The alleged online broker Iron Bits poses as a secure platform for online trading. However, there are numerous indications that there are considerable shortcomings at Iron Bits. Reports from traders about Iron Bits are piling up, talking about telephone terror, rip-offs and investment fraud. All investors lost their capital invested with Iron Bits. Doubts are spreading. Meanwhile, many Iron Bits investors are worried that it is an investment scam. All Iron Bits investors are wondering if they have fallen victim to investment fraudsters? And what can Iron Bits investors do if the suspicion of investment fraud is substantiated? Will Iron Bits investors get their money back? Does it make sense to file a criminal complaint against Iron Bits with the police? What help is available in the event of investment fraud?
Iron Bits: Unsubstantiated promises on the website
What must the astonished investors read on Iron Bits' website? "Iron-Bits is a forward-thinking brokerage firm established in 2015 with a solid reputation...It provides quality online trading services to an ever-growing number of clients - retail and institutional investors...We offer top-notch trading conditions to all our valued clients...With our strong market background, we have created an optimal trading environment so that you can focus on what matters most...We always put traders first, and so we are constantly striving to meet the needs of all types of traders worldwide." This is just a small excerpt of the suspect assurances prospective buyers will find on Iron Bits' website. Not one of these given assurances by Iron Bits has been kept. Unfortunately, the half-secret business conduct rather makes for disappointed investors and bad experiences!
Iron Bits: Hide and Seek Domain Entry!
Remarkable for the business practices of the Iron Bits makers is that the website iron-bits.com does not contain an imprint. Thus, the complete information on the legally responsible operators of the website is missing. If one takes a look at the domain data of the Iron Bits website, there are no references to the operators. However, one learns that the domain was only registered on 06.10.2020 with NameCheap, Inc. The real domain owners are hiding behind the Icelandic anonymisation service Withheld for Privacy ehf.
Iron Bits: Who is behind it?
Many investors will find it rather difficult to answer this question, as the Iron Bits makers do everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators usually operate several of these websites with the same fraudulent business model. These are created in advance, quickly put on the net and just as quickly shut down. The top-level domain is often changed to deceive the financial supervisory and law enforcement authorities. But who is the operator? On the Iron Bits website, there is only scant information about this. The company name Iron-Bits Ltd. is given, but no business address. There is also the obligatory support e-mail address and the two telephone numbers +61894683553 for Australia and +441184640593 for England.
Iron Bits: The customer acquisition of the investment scammers
The same approach can be found here again and again: In order to acquire new customers, Iron Bits' offers are advertised in all possible media and channels. Again and again, these offers are false information. To reinforce the deception, they upload films on Youtube in which prospective customers are convinced with false references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with a misleading reference to the TV show "Die Höhle der Löwen". An affiliate programme is often started with the same goal in order to spur others to beat the advertising drum for Iron Bits.
Iron Bits: Criminal Business Practices
As soon as the customer has registered on the trading platform, he receives calls from alleged financial brokers who like to refer to their many years of experience and their satisfied customer base. In many cases, however, the makers of this business model are fraudsters, against whom the Federal Criminal Police Office and the Federal Financial Supervisory Authority (BaFin) also warn. Investors usually start with a small amount of money. Beforehand, investors are often motivated to install remote maintenance software, such as "AnyDesk" or "TeamViewer" on their computers, so that assistance can supposedly be provided with the first steps. In many cases, the computer is manipulated afterwards and unwanted transactions are carried out. In the process, the investment fraudsters often also gain access to their victims' online banking. What is particularly criminal, however, is when supposed profits are displayed on the trading platform in order to entice the customer to place further high stakes. Sometimes even small sums are paid back to lull investors into a sense of security. Who then does not want to increase the stakes further? But what happens next?
Iron Bits: Repayment of the money will be subject to conditions
Once in, it is usually impossible to get out. Rather, the administrators of the investment scams tie a repayment of the money to further deposits. This is where employees come into play who claim alleged tax debts and commission payments. If these are settled, the alleged profits are paid out. The perpetrators send investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. It is never possible to offset them against the alleged profits. If an investor refuses to make further deposits, supposed profits are turned into losses through senseless transactions and the client is damaged to the maximum. The horror does not end there, but investors are permanently confronted with calls from other dubious providers. This indicates that the investors' contact details are traded on among the investment fraudsters. In the end, a "saviour" regularly calls claiming to have uncovered the whole scam. He impresses with his insider knowledge. No wonder, since he is part of the fraud gang. The next rip-off! And of course the "rescuer" also wants a small fee - in advance!
Iron Bits: Scheme of Investment Fraud?
There is no authorisation of the online broker Iron Bits. Iron Bits lacks the legitimacy of a recognised European supervisory authority, such as the English Financial Conduct Authority (FCA)or the Cyprus Securities and Exchange Commission (CySec), which is frequently used by brokers. Similarly, there is no authorization from the Swiss Federal Financial Supervisory Authority (finma) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. Instead, there is a warning from BaFin dated 17.08.2021. It is also difficult to overlook the fact that Iron Bits is a scheme of capital investment fraud. All victims of Iron Bits are advised to immediately consult an investment fraud lawyer.
Iron Bits: Where are the fraudsters active?
Unfortunately, the illegal activities of Iron Bits are not limited to the English-speaking world. Because Iron Bits also addresses German-speaking investors, it is only a matter of time before the defrauded investors of this speaker group also come forward. Going through the list of supervisory authorities is recommended before any financial commitment in order to reduce the risk of becoming a victim of investment fraud.
Iron Bits: Investors want their money back!
The situation is by no means as hopeless as it appears. The victims can defend themselves and reclaim their invested capital. As things stand, it is unlikely that the Iron Bits investment fraudsters will be caught in the near future, but there is still reason to hope. Hope because the funds flowed through accounts provided by reputable financial institutions. Those responsible have demonstrably failed to check the investors' deposits, some of which were large and therefore subject to controls, and their onward transfer for legality. Omissions of this kind made the investment fraud possible in the first place.
Iron Bits: They want their money back! How does it work?
Equipped with this knowledge, the investors would not have got involved in business with Iron Bits. Now the only alternative left for the victims is to try to recover their money. Many investors cannot even imagine that there is a real chance of ever seeing their money again. Definitely yes! There are numerous legal bases to fall back on. The generic term is "money laundering". When investment fraudsters collect money, the offence of money laundering has been committed. Financial institutions are obliged to take action against money laundering. This is where one starts with good chances of success. To this end, relevant points must be clarified. To which destination have the funds embezzled by Iron Bits been taken? Is there a chance that the defrauded investors will get back the money they invested with Iron Bits? What action should be taken now? You can get the answers to these questions from a lawyer who specialises in investment fraud.
Iron Bits: Who can help?
What to do in case of investment fraud? What help with investment fraud can victims of Iron Bits hope for? Iron Bits victims will ideally find the help they need from an experienced investment fraud lawyer. He will be able to take care of your Iron Bits case both in terms of the criminal aspects of investment fraud, as well as the recovery of funds and possible claims for damages. A trading lawyer is also an option because they are also aware of the methods used by fraudulent brokers such as Iron Bits.
Iron Bits: Follow the money trail!
The internationally active investor protection law firm Resch Rechtsanwälte has been investigating such abuses on the non-regulated capital market for more than 30 years. The way of the Iron Bits is therefore nothing really new. Over the decades, Resch Rechtsanwälte has developed a powerful arsenal of instruments for tracking down the sums of money that have disappeared and tracing the money flows. Making money disappear is becoming more and more complicated in the age of the internet. The sooner those affected follow the money's trail, the greater the chances that they will see their invested capital again. Now it is important that investors who have been harmed by Iron Bits take immediate action.
RESCH Rechtsanwälte - Experience in investor protection since 1986
If you have been a victim of Iron Bits and want to know if and how you can get your money back, call +49 30 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.