Are you looking for an honest review on Bitcoin Formula and want to know, is Bitcoin Formula a scam or legit? No worries, In this article, we will give you an honest review of Bitcoin Formula; the automated trading software founded by Steve McKay, and will prove to you either it is a scam or legit.
So far, from our research on Bitcoin Formula, we came to a conclusion that it is not an original website; rather, it is the exact replica of bitcoin code which too was a fraudulent trading platform. So if you are thinking of investing by reading some catchy articles on Bitcoin Formula. We will not suggest you not do so. As these, all are fake articles endorsed by Bitcoin Formula to prove it legit, and we will prove our claim.
We are going to review Bitcoin Formula as we have received many complaints about it. And these were mainly of two kinds. Some people complained that there is no software at all, and other people were facing difficulty in the withdrawal of existing funds. Like many other scam websites, Bitcoin Formula is a get-rich-quick scheme. It attracted the attention of many users through its affiliate programs and coordination with media agencies. It pays referrals fees to those brokers for promotion. This type of revenue-sharing model is adopted by many gambling websites.
To check the legitimacy of this platform, we didn’t rely on other customers’ complaints. Instead, we decided to check it by ourselves. When we deposited our 250 euro, we got a broker named “online trading,” and its address was in a shady legal jurisdiction, St vincent, and the grenadines. To add on broker was not even licensed to provide financial services on the client’s behalf. To avoid any misinterpretation, we decided to expose this scam with all facts and proof. So before risking your money by investing in Bitcoin Formula, we suggest you read our honest review and decide it by yourself.
73% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and carry a high risk of losing money quickly through leverage. 78% of retail investor accounts lose money when trading CFDs from this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
There are many website Bitcoin Formula websites that are claiming themselves as official Bitcoin Formula websites. We personally checked three websites, and they all were the official ones.
Bitcoin Formula is a cheap imitation of the Bitcoin Code, that too is a Scam website. if you visit the Bitcoin Formula and Bitcoin code websites you will get to know that these both have the same dashboard. the scammers didn’t even bother to change the claims written on the old scam websites Bitcoin Code. There is the same registration process on both websites and the same video is there.
These scammers also went with the same name of Steve Mckay as the founder of Bitcoin Formula and displayed the picture of him, which too was there on Bitcoin Code.
Many cryptocurrency experts review websites claiming a safe and reliable with an almost 90% success rate, which is quite insane. As we mentioned, to get the affiliate commission, they intend to prove it legit and send them the potential leads.
In the case of reviews, our policy is quite strict. It is an act of betrayal as people expect an honest and unbiased suggestion from a professional review website.
Fake news is another way that is used by scammers to trap innocent people. They make many fake advertorial-style news stories and shape them in such a way that it is endorsed by any celebrity, and he/she has generated a huge amount of money by using this platform.
These scammers mostly use the name of those celebrities who influences this particular category, and these names include Elon Musk, Prince Harry and Meghan Markle, Richard Branson, Bear Grylls, Holly Willoughby, and many more. Bitcoin Formula targeted the world’s richest man and CEO of Amazon as we know the reason for sure as they wanted to prove its the resemblance with amazon prime.
Steve McKay is known as the founder of Bitcoin Formula. He is known to be a software developer who used to work for a big company and developed software for trading that helped his company’s rich clients to earn lots of money. Then he decided to develop his own software on the same pattern and offered it to beta testers who wanted to make huge profits out of it.
In reality, there is nothing like that. These all are mere lies to portray this website as a credible one. Although few websites called him a scammer, it does not make any sense, as there is no real person like Steve McKay. Its mere a fictional character developed to hide the identity of the real scammer.
Bitcoin Formula is a trading software that works automatically with the help of its strong artificial intelligence system and guarantees a huge amount of profit, $13000, in 24 hours. They claim to use some kind of autopilot algorithm that helps them to earn this huge amount of money through bitcoin trading within a single day. But as we already proved to you, these are just lies that are designed to trap innocent people.
Unlike the other authentic trading platforms, Bitcoin Formula does not have trading signals on its Dashboard. They claim that their working mechanism is supported by artificial intelligence which automatically analyzes the market signals, makes a trade, and gives the trader huge profit. And it is same for the all Bitcoin Formula websites, which claim themselves original.
On Bitcoin Formula website there is an outdated video based on the “hard sell” approach that was of bitcoin code. For bitcoin code, it makes sense as at that time, binary options were on the decline, and bitcoin started to take off. Bitcoin Formula just copied their video and, without any sense pasted it on their website without any sense.
These scammers just didn’t stop on this, they designed the logo in such a way that it looks similar to amazon prime, the famous video streaming platform. They did this for the purpose that everyone can relate them to that successful household brand. And to add on, they spread the fake news of Jeff Bezos, the CEO of Amazon, endorsing this trading platform. But in reality, there was nothing common between these two. Amazon prime is a successful and reliable brand; on the other hand, Bitcoin Formula is just fraudulent software.
On Bitcoin Formula, there are trading robots, and these trading robots generate huge profits by buying and selling and optimal market rate. They do this by scanning the whole financial markets through their superfast algorithms that recognizing the entry signals. These robots buy cryptocurrencies when the market is at a low and then sell them at a high rate. This is how these scammers lure their victims and justify this much huge amount of promised profits. In reality, these are just other lies that are designed to fool people.
In real-time, the stock exchange or any other trading market never works in that way. There is no such thing as technical analysis, which helps you to generate lots of money. Also, a trader can only buy and sell crypto manually, and the risk factor is always there, which is opposite to Bitcoin Formula. So there is no such thing as a bitcoin trader claim, and the trading market never works in that way.
Some websites on the internet are trying to convince people that they can earn profits by mining cryptocurrencies and then trade them at the exchange to generate more profits. It, too, is just a lie aimed to set a trap for people, and unfortunately, they became successful in doing so. People are falling into their traps and losing their money.
Bitcoin Formula has an app that is available for both android and IOS. But it does not even matter as both websites and apps are just fraud. There is no use of them. Google shouldn’t allow this type of scam software, but at least people are giving bad reviews.
Bitcoin Formula does not have any customer support system. We experimented by collecting the email address given on the “Contact Us” page, and then we sent the emails to all addresses. We didn’t get a reply from any email address. In most cases, the email address was incorrect, and the email just bounced back. You, too, can try it out by yourself, and it would be enough proof for you that it is a scam and don’t fall into the trap.
On Bitcoin Formula, depositing money is way easier, and in most cases, they redirect to the cashier. This process varies from country to country. In some cases, you will be asked to verify your identity on a phone call. It is just another trap to snatch money from the victims. The brokers on Bitcoin Formula designed their policies in such a way that they should keep on scamming people in a more realistic way. And when it comes to withdrawal your earned money, the system gets complicated. These scammers make members wait for an extended period of time. Through this, they want them to realize that their money is gone, and they can no longer withdraw it.
Bitcoin Formula is not regulated by any government authority as this is completely illegal, and there is no such news claiming the legality of this software. We thoroughly checked the all news about its regulations, and we haven’t found any one of the claims about it. Rather in many countries, their regulating bodies issue statements declaring it a scam software. In Belgium FSMA and ConSob in Italy blacklisted Bitcoin Formula and declared it fraud.
Many people seemed to be worried about taxes and tend to question how much money they will have to pay as taxes when they trade and withdraw money out of Bitcoin Formula. The answer is quite easy. You are not going to pay anything because you will not be getting your income at all. It’s just fraudulent software that will scam you and never give you any income. Those who should be worried about taxes are those offshore brokers on this platform who steal your money, but they have their lawyers and accountants who turn their black money into white.
No way. It is not free at all. To start on this platform, you have to pay at least 250 euro through your credit card, and then you will get a broker who will steal that money from you.
Contracts for difference, mostly know as CFD,s are derivatives that can be traded on their underlying asset. These derivatives include commodities, stocks, and even prize bounds. On the other hand, you can only trade currency pairs on Forex that can be BTCUSD, etc.
The automated trading software Bitcoin Formula is fake software and none of their claims is true and they Just imitated the old scam software Bitcoin Code. Bitcoin Formula does not have any solid working mechanism and there are no such special strategies that are going to generate huge money overnight. All its claims are lies and they are just trying to steal the money by setting different traps.