Austrian FMA advises retail investors to stay away from profit trading with Bitcoin

Austrian FMA advises retail investors to stay away from profit trading with Bitcoin

A new press release came from the Austrian Financial Market Authority to let retail investors know that trading with Bitcoin Profit could put them at risk. Based on the information provided by the FMA, Bitcoin Profit does not have the necessary licenses to operate in the area.

Right now, the services are on the website, so it's hard to say how much damage they did and how much the population of Austria was involved. With this in mind, supporters of Bitcoin Profit seem to support their services for the better part of the year.

There are some false reviews that "happy" customers have written online about the company. Based on the information, there seems to be potential for a cryptocurrency trading platform that some users can access. In a seemingly self-promotional video, a "user" claims to be able to earn thousands of dollars with this platform. However, observers should take this "review" with a pinch of salt, whereas the "user" is available as a "spokesperson" on Fiverr, a website that outsources various freelance projects.

Anyone who ends up enrolling with Bitcoin Profit is headed for an exchange that is, at best, "dubious", as Finance Magnates says. To add to the potential scheme, there is software offered by the company that uses the same jargon of popular scams. The only real difference between Bitcoin Profit and others is a new logo and a new color scheme.

Unregulated cryptocurrency poses a serious threat to investors, especially given the lack of protection and accurate information.

At least for now, the official press release translated by the FMA says:

"Bitcoin Profit does not have the right to perform banking transactions that require a license in Austria, therefore the supplier is not authorized to accept third party funds as a deposit."

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