BitQT - Bitter Experience for Online Traders

The alleged online broker BitQT sells itself as a credible platform for trading with cryptocurrencies. However, there is a lot of information that there are serious abuses at BitQT. More and more traders are coming forward talking about phone terror, rip-offs and investment fraud at BitQT. Many have lost their money invested with BitQT. Serious doubts are being raised. Meanwhile, many investors of BitQT are afraid that it is an investment fraud. All BitQT investors are wondering if they have become victims of investment scammers? And what can BitQT investors do if the suspicion of investment fraud is confirmed? How can BitQT investors get their money back? Does it make sense to file a criminal complaint against BitQT with the police? Where can I get help with investment fraud?




BitQT: Questionable assertions on the website
What do surprised prospective investors read on "THOUSANDS OF USERS WORLDWIDE MAKING HUGE PROFITS...BitQt, the ultimate source of money-making is used by people in 164 countries." This is just a small sample of the exaggerated promises investors can find on BitQT's website. Not one of these given promises by BitQT has been delivered. Sadly, the dubious business practices rather make for disappointed investors and miserable experiences!


BitQT: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the BitQT makers is that the website does not contain an imprint. Thus, the complete information about the legally responsible operators of the website is missing. If you take a look at the domain data of BitQT's website, you will not find any information about the operators. However, one learns that the domain was registered with NameCheap, Inc. only on 08.06.2020. The real domain owners are hiding behind the Icelandic anonymization service Withheld for Privacy ehf.


BitQT: Who is behind it?
Answering this question will be rather difficult for many investors, as the BitQT makers do everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators mostly run several of these websites with the same fraudulent business model. These are created in advance, quickly put online and just as quickly shut down. The top-level domain is often changed to deceive financial regulators and law enforcement agencies. But who is the operator? There is scant information about this on BitQT's website. Although the company Profitoro Ltd. with the business address St Magnus House, 3 Lower Thames St, London, EC3R6HA UNITED KINGDOM is given, the makers of BitQT cannot be found under this address. In addition, there is an obligatory support e-mail address, the Lithuanian phone number +37259464397 and the mobile phone number 07405459184. 


BitQT: The customer acquisition of the investment scammers
The same approach can be found here again and again: In order to attract new investors, the offers of BitQT are advertised in all conceivable media and channels. Often, these recommendations are incorrect claims. In addition, they upload videos on Youtube or Vimeo in which interested parties are convinced with false references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with the erroneous reference to the TV show "Die Höhle der Löwen". At the same time, a mostly aggressive affiliate program is launched to spur others to intensively promote BitQT.


BitQT: 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 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. Usually the investors start with a small sum as employment. Beforehand, investors are also 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 subsequently manipulated and unwanted transactions are carried out. In the process, the investment fraudsters also frequently 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. In some cases, even small sums are returned in order to lull investors into a sense of security. Who then does not want to further increase the stakes? But what happens next?


BitQT: repayment of the money is subject to conditions.
Once in, getting out is mostly impossible. Rather, the administrators of the investment scammers tie a repayment of the money to further deposits. This is where employees come in, claiming alleged tax debts and commission payments. If these are settled, it would come to the disbursement of the allegedly obtained profits. The perpetrators send the investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. A clearing with the allegedly obtained profits, is never possible. If an investor refuses further deposits, alleged profits are converted by senseless transactions into losses and the customer maximally damaged. This is not the end of the horror, but investors are permanently confronted with calls from other dubious providers. This indicates that the contact details of the investors are further traded among the investment fraudsters. In the end, a "savior" regularly comes forward, 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 "savior" wants a small fee too - up front!


BitQT: Scheme of investment fraud?
There is no legitimization of the online broker BitQT. BitQT lacks authorization by a recognized European supervisory authority, such as the EnglishFinancial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySec), which is often used by brokers. Likewise, there is no approval from the Swiss Financial Market Supervisory Authority (finma) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. Instead, there is a warning from the FMA dated 06.08.2020. This was followed by the New Zealand Financial Markets Authority (FMA) on 26.03.2021 and the FCA on 22.06.2021. It is not hard to see that BitQT is a scheme of capital investment fraud. All traders harmed by BitQT are advised to consult an investment fraud attorney immediately.


BitQT: Where are the investment fraudsters actively operating?
There is no doubt that BitQT investors are dealing with investment fraud in Germany, Switzerland and Austria. Unfortunately, BitQT's illegal activities are not limited to the DACH region. Since BitQT is also targeting French, Norwegian, Finnish, Spanish, Danish, Swedish, Italian, Polish, Russian and Portuguese-speaking investors in , it is only a matter of time before the defrauded from these speaker groups also come forward. Going through the list of regulators is advisable before making any financial commitment to reduce the risk of becoming a victim of investment fraud.


BitQT: Claims for damages against banks involved
Without a permit from the German Federal Financial Supervisory Authority (BaFin), it is prohibited to provide financial services and investment transactions in Germany. Doing, supporting or facilitating such business, even cross-border into Germany, is prohibited. Persons and companies who nevertheless participate in such transactions are obliged to pay damages to the injured parties. These investment fraud cases would have been difficult to imagine without such banks.


BitQT: Investors want their money back!
Fortunately, the situation is more promising than it seems. The aggrieved investors can defend themselves and reclaim invested capital. As of now, it is unlikely that the BitQT investment scammers will be caught soon, but there is still reason to hope. The reason for this is the fact that the money transactions went through accounts that were actually provided by reputable financial institutions. These apparently failed to check the investors' deposits, some of which were large and therefore subject to controls, and their onward transfer for illegality. These omissions enabled the investment fraudsters to carry out their criminal activities in the first place.


BitQT: They want their money back! How does it work?
With this knowledge, no investor would have entered into a business relationship with BitQT. Now the only option left for the defrauded is to try to recover the misappropriated capital. Many investors cannot even imagine that there is a real chance of ever seeing their money again. Probably all of them are now wondering if they can get their money back? Clearly yes! There are numerous legal bases to fall back on. The generic term is "money laundering." When investment fraudsters collect money, the crime of money laundering is committed. Financial institutions have a duty to take action against money laundering. This is where one starts with good chances of success. Relevant questions should be answered beforehand. To what destination have the funds misappropriated by BitQT been taken? Is there any chance that the victims of the investment fraudsters will get back their money invested with BitQT? What actions are required now? An attorney specializing in investment fraud can provide comprehensive answers to these questions.


BitQT: Who can help?
What to do in case of investment fraud? What help with investment fraud can victims of BitQT hope for? BitQT victims will ideally find the help they need from an experienced investment fraud attorney. He or she will be able to take care of your case with BitQT both in terms of the criminal aspects of investment fraud, as well as the recovery of funds and possible claims for damages. A lawyer for trading is also a possibility, because he is also familiar with the methods of fraudulent brokers, such as BitQT.


BitQT: Follow the money trail!
These kinds of abuses on the unregulated capital market have been pursued by the investor protection law firm Resch Rechtsanwälte for more than 30 years. The procedure of BitQT is accordingly nothing really new. Over the decades, Resch Rechtsanwälte has developed some powerful tools for tracking down the misappropriated funds and tracing the money flows. In times of the internet it has become very difficult to make funds really disappear. The sooner the victims track the money, the more likely they are to recover their invested capital. Above all, it is important that investors harmed by BitQT take immediate action.


RESCH Attorneys at Law - Experience in investor protection since 1986
If you have become a victim of BitQT and want to know if and how you can get your money back, call 030 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.