Cryptocurrency, most of you are familiar with this term especially those who were born in the 80s onward.
What is Cryptocurrency?
According to Investopedia.com and I quote:
What Is Cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on block chain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation."
There are so many exchange platform offering trading of cryptocurencies.
Hence for someone who just start to get into the game, which platform do you want to use?
Today I am going to talk about one such platform which I had an experience to encounter in the last few weeks.
The name of the platform is :
For laptop access - https://www.realbtcex.site/wap
for mobile access - https://www.realbtcex.site/app.html
For the mobile version, I tried using my mobile to access, however, I f
ailed to do so, reason being my anti virus in the phone killed the access and gave me the notice - THE SITE YOU WANTED TO ACCESS MAY HARM YOUR PHONE AND IT WAS BLOCKED.
What about the web version of the platform?
I was asked and encouraged by someone to sign up for this cryptocurrency exchange platform.
The person even volunteer to teach me and guide me in trading cryptocurrency using platform and claiming could make few hundred dollars per night depending on how many trades one take.
So after I told her that I could not use the mobile version, I was given the web based version.
When I accessed the website, I needed to disable a bit of my anti virus so that I could have a peek at the website.
When the website was on screen, it looked very plain and did not give an impression it was a trading platform, albeit a cryptocurrency one.
This is how the dashboard look like
Now have a look at the wording of ABOUT US
This is extracted from the website:
RealBTC was established in March 2019 and is headquartered in Singapore. We have established global operation centers in Hong Kong, Japan, South Korea, the United States, and Switzerland. The core team comes from world-renowned financial companies and Internet technology companies. It has obtained investment from well-known block chain funds such as JRR capital, NEO, and ONT. It has also obtained multinational digital currency operating licenses such as MSB in the United States and VQF in Switzerland. It is currently operating in compliance worldwide. RealBTC will build a new generation of crypto-asset derivatives exchange, and is committed to providing a trading platform for crypto-assets with continuous transactions and data-free data, making cryptocurrency trading simpler, stable, and credible! Our vision is to become the world's first fully functional, efficient, non-custodial trading platform, providing the highest transparency in any case. RealBTC hopes to become the first real and democratic trading platform. We are ready to gradually fix the functions on the platform to the block chain, and in 2021 let the platform have the ability to automate contract structure, trading and clearing."
The website does not provide information who are the founders and people involved in running the exchange.
I had a hard time in finding where to register. The icons were actually right at the bottom of the site and need to enlarge to see the icons.
Conditions not filled still can register
In the website when one goes through the registration, there are some pages required certain information, and it was indicated the information was compulsory.
However, I noticed when I did not provide the information and clicked through to go to the next step, I was able to do so.
What does this tell you about the platform?
Do we as an investor still want to go ahead to put in Capital to this platform and do the trading?
Funding of the account
When I contacted the customer service and asked him how I could fund the account.
The Customer Service gave me a bank account number but it was under the name of an individual and not the platform name.
I asked the customer service why was it in the individual name and not in the name of the platform, the customer service claimed they were just the custodian of the crypotcurrency and not responsible for the transaction between the seller and the buyer.
Cancellation of Account.
There is no cancellation of the account available.
I decided to get in touch with the customer service to find out.
I was told as long as I did not login to the platform for 180 days, the account would be canceled.
However if you insisted to cancel it immediately, the customer service said I needed to deposit USD $4,000 and after the capital is verified and will be withdrawn and account deemed canceled.
Does it sound suspicious here?
I definitely think so, I strongly believe once I deposited the USD $ 4,000. The money would be gone for good.
After going through all these from opening account and the constant pressure from the person who recommended this site to me.
What made my doubt about this site was the eagerness and impatient of the person to get me to do the funding,
The person who introduced me to the platform doing the trading at night and kept telling that afternoon had one big price movement, therefore must do the funding fast in order to cash in on the trade opportunity.
I checked with one of my source in US who was the cryptocurrency analyst and I sent the link of the website to them for verification.
The results came back and informed me someone had actually lost USD $100,000 in this platform and not able to get the money back.
Some other findings.
The platform did not even have the following:
Never make payments to any external wallet addresses or account details provided by anyone (trader, manager, staff, etc). Our Staff will NEVER ask you to send money to any wallet address, email, WesternUnion, Skrill or Bank account DIFFERENT from those provided on our website. Customers who do so, do so at their own risk. Always write to our support/email to confirm any of such claims."
If really want to trade in cyptocurrency, it is better we do our own due diligence and find out which platform can be used.
it is better we make sure the platform is properly regulated by relevant authorities.
If you have any comments and feedback, do feel free to put your comments and feedback in the commens section below. I will be happy to answer your comments.