Bitfex.io Review: Is Bitfex.io Genuine or Scam?
A Bitfex review is here to reveal the truth about Bitfex.io website so that you will be clear either is a Bitfex scam or legit and what is Bitfex.io in real. So, your search for Bitfex.io reviews to find out either is Bitfex legit or fraud ends here. OK, let’s begin with our Bitfex review.
What is Bitfex.io? Either is a Bitfex.io scam or legit?
Bitfex.io claims to be an investment company investing in cryptocurrency, artificial intelligence, VR technology and so on but in reality, it is an illegal and unsustainable scheme known as a Ponzi scheme, so definitely Bitfex.io is a scam. For more details, please continue reading our Bitfex.io review below.
Bitfex.io is a fraudulent site due to the following reasons:-
- Although Bitfex.io claims it is investing in cryptocurrency, VR technologies, artificial intelligence and so on, it fails to provide the proof to support its claim. Bitfex has failed to provide even a single proof which proves it is investing in such projects. The only verifiable source of income coming into Bitfex is nothing other than the money invested by the members. So, even if it wants to pay its members, then also it can’t. So, it will only pay a few members by routing the money between the members. However, each time it pays one member using the money invested by other members, it creates a debt equal to the amount of profit that it pays to its members. In this way, the debt will be kept on increasing and ultimately Bitfex will be run out of the fund and the whole company will be collapsed without paying the majority of members. That’s why Bitfex is a Ponzi scheme.
- Since Ponzi schemes like Bitfex can’t pay all of its members, so these kinds of companies only pay few members at starting so that they can show the payment proofs to lure more people into their scam. When they collect enough money for them, they will just stop paying and run away with the money of the majority of the members. That’s why Ponzi scheme like Bitfex is an illegal and unsustainable scheme.
- Legal authorities have already issued lots of warnings to stay away from Ponzi schemes like Bitfex. It is a crime to involve with a Ponzi scheme like Bitfex.
- Like lots of scam sites, you can’t find any information about who and from where is operating and running the Bitfex on its website and those details have also concealed in WHOIS record. None of the legit investment companies hide their owner details and company’s location, only the scam ones do.
- Bitfex is claiming to pay back up to 120% profit, means a 20% return on the investment amount of members within a day. Now why any company investing in artificial intelligence or VR technologies etc. will collect the fund from several people and pay 20% in a day? Instead, such companies will easily take a loan from a bank whenever they need to raise a fund to invest in their project by paying a 1% monthly interest rate. So, there is no logic behind paying 20% a day instead of paying 1% monthly to the bank. So, the business model of Bitfex itself proves it is a bogus company.
Since now it is clear that Bitfex is a scam, so we have listed it in our Bad and Scams category.
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