Cryptocurrency is the latest trend on the marketplace, and everybody is trying to cash in on it. But with so much hype around cryptocurrencies like Bitcoin, it’s been easy for companies to scam unknowing customers, taking their money and leaving them high and dry.
One of the sites that traders should be wary of is Bitcoin Loophole.
Though it has great marketing and press coverage, there are just enough breadcrumbs to make someone question, ‘Is Bitcoin Loophole legit?’
In this Bitcoin Loophole review, we shed light on how it works and share our in-depth research revealing that it’s a scam. Find out everything you need to know about how this site tries to trick you in this special investigation of Bitcoin Loophole Exposed.
Bitcoin Loophole Quick Summary
Bitcoin Loophole is a newer Bitcoin trading platform that promises to help customers take advantage of the rising cryptocurrency. However, it doesn’t live up to its promises and has left many customers high and dry with no chance of withdrawing their funds.
In short, it’s a scam, and we’ll tell you exactly why.
5 Reasons Why Not To Use Bitcoin Loophole
We’ll cut to the chase right away—we don’t recommend using Bitcoin Loophole. Despite its apparent positive marketing, there’s a dark side to the platform. Here’s why you should stay away:
#1. False Advertising
Some incredibly smart people operate this platform. They know what they are doing, especially when it comes to their PR, marketing, and advertising.
When you go to the Bitcoin Loophole website and even see other reviews, you’ll see tons of information that seems to support the idea that it’s a reputable company. Why? Because Bitcoin Loop has paid lots of money and spent lots of time building a false narrative around their company.
#2. Fake Celebrity Endorsements
There have been several fake celebrity endorsements, ranging from internationally known names like Elon Musk to more country- and region-specific names like Swedish celebrities and entrepreneurs.
To the uneducated trader, this makes the site seem worthy of their money when in fact, it’s all falsified.
#3. Fake Reviews
A quick search into the reviews brings up various accounts of traders who were successful trading with Bitcoin Loophole, right?
Well, those reviews are fake, written by Bitcoin Loop employees themselves or paid for by the platform. You can’t trust a positive review of this site, though you’ll find them everywhere.
#4. Taking Your Money
Bitcoin Loophole’s only goal is to take your money. They have an odd process for registering and trading, and at the end of the day, you won’t make money off trades. But they will make money off of the actual currency you used to trade on their platform.
#5. Sharing False Information despite Multiple Fraud Claims
Today, it’s a bit easier to dig up the information about numerous Bitcoin Loophole scam and fraud claims against this platform, yet they still claim to be legit. While the platform indeed does have a functional service that you can sign up for, it’s almost a guarantee that anyone who signs up for this platform will ultimately lose the money they invested.
Who Does Bitcoin Loophole Target?
Bitcoin Loophole targets those with little knowledge about cryptocurrencies and trading. They know traders with deep knowledge about cryptocurrencies likely wouldn’t fall for such a scam.
Instead, they go after new traders who lack knowledge, education, and experience in the field. These new traders seeking to learn more and get in on the crypto market while it’s hot are the perfect victims for a Bitcoin loophole scam.
Bitcoin Loophole Company Information
The cryptocurrency trading platform allegedly uses artificial intelligence (AI) robots to enable auto trading Bitcoin. It launched back in 2018 with claims to help customers earn daily profits up to 60% or USD 13,000 per day.
The Bitcoin Loophole software uses an automated trading system specifically for cryptocurrencies, using trading signals based on algorithms to make trades in the market.
Although it appears legitimate, in-depth research reveals it’s a scam. Prominent leaders like the Monetary Authority of Singapore, the Malta Financial Services Authority, and the UK’s Financial Conduct Authority have exposed Loophole Bitcoin as a fraud.
Bitcoin Loophole Scam or Safe?
Despite its protests, this is a Bitcoin Loophole scam. While the platform does offer a real, functional service behind it, its set-up ensures that anyone who invests money into the platform will surely lose it all shortly after registering and making the minimum deposit.
The trouble is that clever marketing will make you believe that it is an authentic way to make money trading crypto. The company tries to explain the way their trading platform works using high-level terminology that the average new trader would not understand, using this to their advantage to trick them.
While there are viable ways to make money trading Bitcoin, using Bitcoin Loophole is not one of those ways.
You can detect fraudulent behavior by reading between the lines. While they do note that trading cryptocurrencies is a highly volatile market, they also claim that customers can make a lot of money quickly using the Bitcoin Loophole app. Yet, they do not post any figures sharing how many of their clients made any money using the platform.
How Bitcoin Loophole Tries to Scam You
Here’s the process that allows this platform to scam its customers:
The first part of the scam is the registration process. They’ve made it incredibly easy to register and make an account on the site because they want even the newest crypto traders to join their platform.
Making your first deposit is part of the registration process, so as soon as you sign up, they’ve already taken your money.
To register, you’ll supply several of your personal details like your phone number, email address, and full name. Then, they’ll make you verify these details using your Bank ID. After that, it’s time to make your deposit.
Once that deposit hits and they have access to your information, you’ll start getting a bombardment of emails and calls with no end in sight.
Then, Harassed by Phone Calls
The conversation starts immediately, with someone from the Bitcoin Loophole team constantly calling about making more of an investment in their platform. But something weird happens.
You won’t only get calls from Bitcoin Loophole; you’ll also get calls from other companies. Why? They sell your information to these companies to make more money from you.
Besides relentless calls, you’ll also get a ton of emails from different sites interested in your money for trading cryptocurrencies.
Next, the Deposit
They will ask you to invest at least 250 dollars, or whatever your country’s currency is. They claim that this is all it takes to make a significant investment, but they’ll start pressuring you for more and more money, up to 1000 dollars.
Once you deposit the money they’re asking for, you’ll get access to the trading platform.
At first, things may seem to be going well. You may even make money — so it seems.
The truth is, your broker will be in constant contact with you, urging you to make trades all the time. These talks will continue, even at weird hours. They may call early in the morning or in the middle of the night, utilizing call centers to keep the calls up at all hours of the day.
At this point, it’s tough to get them off your case. They will continue changing the number they call from, so blocking is of no use. They will keep pressuring you to make bigger and bigger investments.
Finally, Your Money Is Gone
When you are ready to cash out your winnings, they’ll be nice at first. They’ll urge you to keep your winnings on the platform. If you insist, they’ll seem to go along with the process, but they’ll ask you for a lot more personal information. They’ll ask for a driver’s license, bank information, etc.
At that point, you’ll stop hearing from the company, and you’ll never get your money back. All you can do is file a police report against the company.
How Does Bitcoin Loophole Work According to Themselves?
Here’s how the platform works according to the company itself:
Bitcoin Loophole Usability
They claim it is incredibly usable, even for very new traders. However, they use complicated graphs on their sign-up page to confuse these same customers.
Bitcoin Loophole Trade Experience
From what we can see about the live trading experience from those who have used it with a demo account, it isn’t very clear and doesn’t show all the needed information. For example, you can’t see the Bitcoin trading signals unless you deposit money to their recommended broker.
Bitcoin Loophole App
The trading app is very much the same. The manual trading experience is difficult to understand, so most people rely on auto trading, which is a scam.
Bitcoin Loophole Automated Trading
The automated trading claims to make it easier for inexperienced traders to earn money.
Bitcoin Loophole Fees
Here’s where things get truly deceptive. They claim only to take a 2% commission on profits earned with no hidden fees, but they usually end up taking all of the profits earned.
Endorsed by Celebrities and TV shows
The platform has seen tons of fake celebrity endorsements, some of which the platform now denies. Some of these endorsements include:
- Deborah Meaden of Dragon’s Den
- Elon Musk
- Gordon Ramsay
- Peter Jones
Fake Bitcoin Loophole Reviews and Reputation
At first, it may seem like the platform has excellent reviews and a good reputation, but these reviews are mostly fake. Rest assured, though, that the negative reviews are all real.
Versions of the site even show “real traders” photos, which are so obviously pulled from stock images and are not real people.
Bitcoin Loophole likes to brag that it has a 4.8-star rating on Trustpilot with over 50k reviews.
However, it is not difficult to make fake accounts to share these fake reviews and build up a fake-good reputation.
Bitcoin Loophole Security
There is essentially no site security. They claim that their brokers work under the strict regulations of the appropriate regulatory authorities. Still, again, that doesn’t seem to work out in the end when traders end up losing all of their earnings as soon as they try to withdraw them.
There’s no doubt that the Bitcoin Loophole fraud is real. They have put a lot of time and effort into making the site seem legit through fake reviews, celebrity endorsements, and targeted ads. However, several regulatory bodies around the world have already issued scam warnings for the site. If you want to invest in crypto, take your money elsewhere.
Bitcoin Loophole FAQs
Is Bitcoin Loophole legit?
No, it is a scam despite having an active service that they offer.
How to stop emails from Bitcoin Loophole?
There’s not much you can do other than getting a new email.
How do I get Bitcoin Loophole?
If you don’t care about your money and want an account, follow the sign-up instructions on the site.
How to withdraw money from Bitcoin Loophole?
Withdrawing is a challenge. You first initiate the withdrawal, and they will seem to work with you. But, after gathering even more personal information, they will stop contacting you, and you won’t get your money back.
How to remove Bitcoin Loophole from Android
You can delete the app if you no longer want to participate.
Can you make money with Bitcoin Loophole?
While there are reviews that claim to have made money with the platform, from what we can find, there’s no real way to make money from it. Those reviews are fake.
How does Bitcoin Loophole make money?
They claim to make money by taking a 2% commission, but they make their money by stealing from customers.
How much is the Bitcoin Loophole minimum deposit?
The minimum deposit is $250.
Is Bitcoin Loophole a fraud?
Yes, this cryptotrading platform is a fraud.