Is Bitcoloan Legit?
If you have never heard of Bitcoloan and you would like to learn more about it, you have come to the right page. Bitcoloan is a new Australian company that offers a crypto lending platform. It was launched on January 15 2021. It is decentralized and a peer-to-peer system. Any two parties who are interested in either borrowing or lending can connect.
The company guarantees a smooth experience on its platform mostly due to its quick search function. It promises its users that they can borrow and earn interest on loans while Bitcoloan handles the banking details.
So how does it all work?
According to the Bitcoloan official website if you would like to borrow cryptocurrency this is the procedure.
First, you need to create an account, apparently, it can be done in a matter of minutes.
Next, you have to make a pledge. To complete this process, you need to deposit the loan amount in Bitcoin into the pledge account.
Then you fill out your loan application and wait for the amount to be deposited into your account.
You are then able to withdraw the funds in Tether USD to your wallet.
Those who have the bitcoin to lend will connect with the borrower and earn interest from the transaction. The Bitcoloan platform is designed to connect lenders to borrowers.
Bitcoloan promises fast profit generation which means loan repayments and profits reach the participant at an accelerated pace.
Lenders can start earning with 24 hours of creating an account. Your ability to lend is not linked to any other lenders. It’s a solo affair.
They promise that all loans are secured and that profits are guaranteed. Your repayment will be moved to your account as soon as the borrower has the amount in their account.
The larger the amount the participant decides to lend the more interest he or she is likely to earn.
Transactions are of course done in cryptocurrency. This is a list of the currencies that are used for payments.
Bitcoin Cash (BCH)
Mine Bitcoin Daily For Free With Your Phone Or Computer
What is a Bitcoloan token?
A Bitcoloan token is the BitcoLoan company option. Its liquidity is based on its turnover in the volatile crypto lending market.
There are a few ways that you can obtain Bitcoloan tokens. Let’s get into them
You can get Bitcoloan tokens by making a deposit, whatever amount you invest into a loan will have a token value.
You can also earn Bitcoloan tokens by performing simple tasks. The tasks that we are referring to are the ones that increase the rating score. So you will be raising your rating score and earning Bitcoloan at the same time.
Is Bitcoloan legit?
In order to determine whether a particular company is legit, we usually look for particular signs. Let’s see what can be said about Bitcoloan.
The first thing we did was check out Bitcoloan’s website. The website appears easy to navigate but there was information missing that we found to be a bit concerning. Here are some of the flags we picked up.
- The about us page was missing some information that we think should definitely be there.
The about us page didn’t mention anything about the people behind the company instead the provided information on the referral program, profit, loans, and rating system
There is no mention of the owner of Bitcoloan. There is no address, phone number that they can be reached at, or a location.
They provide an email address to reach them by and a live chat facility. The site claims that the response time is about 5 minutes and there is an answer section. However, this live chat facility is a bot, so there is a limit to how helpful it can be.
However, we were able to deduce a location from Bitcoloan’s Twitter account.
- Bitcoloan has no products and services and we all know that the cardinal rule of any sustainable business is there must be something to actually generate revenue.
All Bitcoloan has from what we can tell is an affiliate program. They don’t offer too much information, but with a little digging and a look at other Bitcoloan reviews we could deduce the following:
You don’t have to pay to join the affiliate program but in order to get started, you will have to invest at least 10 dollars.
You can expect the following returns:
- Over 30 days, get 0.6% daily, ceiling 118%
- Over 60 days, get 0.75% daily, ceiling 145%
- Over 90 days, get 0.9% daily, ceiling 181%
- Bitcoloan also rewards affiliates for recruiting.
Bitcoloan Trustpilot and Google Bitcoloan app reviews seem a bit off.
Trustpilot is a great go-to site if you want to find out if a particular company is legitimate or not. It is where customers leave reviews on companies, products, etc.
The Bitcoloan Trustpilot rating is “Excellent 4.8. Most of the reviews were short and generic, to be honest. Leading one to believe that the reviews are not genuine. The negative reviews had more details and seemed to be based on people’s actual experiences.
One of the reviewers also mentioned that Bitcoloan had a reward program for persons willing to leave a review.
As such the Bitcoloan Trustpilot cannot be trusted as an accurate representation of the company. The Bitcoloan reviews are certainly not organic (generated people who have actually had a legitimate experience with the investment platform.
A similar trend was noticed in the Google Bitcoloan app reviews as well. There were no consistent good reviews and the negative comments were quite off-putting.
We would not recommend Bitcoloan at this time. If our position changes in the future we will not hesitate to do an update.
Being able to identify a scam, is one of the ways that you can prevent yourself from making bad investments. In today’s digital world, there are so many scams that can appear extremely legitimate and enticing at the same time. However, one of the cardinal rules is that if it looks too good to be true it probably is. If you want to continue improving your financial literacy, we encourage you to check out our other articles. We guarantee that if you stick around on https://banksandmoney.com, making astute financial decisions will become second nature.