The lack of regulation or the presence of poor regulation is a huge red flag. It means BitQT is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of BitQT, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
BitQT offers various payment methods, including credit/debit cards, bank transfers, and e-wallets, for depositing a minimum of 250 Euros, which serves as the trading capital. However, withdrawals with BitQT seem to be problematic.
The platform has been reported to employ tactics that make withdrawing funds difficult or impossible, such as urging clients to make additional trades, charging high withdrawal fees, and ceasing communication altogether. These practices suggest a lack of reliability and transparency in their financial transactions.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
BitQT’s approach to handling complaints raises significant concerns. The platform is unregulated, which typically means there’s a lack of a formal process for handling customer complaints or disputes. The absence of regulation and transparency indicates that customer grievances may not be addressed appropriately, if at all.
Customers should be cautious, as unregulated platforms have been known to be unreliable in dealing with customer issues.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
Customer opinions about BitQT are overwhelmingly negative. The platform has been accused of being unregulated and potentially illegal, creating unrealistic expectations, and not being transparent with its operations.
These factors contribute to a general distrust among users, with many advising to avoid the platform altogether.
The lack of positive customer feedback and the numerous warnings about the platform’s practices paint a concerning picture of BitQT’s reputation.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like BitQT tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust BitQT reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of BitQT, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like BitQT enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “BitQT reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising BitQT.
You should always look out for consumer complaints. In the case of BitQT, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about BitQT? You can share your complaint in the comment section or submit an anonymous tip.
Based on available information, BitQT is more likely to be a scam than a legitimate trading platform. The platform’s lack of regulation, transparency, and the use of manipulative tactics to retain customer funds are significant red flags.
Additionally, the platform’s promise of high profitability and easy withdrawal methods are contradicted by customer experiences and expert reviews, which warn users against using the platform due to its questionable practices and high risk of losing funds.
BitQT is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind BitQT can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust BitQT?
All the evidence suggests that BitQT is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Is BitQT a scam?
Can I withdraw money from BitQT?
Where is BitQT Located?
How do I get my money back from BitQT?
Launch a website/app with a generic name
A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.
Pay influencers & social media pages to promote the scheme
By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.
Send thousands of emails and make cold calls to potential victims
It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.
Make victims feel safe through “small wins”
Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.
Convince victims into investing large sums of money
Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.
Disable withdrawals & take down the website/app
Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.
Repeat the cycle
After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.