5 Red Flags of Bitwetex Scam | Bitwetex Review

Posted on by
Spread the love
       
  

Wisdomganga presents Bitwetex Review: the motive behind is to make people aware of fundamental flaws found on this site which raises the question, is Bitwetex legit?

5 Red Flags Found on Bitwetex Site

  • Team information is not provided: they have mentioned ‘founder – Benjamin Esch and his team’- but the same name and content are on another site. A trading platform without credibility and transparency is not safe to use.
  • Using Duplicate Content: we found Bitwetex to be using plagiarised content which is the characteristic of a non-legit website.
  • Guarantee high returns without any risk and fees. It is nothing but using a Ponzi Scheme. In the Era of Social Media, they are not active on social media.
  • Data security is an issue as they have not guarded their website correctly. 
  • Even though the timeline of Bitwetex working starts in 2016, the website registration date is very new 19 June 2023. The Trust Score of the website is very low.

What is Bitwetex?

Bitwetex is a new and emerging cryptocurrency exchange that promises to offer a fast, safe, and reliable platform for trading cryptocurrencies. The platform promises low trading fees, a friendly user interface, and a diverse range of cryptocurrencies for both beginners and experienced traders.

These platforms usually require users to create an account and go through a verification process before they can start trading. They also typically charge fees for transactions, such as trading fees and withdrawal fees.

Some platforms may also offer additional features such as margin trading, where users can trade with leverage, or staking, where users can earn rewards for holding certain cryptocurrencies.

We found the possibility of using three illegal schemes on its platform: Phishing, Exit, and Fund Diversion Scheme.

Specification: Bitwetex Reviews

  • Website Name: Bitwetex
  • Email Id: NA.
  • Contact Number: NA
  • Contact Address: NA
  • Registered Companies No.: NA.
  • Plans: NA.
  • Social Media: They are not present on Social Media.
  • Domain Age: 19 June 2023
  • Referral: Not Mentioned

Advantages of Bitwetex

  • Diverse Range of Cryptocurrencies:: One of the noticeable advantages of Bitwetex is its range of crypto trading options. Unlike many other exchanges that offer only a few popular cryptocurrencies, Bitwetex offers an extensive range of cryptocurrencies to trade, including Bitcoin, Ethereum, Litecoin, XRP, and many more. This variety provides traders with more flexibility and trading opportunities.
  • High-Security Standard: Security is a vital aspect of cryptocurrency trading, and Bitwetex offers high-security measures to ensure that traders’ accounts are safe from hacking attempts. The platform uses multi-level security protocols, 2-factor authentication, and cold storage for its clients’ digital assets.
  • Low Trading Fees: Bitwetex offers relatively low trading fees compared to many other cryptocurrency exchanges, with fees starting from as low as 0.1%. This feature is a significant advantage for beginners and experienced traders seeking to minimize trading costs.
  • User-Friendly Interface: This platform features a user-friendly interface that makes it easy for traders to navigate and access various trading tools. The dashboard is intuitive for beginners, and the platform offers a range of trading tools and charts that help novice and experienced traders.

Disadvantages:

  • Limited Global Availability: One of the significant disadvantages of Bitwetex is its limited global availability. The platform is unavailable in certain countries, including the United States, due to regulatory challenges and licensing requirements. This limited availability means that traders in these countries cannot access the platform’s features and services.
  • Relatively New Platform: The Bitwetex exchange is a relatively new cryptocurrency platform, meaning it has yet to establish a credible reputation and a large user base. While the platform promises high-quality features and services, its newness may create some level of distrust among potential users.
  • Limited Payment Options: Bitwetex offers limited payment options for deposits and withdrawals, with only Visa and MasterCard accepted for fiat transactions. This limitation may inconvenience traders who prefer alternative payment methods like PayPal, Skrill, or Neteller.

FAQ: Bitwetex Reviews

Is Bitwetex Real or Fake?

The information on the website provided resembles many different websites currently working in the market. According to the roadmap, the company was started in 2018, but till now, there is no information on userbase, company financials, and public address in proof of reserves.

Is Bitwetex legit?

After researching it, we are not able to find who owns this site. The team background is not mentioned on the website. The address shared by the company is from Australia, but till now, there is no evidence of company registration and on-chain funds for users’ security.

Bitwetex App Download

This site doesn’t have any apps. It is simply operating via a website.

Is Bitwetex Scam?

All fundamental flaws that are found on a non-legit site that later turn into scams are also present here. So, sooner or later, This particular investment website will scam people. Our opinion is simple; please do not use this site and keep a good long distance from it.

Conclusion:

In conclusion, Bitwetex is an emerging cryptocurrency exchange that offers traders a diverse range of digital currencies, low trading fees, and high-security measures.

However, it is also relatively new, with limited global availability and a few payment options. Therefore, if you plan to access Bitwetex, it’s advisable to conduct thorough research and understand the platform’s pros and cons before making any significant investment decisions.

We hope that Bitwetex Reviews helped you understand this website’s true nature. This kind of website targets people on Social Media. Like many other people, people in our social circle are also affected by such kinds of scams. 

Request: It is our humble request to people to share their experiences in the comment box. It helps others to understand the reality of this website.

Also, please support us in this pursuit to make people aware of online scams by liking us on Facebook, Twitter or Instagram. We don’t want scammers to take the advantage of people’s innocence. Your support is needed by us.

Buy Me A Coffee

Our team at Wisdomganga is constantly working to recognize all the possible scams and is focused on making everyone aware of them. If you find this article useful, you can now order a cup of coffee for our team as a token of appreciation.