Phoenixbit.io Review – HYIP Warning

Phoenixbit.io calls itself an innovative trading platform wherein the traders just have to deposit funds and collect the profits once the maturity period is over. If you are an experienced trader, then chances are you already know that their narrative is false because that is not the way any investment firm works. Just like 90% of the scams out there, the identity of the entire employees are not revealed to the public and they don’t even hold proper regulatory status.

Just in case if you are wondering, they only accept cryptocurrency which means the likelihood of getting your money back from them once the funds are sent is zero. The idea of making money online will never lose popularity, but before you take a stance about this kind of platform which claims to make you rich, go through our review to understand the core reality.

Certificates, License and Support

Ever since the early 2000’s the online world has been filled with cams of one sort or another. While all the authorities around the world have made efforts to educate the audience, the scammers just keep on coming up with new ways to swindle people. So, it is of grave importance for you to always make sure you understand the sector before investing and to make sure that the firm you are dealing with is regulated.

This platform proudly showcase an incorporation certificate on their website and call themselves licensed. However, the facts completely suggests otherwise. There is no information about them on the database of the FCA which means by definition they are operating outside the boundaries of law. Moving on to the customer support section of their firm, things aren’t looking positive for that either.

They communicate with everyone through email and the waiting period is not standard for everyone. Below is the list of their contact details, take note of it if you need to report them.

Address – 56 Stacey Avenue, Upper Edmonton, London, United Kingdom, N18 3PE

Email – support@phoenixbit.io

Phoenixbit.io Business Model

Phoenixbit.io states that they are actively involved in trading the popular cryptocurrencies. They are allegedly using some sort of data science and machine learning concept in their algorithms which is making them money. If you check out their website, they discuss and talk about a lot of technical aspects of trading. Proper terminologies used by them might be able to convince the newbies, but there is nothing valuable about it.

There is no document showing their trading records, strategies implied and the drawdown. In short, they have nothing tangible to prove their accomplishments. Given these many flaws, do you really believe your money will be safe with them?

Trading cryptocurrency markets requires proven strategy which needs to be altered as and when the fundamentals change and is certainly not an easy thing to do. Just like with everything in life, if you find a shortcut to avoid the process, then chances are it is probably a scam.

Investment Plans and Returns

To give you a rough perspective of the actual markets, know that about 90% of traders lose money. While many people earn a fortune from it, it certainly will not happen overnight. This company promises 5% to 10% returns per day. If you take out your calculator and run these numbers using compounding principle, then you will be the richest person in the world by just clicking a few buttons.

We can all agree that getting rich with no skillset or effort sounds great, but what are the odds of that scenario happening in reality? The crooks running this firm is just targeting desperate people who have little to no knowledge about the markets are taking money from them in the name of investments. So, do not jump eagerly whenever you see situations like these, instead always take a skeptic and conservative approach towards them.

Referral Program

This firm already knows that, it is bound to face an early death which means they have to scrape the maximum amount of money before they are forced to shut down. So, to explode their conversions and expand their reach, they use affiliate program. The promoters are paid upto 20% of the deposit amount made by the investors they have introduced to the platform.

Due to the mutual benefits both the creators and promoters cover each other’s flaws and slaughter the investors financially. Next time, whenever you see an obvious fraud platform, understand that they are collaborated and you shouldn’t trust anything they say regardless of how neat their story might be.

Domain Details

Below, we have gathered the general information about this domain and website which gives us a rough idea about their marketing efforts.

Domain – Phoenixbit.io

Registered On – 05/11/2019

Domain – 05/11/2020

Alexa Global Rank – 383,780

Rank in Brazil – 17,156

Target Audience – Brazil, Bangladesh and Turkey

Phoenixbit.io Review Conclusion

Phoenixbit.io is without an inch of doubt, a ponzi type fraud platform. They have nothing to do with trading or the blockchain technology. The narratives put up by them have all been debunked. Due to all these reasons, you should stay away from them and know that, if you ever make the mistake of trusting them, then you will lose your money for sure and you won’t be able to do anything about it.

Have you bought any investment plan from Phoenixbit.io? Were you able to get your money back? Let us know your answers by leaving a comment below.