Last Updated on June 29, 2023 by Alex
Welcome to our BitGPT review and scam investigation. BitGPT is advertised as an easy-to use cross-functional trading app. This software reportedly automates the trading process by implementing python-based algorithms. Once deployed, these algorithms are supposed to offset market volatility by utilizing a “buy-back” or reversal strategy on high-risk cryptocurrency contracts. However, our viewers and subscribers are interested in hard facts and viable information. That’s why we took the BitGPT app for a test drive and invested £250 of our hard-earned money. The end result of this latest experiment is all but too well-known.
BitGPT Broker Check: When we registered to conduct our £250 deposit test the broker which was allocated to our staff was named Coin FX. A quick check reveals that this broker has as registered business address in Seychelles. Aside from incredibly pristine beaches and amazing nature tours, Seychelles is known to provide offshore banking solutions to some of the worlds biggest money launderers and tax evaders.
So, this fact by itself is enough to reach the conclusion that the BitGPT app is a scam. However, in order to conduct a full investigation we had to invest money. After about 15 minutes the entire amount was lost and we were subject to a barrage of phone calls from impolite sales reps masquerading as legitimate brokers. From that point everything spiraled downward as we shall explain in our detailed BitGPT app review.
Official BitGPT App Website, Login Page, and Members Area: Currently, there are 3 websites claiming to be the official BitGPT App. They are all equally fraudulent.
Table of Contents
Here we can see the BitGPT App main website and registration area. Please take a look at the layout, create account section, headings, as well as the graphic design.
Now take a look at this website which was recently exposed by a couple of industry watchdog websites. It’s named “Bitcoineer” and it’s quite evident that this website is based on a template which has been used and recycled many times. The only thing that changed was the logo, everything else is an exact clone.
Fake BitGPT Testimonials
Here we can see the testimonial section we were able to dig up in one of the BitGPT app clones. Again, the entire testimonial section is forged and duplicated. These pictures are taken directly from image bank websites.
Fake BitGPT Reviews
It seems one of the most notorious fraud affiliate networks has latched on to BitGPT and is now very actively promoting this get-rich-quick scheme. The name of this fraudulent affiliate network is Finixio, and the website below is just one of many that belong to them.
BitGPT App: Fake Celebrity Endorsements
BitGPT is quickly becoming a viral scam. We have seen multiple fake news campaigns featuring Tesla CEO Elon Musk. In the bogus article, Musk is raving about a new AI-based trading app which uses Python coding and an advanced technological infrastructure. It’s also mentioned that the app is significantly faster and more efficient at exploiting market gaps in order to achieve successful trades.
We have also seen fake news articles with Holly Willoughby, Martin Lewis, Richard Branson, and Lord Alan Sugar. Suffice it to say, all of these articles are fabricated and designed to trap, deceive, and bait unsuspecting victims.
What Is The BitGPT App, Who Is Behind It, And How Does It Work?
As previously mentioned, BitGPT is supposed to be a type of “cross-functional trading app”. The software uses automation scripts by implementing algorithms coded in Python. There is also reference tp a “buy-back” feature or reversal strategy which is supposed to act as a buffer on high-risk crypto contracts.
There is no mention of who is behind it because it was designed to be anonymous. The con artists who created and are promoting BitGPT are professional marketers and a part of a fraud affiliate network that specializes in financial get-rich-quick schemes. The BitGPT app is unrelated to Open AI or artificial intelligence in any way.
BitGPT App Review: Are You In The Mood To Have Your Wallet Fleeced?
In our opinion, BitGPT represents the quintessential CFD scam. This can be mostly attributed to 3 different reasons. First, there is no software to be found. New members registering for this scheme will simply be redirected to a non-licensed CFD (contracts for difference) broker. Secondly, the app is completely anonymous. The lack of transparency is clearly evident and from this we can infer that it is intentional. Finally, we were able to find multiple versions of the service. Can you imagine searching for Levi’s or Coca Cola and finding multiple websites claiming to be “official”.
There are additional factors regarding regulation and operational aspects related to the BitGPT App, and we shall address them in our methodology checklist. However, these are the three main reasons we believe that this scheme is a hoax. It’s also important to point out that the entire first page of Google (as well as some of the second page) is packed with 100% positive BitGPT reviews.
While this may seem convincing, we know for a fact that all of these articles are related in one way or another to the same affiliate network. We urge all our viewers and subscribers to take a more critical approach before investing. Always remember the golden rule! If something seems too good to be true it usually is.
Our £250 Deposit Test: A Horrible Experience
When we started this endeavor we had very low expectations, so we were not surprised in the least bit after going through this ordeal. Very quickly, we started to realize that our initial deposit was about to evaporate. Our assumptions received additional validity when a barrage of incessant phone calls started to arrive at an increasingly faster pace.
Eventually we lost all of our initial investment and that was when the spam started to hit our email box as well. We started to receive an endless amount of emails to a variety of offers. The range of offers was insane, although in most cases was related to cryptocurrency and gambling schemes like a roulette system. After about a week things started to cool down, but we still had to deal with all kinds of rude sales people trying to peddle shady apps over the phone.
Testing Review And Methodology
Coming from an academic background in Statistics and data science, our researchers have created and implemented a modular yet very strict set of rules related to research methodologies. That being said, we have made things more simplified so that people who are not familiar with methodology testing understand the process. We use a variety of charts and sequencing techniques that take a very scientific approach to research methodologies. Before reaching any conclusions we make sure all our ducks are in order.
What Other Review Websites Are Saying
Here are some excerpts taken from other review websites that are fully endorsing BitGPT App.
- The way we see it, “BitGPT App is a highly accurate trading software”. The results are “terrific so we are recommending it”.
- BitGPT is a fully scalable trading robot designed to deploy under volatile market conditions. It is “extremely effective at generating income!”
- It’s not every day that we get to test such a “profitable trading app”. BitGPT is definitely one in a million so “go ahead and check it out”.
Please note that this is definitely NOT our opinion. In the name of fairness we are simply providing a few examples of what competing websites have to say.
Backtesting And Strategies
BitGPT App does not offer new members access to historical data, strategies, technical indicators such as stochastics, or performance testing. This is very acceptable and common with new trading apps. If you are a newcomer with no access to this type of information or tools then you need to make a U turn and recalculate your next step.
BitGPT App Pros And Cons
We put together a small yet very clear pros and cons box for our readers. It outlines the main benefits and drawbacks related to BitGPT, as we view them to be after testing the software.
We believe there are absolutely no benefits and only risks associated with this scheme. This is clearly displayed in the box above.
Patenting and Regulation
The BitGPT scam app is neither patented or regulated in any way. We sifted through the main regulatory entities such as CySec, FCA, CONSOB, BaFin, and ASIC. There is no mention of this software anywhere. According to the FSFE there are strict patenting laws that are set forth by various governments. For example in Germany has recently filed a joint motion in the EU court which limits software patents on one hand. But conversely they are saying that any proprietary software should exclusively be covered by legal copyrights.
Additionally, the EU has a Unitary Patent which must “apply for all 27 members states individually”. We checked, there is no patent in the EU, Canada, UK, or Australia. That means we are most likely dealing with a rogue software.
Confidentiality of Personal Information
To make matters worse, we know for a fact that these scammers are reselling our personal information to third parties. The interesting thing is that they are not even trying to hide it. In the BitGPT app terms and conditions section it is clearly stated that they “reserve the right” to resell customer information to third parties. In other words, you need to prepare yourself because you are about to get profusely spammed.
Security And Safety
BitGPT is neither a safe nor secure trading app. Simply having a padlock with a 256-bit encryption key does not mean a website is secure. It simply means that the scammers are not stupid. The real questions new members should ask themselves have to do with what happens after they register. For example, is your personal information stored on a secure server, what are the firewall settings, and does the website have an antivirus program installed.
There is also the question of PCI compliance and ISO licensing. To explain, PCI Compliance has to do with the security protocols related to credit card transactions. ISO is also important since it is sets the industry standard for proper or professional coding. In other words, ISO certification is set in place in order to make sure the programming isn’t done by some silly kid that can’t write valid code.
BitGPT: This New App Is Not What You’d Expect!
Honestly, we really hoped that the BitGPT app would be a profitable trading software, but that didn’t happen. We understand that not every app generates consistent profits on auto-pilot, but that is exactly what the app promises to do. It’s true that we have been exposing scams and corrupt corporate culture for quite a while now, but BitGPT is really a deceptive system that can only be described as fraudulent.
BitGPT App Leverage
BitGPT offers a leverage of up to 5000:1. That means the risk level for anyone accepting this type of leverage is practically suicidal. It’s worth pointing out that in regulated environments brokers tend to offer retail Forex traders anywhere from 30:1 to 2:1. That’s because leverage is like a loan, so if you accept it and lose that amount you risk losing your initial investment plus the loan. This is exactly the type of situation that causes traders to lose way more money than then originally intentended.
Is BitGPT App Compatible With Any Of The Exchanges?
No, it’s not possible to use the BitGPT App with any of the popular exchanges such as Binance or Coindesk. Some website are trying to convince viewers otherwise, but that is a lie.
Can BitGPT App Be Used For Mining Coins?
Again, that’s a negative. Mining coins requires access to a mining rig which offers significant hash rate. BitGPT does not offer anything like that. In fact, it doesn’t offer anything at all come to think of it. It’s just a fancy sales page with no real value.
BitGPT App: Deposits And Withdrawals
New members wanting to fund their broker account via BitGPT will find it to be a fairly simple task. Anyone can do that using Visa, Mastercard, or a wire transfer. The problems start when customers want to start cashing out. We tried it and we were eventually locked out of our account.
BitGPT App On Trustpilot, Reddit and Other Forums
We have already seen a few fake profiles on Reddit and Site Jabber which are allowing spammers to use their platform for promotional purposes. Trust Pilot is the worst in our opinion, and we are not the only ones who believe that as can be seen here.
Bonus Plans, Incentives And Comps
When we registered for BitGPT we were offered a substantial bonus of 3 times our deposit amount. However, bonuses are not free and after a short inquiry we found out that this bonus has some strings attached. We were required to trade the deposit amount plus the bonus 25 times. That means there is no way for us to meet the requirements. Had we accepted the bonus there was no way to retrieve our wins. Not that it matters in this case, we lost our money anyway.
If you are anxious about taxes related to BitGPT then have no fear. Taxes are only levied on profit. Since we have already proven that this fake all only loses money then it’s quite obvious to see that there is no room for concern.
If you are in the market for a truly genuine trading app then you have reached the correct destination. Our staff of researchers makes sure to test and inspect every app before adding it to our recommended section. We also make sure every software generates consistent profits and never recommend any system before risking our own money. So go ahead and check out our short list of trading app.
The Verdict: Scam App!
Today, we know for a fact that BitGPT is a scam trading app. Sometimes it’s a bit tricky and hard to reach the right conclusions, but this is not one of those cases. There is not one single piece of truth which can be associated with any one of the fake reviews endorsing this website. Additionally, some portal owners have even taken it a step further and specifically stated that BitGPT is licensed by CySec and the FCA. This is what we refer to as a blatant lie and the people who are responsible for making these types of fake claims are liable for fraud in a court of law. We strongly caution you against joining this bogus software and recommend you seek alternative investment opportunities. Should you need additional information please reach out and message us through our contact page.