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Bitlio Review - is it scam or safe?

Bitlio Review - is bitlio.com scam or good cryptocurrency exchange?

RATING: 1 / 3 REVIEWS ForexBrokerz Bitlio
Bitlio is not regulated. We cannot guarantee your money is safe.

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Trading accounts and conditions

 

Account type

Minimum trade size

Leverage

Fees

Standard

No

None

1%* 

*Depends on volume. The buy and sell commissions both vary from 0 to 1%, depending on volume. There is also the option to avoid paying commissions for $249 a month. 

 

Like most other digital currency exchanges, Bitlio has one type of account, which must be verified with a government ID. If a client wants to withdraw their money into a bank account, it must be connected to the Bitlio wallet and verified.

 

Bitlio does not offer leveraged trading, similarly to the majority of cryptocurrency exchanges and acts more like an exchange bureau.

 

If you wish to speculate on cryptocurrencies, better turn your attention to the growing numbers of forex brokers who offer CFDs on various digital currencies, with a leverage. Such brokers are  are FXTMIGHYCMeasyMarkets (started offering those instruments only recently), FxChoice, Grand Capital, etc.  There are also some digital currency exchanges like Poloniex, Kraken, Bitmex and Bitfinex.

 

The Company. Security of Funds

 

Company

Country

Regulation

Birch Stone Ltd.

Belize

None

 

Bitlio does not readily provide information about its location or ownership. Upon some digging, we found that it is owned by the company Birch Stone Ltd.

 

The exchange says it offers its services in 40 countries. It offers trading in Bitcoin, Ripple, Ethereum, Monero, Bitcoin Cash, Ethereum Clasic, Dash, Litecoin, Zcash and Tether. Those tokens can be traded against USD, NZD, AUD, HGD, SGD, GBP, EUR, INR, AED and KES. Additionally, Bitlio offers an international money transferring service and the option to pay one’s bills. This option is available only in Australia, India and New Zealand.

 

Bitlio says it provides a safe trading environment and security for clients’ funds, with 95% of the bitcoin held in cold storage.

 

Bitlio claims to be “one of the most trustworthy brands in the digital currency space”. But it isn’t.

 

At first sight Bitlio appears to be a reputable exchange, but only until one does a google search on its name. Then the ugly truth is revealed and suspicions that it is a scam are raised.

 

According to numerous posts in various forums, Reddit, blogs and on Facebook, Bitlio is the successor of a scam bitcoin exchange called Igot. There have been warnings against Igot – from New Zealand’s Financial Markets Authority and the Australian Digital Commerce Association. There have also been warning against Bitlio’s owner Belize-based Birch Stone Ltd. - from the  International Financial Services Commission of Belize (IFSC), which noted the company is not regulated by it.

 

The drama with the Australian-based exchange Igot, owned by Beaumont Ventures Ltd, unfolded over months in 2015 and 2016 and ultimately ended up with the company owing its clients tens of thousands in fiat currencies and bitcoin. There are Facebook groups and Reddit discussions on Igot being a scam and demanding refunds. - Claims that have been substantiated by publications in Australian media. Their investigation found that Igot has had financial troubles pretty much since its inception in 2013 and apparently has not been buying enough bitcoins as requested in client orders.

 

As with many scam forex and binary options, Igot was coming up with various excuses and implausible explanations as to why they cannot process the customer withdrawal requests, leaving clients high and dry.

 

"So as to whether the company was insolvent? I would say the balance sheet looked pretty crappy", American entrepreneur Jesse Chenard, who worked with Igot as an advisor in 2014 told the Australian news outlet ABC.

 

But we digress…

 

Now it appears that Bitlio is promising the defrauded Igot customers to eventually refund them. Some day… If they transfer their accounts from Igot to Bitlio. According to some posts on Quora, Bitlio was getting them to transfer their Bitcoins into some other token, IGX. As per Bitlio’s proposition, IGX’s price is pegged at $1 per token and it can be traded on Bitlio’s platform, at a later date. On face value it may seem that Bitlio is intent on refunding the scammed clients, most likely it will not happen. For the simple reason that the number of IGX coins they get will correspond to the dollar value of Bitcoin when it was purchased (in 2015 it was trading for an average of $360 and in 2016 – for around $600). At the time of writing this article one Bitcoin trades for around $5700. All this being said, the fine print on the agreement says that if the former Igot clients agree to take the IGX coins, they waive their right to file a lawsuit against Igot/Bitlio.

 

Trading platform

 

Like most digital currency exchanges which offer just exchanging digital currencies for fiat money and vice versa, Bitlio has a relatively simple to use online platform. It does not have analysis or charting tools like the far more sophisticated platforms used for trading in forex and other assets, but simple buy and sell options.

 

Methods of payment

 

Bitlio says it accepts bank transfers and deposits in cash. We are not very sure what the latter means, because we could not find a brick-and-mortar address of Bitlio where a deposit in cash be made. Perhaps the company means fiat currencies.

 

Withdrawals and deposits can be made in USD, EUR and Bitcoin, which is a rather limited selection, compared to other exchanges. But at least Bitlio accepts deposits in some fiat currencies, which cannot be said for all platforms.

 

Conclusion

 

Compared to other small digital currency exchanges, Bitlio is not that bad, even though its commissions are fairly high. It offers a fair number of the more popular digital currencies and accepts deposits and withdrawals in USD and EUR and in Bitcoin. There is also the option to make international money transfers in cryptocurrencies and pay bills in some of the countries the exchange operates in.

 

But we must have in mind that most likely Bitlio is a scam, or at least the successor of a proven scam - Igot, which is a huge red flag. It must also be kept in mind that the company is registered in an offshore zone – Belize. Such countries are known as tax havens and have very lax corporate requirements.

 

 

Pros

Cons

Payments in fiat currencies

Direct successor of a scam company

95% cold storage

Unregulated

 

Offshore

 

 

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Traders` reviews for Bitlio

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Bitlio is a Scam

Bitlio is a scam they did not send my request convert fiat to bitcoin they did not
Solve and response my issue i need to withdraw my btc balance which i have mistaken to convert as fiat
Now what i am requesting i need to convert my fiat to btc and they did not take action so
They need to hold my btc amount so they are scam that was 2 years ago already

Almashier Abubakar 06/23/2019

Bitlio.com is scammers can’t withdraw or transfer my btc balance from it

With my experience with bitlio it’s scammers as igot.com
I’m trying to withdraw my balance from btc one week until now and nothing transfered
Giving message manual pending
I made many tickets for support help
And get no reply
All is scammers hope all going to jail soon for every

John mak 07/01/2018

Scammers

Bitlio is a scam company. They only take deposits will never be able to withdraw. then they will close the business and open a new one. like they did with Igot.

vikas 03/20/2018

no money after one month

I paid a high fee for speedy transactions. after one month, i still have not received my money. first, they promised me i would get my money. i chased again. they said the transaction had gone through according to their records. but they promised to investigate. all i know is that i have not received my money after one month. i'm joining a class action suit.

Pui Shan Tse 02/19/2018

Bitlio.com is a scam!!!

These are the same scammers that were igot.com but they deny it. They say they are different people but it's complete rubbish and I tracked their IP. It's 100% the same individuals running it. The owner changed his name to Rick Day but before that it was Raghav Dayma.

You will be sorry if you deal with these guys. They are real crooks. That's why they are registered in south america. They wouldnt get away with their crimes if they registered outside a third world country.

They will string you along with excuses and hope you forget about your withdrawal. Then when you back them in a corner and demand payment, they'll flat lie to your face and refuse payout. It happened to me, and lots of others. Just do your research. These guys need to be in jail and banned from any business.

nicholas 12/15/2017

they are scammer

they scammed me of ₹24k and 1.05 btc and refused to let me withdraw. i am waiting since last 2 years

abdul qader 12/04/2017
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