BTClevels Binary Trading Review
This review will tell you more about BTClevels.com.
There are both good and bad things to say about them. The real question is, which is there more of, and how will it impact your decision to join?
Let’s go through the review, and we’ll do our best to help you decide at the end.
Established year: 2013
US Players: Yes
Cashout times: Good
Other crypto currencies accepted: Litecoin
PROS VS. CONS
They accept US traders.
Their platform is simple to use.
There are no max bets.
Their platform IS NOT mobile responsive.
They have several scam complaints.
How they figure payouts is confusing.
They don’t offer any regular/ongoing promotions.
Trading Options & Payouts
You have one option here – to trade on bitcoin exchange rate fluctuations. If you think the value will rise or fall below the posted amount and it stays there past the expiration date – and you’re right – you’ll profit.
For example, when I checked out their site the posted amount was $377.99. If I think the value will be $378 or higher when it expires, and it ends up there, I make money.
Otherwise I lose.
These are the 4 options you can bet/trade on:
The minimum bet is .01 mBTC, and there is no maximum.
You can see the fluctuations in real time, thanks to HitBTC.com. You can view the last 5 min, 1, 4 or 24 hours.
And if you have any questions about how things work, their rules page explains things pretty well.
The part they could do a better job explaining is how profits are determined. It fluctuates based on when you make your trade and how many people are in the pool.
But figuring out the exact amount is lost to me. Their complicated formula didn’t help, nor did their support. They just copied and pasted what their rules page said.
Just know that the sooner you make your bet, the higher the multiple will be (thus the more money you can earn).
However, that also means a higher risk since the value can rise/fall dramatically in the span of 24 hours.
The good news is that you can make more than one bet. This gives you the opportunity to hedge your bet so that you win as little as possible (or vice versa). (That means that, if you make a bet with 23 hours to go and it looks like you might be wrong, you can make another bet the other way.)
All in all, it looks like the betting process (and canceling bets) is simple. I only wish they could explain the payout process better.
Are They Scammers?
Using Google it’s not hard to come up with several threads on forums and Reddit where users claim that BTClevels scammed them.
For the sake of transparency, I thought it would be a good idea to share a few of those cases, and then weigh in with my thoughts.
In one instance a user came in and claimed he was scammed. That BTClevels didn’t pay him everything he was owed.
In this case BTClevels came back and stated he was in fact the fraudster. That he tried to manipulate their platform, and as a result, their software blocked his account. They admitted to still having bitcoin of his, and said they’d release it to a charity of his choice.
So far, so good.
Another claim spanned from 11/4/2013 to 11/30/2014. This user claimed he had 10 BTC stolen. Only one reply (from BTClevels) was given – and nothing (in this forum) appeared to have been taken care of.
After this there were 4 (minor) complaints. All of them complained that withdrawals were difficult / impossible.
BTClevels finally chipped in and said that they needed to rewrite their code from scratch. That they paid 8 BTC to someone who was even trying to cheat their system. And that everyone will receive their bitcoin, but they needed to fix all their issues.
Ugh…. not so good.
This looked sketchy, based on my experience. If you owe a customer money you need to be in their inbox and in forums daily apologizing and updating everyone. Their approach just reminded me of past rogue casinos.
Then in 9/2014 there was a post with new customers asking for updates, and if BTClevels improved. Someone mentioned that they were able to withdraw (.1 mBTC) without a problem – in fact, it was instant.
I didn’t find any complaints after that. And while I don’t agree with how they handled each problem (even though they still handled it better than other platforms would), it doesn’t look like they’re a rogue platform.
The lesson: always do your due diligence before dumping your life (bitcoin) savings onto a random platform. I can’t believe one guy transferred 10 BTC ($3k+ now, and $6-$10k+ then) without doing any research.
Don’t be dumb like him.
So, with everything said, how do we rate these guys?
I would rate them a B-.
It’s great to see a binary platform that accepts bitcoin, US customers and that is simple to use.
That said, Beast Options is a much better platform, with more options, promotions and no legit complaints (that I could fine).
So I would check them out first. Then, and only then, would I bother with BTClevels.