Bitswet review – is bitswet.com a scam or a good crypto exchange?

Beware! Bitswet is an offshore broker! Your investment may be at risk.

Bitswet Key Features

🔴 Bitswet is a shady crypto exchange – a warning sign!

🔴 Bitswet holds no regulatory license – a red flag!

🔴 Bitswet provides none of its contact information – a red flag!

🔴 Bitswet creates irrational expectations – a red flag!

Bitswet Products and Services

Bitswet claims to be a crypto exchange, allowing its clients to buy and sell crypto assets. However, the issue with these kinds of companies is that there are thousands out there that are just scams – the best case scenario of doing business with them is you getting hit with some kind of high fee, and the worst case scenario is your money being stolen! There is no reason to invest with any company that offers an exchange service if it is not duly licensed with a regulatory body!

And, case in point, Bitswet is absolutely running a scam! There is no other way to explain why the company has ripped off the logo and the website design of  the MEXC exchange. The only reason why Bitswet would do something like this is if the firm wanted to appear more legitimate. It is quite concerning that this is not even the first exchange out there that we have noticed doing this – it seems MEXC is particularly popular to be copied among the scammers! Here are some other scam exchanges that are clones of it – a connection between all of them is highly possible:

Cryptos went to become extremely popular, and they come with tremendous profit potential, but the assets are pretty complex and a bit enigmatic for the vast majority of people. Bitcoin is still surging, and the entire crypto market is growing exponentially, but all investments carry significant risks, such as high unpredictable volatility and absence of regulation, for example. And we'd also like to emphasize the fraud risk- crypto scams are virtually everywhere. In fact, the latest trend among scammers is to create fraudulent websites offering fictitious crypto investments and mining services aimed to entice unsuspicious investors into scam settings. The fraudulent offers usually stick to the rule “sounds too good to be true”, the entity offering the services is totally anonymous, and there is no regulation whatsoever. So, based on the products and services offered alone, we can affirm that the entity under review is dangerous. You'd better avoid it.

That said, it's worth considering trendy cryptocurrency alternatives that have already proven to be reliable. For example, many cryptocurrency exchanges like Coinbase and Bitstamp already provide passive income opportunities like BTC and ETH staking, other earning opportunities, affiliate programs, so on and so forth. Both mentioned are law-abiding financial firms that operate transparently, so you won't be exposed to fraud risks if you trust them.

Bitswet Company and Regulation

Bitswet is not a licensed company. The firm does not mention regulation once on its website, and, as we have explained already, this is quite concerning. Overall, there is no reason why you should deposit with a company that is not licensed – especially when it can just take your money and run!

So, the crypto service under review isn't a typical firm, and as such, it's not regulated. The absence of regulation implies that your investments will be at risk if you deposit. Moreover, you won't have access to complaint procedures or money protection schemes, so if things go wrong, you'll be the one to suffer the complete loss. Even more so, the digital coin transactions are anonymous, so if you get scammed by a shady crypto provider, you can't get your money back.

Indeed, cryptocurrency regulation has been a hot topic for a long time. The digital coins themselves are not issued or governed by central banks, but too many countries already have plans to introduce centralized cryptocurrencies. Still, Bitcoin is a peer-to-peer payment system that's considered too risky for many. However, many crypto firms are now operating with financial licenses; they are transparent, and their clients can benefit from certain customer protection measures if things go wrong. And that doesn't apply to the entity under review, which is an anonymous and most probably totally illegal enterprise that can switch off its servers, pocket clients' money and get away with the crime.

Bitswet Address and Contacts

Bitswet provides none of its contact information. This is quite concerning too – the majority of companies that operate at zero transparency are simply scams. Do not trust any one of them, as you could very easily get scammed and have no legal recourse. Who are you going to seek compensation from if you don't know who runs the firm?

Considering investment opportunities, transparency is always crucial. As for cryptos, you already know that Bitcoin is a peer-to-peer payment system, which is designed to protect the privacy and to provide security. However, that doesn't mean that the crypto providers should also be anonymous. After all, these people will handle your money, so you should at least know who they are and where they operate from. In fact, we need to note that some trustworthy exchanges don't reveal such information on their websites, but it's still easy to verify that businesses are legal, law-abiding companies; therefore, it's always a worrying sign if the crypto provider isn't transparent.

Bitswet.com Website Info

Is Bitswet Safe?

Bitswet is a scam – that is the only conclusion one can come to after reading this review. In its business model, its lack of transparency and regulation, Bitswet provides its clients with zero reason to trade with it!

Update on Bitswet – 31.01.2022

We are quite certain that the company is running a scam. When we reviewed it, there was little coverage of it online, and the firm was quite anonymous. Yet, that has changed. The overwhelming majority of the reviews of the company are quite clear in that it is not to be trusted. This means the crypto exchange is fake. What's more, the nature of the scammers' website is such that there is little reason to believe that Bitswet will continue being up. In fact, the site will probably get taken down as the scammers move on to a new scheme.

If you have deposited with Bitswet already, we are sorry to say that, but your money is lost. Crypto assets are never eligible for a chargeback, and Bitswet will certainly not process your withdrawals. What's more, you need to watch out for further scams – fake recovery agencies, for example, which will take your money and run with it!

Scam Warning

Scammers are always riding the trends, so it's not at the least surprising that cryptocurrency fraud is now blooming. Even more so, the high-tech nature of Bitcoin actually facilitates scams as most people don't really know how crypto works, so scammers take advantage of the lack of understanding. Indeed, the crypto scam has been here for a while, and it proved to be extremely dangerous- just recall OneCoin, which happened to be a multi-billion Ponzi scheme disguised as a revolutionary digital currency. However, scammers rarely go out of their comfort zone, so most crypto scams happen to be very similar to the typical investment fraud.

The fraudulent crypto schemes are also anonymous and illegal, while scammers introduce themselves with fake identities. There are also too many impersonators resembling the websites of valid start-up companies from where customers get redirected to other insecure fishy payment portals that may as well carry additional security risks. The cons yet again promise the moon and the stars to their victims but won't deliver a thing in the end. However, the difference between crypto and the rest of the investment scams is that people are more likely to believe that they can become rich overnight as Bitcoin has already proved to have massive profit potential. In any case, you should be very cautious when it comes to crypto, as the markets are plagued by scammers ready to take advantage of you.