Bitrue Review – Scammers Steal Coins, Claim Deposits Never Happened
Bitrue hosts a very well made website that doesn’t betray its fraudulent purpose. Traders can see all the features they would expect from a legit cryptocurrency exchange, except for the info that really matters.
In our Bitrue Review we will examine why this lack of transparency is indicative of a scam, and how to recognise fraudulent companies in the future.
|Is This Company Safe?||No, unregulated firms are not safe for traders!|
|Have Warnings from:||OSC, FSC, CONSOB|
|Trading Platforms:||Web Platform|
|Maximum Leverage:||Bitrue App|
|Deposit Bonus:||1000 USDT|
|Trading Assets:||Cryptocurrencies, Crypto Pairs, Crypto Futures, Crypto ETFs|
|Free Demo Account:||No|
|How to Withdraw from This Company?||Unregulated companies are unlikely to return your assets. Seek help from your bank, regional financial regulator, or contact us for help with your chargeback.|
Unknown Company Address
No matter how deep you dig on bitrue.com website, you won’t find any info about where the company might be located. The Terms & Conditions document does not outline which financial regulator, or court has legal precedent in case of a dispute.
We have found some allegations that Bitrue might be incorporated in Singapore, but this was quickly disproven by the MAS register. It was the same story with other regulators, notably FCA, NFA, ASIC, BaFIN, CySEC, FINMA and FSMA.
Although the cryptocurrency market has become heavily regulated in recent years, there are still reputable companies that operate without a license. Bitrue is neither legit or reputable, as you will see a bit later in our Bitrue Review.
Fake Reviews Boost Credibility
You can see a great disparity between personal testimonials about Bitrue posted on Sitejabber and Trustpilot. This is because the company has paid so-called Review Seller Networks in an effort to boost their reputation on one of these platforms.
When you ignore the overall score and take a look at some of the bad experiences, you will see a grim picture:
“ Sent $300 usdt on 9-18-21, it was confirmed on 9-19-21, never received deposit in account. Opened a ticket on 9-20-2021, provided all evidence and screenshots they asked for. Today is 12-17-2021, 3 months later, never heard back from them despite several attempts to contact them and follow up on this. […] “
“ I transferred 20,000 XRP from my dcent wallet to Bitrue on 12, November 2022. Bitrue requested multiple proof of this transaction that have been forwarded, but they Bitrue refuses to release my coins to my wallet. […] “
It’s clear that Bitrue are a bunch of smooth talking criminals. If you have assets stuck with the Bitrue scam, contact our legal professionals for help with chargeback.
Who Does The Bitrue Scam Target?
We found out that bitrue.com website was first put online in 2015. The first mention of cryptocurrency transactions dates to some time in 2018.
Here is where the scam is most active:
- United Kingdom
- United States
A flashy and good looking website like bitrue.com does wonders for viral marketing. The company is also active on X (formerly Twitter) and Telegram. Thanks to this, Bitrue website attracts an average of 5.7 million monthly visits.
People will read the fake reviews and advertisements, and visit bitrue.com thinking it’s a deal of a lifetime. The company also showers their new users with different promotions and bonuses.
Bitrue also employs Boiler Room Agents for the tried and tested Romance Scam, like the CFDglobe fraud. Agents of Bitrue scam approach potential victims pretending to be romantically interested, and encourage them to “invest in their future together”.
Many people complain that the costs of trading with Bitrue are exorbitant. The fees are dependent on the cryptocurrency that is traded on the platform.
XRP based cryptos incur a fee between 0.196% and 0.280％. BTC based assets are charged 0.098％. Additionally, there are so-called Token Fees for different crypto coins. It is unclear how these fees apply, but for Cardano, this token fee is 1ADA, while for Bitcoin the fee is 0.0005BTC.
Every new client of Bitrue allegedly gains a 1000 USDT on the first deposit. XRP holders can benefit from an airdrop of 300 000xBMAX coins. Almost everything you do on the website, like updating your profile picture, yields some sort of a bonus.
Bonuses are banned in many jurisdictions because scammers use them to block payouts from the platform. These bonuses are usually tied in with unachievable trading volume requirements.
Overall Trading Features At Bitrue
Bitrue tries very hard to appear legitimate. Their platform is comparable with other industry giants, with competitive asset availability. There are multiple trading platforms to suit different traders’ needs.
Everything is well-rounded with educational materials to help out the rookies. Take it all with a grain of salt, though. In the end it’s just bait to attract clients.
Problematic Trading Platform
The main Bitrue trading platform is web-oriented software run directly from the web browser. However, the trading app is set up to undermine profits. The application has an embedded function that prevents clients from achieving profit by blocking transactions with high market volatility.
It closes the positions whenever the server deems necessary, preventing the high risk high reward transactions that traders rely on. Only transactions with price fluctuations of +-10% will be processed.
Mobile App Availability
The mobile app that Bitrue provides has a good overall rating online, but we already know that this exchange pays for reviews that should be impartial. The app is available for both iOS and Android platforms.
Bitrue mobile app itself is in no way different from its web-oriented counterpart. The interface is simplified, but the same caveats and hooks remain as with the web app.
Different Types Of Crypto Assets
Bitrue offers exchanging of different crypto coins either for FIAT currencies, or for other cryptocurrencies. Leveraged trading and speculation on different cryptocurrency assets is also available.
Let’s have a look at a few examples:
- Cryptocurrencies (Bitcoin, Ethereum, Ripple, Cardano, Doge)
- Cryptocurrency Pairs (BTC/USDT, ETH/USDT, BTC/ETH)
- Cryptocurrency Futures (RSR, SOL, SHIB, AAVE)
- Cryptocurrency ETFs (XRP, DOGE, DENT, CKB)
Single Trading Account
One of the things that makes investing with Bitrue simple is that they only offer one account type to their clients. Of course, it also means that a demo account is not supported.
Bitrue can do this because their fees are based on different cryptocurrencies used in the transaction. Additionally, all accounts can take full advantage of any of the trading apps available with Bitrue.
Barely Existent Education
Bitrue Education comprises different FAQs about several topics, and a few so-called tutorials. These tutorials are step by step guides on topics relevant to newcomers, like how to deposit, or how to set up your trading app.
When it comes to actual financial analytics, Bitrue uses complicated financial and tech lingo without explaining what the words themselves mean. One of the examples is “Maintenance Margin Rates On Bitrue USDT Futures”. We don’t see how a newcomer could fathom this previous sentence.
Traders Complain About Withdrawals
One of the most common complaints about Bitrue is that they don’t allow any withdrawals. Although the company advertises bank wires, bank cards and cryptocurrency transfers as payment options, this is hardly the case.
The scammers behind Bitrue regularly ignore deposited funds, or invent different reasons to prevent a withdrawal. Furthermore, the frauds also ask for additional funds up front in order to approve a withdrawal which never happens in the end.
The Terms and Conditions don’t clearly outline withdrawal rules either. If you have funds stuck with Bitrue, feel free to contact our chargeback experts via the live chat on our website.
Live Chat Is Not Available
Bitrue doesn’t feature Customer Service. Their help center consists entirely of different FAQs and tutorials, many of which are shared with the Education section. The only way you can contact anyone from Bitrue is via the email or a contact form on the website.
Bitrue Impressions In Short
Bitrue is an unlicensed crypto exchange which doesn’t even disclose their nation of origin. All the aesthetic and functional parts of the website look the part, with flashy graphics and contemporary design. Many financial regulators have posted warnings about the Bitrue scam.
Our recovery experts have ample experience in resolving problems just like yours. You may contact us via the live chat, and book a free consultation at any time.
What is Bitrue?
Bitrue is a fake cryptocurrency exchange that steals their clients’ money.
Can I trust Bitrue?
No, Bitrue is an unlicensed entity that does not conform with any regulatory standards, and answers to no financial regulator.
Who is the owner of Bitrue?
The website does not disclose who the company owner, or a parent company behind Bitrue might be.
Why is Bitrue Blacklisted?
Bitrue is blacklisted by multiple regulators because they operate without any license. If you have any issues with the Bitrue scam, reach out to us for help in asset recovery.
What country is Bitrue in?
It is unclear where Bitrue is operating from. Their website does not disclose this piece of information.