BITFII is apparently a licensed MSB operating out of the USA. In their commercials, they claim to be a secure place for storing cryptocurrencies and trading the same asset class. Unfortunately, reality dictates otherwise.
Several users have reported that they haven’t been able to withdraw the funds from the platform and even the authorities have issued warnings about them. Simply put, all the facts suggest that this entity is just another fraudulent exchange pretending to be a licensed one.
What is BITFII?
BITFII loves to portray the image of being a licensed cryptocurrency exchange. However, they are not just unregulated, but outright illegal. They have no right to offer high risk trading instruments to the public and are violating the law.
All the bells and whistles they claim to have are a facade and it is just a trap to convince the retail crowd to part ways with their money. Clearly, the conflict of interest is present and the odds of getting money back from them are disastrous to say the least.
Red Flags
It doesn’t take long to know that something is off with them the second you land on their website. For starters, there is no information about the liquidity. Customer support exists just in theory for them and don’t even bother to check about the founders or management as there is nothing verifiable on the internet.
Low profile and ambiguity is a combo which is loved by the scammers. Moving on, precise breakdown of the trading cost and other associated fees are not mentioned. Lastly, even the user feedback is sketchy and enormously negative.
Is BITFII safe to Invest?
The very second you hear the name “BITFII”, you should walk away in the opposite direction. They exist only to enrich themselves and they don’t bother about ethics or morals.
If anyone proceeds with them, then they are risking their sensitive information along with the money. As the risks are clear, we suggest you to look in the opposite way.
Conclusion
Unfortunately, in the crypto sector a lot of fraudulent exchanges are present. Though law enforcement is doing their best to tackle them, it isn’t an easy task.
So, as end users, always do due diligence and if you cannot find relevant information, talk to a licensed professional. After all, blind faith is never a good thing, right?
