Bitclub
Network Review

Bitclub Network

Bitclub Network Review
Bitclub Network is a company purportedly based in Reykjavik, Iceland with a website that was registered on 22 July 2014, hosted in the Netherlands and registered as a private domain.
Bitclub Network focuses on the purchase, sale and mining of bitcoin for investment purposes. The business operates by accepting money from investors in exchange for shares in supposed cryptocurrency mining pools and rewards investors that recruit new investors into the scheme.

Is Bitclub Network a Legit Broker?

There are a number of red flags to suggest that consumers should not conduct any business with Bitclub Network and if money is currently invested, to request an immediate withdrawal.
The trading platform is unlicensed and not overseen by any well known and trusted financial regulatory bodies, this is the first item investors should investigate and confirm before investing with an online broker.
Conversely, regulated brokers who are licensed by trust regulatory bodies such as the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) can be regarded as reliable trading partners as they need to adhere to strict rules and regulatory control.
In addition. the identities of the owners are not disclosed anywhere on the official website and the limited terms and conditions and lack of a privacy policy raise numerous questions. The most likely reason is the fact that this would require identifiable information which they are trying hard to conceal. Furthermore, hosting for the website is privately registered and protected which raises further suspicion.
The fact that Bitclub Network relies on running equipment remotely for its users as opposed to shipping the hardware directly and allowing users to mine bitcoin themselves is rather suspicious as there is no way to confirm whether there is in fact any hardware that exists.
Additionally, in order to sign up, users require a sponsorship or a referral, in addition to a $99 upfront payment to access the mining pool, obtain clubcoins and receive training and education.

Bitclub Network Online Reviews

Bitclub Network has received major attention in the news and in online reviews as a result of their questionable business practices.
Users posting on Trustpilot have given Bitclub Network a score of 1.8 out of 5 and rated the platform as poor based on 21 reviews received.
User Vladimir Ohrid had the following to say about his experience with Bitclub Network with a post on 11 January 2021:
“There it is we are getting scammed again !!!! I had money in the original BitClub Network before all the owners got arrested for fraud, I had founder pool and I had some bitcoin mined I was trying to retrieve it never let me .I was doing some research online and I came to stumble onto bitclubnetwork.uk.com claiming they are part of the old BitClub and if I pay reactivation fee of 100 dollars in bitcoin im going to be able to get my bitcoin back i paid the 100 dollars in bitcoin by the way is a fake website they asked for 900 dollars in bitcoin more for reactivation fee at that point I knew its was fake . I called the number they have for customer service and its a carvana number for renting or buying cars . Please stay away from them and if someone can report them on closing that fake website so other people dont get scammed.”

Summary and Conclusions

Bitclub Network is an unlicensed trading platform with no recognized and trusted financial entity that monitors and regulates its business operations. In addition to this, vital information is missing from their webpage and the limited privacy policy and terms and conditions raise concerns.
We therefore suspect Bitclub Network to be running a scam and urge consumers to not conduct any business with the company. We further suggest that consumers properly investigate companies they wish to invest with and ensure that the companies are licensed and regulated by a trusted financial regulatory body.

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    A blockchain address is similar to an email address: it is used to send funds. ex. 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2"

    Frequently Asked Questions

    Countries around the world are beginning to regulate cryptocurrencies, or are seriously considering doing so. Nevertheless, the regulatory status of crypto is currently far behind the ability of unscrupulous merchants to cause serious financial harm to consumers.

    A cryptocurrency exchange allows users to transfer regular national (fiat) currency for crypto, or vice versa. The crypto currency goes into or out of the user’s personal digital crypto wallet.

    1. The most common signs of a cryptocurrency scam are:
      1. Receipt of a blackmail email threatening you if you do not send bitcoin to a random address.
      2. Advertising claims that you can earn monthly income by trading cryptocurrency. 
      3. Cold calling you or using high pressure tactics to get you to convert funds to cryptocurrency. 
      4. Not allowing you to withdraw a valid balance.
      5. If the broker or merchant becomes difficult to contact after you send them money in bitcoin or another cryptocurrency.
      6. Promises of low risk and unreasonably high profits.

    Funds held in exchanges like Coinbase may be insured if there is a physical security, cyber security or employee breach, but funds you hold in your wallet are not usually insured. With the correct software and tools, it may be possible to locate where your cryptocurrency went, so do not give up. 

    1. Yes, the credit card networks allow under one of the following circumstances: 
      1. An unauthorized transaction, such as a stolen card or hacked card data.
      2. When the cardholder did not receive the purchased goods or services, or they were not provided as promised..

    In principle, either of the above could apply to a crypto purchase, but you would need to prove that to the bank. This process is more complicated than it should be.

    Lost or locked wallets are a serious challenge, and The New York Times reported in January 2021 that hundreds of millions of dollars worth of bitcoin have been stranded due to forgotten passwords, reformatted hard drives, etc. A number of companies are offering potential solutions for existing and future cases, but the situation remains uncertain.

    Crypto transactions are anonymized, which leads to the common perception that they are untraceable. Although, in fact, a number of highly technical proprietary solutions exist that do allow for the tracking of these transactions in many cases.

    If you are ready to fight for what’s yours, the first step is a free no-commitment consultation with a fund recovery expert. Let us help.

    You can report a scam by contacting the police or national financial regulator in your country. You can also click on the <TEXT HERE> button on the bottom of this page to report the scam, as well as to schedule a free no-commitment consultation with our fund recovery experts.

    1. Crypto scams are too numerous to list, but below are some of the most common ones:
      1. ICO scams: a new coin is offered for early investors, but it fails to materialize and the scammer disappears with the investment.
      2. Exchange scams: There are a number of reputable crypto exchanges, and there are others that only exist to separate users from their money. Do your research before parting with your cash.
      3. Wallet scams: You keep your crypto in a wallet, so it’s no surprise that scammers are hard at work trying to either hack their way into your legitimate wallet, or offer fake ones for you to download in order to steal your cryptocurrency.

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