Issue with investing in Bitcoin

poohbear5

Hi,


Over the past few months I began investing in Bitcoin. I started using an online Bot to trade on my behalf. Scavengerbot.io


Rightly or wrongly I thought this bot was reasonably safe to use However, it has completely liquidated my account costing me over a £1000.



My issue is the following:


1. During sign up I don't think I was fully made aware of the risk of the investment and the sums of money I needed to invest to get the safest possible investment. I was told on the forum that 0.2 bitcoin and above provides you with optimum safety. In my first account I had 0.18. However, I was still allowed to trade.



2. In the terms of service it states that


"The personal data that we collect from you may be transferred to, and stored in, a country outside the European Economic Area (EEA), which may not have similarly strict data protection and privacy laws. It may also be processed by staff operating outside the EEA who work for us or for one of our suppliers."


Are they complying to GDPR regulations?

EachPenny

poohbear5 wrote: »

Hi,

Over the past few months I began investing in Bitcoin. I started using an online Bot to trade on my behalf. Scavengerbot.io

Rightly or wrongly I thought this bot was reasonably safe to use However, it has completely liquidated my account costing me over a £1000.

My issue is the following:

1. During sign up I don't think I was fully made aware of the risk of the investment and the sums of money I needed to invest to get the safest possible investment. I was told on the forum that 0.2 bitcoin and above provides you with optimum safety. In my first account I had 0.18. However, I was still allowed to trade.

2. In the terms of service it states that

"The personal data that we collect from you may be transferred to, and stored in, a country outside the European Economic Area (EEA), which may not have similarly strict data protection and privacy laws. It may also be processed by staff operating outside the EEA who work for us or for one of our suppliers."

Are they complying to GDPR regulations?

Did you read the whole of the Terms of Service, and the Privacy Policy before signing up?

Is the company you are entering into a contract with based in the EEA?

In terms of what you can do about it, this part of the Terms of Service should have rung some alarm bells:-

REFUNDS
We do not offer refunds under any circumstances. Please educate yourself on the risks involved with trading and using automated trading bots.

lewt

Money's gone mate, happens time and time again with these kind of things.

poohbear5

EachPenny wrote: »

Did you read the whole of the Terms of Service, and the Privacy Policy before signing up?

Is the company you are entering into a contract with based in the EEA?

In terms of what you can do about it, this part of the Terms of Service should have rung some alarm bells:-

I believe the company is based in the EEA

poohbear5

REFUNDS
We do not offer refunds under any circumstances. Please educate yourself on the risks involved with trading and using automated trading bots.



This is such a vague statement. Are all trading bots the same? Should they not provide information on their particular product?

EachPenny

poohbear5 wrote: »

I believe the company is based in the EEA

The statement:-
"These Terms shall exclusively be governed by and construed in accordance with the laws of the United States of America."
...might suggest otherwise, but I wasn't able to find an obvious postal/registered addresss to confirm.

Nabberuk

I think you are misunderstanding what a trading bot is. It automates trades based on the settings entered and these settings will need to be changed frequently as the market changes.

Unless you understand the market etc then a trading bot is useless.

londoninvestor

Without wanting to defend this kind of outfit, they don't really hide what they have in store for you:

https://www.scavengerbot.io/disclamer/

DISCLAIMER AND RISK DISCLOSURE

Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. No information or opinion contained on this site should be taken as a solicitation or offer to buy or sell any currency, equity or other financial instruments or services. Past performance is no indication or guarantee of future performance.

Any product purchased from Scavenger Bot should be carefully considered by you and a financial professional. Automated trading programs carry particularly high risk due to their ungoverned nature. Any losses or gains made in your account with one of these programs is your own responsibility. Scavenger Bot takes no responsibility for any losses incurred or any malfunctions of the software on your account. Money lost by a program created or recommended by Scavenger Bot will not be refunded, as we are not liable for the transactions made in your account. Losses should be expected as part of investing.

Decisions to buy, sell, hold or trade in cryptocurrencies and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in cryptocurrencies or other investments involves a risk of substantial losses. The practice of “Day Trading” involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks.

All content and services presented through the Scavenger Bot website (https://www.scavengerbot.io) is done so for informational and educational purposes only. Scavenger Bot takes great care in ensuring the accuracy of all information presented through its websites, however the company accepts no liability in this respect. Users should be aware that content on the Scavenger Bot website is subject to change without notice.

Scavenger Bot will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on information contained on this site. Past performance is no indication or guarantee of future performance.

Alexland

I don't confess to know much about bitcoin but if you are saying it has liquidated your account do you mean it has sold your bitcoin to cash? In which case is the loss a result of the market moving such that you can no longer buy as much bitcoin for the same money? Or have the automatic trades eroded your value to less or zero? How would having more bitcoin make the trades safer?

Alex

AnotherJoe

Consider it the best value grand you'll ever spend to get an excellent hard hitting financial education on the idiocy of investing in stuff you know nothing about and being taken for a sucker.
You could have lost much much more and this lesson will hopefully stick with you for a long time and save you far more in the future by avoiding scams and ridiculous schemes like this than you lost already.

poohbear5

Thank you for everyones feedback.



I would like to report the company to the appropriate authorities to prevent anyone else from losing money from this site.