Bitexcost Reviewed: Legit or Total Ripoff? Read This First

Recently, Bitexcost.pro service surfaced, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather credible supporting information that unmistakably reveals it is, in fact, a deceptive platform.

Despite what Bitexcost site says, they won’t ever return your capital. Even though the numbers displayed in the “member area”, there is absolutely no possibility to retrieve even a single cent. All commitments regarding crypto bonuses are baseless as well.

Bitexcost Scam Overview

The key feature that Bitexcost attempts to provide is a safe and user-friendly crypto wallet service. The site pledges exchange solutions, tools for controlling wallets, transfers, dashboards, and the like. In reality, they aim to emulate the functionality of a crypto trading platform, akin to Binance or Coinbase. However, it in actuality only serves as a cover needed to mislead the cautious.

Bitexcost Scam

Initially, Bitexcost mimics the layout of numerous similar pages. There are quite a few examples, like Bitexcost, Yaobitc or Wetarex. They are completely undistinguishable in terms of graphic elements, with minor discrepancies in the webpage header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Most likely, all these fraudulent online platforms are led by the same group of scoundrels.

Cryptocurrency Scam Summary

How the Bitexcost Scam Works?

Bitexcost is yet another webpage within a vast network of interconnected crypto deceptive webpages. The operators employ different brand titles and sites, like Bitexcost.pro, to ensnare victims. However, these deceptive websites share identical designs, terms of service, and About Us information. This unveils their origins as a part of the identical criminal network, which advocates the similar type of deception under various disguises. The scammers merely duplicate the equal fraudulent site under diverse names to deceive users into believing they are participating in a fresh opportunity. However, in reality, it’s the same group of swindlers orchestrating the deceptive pledges and undertakings to seize deposited cryptocurrency. The managers skillfully make use of psychological maneuvers and enticing offers to implement their unscrupulous plots.

Step 1: Spreading

To initiate the fraud, criminals create and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Using bots and sponsored ads (when possible), scam actors boost the exposure of their scam activities to potential victims. This strategy permits them to create a wide net and connect with their focused viewers. The latter commonly consists of cryptocurrency fans looking for opportunities to make profits.

Step 2: Gaining Traffic

Users who express interest go to Bitexcost.pro via links included in advertisements or bot-generated posts. The site uses captivating visuals, design elements that appear genuine, and assertions of holding a legitimate license, all aimed to convey an initial image of reliability.

Step 3: Data Gathering

To claim their prizes, users need to proactively sign up on Bitexcost and get instructions to submit sensitive and private information throughout the sign-up process. This includes linking their cryptocurrency wallets, providing email addresses, giving phone numbers, furnishing identification documents, and more.

Step 4: Requesting funds

Once enrolled, users notice significant amounts of cryptocurrency, valued at hundreds of dollars, within their Bitexcost wallets. Nonetheless, as it usually happens with such rewards, you are unable to withdraw them ahead of topping up your account. Usually, a deposit of $100 is asked to access the sign-up bonus. This condition serves as the trap that eventually leads to the money loss.

Step 5: Disappear

Signs of Scam

I gathered several facts that point at the scammy nature of the Bitexcost.pro. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Bitexcost does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Bitexcost like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Bitexcost, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Bitexcost is a definite scam.

What Should I do as a Victim?

If you had to deal with Bitexcost site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

• Report the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the timeline of the fraud, scoundrels may contact you with specific documents. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we already figured out, these rascals have no plan of giving back your capital. So, what do these emails and browser extensions represent? Correct – this is another element of the deceptive plan designed to throw you into willingly installing malicious applications onto your computer.

Both add-ons and attachments included to emails can serve as a carrier for various malicious code. In this situation, I expect the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the probability is always existent. As noted, their ethics is of no concern, and their reputation is already deeply compromised. They have no principles to lose and strive to maximize gains.

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