Highlights
Pros&Cons
Pros
- No advantages, obvious scam
Cons
- Multiple websites presenting the same project, extensive use of legitimizing language
- Contradictory fee information and a high deposit requirement
- Fake endorsements and similar testimonials
- Association with other similar scams
Key takeways
- Several websites with different information.
- Required registration via phone number is a sign of fraud.
- No information about the algorithms, functions or owners of the platform.
- Using Cloudflare to host websites is typical of such scams.
Overview
Table of Contents
How to use Bitcoin Method – full review
We start our investigation with a simple Google search of the ‘Bitcoin Method’. The case is a little harder because the name is somewhat generic, pulling unrelated news and blog posts into our net, but going to various review sites reveals additional sources – multiple websites of the same project.
Note the extensive and unnatural use of legitimizing language such as “official” and “™”. This isn’t something seen in any other, regular business.
Of the other two websites that were found, one is exactly the same as the one appearing in the Google search, but it does contain an important clue.
All 3 web pages share the same logo, which is not often seen in scams. It’s almost refreshing to see, but it’s also just about where the consistency and common sense ends.
Let’s get the copied website out of the way first.
The link is very familiar to us, but more on that in a minute.
What we have here is the use of a subdomain to present a web page in a way that would normally be presented as the main domain. The subdomain is the first part of the link, in darker grey, usually thought of as a secondary part of a web domain.
That’s because it’s used to present different segments of the main web page or different versions of it, perhaps tailored for mobile users and such.
What we see here is that financialmarketsworld.com is the actual main domain, and it’s known to us from before. Navigating to the core of the webpage reveals what is going on here.
An empty page, serving only as a base to deploy many other websites from – through subdomains. Google has a good search tool that lets us investigate just how many web pages (subdomains, really) this one is presenting.
Almost 2000 different pages of various scams in all the languages you can imagine. Some of them we’ve already reviewed:
The other two websites are fairly different but contain some pretty problematic elements. Take this testimonial section, for example.
Everything about these testimonials is fake. From the similar photos that seem like they were downloaded from the same source to the generic text of their reviews. Then there are the personal details provided in them.
Giving a user’s name, photo, location, and the amount of transaction like this is very risky and makes them a prime target of criminals. This kind of information is very sensitive and rightfully jealously guarded both in the world of traditional finance as well as crypto, which, remember, is supposed to be all about privacy and security.
Next, there is this signup form. Generic imagery that’s unrelated to the project it’s advertising aside, one question remains. Why are we being asked our phone number? Just how does that fit into this whole operation?
This isn’t an optional field and it doesn’t seem to be part of a two-factor authentication process. It’s just a mandatory sign-up field – for some reason.
The scammers managed to contradict themselves here even when just using 2 websites. This one shows a flat 2% fee which is ridiculously high. It also lacks any context. To whom is the fee being applied?
Crypto brokers apply fees to both the buyer and the seller in order to split the burden more or less evenly without upsetting the trade balance and the market itself by disincentivizing either selling or buying.
The other web page seems to make a contradictory claim. Although the wording is ambiguous, the implication is that there are no fees and the trader gets to keep the whole profit.
Both web pages ask for the same deposit amount.
$250 is a little steep and it’s unclear what the purpose of it is, given that commission is charged upon trade. It would make sense in this business model to lower the entry bar to allow people with thinner wallets to enter the platform and get the 2% trade fee from them, too.
Let’s face it, most people, especially beginners, aren’t ready to drop $250, especially if they don’t live in the USA or Europe. It’s a lot of money in most places and is a high entry barrier.
The same amount of deposit is asked by other scam bots from this network:
Finally, there is this jumbled mess of a section.
What purpose is this whole section serving? Supposedly they are dispelling rumors that a bunch of random famous people are using their service. There are no such rumors on the internet and a Google search easily reveals that. Furthermore, why dispel the rumor and not just ride it for the clout? Why undo what can only serve to grow your business?
This is just a convoluted way to namedrop and hope people won’t read the fine print but focus on the names and bolded names instead.
The same technique of fake celebrities’ endorsement is used by other fake crypto platforms:
One final interesting feature is that when we go to “open free account” on the bitcoinmethod.app web page, we are led to a completely different page. This one.
Another fishy toying with the web page address, but more importantly, an entirely new and different website sharing many of the problematic features of the previous ones – with this fine addition to the pile of evidence.
The problem with making specific claims is that they can be analyzed and scrutinized. This is why scammers most often opt to omit data or present it very vaguely. That way, it’s harder to check and investigate if you are uninformed and inexperienced.
This person simply doesn’t exist. No social media or news ever mention them. The name exists, alright. And people go under that name.
Just not anyone looking like this and who is a crypto millionaire.
That’s a nice pile of evidence so we might as well move on to the next part of our investigation.
Trustpilot about Bitcoin Method
Review aggregate sites are a great place to start. They can be of great use even to an “ordinary” netizen – perhaps especially to them.
We find only one website on there and the reviews aren’t very telling. They are clearly fake and generic and a part of the effort to pack the review page, but we find no verified negative reviews, which is in a way a good thing. This means that few people, if anyone, have fallen for this scam thus far.
The About & Contact section gives us more gibberish, but in it, another outright lie.
There is no such thing as the Global Trading Association nor its award. It’s been plainly made up.
As regards the address, it leads to an office building.
Furthermore, there is clearly no trace of the company ever existing there.
ICANN Lookup
Lastly, we turn to ICANN to see what we can find out about the domain registrant.
Using Cloudflare for website hosting is typical for scams. Its personal information policy makes it an ideal venue and it helps to maintain the facade a while longer.
While it may be a little unsatisfactory to be unable to “catch” the scammers, the amount of evidence gathered here will have to suffice. We’re clearly dealing with a scam.
FAQ on Bitcoin Method
Whoever made these several websites claims it’s a crypto trading bot.
Yes, according to everything we’ve seen thus far.
If you are in the business of losing money, then this is the right way. Otherwise, steer clear of this one.
No. Bitcoin Method is a scam.
Reviews
If you’re considering using the Bitcoin Method trading bot, don’t waste your time and money. I fell for their false promises of making money on autopilot, but instead, I lost everything I invested. The bot’s signals were inaccurate and caused me to make terrible trades. It’s nothing but a shameless operation that preys on unsuspecting people looking to make a little something on the side.
This was supposed to be the real deal, seen many good reviews, but when I tried it out, it wouldn’t work at all. I tried contacting the support, but there was no one there. Lost $250 thanks to this scam.
Bitcoin Method is a complete fraud. I followed the signals it provided and ended up losing all of my money within a few days. The bot’s algorithms are clearly flawed and unreliable, and I wouldn’t recommend it to anyone. Don’t be fooled by their slick marketing tactics and false promises of high profits – it’s all a facade to lure you into taking your money.
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