Bitcoin Prime Scam

Bitcoin Prime Scam: How It Works

If you are into cryptocurrency and trading, beware of the Bitcoin Prime scam, a software promising significant returns on your investment. Similar scam platforms in the Bitcoin scams ocean are Bitcoin Bank and Bitcoin Wealth. Let's dive in.

Bitcoin Prime is a fraudulent auto trading robot. Tons of clients complained that the money they deposited vanished within a few hours. If you have experienced anything like this, feel free to comment at the bottom of the article. You can also discover other types of cryptocurrency fraud like the Yuan Pay Group scam. Also, in this article, we'll show you what to do if you have lost money to crypto crooks as well as trustworthy ways of recognizing legit platforms. Let's begin.

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Fraudulent Bitcoin Prime Algorithm

As mentioned, the Bitcoin Prime scam is an automatic trading robot using deceptive algorithms and scam brokers. The “company” tricks victims into depositing money but steal it away.

The domain name bitcoinprime.net was registered just a couple of months ago. If you visit the website, you will see that there is no way to contact the company. When you press the Contact button (or Privacy Policy, for that matter), you are taken back to the homepage.

The algorithm that Bitcoin Prime is based on is rigged. The main complaint from victims is that the software makes the traders win the first few trades, and once they become comfortable, the platform loses their money. The trades on the software are placed automatically but not accurate.

Photos Are Stock

How else can we expose the Bitcoin Prime scam? The photos used on the website are stock images. Let's take a look at “the founder” of Bitcoin Prime, a fake Steve McKay.

The crooks created this bogus character by saying he is “the Trading Guru Behind the Bitcoin Prime Robot.” He even introduces himself: “I am a former Wall Street trader with ten years of experience trading for the big bank.”

Well, that picture of him (above) is just taken from the Abobe stock footage website. You can see more of the images that are for sale with that model here.

Bitcoin Prime Scam: How To Avoid

The Bitcoin Prim software is completely automatized, meaning that the future is already written. It is the case of many fraudulent similar platforms. They make you win the first few trades to gain your confidence. Then they harass you to make you deposit more money. As expected, you will lose everything after that. Bait and switch 101.

After the FTX major collapse news, we’ve been asked several times “what are THE legitimate crypto exchanges” on the market. After trying many platforms, we could only vouch for a few. You should check out the following Scam Detector’s verified exchanges:

Trustworthy Crypto Platforms and Exchanges

After the FTX major collapse news, we’ve been asked several times “what are THE legitimate crypto exchanges” on the market. After trying many platforms, we could only vouch for a few. You should check out the following Scam Detector’s verified exchanges:

1. Coinbase
Buy, sell, and store hundreds of cryptocurrencies From Bitcoin to Dogecoin, we make it easy to buy and sell cryptocurrency. Protect your crypto with best in class cold storage.

2. Binance

Binance is one of the most renown platforms out there, along with BitGet – but you probably know that. It’s trustworthy, so you can join HERE.

3. eToro

eToro is one of the most trustworthy crypto platform on the market (if you live in the United States you get a bonus up to 12% when you deposit – join HERE). If you live outside the United States, you can safely invest in eToro by clicking HERE

 

Top 5 Cryptocurrency Scams

Watch the video below to see the Top 5 cryptocurrency scams:

 

Bitcoin Prime: How To Report The Scammer

Let your family and online friends know about the Bitcoin Prime Scam by sharing this article here, on social media. You can also officially report crooks, scammers, and any other suspicious activities to the Federal Trade Commission (FTC) using this link:

Report To The FTC Here

 

How To Protect Yourself More

If you want to be the first to find out the newest scams every week (not just cryptocurrency-related), feel free to subscribe to the Scam Detector newsletter. You'll receive weekly emails and messages – no spam.

On the other hand, educate yourself with some other crypto fraud-related articles right under this paragraph, so that you know how to stay safe online. Feel free to use the comments section below to expose other Bitcoin scammers.

12 Things To Know About Dogecoin

Your First Steps of Buying Bitcoin

How To Protect Your Bitcoin From Thieves