FMA Warns Against Trading with Bitcoin Profit

The Austrian Financial Market Authority (FMA) released a statement this Friday warning retail investors against trading with Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Profit.

According to the regulator, Bitcoin Profit has been offering its services to the Austrian 'Volk' without the requisite licenses.

Currently, the website that the company has been using to offer those services is down, and so it is hard to gauge by what people in Vienna have been sucked in.

Having said this, the people behind Bitcoin Profit have been shilling their services across the web for almost six months.

Reading some of the fake 'reviews' left behind by 'happy' customers on various websites, it seems that the company is offering users access to some sort of cryptocurrency Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term.

Bitcoin Profit - Hiring a 'Spokesperson' from Fiverr

In one video that the site has used to promote itself, a 'user' of the platform claims to have made thousands of dollars by using the system.

Amusingly, this man also advertises himself on Fiverr - a freelancing website - as someone who can act as a 'spokesperson' for your website or company.

So unless he is, by a massive coincidence, also a cryptocurrency trader that uses Bitcoin Profit, I think we can safely assume that he, along with the other 'users' in the site's promotional video, is a paid actor.

People that do sign up for the firm's services are simply redirected to a very dodgy, unregulated cryptocurrency exchange. It's fair to presume that they are just making money as an affiliate of the exchange.

On top of this, the 'special' software that the company offers is just some white label garbage that a bunch of different cryptocurrency scams use. The only difference in the user interface of the platform is a change in the color scheme, and the Bitcoin Profit logo instead of one belonging to some other scam artist.

The lesson in all of this? Don't use unregulated cryptocurrency scams folks - and if you want to hire a fake spokesperson for your company then get in touch, I know a guy on Fiverr who can help you out.