Bitcoineer – On its website https://bitcoineer.de/, the online broker claims to be a service provider in the field of finance that is active in online trading. Accordingly, investors can invest in cryptocurrencies, shares, commodities, ETFs and indexes.
Are you encountering complications with the distribution of your capital investment? Our lawyers can help you with claims against Bitcoineer.
Table of Contents
- Bitcoineer – What is known about the online broker?
- High success rate or fake?
- Bitcoineer contact details
- Is an imprint obligatory in Germany?
- Bitcoineer references: What does Markus Lanz have to do with it?
- How do dubious providers use fake news to attract more customers?
- Bitcoineer official and Bitcoineer official – what is that?
- Spelling mistakes, contradictory statements and more
- Provider refuses payout: What can you do?
- Preventive measures against fraud
- Help from a lawyer
Bitcoineer – What is known about the online broker?
Bitcoineer is, according to its own information on the associated website, a provider of a trading app. The Bitcoineer app is supposed to enable trading with various investment products. A specially programmed app is available for this purpose, which is supposed to be accessible via Android and iOS. Trading in crypto, shares, commodities, ETFs and indexes is possible via the platform, whereby the company is particularly in favour of cryptocurrencies.
According to the provider’s own information, the trading pairs BTC/USD, ETH/USD, XRP/USD, USDT/USD, BTC/USDT, ETH/USDT and FAANG can be found on the platform. The provider advertises practical advantages that are intended to make trading easier.
Among them:
- Worldwide availability (except USA).
- No fees for withdrawals and deposits.
- Same-day payout.
- Visa, Mastercard, Amex, cryptocurrency, bank transfer, Paypal, Yandex, Skrill and Neteller are available as deposit methods.
- There are no registration fees.
- Each customer shall receive a personal account manager after registration.
- Customer support shall be available 24/7.
In addition, the app is supposed to be up to date and even react 0.01 seconds faster than the competition.
High success rate or fake?
Bitcoineer advertises a high success rate of 80%, although the official website talks about 90% in later sections. Official proof or confirmation by customers could not be found. Furthermore, Bitcoineer mentions its customer support several times on its website, which is supposed to be available 24/7 for customers.
The minimum deposit for new customers is 250 euros.
Bitcoineer contact details
A reputable company is characterised by the fact that it offers extensive contact options, even before an official registration. At the same time, customers should be able to contact customer service before registering.
The official website of Bitcoineer provides customers with the following data:
Bitcoineer phone number: n/a. A.
Postal address of Bitcoineer: n/a. A.
Bitcoineer email address: n/a A.
However, the privacy policy and the terms of use can be found. An imprint is missing.
Is an imprint obligatory in Germany?
In Germany, the imprint is an important element of websites and online offers. It serves to comply with the legal framework and to provide consumers with important information about the provider.
Legal basis and legal aspects
1. Telemedia Act (TMG)
The legal basis for the imprint obligation in Germany is the Telemedia Act (TMG). According to § 5 TMG, providers of telemedia are obliged to keep certain information, such as name, address, contact information and, if applicable, registration numbers, easily recognisable, directly accessible and permanently available on their website.
2. Interstate Broadcasting Treaty (RStV)
The Interstate Broadcasting Treaty (RStV) also contains regulations on the obligation to provide an imprint. Section 55 (1) RStV stipulates that providers of telemedia with journalistic-editorial offerings that do not exclusively serve personal or family purposes must also provide an imprint.
Websites and online shops
The imprint obligation applies in principle to all websites and online shops that are operated in Germany and serve commercial purposes. This includes offers from companies as well as from self-employed persons and freelancers. This also applies to providers of online trading platforms such as Bitcoineer.
Bitcoineer references: What does Markus Lanz have to do with it?
Nothing is known about the exact foundation of the trading platform Bitcoineer, but it is said to have been mentioned on CNN, FT.com, TIME and Forbes.com. After extensive research, no evidence of this was found. Instead, Bitcoineer is often associated with TV presenter Markus Lanz. In numerous news reports from various platforms, it is falsely claimed that the presenter has been arrested.
A targeted look at the news shows that the news quickly turns away from the actual arrest and introduces Markus Lanz as an investor for “Die Höhle der Löwen”. In this context, he is said to have developed a system whereby “every citizen can earn a 5- or even 6-figure income every month”. If you follow the link, you will be taken to Bitcoineer’s platform. This method is called clickbait.
Attracting customers with false news – how serious is this method?
False or misleading news that appears on supposedly reputable news platforms is a popular tool used by many trading providers. The spread of false information is an indication that you should exercise caution here. Reputable online trading providers only use credible advertising and do not use clickbaits and false statements about celebrities to generate more visitors to their websites.
Legal basis and legal aspects
Competition law
The dissemination of false information by dubious trading platforms can be considered misleading advertising or unfair competition in terms of the Unfair Competition Act (UWG). According to Section 5 UWG, misleading advertising is inadmissible if it is likely to influence the consumer or other market participant in his business decision.
Financial Market Law
Since trading platforms offer financial services, they are also subject to financial market law. Pursuant to Section 54 of the German Securities Trading Act (WpHG), the dissemination of false information that could influence the value of financial instruments or their market behaviour is punishable. The dissemination of such information can be considered market manipulation.
Motives for the dissemination of false news
- Attracting investors: Dubious trading platforms often disseminate false information in order to attract new investors. By spreading positive or negative news, they can arouse the interest of potential investors and persuade them to trade on their platform.
- Market manipulation: Another motive for spreading false news is to manipulate the market. Through targeted false information, rogue trading platforms can influence the value of certain financial instruments and thus profit from price fluctuations.
Examples of the spread of fake news
Fake news about corporate events
An example of the spread of false news is the publication of fake news about corporate events, such as mergers, takeovers or quarterly results. Such news can have a significant impact on the share price of the company concerned and enable rogue trading platforms to profit from the resulting price fluctuations.
Rumours about regulatory changes
Another example is rumours about upcoming regulatory changes in the financial sector, such as tighter regulations for cryptocurrencies. Such rumours can lead to panic selling or excessive buying, affecting the market and allowing rogue trading platforms to profit from these fluctuations.
“Bitcoineer official” and “Bitcoineer official” – what is it?
If you look around on the provider’s website, you will more often come across the designation “Bitcoineer official” and/or “Bitcoineer offizielle”. There is no precise indication of why the provider is called in three forms (Bitcoineer, Bitcoineer official and Bitcoineer offizielle).
Evaluate Bitcoineer confidently
As a prospective investor, it is important that you take a close look at the official website of your desired broker such as Bitcoineer or others. Careful reading can reveal spelling errors, contradictory statements and technicalities, which are common signs of a dubious offer.
Spelling errors
Spelling mistakes in the general terms and conditions, on the website or in communication with the provider can be a first warning signal for a dubious platform. As a rule, serious providers pay attention to professional presentation and correct spelling.
Contradictory statements
Contradictory statements in the GTC, on the website or in the platform’s offer can also indicate dubious business practices. Consumers should be wary of such inconsistencies and seek legal advice if necessary.
Lack of or insufficient regulation
Another indication of dubious online trading platforms is the lack of a valid licence or registration with a financial regulator. Reputable providers ensure that they meet the legal requirements and provide transparent information about their regulation.
Unrealistic profit promises
Unrealistic profit promises or return guarantees can also indicate dubious business practices. As a rule, there are no guarantees in the field of online trading, and providers who make such promises should be viewed with caution.
Provider refuses to pay out: What can you do?
In the world of online trading, it can happen that an online broker refuses or delays the withdrawal of funds. In such cases, it is important to know the legal framework and options for action in order to take effective action against such practices. If you have had similar experiences with Bitcoineer, feel free to contact the lawyers at our Herfurtner law firm and claim a free initial consultation.
How a lawyer helps in case of non-payment
- Communication with the online broker
The first step in case of problems with the payout should be a direct communication with the online broker. Lawyers will take care of this correspondence for you and in this way can enforce claims for compensation on your behalf and take further legal action.
- Involvement of the financial supervisory authority
If communication with the online broker does not lead to a satisfactory solution, the lawyer will involve the competent financial supervisory authority. With the help of the authority, the lawyer can examine the facts of the case and, if necessary, take action against the broker in order to obtain payment of the funds.
- Civil action
If all other steps remain unsuccessful, a civil law suit against the online broker can be considered. In this case, it is advisable to contact a lawyer who has many years of experience in this field of law and with similar cases. The lawyer can check whether there has been a breach of contract and file a lawsuit for damages or fulfilment of the contract. There is also the possibility of cooperating with foreign investigative and financial authorities and following the money trail with the support of IT forensic experts.
How to protect yourself from dubious providers
Many trading platforms lure customers with unusually good conditions only to cheat them out of their money later. To avoid being one of the victims of a scam, you should take the following steps to check the seriousness of a platform.
- examine the website and online presence: Look for spelling and grammatical errors, missing contact information or unrealistic promises. These could indicate a dubious platform.
- Customer reviews and experiences: Look for reviews and testimonials from other users to find out if they have had positive or negative experiences. Note, however, that both positive and negative reviews can be fake.
- regulation and licences: Check whether the platform is licensed and regulated by a trustworthy regulatory authority. Reputable platforms should publish relevant information on their website.
- transparency: check whether the company is transparent about its business practices, fees and risks.
- customer support: Check whether the platform offers reliable customer support that reacts quickly and professionally in case of problems or questions.
If you have doubts about the seriousness of a platform – regardless of whether it is Bitcoineer or another provider, it may be advisable to contact a law firm or consumer protection organisation for legal support and advice.
Having trouble with Bitcoineer? Help from a lawyer
Difficulties related to trading platforms can be both financially and emotionally stressful. In such situations, the assistance of a lawyer can be of great benefit. In the following section, we will explain the different aspects in which a lawyer can help.
Legal principles and aspects
Contract law: a lawyer can review the contract documents and general terms and conditions (GTC) of the trading platform to identify possible breaches of contract or irregularities. In certain cases, the lawyer can assist the injured party in enforcing their contractual rights.
Financial market law and regulation: A lawyer can check whether the trading platform has violated financial market law or regulatory provisions. This includes checking the licensing and registration of the platform with a financial supervisory authority, such as the Federal Financial Supervisory Authority (BaFin) in Germany.
Options for action and support by a lawyer
- Examination of the factual situation and legal advice: A lawyer can assess the individual situation of the injured party and give a legal opinion on the basis of the legal provisions. In doing so, the lawyer can point out which claims and legal steps are possible and support the injured party in making a decision.
- Out-of-court settlement: A lawyer can conduct negotiations with the trading platform or its legal representatives on behalf of the injured party in order to reach an out-of-court settlement. This may involve, for example, claims for damages or the repayment of funds.
- Civil action: If an out-of-court settlement is not possible or the trading platform does not respond to the claims, a lawyer can file a civil action. In doing so, the lawyer can support the injured party in claiming damages, recovering funds or enforcing contractual rights.
- Criminal charges and assistance in criminal proceedings: A lawyer can support the injured party in filing a criminal complaint against the responsible persons of the trading platform. In the further course of the criminal proceedings, the lawyer can represent the injured party as a joint plaintiff and in this way actively participate in the clarification of the facts and the prosecution of the perpetrators.
- Cooperation with financial supervisory authorities: A lawyer can support the injured party in filing complaints with financial supervisory authorities such as BaFin. These authorities can check whether the trading platform has violated supervisory regulations and, if necessary, impose sanctions.