Cryptocurrency market is fuelled with hundreds of rags-to-riches stories, but at the same time, it has attracted scammers for earning millions from unsuspecting buyers and investors. There is no doubt about genuine brokers in the market, but one should know how to judge the broker’s legitimacy so that they would be saved from being scammed.
BitGold is a new platform that intends to offer gold payments to customers. The company claims to have a mission to provide global access to gold for payments and secure savings. The client of the company can create a secure, free vault account with access to purchase and hold gold. They claim that the deposits into BitGold Accounts can be done online with digital deposits or in one of their ATMs internationally. Bitgold.com, their official website has a very low trust score according to Scamadviser. The website redirects to Goldmoney.com. Read the full BitGold review here.
More facts about BitGold:
BitGold is a new brokerage company and that’s why appears to be in a regulatory grey area. The company also doesn’t mention anything about the regulator or jurisdiction governing it, which means it has no governing body to ensure the safety of the customer’s funds. Moreover, the CEO has endorsed the use of the system with online gambling. There is an article in r/Bitcoin, a community dedicated to Bitcoin in Reddit.com. A user talked about BitGold’s negative points in this Reddit community. He has emphasized the fact that neither of the two founders of BitGold has any technical experience which is a real drawback with the company. Many users have read this article and supported the facts shown by the author of this article and Reddit user u/bitgoldtruth. On searching the internet, there are bad reviews found about the company. On bitcointalk.org, one such review reads, “BitGold is completely scam, claimed by the reviewer. He had an account with the broker and linked his bank account with the Bitgold account with a deposit of $850. After that, his account was disabled by the broker and the balance of $850 was nil. When he tried to contact them through the mail, they replied under fraudulent activities your account has been suspended”.
Is BitGold a scam or legit broker?
According to the details and reviews about the broker, the company seems suspicious and could be involved in fraudulent activities. The CEO of the company has also been endorsed for online gambling. Their company is also not registered under any law. Hence, we would suggest avoiding trading with this broker as it could put your funds at risk.