading robot. It’s aim is to elicit personal information from new registrants searching for legitimate ways to generate income. Similar to other schemes, Quixbit is designed to lure curious customers into investing. The scam specifically targets unwitting victims by exposing them to fake news advertisements with known celebrities. Victims start off investing small amounts, but eventually end up losing a lot more more money than they can afford to lose.

The culprits who are responsible for creating and promoting this get-rich-quick scheme are affiliate network. Together with illegal CFD (contracts for difference) brokers they are engaged in an illegal profit sharing program. Similar to a serve and catch format, the affiliates generate the leads or traders, and the brokers get them to invest. Once the investment is complete referral fees are sent back to the promoters.

This leads us to the thorny issue of the brokers. At the end of the day Quixbit is simply a lead generation tool designed to provide CFD brokers with potential customers looking to invest. When we registered to conduct our $250 deposit test, we had the displeasure of being allocated a sleazy broker named “Coinvest Real”.

We checked, Coinvest Real is not licensed to manage financial portfolios for clients. Additionally, we were not able to find any type of legal document, registered business address, financial officers (ombudsman), or letters of incorporation.

This led us to the understanding that we were on our way to being defrauded. The Quixbit scam is real, and the people who are orchestrating the get-rich-quick scheme have deep pockets. They are professional con artists who are highly motivated and committed to getting new victims on board.

So before you pull out that credit card take a minute or two and read our detailed Quixbit review. It’s incumbent upon you to conduct proper fact-checking and research before investing. Don’t say we didn’t warn you because it’s your responsibility and you will be the one who pays the price.

Official Quixbit Website, Login Page and Members Area: We found 6 (Six) websites masquerading as the “official app”. They are all fraudulent and should be equally avoided.

Scam Evidence

Notice the image below. It’s a screenshot of the Quixbit website (just one of them), where they are saying you can generate “$1,000 per day”.

Here is another Quixbit website, making similar claims and talking about how to “elevate your crypto trading game”. Please take a look at the registration form, content, and background color.

We asked you to do that since at least 1 version of the Quixbit app is what we refer to as a production line scam. In layman’s terms, its a template which is recycled and outfitted with the relevant logo and text. When this happens you can be sure the scheme has gone viral since there are many promoters who are peddling it online.

Quixbit: Fake Testimonials

We spotted a couple of fake testimonials related to Quixbit. Interestingly, Caroline Wilson is really an Australian Sports Journalist. That being said, when we reached out and asked her about Quixbit there was no response. The same is true for Adam Harris.

It’s plain to see from the people they have chosen to showcase the app that they are targeting Australians.

Quixbit Scam: Fake News

We spotted a fake news campaign with Andrew Forrest, Adrian Portelli and Frankie Lee. The last two are Australian entrepreneurs and socialites. There is a mention of a platform which allows you to “generate passive income with ease” and a link to Quixbit.

Of course, this is a ruse intended to mislead and deceive unsuspecting victims looking for an easy way to make a quick buck.

Fake Quixbit Reviews

We have spotted 6 fake Quixbit reviews on the first page of Google. There are more on the second page of the search, and it keeps going after that as well. These reviews are fake and the one thing which is related to all of them has to do with the fact that we are dealing with affiliate marketers. Simply put, the reviews are published by promoters who want you to register and invest through campaign links on their website.

There is an inherent conflict of interest here which is quite evident. The promoters endorsing this fake app are not being truthful. All they care about is their referral commission, and whatever happens after that is none of their concern. Unfortunately, this type of deceptive advertising tactic is quite common. Try to be critical and consider your options before investing.

What is Quixbit, Who Are The People Behind It, And How Does It Work?

Quixbit is a plain old marketing scheme. As the name may suggest, it is advertised as an ai-powered Bitcoin trading app which offers expert predictions and fast ROI. As we have previously mentioned, it was created by affiliate networks who operate in conjunction with offshore CFD brokers. It works by enticing viewers into entering their details including email and phone number.

Once the details are provided, sales reps start calling these potential new victims. They try as much as they can to get them to make a deposit. After the deposit is made the referral fees get wired to the promoters and whatever is left stays with the broker according to the agreement in place.

Quixbit Review: Not Quite What You Expected?

Curiosity. At the end of the day it’s what drives everyone to try new things. Where Quixbit is concerned its a combination of curiosity and greed. Now, greed is not necessarily a bad motivating factor. It drives the economy, creates new business, and generates jobs. However, greed can make people blind, and that’s where the problems start. That is also when we start receiving complaints, as is the case with Quixbit.

We actually caught on to this scheme after receiving a complaint from one of our subscribers in Australia. In their message they claim that their account manager Peter Nederman defrauded them. Specifically, they claimed our reader lost over $7,000. This happened after they were consistently ordered to keep investing if they wanted to see any “real money”. At some points even veiled threats were made. This type of shameful behavior is extreme even for the worst crooks.

This type of intense psychological pressure is very common in boiler room and crypto scams. The sales experts are the ones responsible for getting the larger amounts of of the victims. They are highly trained and have every possible tool at their disposal. Previously the larger amounts were sent via bank wire, but today its all done via digital transactions between cryptocurrency wallets.

Our $250 Deposit Test And POV

We started this little adventure by accepting the fact that we were going to part with $250. This was the price we had to pay for going through the process and experiencing everything first-hand. When we completed the registration a phone call arrived, it happened very quickly. A person by the name of Mike Benevista called us and presented himself as our account manager.

Mike was very adamant about getting us to invest at least $1,500. We told him that we were only interested in making the minimal deposit. Just to make things interesting we also mentioned that we have over $5,000 allocated for investing, but want to see some type of ROI first. We got the feeling that they are not letting anyone in. You can’t be a dead beat, unemployed, or on minimal wage. These guys are looking for people who have money. It makes total sense though, you can’t rob someone who is penniless right?

So eventually they let us do $250, and it took about 8 minutes for us to lose the entire amount. We asked them not to do anything. But they claimed we signed a form allowing them to manage the account and invest on our behalf. Honestly, we were clueless about what this guy was talking about. The only forms we signed had to do with ID verification. That was the time when we realized we got scammed. Everything else just went downhill from that point onwards until our account was frozen.

When Something Feels Wrong

Sometimes you get that feeling that something isn’t quite right. Well, this happened to us with Quixbit. The second we got the phone call we felt that something was wrong. It started with the accent our account manager had, but it also had to do with the difficulties we had navigating through the trading panel. We found ourselves logged out and unable to log back in. Suddenly we received a flurry of emails asking us to invest more money or try new systems. And the phone kept ringing.

Review Methodology

We take it to the extreme when conducting professional reviews. Our staff follows very detailed protocols and guidelines when it come to the “how to”. But we are also focused on asking the more difficult questions, even if it is more time-consuming.

Summary	Synthesis
Fact Check	Fact-checking is critical.
Performance Check	Is it possible to conduct performance testing?
What are the main arguments?	What is really being sold to us?
Checking Sources	What sources are being used to make the claims?

Eventually our professionalism and persistence pays off. As you can see in the chart above, we focused on a few key parameters which led us to the results.

What Other sites Are Saying

It seems there are multiple websites making various exaggerated claims regarding Quixbit and endorsing it. These are all affiliate websites and have a conflict of interest. Simply put, they know exactly that Quixbit is a scam, but don’t really care. They are getting very well paid for referring new customers. In fact, in certain cases their referral fees can even reach $1,000 or higher.

Strategies and Backtesting

Quixbit does not offer any types of strategies or backtesting. Despite how it presents itself, there is no actual software behind this fancy sales page. It’s customary to offer strategies like Price Action or Position Trading. However, we have seen nothing like that. We did see some type of post-registration educational page asking us to wait for a phone call.

Pros and Cons

Our staff put together a small pros and cons table for you. We actually tried very hard to look for strong points or advantages related to Quixbit, but were not able to.

Pros	Cons
No Pros!	Clickbait Ads Legal Issues Losing App

The chart above illustrates and explains the main issues.

Regulation And Legal Aspects

Quixbit is not a licensed trading app. We also searched for a patent but were not able to find it. Our staff checked a variety of licensing authorities like CySec, BaFin, and ConSob. There was no information to be found. The only thing which we were able to identify was a business address in Bulgaria which is considered a shady legal jurisdiction.

Confidentiality Of Personal Information

You can bet your bottom dollar that if you registered for Quixbit scam, your personal information will be circulated. The affiliate marketers are not even trying to hide this fact. A part of their business plan is to act as resellers of leads. In marketing terms leads are the personal details of customers who register for a certain product or service.

Safety and Security

We place great emphasis on safety checks. Part of the safety protocol we have in place includes having a security expert go through the firewall settings and conduct penetration tests.

Our expert told us that there were multiple vulnerabilities and possible exploits related to the Quixbit trading app. It seems these crooks don’t really care about your safety and are not really interested in providing new users with a secure trading environment.

Leverage

In forex trading, leverage refers to the ability to control a large position in the currency market with a relatively small amount of capital. It allows traders to borrow money from their broker to increase the size of their trades.

For example, with 100:1 leverage, a trader can control $100,000 worth of currency with just $1,000 of their own funds. This amplifies both potential profits and potential losses. If the market moves in your favor, leverage can significantly increase gains, but if it moves against you, losses are equally magnified.

Leverage is often expressed as a ratio (e.g., 50:1, 100:1), and its availability and maximum limits depend on the broker and regulatory environment. Quixbit offers an insane amount of leverage for new users (500:1). This is done intentionally bearing in mind that most traders will not be able to return these loans and will have to dig into their savings or pensions.

Crypto Exchange Compatibility

Despite what you may read in various fake Quixbit reviews, this platform is not supported by any of the popular exchanges such as Coinbase or Binance. Some fake review websites would have you believe otherwise. This is just a ploy designed to make Quixbit look more legit. Don’t believe it for a minute.

Cashier (Deposits and Withdrawals)

Making a deposit and funding your account via the Quixbit scam is not a difficult ordeal. Once you are phone-verified the con artists will let you deposit any amount you wish. This will be done in cryptocurrencies in most cases. However, it may also be possible to use your credit card depending on who the allocated broker is.

Now try making a withdrawal and see what happens. The Quixbit cheaters will have you bogged down filling out forms and answering questions until you can’t handle it. When you are done they will ask you to fill it out again due to an error of some sort. Finally, when it’s all filled out they will make up some excuse not to let you have your money and if you persist your account will be frozen.

Trustpilot, Reddit, Social Networks, and Forums

We have already seen some fake profiles on social network and Forums. These profiles are used by spammers for promotional purposes. Don’t trust these anonymous profiles at all despite of how real they seem to be.

Bonuses

If you are offered any type of bonus, comp, or gift please refuse to accept it and document your request. The saying “there is no such thing as a free gift” is doubly true in this case. When you receive a bonus it has trading requirements attached to it. In marketing terms it’s referred to as a “sticky” bonus.

It means that in order to qualify to make a withdrawal you have to make a certain number of trades. In this case it’s 35 times the deposit plus bonus. Statistically speaking, the odds of you qualifying for a withdrawal are about fifty thousand to one.

Taxes

Have no fear! The last thing which should be on your mind is paying taxes. That’s because you only pay taxes on profits. This is not the case rest assured. So instead of worrying about taxes worry about finding a legitimate trading software.

Tested Alternatives

So if you are in the market for a tested trading app look no more! Our staff has found the best and made a short list of genuine systems that are constantly tested. So go ahead and give it a try!

Verdict

Is Quixbit scam? Yea, for sure! We have our staff test it and this fraudulent trading app failed across all parameters. If you invest you will surely end up losing your money and no refund will be made. Make sure to avoid Quixbit and save your money. Don’t say we didn’t warn you.