We have received a complaint about Bit Assets (bit-assets.com), which claims to be located in Toronto and offers cryptocurrency trading accounts. The company is not registered to trade or advise on securities or derivatives in British Columbia (BC). They have accepted BC residents as clients, raising concerns about their operations’ legitimacy.

If Bit Assets has scammed you, please share your story to help others avoid this scam.

Domain Analysis

Bit-Assets (bit-assets.com) is a cryptocurrency trading platform registered with NameCheap, Inc., on October 25, 2023. The domain will expire on October 25, 2024. A privacy service based in Reykjavik, Iceland, provided by Withheld for Privacy ehf, masks the registration details, including the registrant’s contact information. This service hides the organization’s real address and contact details, adding a layer of anonymity.

The domain uses Cloudflare’s name servers, joyce.ns.cloudflare.com, and leo.ns.cloudflare.com, indicating that Cloudflare, Inc. provides its hosting and DDoS protection services. The IP address 172.67.191.178, associated with Cloudflare’s autonomous system AS13335, points to its hosting location being Toronto, Canada. This setup is common among sites that want to obscure their server location and gain robust security against attacks.

Analyzing the traffic data, bit-assets.com has seen a recent increase in visits, with a total of 5.6K visits and an 84.9% rise compared to the previous month. The site’s global rank is #2,779,542; in Canada, it is #118,800. Despite this traffic, the bounce rate is notably low at 18.22%, suggesting that visitors engage deeply with the site. Visitors view an average of 17.16 pages per visit, with an average session duration of 18 minutes and 17 seconds, indicating high user engagement.

According to Semrush, bit-assets.com has a low authority score of 2 in terms of SEO and backlinks. The site has 17 backlinks from 14 referring domains, primarily text-based links. Significant backlinks include those from high-traffic sites like LA Progressive and The Talk, which review and discuss Bit-Assets’ offerings. Despite this, the site does not rank for significant organic or paid keywords and shows no organic search traffic data, indicating limited search engine visibility. The lack of keyword rankings suggests either newness or poor SEO performance.

Bit-Assets.com Review

Bit-Assets (bit-assets.com) claims to be a leading cryptocurrency trading platform that offers services for trading, storing, and securing digital currencies. The website emphasizes integrating blockchain technology to provide users with top-tier solutions for engaging in the digital currency market. Bit-Assets boasts advanced security measures, expert assistance, flexible financing options, high liquidity, and 24/7 support. The platform supports major currencies, including CAD, EUR, and USD, and facilitates SEPA and SWIFT bank transfers.

The platform offers various account types, from a minimum investment of $10,000 for the Green Account to over $1,000,000 for the 1 Million Club. Each account type includes features like ICO access, secure wallets, personalized trading, full trading tools, daily crypto signals, and fully managed accounts. Higher-tier accounts offer additional benefits, such as expert insurance recovery, personal expert brokers, personal accountants, and financial advisors. The exclusive accounts provide access to international events, VIP transactions, and Ethereum and Bitcoin bundles.

The website provides detailed contact information, listing addresses in Toronto (200 Bay St., Toronto, ON M5J 2T6, Canada) and London (Citypoint, 1 Ropemaker Street, London). The contact phone numbers are +16475587983 and +442039961628, and the support email is support@bit-assets.com.

Red Flags

A critical review of the content reveals several potential red flags indicative of a scam.

Firstly, the registration details are hidden by a privacy service, a common tactic used by fraudulent websites to avoid detection and accountability.

Secondly, the high minimum investment thresholds for account types are unusually steep, particularly for a platform that claims to cater to beginners.

Thirdly, the website promises high-end features and services without providing verifiable proof of operations, regulatory compliance, or user testimonials. The lack of transparency regarding the company’s actual physical presence and regulatory status further undermines its credibility.

Additionally, the emphasis on high returns, fully managed accounts, and personalized services without substantial evidence of legitimacy is concerning.

The terms and conditions section outlines stringent rules and limitations that could potentially be used to withhold user funds. The terms also mention high leverage, which significantly increases trading risks, especially for inexperienced investors.

Bit Assets Reviews

Bit-Assets (bit-assets.com) has a mixed online reputation, with various reviews and analyses raising significant concerns about its legitimacy as a cryptocurrency trading platform. The website, which presents itself as a sophisticated and secure platform for trading and managing digital currencies, has drawn attention for several reasons that suggest it may be a scam.

Firstly, the platform has garnered low trust scores on several scam detection and review sites. Scam Detector gives bit-assets.com one of the lowest trust scores, 4.2 out of 100, indicating severe trust issues. This score is backed by several user reviews on Trustpilot and REVIEWS.io, where the company has average ratings of 3.9 out of 5 from 22 reviews and 3.3 out of 5 from 107 reviews, respectively. However, these scores are misleadingly high, given the numerous detailed negative reviews highlighting serious issues.

Several users on Trustpilot have shared their negative experiences with Bit-Assets. For example, a user named Sheila reported, “I was scammed by Bit-assets. This broker is a scam; they will manipulate you to invest more and more on their site, and when you ask for a withdrawal, they become very aggressive, and ultimately, you will not be able to withdraw your money.” Another user, Attila Brugos, labeled Bit-Assets as a “Big SCAM,” detailing that brokers like Josh Smith and Michelle Anderson are liars and that the platform’s trading interface is fake. He noted, “When it comes to withdrawal, they become greedy and aggressive.”

Bottom Line

The overwhelming evidence suggests that caution is not only advised but imperative when evaluating Bit-Assets. The platform presents itself as a sophisticated and secure gateway to cryptocurrency trading, offering numerous features and high-end services designed to attract novice and experienced investors. However, many negative reviews and low trust scores cannot be overlooked. These reviews consistently highlight issues with fund withdrawals, aggressive tactics by brokers, and misleading practices that raise significant red flags.

The use of privacy services to obscure registration details, the high investment thresholds, and the lack of verifiable regulatory compliance further undermine the platform’s credibility. Users have reported severe difficulties reclaiming their investments and have described interactions with Bit-Assets’ representatives as manipulative and hostile. Such experiences are characteristic of fraudulent schemes, where the primary goal is to extract as much money from victims as possible, often leaving them with little recourse.

While Bit-Assets may display the veneer of a legitimate trading platform, the substantial evidence of deceptive practices and the consistent negative feedback from users strongly suggests that it operates as a scam.