Generally speaking, when a company has offshore registration that’s more than a red flag. Especially if the company is not regulated properly for handling other users’ money. In addition to that, it appears the company just recently moved to Dubai. Or at least their founders did.

Since Dubai became a hub for MLM schemes, we suggest you read this Bitonite review carefully to learn how to avoid them.

Who Runs Bitonite Company?

As can be seen from the company’s T&Cs, the company was registered as Bitonite Ltd in the Marshall Islands. Since 2023, they have been offering mainly copy trading features but also proprietary BIT tokens. The problem with these services is that they require proper regulatory oversight. After all, the company requires investors to deposit money to use these copy-trading features. 

Sadly, the company doesn’t have any. Not in the Emirates or anywhere else. But especially not in countries like Germany, Austria, or Switzerland where they operate the most. Consequently, all features the company offers can be questionable. 

What Do Traders Say?

One of the key hints about this crypto scam can be found in Bitonite reviews on Trustpilot. With 96 comments in total and almost 40% negative ones, it’s clear the company is building a bad reputation. But why is it so? 

Primarily, the company presents itself as a crypto copy trading platform. Thus, to get access to those features traders have to deposit and the only payment method is Bitcoin. How convenient that is? In reality, when traders access the Bitonite portal they will be presented with active balance, copy trading data, etc. Thus, when they request a withdrawal of their so-called “profits” the problems start.

How Does Bitonite Work?

Once you sign up and complete the Bitonite login process you will be required to deposit at least $100 worth of BTC to get started. This deposit grants you access to copy trading features, automated trading, and the best part of it, affiliate programs. All these features combined should grant a huge boost to your capital. 

Thus, the problem with these platforms is that nothing presented in the portal can be trusted. After all, they present an APY profit prediction of 120%. Even though it’s not guaranteed, that’s an easy trick to get traders on board. 

Nevertheless, if traders start believing what they see they will consequently start depositing more. In the end, they realize too late they won’t be withdrawing any of their money. But if you read our AximTrade review, you can learn other tricks to avoid similar frauds. 

Affiliate Programs Explained

When traders start using the Bitonite app, everything seems fine in the beginning. They have outstanding support, great results, and promotions for proprietary BIT tokens. Thus, with Bitonite price slumping more and more, it’s clear this whole platform operated as a classic MLM scam. 

The company was offering different marketing levels that are supposed to bring guaranteed returns. Of course, those returns depend on deposits gained from your referrals. After all, even the sign-up form doesn’t work without referral code and name. So, it’s clear that the only source of profits here comes from other users and not actual investing. Also, you shouldn’t forget all deposits are made with Bitcoin. 

Can You Test Out The Platform?

Even though the company advertises Bitonite free registration, nothing comes free with this company. In any case, without depositing money you won’t be able to test their copy trading platform. That’s a good hint the platform might not work. Possibly, it doesn’t even exist. 

Generally, trusted copy trading companies offer dedicated software with API integration features. Whether you use regular trading services or crypto trading, the integration between platforms is completely different. 

Customer Support Is Another Critical Issue

One of the leading problems traders reported with the Bitonite copy trading platform is poor customer support. With only the Telegram channel available and a response time of 48 hours, it’s clear you can’t expect quick feedback. If something doesn’t work properly, you’ll have to pray you won’t lose all of your money. To find out what proper support looks like, check our review of Capital Seven company. 

Risk-Free Investing Was Never Easier

Everyone’s fear in trading is losing their own money in the markets. But with the development of prop trading firms that can be easily avoided. Most importantly, you would stay away from schemes like the Bitonite affiliate program. Anyway, to trade without the risk of losing your money, you can opt for prop trading with virtual capital of up to $200.000.   

Sounds unreal right? The key detail is that you are trading on a virtual account and still with a chance to earn up to 90% of the profits you gain there. Companies like Funded Trading Plus offer frequent payouts and with more than 2000 positive reviews, it’s clear these happen. So at least you can relax you won’t get scammed. 

The first phase with Funded Trading Plus involves the evaluation of a small profit target traders have to reach. The following step is becoming a funded trader and beginning of great trading journey. Not to mention the company has a lot of promotions and giveaways quite often. Sign up right away with Funded Trading Plus to get a chance to get those.

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