Cryptobitup is a new broker on the scene. They are offering investment in cryptocurrencies that include trading and cloud-hosted mining. The combination seems a bit odd but when you think about it it might make sense, you can make money trading and use your profits to cloud-mine more BTC. The company is owned and operated by WORLD INVEST GROUP LP, LONDON, but this is just a virtual office address (which happens to be up against the street from our fried Sherlock Holmes). According to records, there are at least 1,500 other businesses with the same address in the UK. They are really run by Inworld Group Ltd, Saint Vincent, and Grenadine.
Editor’s Note: Why Cryptobitup Sucks in 50 Words
Cryptobitup is unregulated and uses misleading information to bait traders. Everything about looks like a scam, except the cloud-mining which is a little confusing. I guess they think it makes them look more legit.
Why Cryptobitup Doesn’t Suck in 50 Words
Cryptobitup.com might not suck because it is a fully featured platform for trading CFDs on exotic cross-pairings of cryptocurrencies, and they let you use your profits for cloud-mining BTC.
Is Cryptobitup.com A Scam?
This broker is pretty new so there is not a lot of information about it. What we can say is that it looks a lot like a scam. Not only is it a scam for traders, but it is also a scam for cryptocurrency deposits (untraceable, more or less) and cryptocurrency mining. They might not be a scam but we sure aren’t going to trust our money with these guys.
Should I Open An Account With Cryptobitup?
Cryptobitup is a cryptocurrency trading platform that has just popped up on our radar. It is based, virtually, in the UK but is really an offshore broker registered without regulation. They advertise themselves like a straight-up cryptocurrency exchange trading platform but are in fact a CFD broker built on what looks like proprietary technology. It is a fully featured platform but not one of my favorites because it is quite complicated.
Cryptobitup supports trading in about two dozen cryptocurrency pairs and all are based on cross-crypto pairings, there are no USD or EU based pairs available. To make a trade click long or short next to one of the listed pairs and an order screen will pop up. On it, you enter the amount of lots you wish to buy and they calculate commissions, spreads and give you the opportunity to set some stop-loss/take-profit limits. After that, a simple click opens the trade. To be clear, you are trading with the broker and not other traders with this platform.
Leverage is available and based on your account size. The smallest account, with a $500 deposit, can get 1:3 leverage. The largest account, the VIP worth $100,000, can get 1:15 leverage. Deposits can only be made in Tether Dollar, USDT, or Bitcoin.
Complaints are already popping up for Cryptobitup.com and we are not surprised. To date they center around the platform (hard to use), it’s not as easy to use as they said (misleading statements from account reps) and no help (no answer to help-center phone calls). The way they have been spamming internet forums there are going to be more complaints soon.
Cryptobitup Regulatory Warnings
Cryptobitup.com has not received regulatory warnings yet but it is only a matter of time. The use of BTC mining is a new type of cryptocurrency scam based on Ponzi Schemes and garnering the attention of authorities.
Trading Bitcoin With Cryptobitup
You can absolutely trade Bitcoin with Cryptobitup.com. The bad thing is that you can’t trade it against the dollar or other fiat currencies, only other cryptocurrencies. The good news is that if you want to trade a lot of different cross-crypto pairings they have about two dozen choices.
User Friendliness 15/20
The platform is hard to understand and the layout and features are perfect for scamming people who don’t know what they are doing. Plus, the cross-token pairings make it especially difficult for beginners.
Number of Assets And Expiry 10/20
This was hard to rate, they have only a few exotic pairs. If you want what they have great, if not too-bad so-sad.
Commissions, Support And Effective Return 12/20
Commissions is the name of the game with this broker. They use a spread from which they make money and then they charge you a fee every time you make a withdrawal.
Deposit, Payment And Bonus 12/20
Deposit is easy, so long as you already have a cryptocurrency wallet and own some BTC or Tether dollars. If not you will have to do that first, and then deposit with the broker. The minimum is low but to get any features you will need to shell out at least $500. No bonus is mentioned.
Website Extra’s 10/20
It’s a good example of a basic forex trading platform, but one that is very difficult to understand even if you know what you are looking for.
Cryptobitup Overall Rating: 59/100