Bitssgroup review – is it scam or safe

Bitssgroup review – is it scam or safe

Bitssgroup.com Key Facts

🔴 Bitssgroup.com offers questionable bitcoin mining investments – a clear sign of a scam!

🔴 Bitssgroup.com is quite coy with crucial contact information – beware!

🔴 Bitssgroup.com lack the appropriate license for the provision of its services – a huge red flag!

🔴 Bitssgroup.com’s domain has been registered only recently – another off-putting detail!

Bitssgroup.com products and services

Bitssgroup.com is one among many shady companies that offer opportunities related to Bitcoin mining. A lot of them have sprung up recently as the cryptocurrency has been making the rounds in the news. However, most of them are fraudulent- promising incredibly high returns on investments. This is the case with Bitssgroup.com as well – the company claims to be able to achieve at least 45 profitability within 24 hours for its cheapest account tier and up to 40% in a week. These numbers are simply not realistic and can only lead us to one conclusion – that Bitssgroup.com is a scam.

People should always be cautious when dealing with businesses offering enormously high yields because it’s scammers’ trait to promise big and create unrealistic expectations. In reality, regulated financial companies cannot secure more than a few percents annually with their fixed-income products. There is a huge discrepancy between these offers and the regulated companies standards. Judging by the products and services they sell, we suspect it’s a scam, so beware.

Bitssgroup.com company and regulation

Bitssgroup.com claims to be a company operating from the UK – supposedly a subsidiary of some Bitstill Group. The parent company is then claimed to be incorporated in the UK. However, this is simply not true – a fact confirmed with a quick check in the UK regulatory body’s database. The fact that Bitssgroup.com is not licensed is quite concerning.

The US financial services regulation is very complex in the USA. Derivatives markets regulation is a responsibility of CFTC and NFA. Forex brokers and most of the investments companies have to be NFA members and CFTC registered to operate in the USA. On the other hand, securities markets are controlled by the SEC, a government independent agency responsible to maintain the integrity of the financial markets.

While SEC focuses more on the procedure regulation insisting on financial reports and management discussion and analysis, NFA and CFTC impose pretty straightforward requirements. To become authorised the companies have to provide 20 million USD in paid-up capital, which is considered a guarantee that the businesses can survive in turbulent times and pay whenever they have to. 

Other customer protection measures include clients’ accounts segregation and leverage restrictions for forex brokers- 1:50. Also, CFTC brokers’ clients are not allowed hedging, which is one of the very unique US features. Unfortunately, the cryptocurrencies regulation is still inept, so traders and investors should be wary when dealing with crypto offers.

Bitssgroup.com address and contacts

Bitssgroup.com has given us a phone number to reach them by in addition to an UK address – 19 Great Hampton Row, Birmingham, West Midlands, United Kingdom, B19 3JA. The phone number is +447418322167. However, both of these things can easily be faked – the address could have been picked at random and the phone generated using specialized software. This is most likely the case as well, with Bitssgroup.com lacking a license to confirm its contact information.

Transparency is crucial when talking about brokers and investment companies, and it’s part of the regulatory framework. The regulated companies are open to financial authorities following certain transparency rules, so it’s generally unlikely to conduct fraudulent activities. They are also bound to provide the public with crucial information about themselves, making it easy for traders and investors to confirm the company’s legitimacy.

Bitssgroup.com website info

Bitssgroup.com operates from a domain registered in April last year. This is just over 10 months – certainly not enough time for Bitssgroup.com to achieve the global recognition it claims it has.

Additionally, the domain is registered on a Panama IP address – 68.65.123.173. This IP address co-hosts 305 other entities, none of which are connected to Bitssgroup.com.

Bitssgroup.com is quite the unpopular domain – services like SimilarWeb that rank websites do not even show it. This can be due to the fact that the website is quite new, but it once again undermines the already mentioned claims of global recognition.

Finally, Bitssgroup.com does not wish to reveal exactly who operates its website – looking up the IP on whois services determined that the owner was obscured. While this is not always a red flag, it should raise an alarm, considering that Bitssgroup.com has quite the controversial business model.

Scam warning

We paid utmost attention to the regulation and transparency in the sections above because it’s mandatory for trading and investments. Pretty much each company offering financial services have to be authorised by the local financial authority. 

However, some entities operate unlicensed and intentionally run investment fraud. It would be best if you only dealt with companies authorised by the regulators, so always check to make sure they are. Bear in mind that if you trade with unauthorised businesses, you won’t be protected, so it’s very likely to suffer losses almost impossible to recover if things go wrong.

Online scam is trending nowadays with fraudulent websites popping up literally every day. The financial authorities increase the number of warnings issued year after year, but the dangers are still out there and growing exponentially. You’ll realise the hazards when you consider OneCoin scam- it’s still impossible to calculate the total loss, but it’s regarded as 15 billion worth fraud. Make sure to trade with licensed and regulated companies to avoid off-putting losses.

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