To a complete beginner, the world of cryptocurrency trading may seem like a get-rich-quick type of deal. True enough, the internet provides many ways of turning a profit through digital currencies, and the recent rise in the number of crypto trading platforms is an obvious testament to the growing interest in cryptocurrencies on the whole.
However, while it is true that one could generate money from anywhere and at any time of day after establishing a sound trading strategy, just like with anything related to finances on the internet, plenty of danger lies ahead. Good traders are aware of market conditions and understand that having access to excellent trading tools may be the difference between profit and loss.
BitQS, a self-proclaimed trading platform that allegedly employs artificial intelligence to perform trades, is an excellent example of the dangers that one might encounter when attempting to get their foot in the door of crypto trading, and then falling for the same old fraudulent spiel that experienced traders are well aware of.
The TL;DR Verdict on BitQS
If you don’t want to stick around for the entire review, then just read the following few paragraphs if you’ve been meaning to engage with a website like BitQS.
First of all, there is a string of similarly named websites with the same web design and textual content, and you can find them all by simply entering the term ‘BitQS’ into a search engine. What these fake trading websites do is they play into the fact that bitcoin and cryptocurrencies are so popular now, but still not that understood by outsiders.
Cryptocurrencies are indeed gaining popularity like the BitQS website claims. The industry and the underlying technology are still new and under rapid development, so if you want to trade crypto or become a crypto-millionaire, it’s not that far-fetched of a dream.
However, that dream cannot be fulfilled through this particular website. BitQS is not a crypto trading platform: it’s a sham website. All the “developers” want is for you to leave your contact info so that a fake agent could ring you up or email you and urge you to deposit your money into the platform in return for incredible gains. The gains never happen, but you never get your deposit back, either.
And now, onto the full review!
What is BitQS?
BitQS poses as a legitimate cryptocurrency trading platform that promises high returns in exchange for a one-time $250 deposit. The platform has several websites with a similar URL, website copy, and design, which is a huge red flag right off the bat.
You click on the Register Now button to get a free license for trading or an agent to help you. You will get an offer to register for free. Then you will get contacted by an agent. They will not stop until you deposit money into the platform. Then, you just lose it all.
The admins of this absolute scam have even put up a disclaimer on their website elaborating that such is the nature of crypto trading, and that you should expect these negative outcomes in 70% of all cases.
To put it in rating terms, here is an overview of BitQS:
Ease of use: 0
Minimum deposit and payment options: 0
Demo account: 0
Support and tutorials: 0
Overall rating: 0
BitQS – What is This Trading Bot
Simply put, BitQS is not a real automated crypto trading platform. It markets itself as a community of investors. Their website touts a top-of-the-range trading process in an extremely vague manner.
If you choose to register, their so-called community manager will contact you, and then you will be hassled to give up your credit or debit card details in order to deposit money on some third-party website, which is the ultimate goal of the scam.
Since there are at least 3 different websites advertising as BitQS, the funny thing (and another red flag) is that they represent BitQS as different things. The oldest version claims that it’s an app, whereas the latest one calls it a ‘community of investors’, and so on.
BitQS Application / Web Platform Review
A cursory Google search shows that BitQS has three different URLs: bit-qs.com, bitqs.app, and bitqs.io. While the latter two have older layouts that look like well-known scams, it seems that the .com version is the most up-to-date one.
The header of the website is the BitQS logo, with the “official website” label. Below it is the crawler showing crypto/fiat trading pairs with price and percentage of growth. There is a placeholder for the video, but no clip is running yet. You are told to register today and get a community manager to help you set up your trading account. That’s the person who’s gonna call you and push you to make a deposit.
Next comes a brief text welcoming you to the BitQS community. There are four testimonials by people who joined about a year ago. Then comes the explanation that you need to register, complete the form, be contacted by a broker (by phone), as well as a recommended 250 USD deposit.
Honestly, it’s hard to imagine anyone falling for this kind of scam, even absolute beginners.
Security, licensing, and payments of BitQS
There is no real security, licensing, or payments. You will be redirected to another website and reached by agents, the said brokers, wanting you to deposit 250 USD minimum.
The website speaks of “security protocols” and “encryption” in a way that feels like they’re just throwing around buzzwords to make the project seem more legitimate. There is no mention of how your data is supposed to be secured or encrypted.
BitQS – What do traders say?
Reviews on Trustpilot are blank. No users, no real reviews. This is another obvious red flag.
Is BitQS legit? – Final Verdict by Traders
BitQS is a scam.
The platform quotes various advantages, hassle-free registration, and says that other platforms require lengthy registration processes. That’s true. Because they have to. There is a protocol called KYC — know your customer — which is mandatory due to legal regulators requiring it from all respectable crypto platforms.
BitQS also claims they accept multiple payment methods, as opposed to other crypto platforms that limit a new user to one method of payment. This is a blatant lie; it is not true that legitimate crypto platforms limit users in any way when it comes to payment methods.
The list goes on, but it’s clear that this is a scam, with a chain of similar fraudulent websites.
Tips on Checking Whether a Bot is Legit or a Scam
Always check if the website mentions celebrities. The most popular bait is Elon Musk, but there are others too, from Mark Lewis to LeBron, to Kanye West, to as we saw here – Gordon Ramsey.
Copy and Web Design
The web design and layout style for this kind of site are always the same. Even if they change the actual design, the layout and the flow are the same. Some general truths about bitcoin mixed with the lure of a quick return on investments.
No Support, No Contact
The red flag which reinforces the others is when there are no real social media links, when you can’t contact the support team or when there are no contact methods other than a blank website form.
I think my life changed the day I learned about this amazing guy whom I share the name with – Aaron Savage. He was among the first people ever to advocate for freedom of information and the internet, and I feel he would support a great deal of decentralized finance idea if he was alive today. So, I am just another IT guy, super curious about crypto and writing my opinions and analyses here from time to time. Enjoy!