Bitcoin Champion – the company described itself on its own homepage https://bitcoin-champion.app/ as an online broker. Bitcoin Champion offered its clients a wide range of services. The website of the provider is currently no longer available.
You have invested with Bitcoin Champion and would like your capital back? The Herfurtner law firm will help you with any problems.
Bitcoin Champion – Online Broker with serious intentions?
Currently, there is an extraordinarily high number of online trading platforms such as Bitcoin Champion. Thus, it has never been as easy but also risky as now to invest in the unpredictable financial markets.
Especially because there are countless options, choosing a provider can be time-consuming and frustrating. Especially if it is to match your personal investment intentions.
Have you already invested with Bitcoin Champion? Then the following points are important for you as an investor.
- Access to the global financial markets is becoming more practical and lucrative for investors through online investing.
- Online trading offers a wide range of order types.
- An ideal place to start for money investors who want to inquire about share certificates, futures, options and cryptocurrencies is a website like this one.
- Licensed brokers on the internet, secure portals, costs and bonuses, offer options and feedback from clients are just selected factors to consider when making your final choice.
The following information is basic advice for investors – regardless of the platform you invest in.
Assessing and licensing service providers like Bitcoin Champion
Both financial markets and investor protection benefit from codes of conduct and organisational accountability. Bond service companies and providers like Bitcoin Champion must comply with a wide range of regulations. The same applies to their employees. This is to prevent conflicts of interest and the associated disadvantages for investors.
This includes the responsibility of the service provider to inform its customers about the most significant features of the transaction before sealing it. This applies both to the respective investor and to the investment itself. In accordance with this idea, supplementary information is required for corporate clients who wish to engage in highly speculative or risky transactions.
Companies such as Bitcoin Champion have a responsibility towards their corporate clients. This goes well beyond the provision of a product or service.
Is the provider licensed to distribute investment products? You should definitely clarify this. To do this, you can consult the broker checklist of a financial supervisory authority and enter the provider’s brand name in the search function.
Does Bitcoin Champion offer entry-level trading with trial investments?
Does Bitcoin Champion entice you to try out investments with a smaller amount? You cannot find any information about the service provider because it is supposedly a new company with innovative business ideas?
The possibility is high that the “insider” tip is pure rip-off. After a very short time, the broker will tell you that your investment was a great success and appeal to you to increase your investment.
The success of your trial investment may lead you to make further investments.
Here are some examples of dubious investment tips:
- “Would you like to turn EUR 1000 into EUR 250,00.00?”
- “With just 5 minutes of your life you can become a stock market billionaire.”
- “With the automatic stock profit method you will make 3500.00 EUR a month!”
Anyone who promises too much, and that too unsolicited, is rarely trustworthy! Nevertheless, also check which offers and promises are made to you by the investment company Bitcoin Champion.
Pump & Dump: How does the scam work?
The term pump and dump is used to describe a procedure in which the price of a share is driven up unnaturally by insiders. Subsequently, the same share is sold at a loss to the remaining investors.
This is therefore a case of fraud. A manipulation that profits from the ignorance of small investors and stock market novices.
This approach is therefore illegal in a controlled securities market and for companies like Bitcoin Champion. The crypto market, however, is still almost completely “Wild West” as far as these same tactics are concerned. Therefore, extra vigilance is essential!
Pump-and-dump scams are more common there in connection with the generally so-called altcoins. The pump-and-dump scam is used by fraudsters to drive up the price of a currency they do not know about or may have created themselves. They achieve this by spreading false information on the World Wide Web or in social media or by recruiting co-investors with unreasonable profit expectations.
Therefore, make sure that the Bitcoin Champion provider provides you with all the necessary information on this topic.
Reliable online brokers will comply with your request for redemption
Customers are often wooed by an “online broker” or a call centre employee the moment they have set up an account on the supposed trading platform. The intention is to encourage the investor to increase his permanent investments in order to maximise profits. This is also a legitimate goal of the Bitcoin Champion provider.
Shortly after the buyer has deposited his money, the first profit developments may be displayed on his user account. This should encourage the investor to continuously invest in the financial product.
The website operators, in turn, can use fraud software to simulate manipulated account movements and earnings, even without the buyer noticing.
Make sure that the accounts can also be authorised at Bitcoin Champion.
In reality, no trading takes place on several platforms par excellence. Instead, the deposited capital is further transferred by the fraudulent online brokers to accounts outside Germany. This is not noticed by the investors at first.
The “financial service providers” delay the disbursement of the reported funds by demanding that the investors pay allegedly due taxes and commission costs. These scams only serve the purpose of increasing profits.
Sooner or later, communication breaks down completely. The money transferred is used up. From that moment on, the only thing left to do is to go to a lawyer to take further action.
Exit options – which are difficult to determine
Clarify when and how much money was paid out. It is best to avoid long-term contracts that cannot be terminated early or where you would incur significant monetary losses.
Only conclude longer-term contracts without the possibility of early termination with financial service providers such as Bitcoin Champion, whose seriousness you have no doubts about.
Even if you have the option to waive or cancel a contract at any time over a period of time, you should be suspicious. Even if you have this safeguard, you may still be vulnerable to monetary loss. Make sure you know exactly how much money you will get back if the investment goes wrong.
The following provision applies to securities transactions:
Before maturity, find out what options are open to you to get rid of securities.
It is often crucial to know whether there is a liquid market for products such as those offered by Bitcoin Champion.
It is possible to sell securities through a broker or financial institution. All 3 methods are legal for placing a sell order. The actual selling process is therefore carried out via a securities exchange (e.g. Berlin, Stuttgart, Frankfurt, Tradegate or Xetra) (e.g. for penny stocks).
Order supplements can be used to direct the execution of the order in advance. The sale of the share certificates takes place at a date and place determined by you.
Recovering funds from Bitcoin Champion: Lawyers help
If you have already made investments with Bitcoin Champion and would like to reclaim them, there are a number of ways to do so.
- If there is a suspicion that the bank accounts to which our clients have transferred money are part of a money laundering scheme, it is possible to have these accounts blocked. Transfers to these bank accounts can then be reclaimed from the receiving bank.
- In the event that no solution can be reached with the service provider, there is the option of filing a complaint with the responsible financial supervisory authority. The supervisory authority examines the situation and has the option of ordering the service provider to pay a refund. Our client then receives this amount of money back from the service provider. Complaints bodies can be, for example, financial supervisory authorities and financial ombudsmen.
- Should the wire-pullers be apprehended, claims of the injured parties can be asserted in court proceedings. For this purpose, we accompany our clients through the so-called adhesion procedure. In this way, we are in a position to obtain court titles for our clients against the alleged service providers. In most cases, these can then be immediately enforced against the seized assets of the fraudsters.
- If payments have been made to accounts abroad, the foreign financial supervisory authorities and financial institutions should also be informed. They will then often initiate their own investigations. This also serves the purpose of securing sums of money in the bank accounts and subsequently transferring them back to our clients.
- Often, a solution to the problem can be found directly with the provider. Time and again we manage to reach out-of-court sett lements with the providers. Our clients then receive their complete investment sum or a share of it back.