Our Bitcoin Loophole review provides you with proofs that this a scam that has never been on Dragons’ Den or Shark Tank.
We have tested and analyzed in detail the Bitcoin Loophole system and in this review we present our findings: what Bitcoin Loophole really is, why it is not safe, how it really works, why it is a scam and how you can try to recover money you lost with it.
What is Bitcoin Loophole
Bitcoin Loophole is a trading app that was made for the cryptocurrency bitcoin. It supposedly will trade on autopilot for you and earn you over 13,000 USD within 24 hours.
Bitcoin Loophole’s website states these features of the program:
- works automatically
- earns $500 per hour
- no previous trading experience needed
- beta testers get it for free
Indeed, the creator of Bitcoin Loophole – Steve McKay – says that he will give access to his trading software for free to people in his beta testing group. The sing-up process is still open, so anybody can register for free.
Bitcoin Loophole is mainly available in the UK, Australia, USA, UAE, South Africa, Kenya, Kuwait, Qatar, Malaysia and Saudi Arabia. But we have noticed that it is targeting people all over the world, it has no real restrictions in that regard, anybody can register.
Is Bitcoin Loophole safe
No, Bitcoin Loophole is not safe. In fact, it is dangerous not only for your money but also for your personal data. And this is not only our personal opinion, it is the conclusion of reviews conducted by several financial regulators in the world.
For example, the Financial Conduct Authority from the UK and the Monetary Authority of Singapore have both warned the public against Bitcoin Loophole. This system is known for using misleading advertisement and losing money.
The Bitcoin Loophole scam
Is Bitcoin Loophole a scam or not? Unfortunately, yes, it is a scam. This conclusion is in direct relation to the findings of financial regulators mentioned above and to the results of our analysis that we present in this review.
We have 5 proofs that Bitcoin Loophole is a scam.
1. Recycled scam
We have reviewed more than 2,000 investment scams and the first look at Bitcoin Loophole revealed that this system is nothing new. It is a fraud that has been propagating under different names for a few years already.
For example, we reviewed its exact same copy Bitcoin Optimizer. Then there are modified copies like Bitcoin Trader, Bitcoin Era and Bitcoin Revolution, see our linked articles. Also, you can see a confirmation of what we say in the picture below.
Since this investment scam exists for so long, we have a lot of feedback from its real users. Therefore, we know for sure that it is a fraudulent software that is losing money in real bitcoin trading.
2. Steve McKay is a scammer
Steve McKay presents himself as a software developer and investor who wants to teach his techniques to others. His alleged nick name is “the million-dollar” man.
He says he created Bitcoin Loophole because he wants to help other people to become millionaires. But McKay is just a fictitious character that was created by scammers who run this show. They keep copying McKay’s name with their scams and sometimes they use a stock photo to portray him, see the proof in our picture below.
So, Steve McKay is not a software developer, he is not a successful bitcoin trader, he does not even exist.
3. Testimonials are fake
Scammers are faking everything they can to persuade you about what they say. So, they show you testimonials from Bitcoin Loophole users that sound positive, unfortunately they also are absolutely fake.
Stock photos come here in play again, fraudsters have coupled them with some fictitious stories and present them as a proof that their system is profitable and earning money. But it is not, because Bitcoin Loophole is a scam.
4. Scam software
Another thing that scammers just keep reusing across their scams is the trading software they give you access to. The Bitcoin Loophole software is in reality nothing unique, it is a generic app used by scammers only.
Our picture below shows a few examples of other fraudulent programs that are based on the same software. Which is another proof for our conclusion about Bitcoin Loophole being a fraud.
5. Illegal service
And finally, the fifth proof that Bitcoin Loophole is a scam is in the fact that is it an illegal piece of software. As we have already mentioned, financial regulators from the UK and Singapore have placed Bitcoin Loophole on their blacklists.
There is a good reason for that. Not only this system is using deceiving techniques, it is also breaking investment laws. Because every software that is supposed to trade financial markets on your behalf is an investment service.
And investment services are heavily regulated in most countries. Which means that they need licenses to be offered legally. But Bitcoin Loophole is anonymous and unregulated, so it is an illegal investment service. Blacklisted by regulators.
Bitcoin Loophole in the media
One of the most misleading tactics that scammers use to fool people is fake articles about Bitcoin Loophole being mentioned and endorsed by various journals and TV shows such as the Dragons’ Den and the Shark Tank.
They also like to claim that people like Peter Jones, Martin Lewis or Jim Davidson have invested in Bitcoin Loophole.
Any positive Bitcoin Loophole review or endorsement is fake! Scammers create their own fake articles to support their products.
Bitcoin Loophole and Dragons’ Den
There is an article stating that Bitcoin Loophole appeared on television in one episode of the Dragons’ Den, which is broadcasted in the UK. The article uses real photos from the show, but the story is fake.
Bitcoin Loophole never was on Dragons’ Den, there is no episode about this investment scam.
Bitcoin Loophole and Shark Tank
Shark Tank is broadcasted in Australia and there are articles associating it to Bitcoin Loophole. One of the episodes allegedly presented Bitcoin Loophole and met with success. It is not true.
Bitcoin Loophole never was on Shark Tank, there is no episode of this TV show that would even mention it.
Did Peter Jones invest in Bitcoin Loophole?
No, Peter Jones did not invest in Bitcoin Loophole. Every article stating the opposite is simply fake.
It is the same principle over and over again, scammers wrongly associate famous people to their products, but Bitcoin Loophole was never endorsed by Peter Jones, which he confirmed on Twitter.
Martin Lewis on Bitcoin Loophole
Martin Lewis has never said anything positive on Bitcoin Loophole. In fact, on his blog on Money Saving Expert he addressed the fake ads about him being associated to these bitcoin scams.
Martin Lewis is just a victim of scammers who abuse his identity to propagate their losing products.
Jim Davidson and Bitcoin Loophole
Jim Davidson allegedly recovered from bankruptcy thanks to Bitcoin Loophole – this is a headline you will find in various articles. But again, it is a fake.
Jim Davidson has nothing in common with Bitcoin Loophole, which is something he clearly stated on Twitter.
This Morning, Holly Willoughby and Bitcoin Loophole
Holly Willoughby, the host of the TV show This Morning, did not invest in Bitcoin Loophole. There are fake articles stating the opposite, beware!
Bitcoin Loophole never was on This Morning, Holly Willoughby has never endorsed this bitcoin trading app. The fake articles sometimes are copying The Mirror, but the real journal has nothing to do with them. In fact, The Mirror published a warning about fake Bitcoin Loophole articles.
Gordon Ramsay, Andrew Twiggy Forrest, Walled Aly, Kayla Itsines and Bitcoin Loophole
There are many other celebrities being wrongly connected to Bitcoin Loophole, like Gordon Ramsay, Andres Twiggy Forrest, Walled Aly or Kayla Itsines. These fake articles imitate ABC News and other media, but you cannot trust them, they are fake!
The truth is that no serious media and no celebrities have ever endorsed Bitcoin Loophole!
How Bitcoin Loophole works – the truth
Our Bitcoin Loophole review would not be complete without an explanation of how this scam really works. Its only aim is to get money from you. For this purpose, they will use the platform and the demo.
They will mislead you all the way until you send them your own money in the hope that they will multiply your capital. Which will never happen.
Bitcoin Loophole platform
First, they will make you register for Bitcoin Loophole, which will give you access to the trading platform. You will be able to log in and most of the time there will be a demo mode available.
You will see the platform and its functions, but you won’t be able to use it. Logically, the first thing you will try is the demo mode.
Bitcoin Loophole demo
The Bitcoin Loophole demo works seamlessly, you will switch it on, and it will generate a lot of profits. On autopilot, you won’t have anything to do. So, you will get the impression that the platform is really profitable.
But it is not. The Bitcoin Loophole demo uses fake prices to create profits that would not be possible in real trading. It is a dirty trick that you cannot spot unless you are an experienced trader who can compare independent price feeds.
So, at this point most people will probably think that Bitcoin Loophole is profitable, because the demo generates a lot of profitable trade. Therefore, they will proceed to the next step, which is what will make them lose money.
How they get your money
When fraudsters manage to convince you that Bitcoin Loophole is profitable, they will say that you can use the platform with only one specific broker. You will not be allowed to choose your own broker; it will be dictated upon you.
And this is how they get your money; they cooperate with shady brokers. Bitcoin Loophole scammers get paid by mostly unregulated brokers for referring new depositing clients. If you send them your money, that will be it, you will lose it.
Then you can expect to hear all sort of excuses why it did not work out. They will claim that it will work the next time and that you have to send them more money. They might show you fake profits on your account, but they will never let you withdraw anything.
They might even claim that you have to pay them taxes beforehand in order to be allowed to withdraw, but it is a lie. All in all, they will just keep asking for more money from you and never let you withdraw anything.
Got scammed by Bitcoin Loophole and need to delete your account?
If you already got scammed by Bitcoin Loophole, the first thing you should do is to try to get your money back. Only then you should try to delete your account.
How to withdraw money from Bitcoin Loophole
To withdraw money from Bitcoin Loophole, follow these steps:
- Identify the company that has your money. Look at whom you sent it to, most probably it will be a broker.
- You should have login information from that broker. So, log into your account and submit a withdrawal request. If you don’t have your login, contact the broker directly.
- If your money is already lost, ask the broker for a refund. Explain that you got scammed by Bitcoin Loophole.
- If the broker refuses to cooperate, threaten them with complaints to authorities and with a chargeback on your deposit.
- If you don’t succeed, try to reverse the transaction with your deposit(s):
- If you made your deposit with a credit card, contact your bank, explain how you got scammed and ask for a chargeback on your deposit.
- If you used an e-wallet, like PayPal, ask the provide of this e-wallet for a chargeback.
- If you sent your money with a bank wire, it is the most difficult situation, contact your bank and bank of the recipient with a request for help.
- Deposits in cryptocurrencies are impossible to reverse.
- You can always contact the national financial regulator in your country and ask for advice. Official complaints are the last step you can do.
Only when you managed to recover your money, you can delete your Bitcoin Loophole account. Ask the broker that you have an account with to delete your account. You can try to contact people who run Bitcoin Loophole and ask them to delete your personal information, but since they are scammers, it will be difficult.
If the broker refused to cooperate and did not refund your money, you can expect that your request to delete your account will also remain unanswered.
If you sent anybody your credit card information in connection to Bitcoin Loophole, consider getting a new one, because there is a risk that they will do unauthorized payments to get your money.
If you sent them copies of your personal documents, such as your ID card or passport, there is a risk of identity abuse. Although it is not as high as with unauthorized payments with your credit card, it still is worth considering. You have to assess the risk and decide whether you will get these documents new.
Bitcoin Loophole review – the conclusion
In our review we have proved that Bitcoin Loophole is a scam. It is not a profitable trading platform. If you don’t want to lose money, you have to stay away from it.
If you want to try and make money in cryptocurrency trading, get a free demo with a regulated broker and start to learn with virtual money.
You have to develop a profitable trading strategy and an understanding of the risks before you can start investing real money.
Please help us warn other people against this Bitcoin Loophole scam and share our review.
Frequently Asked Questions
Is Bitcoin Loophole a con?
Yes, Bitcoin Loophole is a con. It is a scam, a hoax. It is a trading app that is losing money in real cryptocurrency trading.
Is Bitcoin Loophole real?
No, Bitcoin Loophole is not real, it is a hoax. There is no loophole in Bitcoin’s code and the Bitcoin Loophole software is a scam.
Is Bitcoin Loophole legit?
No, Bitcoin Loophole is not legit. Several financial regulators have warned the public against it, as we explain in this review.