Is BitTrain a Scam? Legit Cryptocurrency Exchange Platform or Another Clever Pyramid Scheme?
BitTrain is one of the cryptocurrency exchange platforms that emerged last year. So now maybe you're wondering if it is a scam or not.
Good news! We're here to discuss BitTrain, its products, its MLM business model, and more!
We're also going to discuss if it's legit or it's just another scam in a clever disguise.
Price to join: Free
Do I recommend? No
Summary: BitTrain is one of the newest cryptocurrency exchange platforms that is based in Europe. Its CEO is a mysterious Albanian named Allen Coko, and according to two websites, the business is located in either London and Albania.
To earn more money, investors are required to buy trading and coin packs with varying prices. They can earn additional commissions by referring other cryptocurrency investors.
There are some shady things about this company, and we're going to discuss them in this article. Read on to learn why I don't recommend this company.
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What is BitTrain?
BitTrain is one of the many cryptocurrency exchanges available for prospective traders right now. The cryptocurrency that will be used in this particular platform will BitTrain's own BTRC token.
According to BitTrain, it will generate revenue by producing and selling BTRC tokens. Existing traders will be the ones who will decide the total number of tokens that will be produced during its first two years.
Clients who use the BitTrain platform have to use the decentralized contract on the Etherium blockchain to store their account balances. BitTrain only functions as a cryptocurrency exchange platform and it does not hold clients funds or their private keys. Plus, there are no transaction fees for either buying or selling with BitTrain.
Some of the benefits of using BitTrain Exchange include:
* No trading fees
BitTrain plans to cover the operating cost not by charging trading fees but by producing new tokens.
* Decentralized governance
BitTrain traders themselves will determine the number of new BTRC tokens they will issue during production.
* Decentralized account
As mentioned, all client funds will be held by an independent and decentralized contract on the Etherium blockchain. BitTrain will not hold client funds.
So how will BitTrain maintain the platform?
BitTrain plans to maintain the platform by using the proceeds from its Initial Coin Offering (ICO). The company's Initial Coin Offering or ICO is set at 25 million BTRC tokens, and it will not issue new tokens two years after BitTrain's launch. Instead, the platform will rely on newly registered traders who will drive trading volumes up.
BitTrain contracts are valid for two years. Once you sign up to become a investor, you won't be able to cancel your contract as well as request a refund.
Bitcoin is the only payment method available as of the moment, and traders will also receive payment in the same cryptocurrency too.
BitTrain's team is rather mysterious. The company is led by a man named Allen Coko, an Albanian who currently lives in the United Kingdom. He doesn't have Linkedin or any other prominent social media profile.
John Kin is one of the co-founders, and other members of the team are Joao Victor Silva (Brazil), Max Cerchiari (Italy), Dr. Basit Ali Khan (Pakistan), and Francisco Barros (Sweden).
The fact that Coko and his team don't have photos or other information on the BitTrain website is rather suspicious.
How Do You Earn with BitTrain?
To earn money with BitTrain, you'll need to invest in one of their trading or coin packages. The cost of these packages range anywhere between $100 to $250000. All packages have a weekly ROI rate of 8%, monthly return of 32%, annual return of 416%, and 2-year return rate of 832%.
But apart from buying the trading and coin packages, traders can also earn additional commissions by referring prospective traders to the platform. This is where the multi-level marketing aspect of BitTrain comes in. Traders can earn binary commissions, direct referral commissions, as well as unilevel referral commission up to 12 levels deep.
The company offers a trading platform, artificial intelligence software, and the "expertise" of its team to the public. But we have no way of finding out if the trading platform truly exists, and its MLM business model also raises some suspicious. It's not enough that you invest your money in hopes that you'll get a return on your investment. You also have to recruit other people so they too can invest and you can earn commissions from referring them.
There's the Binary Commissions where you get paid 10% of the total investment volume of the weaker side of your downline. The referrals should have invested $100 for you to qualify for this commission.
Then there's the Unilevel Commission, a compensation plan where you can earn a percentage of the total investment made by your downline up to 12 levels deep.
Climbing the ranks is rewarded by BitTrain with cash, pens, watches, mobile devices, and a paid vacation to Ibiza. High-ranking members also have the chance to receive high-value items such as a Porsche Panamera or a Lamborghini Aventador. Pretty unrealistic, if you ask me.
How Much to Join BitTrain?
Joining BitTrain is free, but you'll need to invest anywhere between $100 to $250000 to trade. Plus, each trading and coin package comes with a subscription fee.
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What is BitTrain's Compensation Plan?
Take a look at BitTrain's products, investment rates, and corresponding compensation plans below.
BitTrain's first product is its Trading Packages. Here are the different packs under this product:
* Starter Pack
To purchase the Starter Pack, you'll need to invest $100. The weekly return rate is set at 8% ($8), while the monthly return rate is 32% ($32). After one year, your investment will have grown to 416% ($416), while the 2-year return rate is set at 832% ($832).
* Medium Trader
If you have $250 to spare, then you can purchase the Medium Trader package. After one week, you'll earn $20, and your earnings can increase up to $2080 after 2 years.
* Active Trader
This package costs $500. The weekly return rate is set at $40, but if you continue to subscribe for the next two years, then the weekly return rate is set at 832% ($4160).
* Advance Trader
Advance Trader package costs $1000. The weekly return rate is set at $80, while the 2-year return rate is $8320.
* Pro Trader
You'll need to have $3000 lying around somewhere to be able to subscribe to the Pro Trader package. The weekly return rate $250, while the 2- year return rate is $24960.
* Tycoon Trader
Invest $5000 and you'll get BitTrain's Tycoon Trader package. According to the website, you can expect a $400 return every week, while the 2-year return rate is set at $41600.
* Elite Trader
You better have $10000 if you want to invest in the Elite Trader package. The weekly return is at $800, but if you want to maintain your account for the next two years, then expect your investment to increase up to 832% ($83200).
* Premium Trader
The Premium Trader package costs $25000. Its lowers (weekly) return rate is at $2000, while its 2-year return rate is set at $208000.
* Combo Trader
You can invest $50000 for the Combo Trader package. The weekly return rate is $4000, but if you subscribe for the next two years, you'll earn as much as $416000.
* Mega Combo Trader
The Mega Combo Trader package costs $100000. After one week, your money will increase by $8000, but if you continue subscribing for the next two years, you'll recoup $832000.
* Millionaire Combo Trader
You'll need to have $250000 for you to invest in the Millenium Combo Trader. Expect a weekly return rate of 8% ($20000). You'll earn a total of $2080000 after two years.
BitTrain has also developed and will be releasing its own cryptocurrency which it dubbed the BitTrain Coin. According to BitTrain, this cryptocurrency is decentralized "based on advanced mathematical algorithms" (whatever that means).
BitTrain created its own cryptocurrency in hopes of riding on the coattails of Bitcoin. It is backed by Commission Free Exchange, and traded on open exchanges. BitTrain is tooting its own horn when it claimed that BitTrain Coin will be the "next successful cryptocurrency in the world."
Check out BitTrain's ambitious price prediction of its own cryptocurrency for the next year.
So how much does each package cost?
The cheapest — the Starter Pack — costs $100. It is followed by the Medium Trader ($250), Active Trader ($500), Advance Trader ($1000), and Pro Trader ($3000).
Other packages include the Tycoon Trader ($5000), Elite Trader ($10000), and Premium Trader ($25000).
Then there's the packages that were created for well-heeled investors. These include the Combo Trader ($50000), Mega Combo Trader ($100000), and Millionaire Combo Trader ($250000).
Is BitTrain A Scam?
There are a lot of red flags with BitTrain, and that is why I cannot recommend it.
First, take a look at its office address. On its website, it says its office is located in Tirana, Albania. But on another website, it says its office is located in London. Maybe the company is wealthy enough to be able to afford both offices, but what's suspicious is both addresses offer serviced offices and coworking spaces. Anyone — from legit businesses to high-flying scammers — can rent and claim these offices as their business addresses.
Second, no one really knows (except the creators, maybe) if the platform is real as it is not included in the list of established and legit cryptocurrency exchanges right now. Plus, no one knows if there really is an artificial intelligence software that ensures profitability for investors.
Moreover, there is a distinct emphasis on the MLM side of the business, and that is really shady. For all we know, this currency exchange and software do not exist, and the creators of BitTrain are just paying investors off with the money invested by new referrals — basically a pyramid scheme. The trouble will begin the moment BitTrain runs out of new recruits and therefore, money.
If you really want to invest in Bitcoin or any other cryptocurrency, there are a lot more trustworthy cryptocurrency exchanges that already exists. Or you can invest in other products and other companies that have a proven track record when it comes to return on investments. When it comes to BitTrain and other such schemes, it's best to exercise extreme caution so you won't lose your hard-earned money.
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