Is Bitcoin Millionaire Club a Scam? Or, can you really make a guaranteed $13,000 a day on autopilot? Bitcoin Millionaire Club founder Steve Banks tells a good story, but is there any truth to it? Follow me to see the Devil in the details. Red flags ahead!
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Is Bitcoin Millionaire Club a Scam?
When you visit The Bitcoin Millionaire Club website, you are greeted with a sales video that appears to be narrated by the ‘so-called’ genius behind Bitcoin Millionaire Club, Steve Banks. He tells you it’s your turn to become a bitcoin millionaire and promises you can soon make $550 an hour and earn a guaranteed $13,000 in just 24 hours. The beauty of his system, he claims, is you can get started for free.
As the video continues, we learn that Mr. Banks was once a software developer at a big Wall Street investment company where he developed software that can make money flipping bitcoin ads without ever owning a bitcoin ad.
What is a bitcoin ad and why would you want to flip it? He doesn’t say.
Fake Testimonials?
While I was watching the sales video, the first character to give his testimonial seemed like an old friend. I’ve seen him so many times on other websites giving testimonials for other make money online products.
He’s a veteran Fiverr.com actor. His Fiver name is “generatecashbiz.” He’s a darn good actor too, but he’s just saying what he’s paid to say. If he really was a millionaire, I doubt he’d still be working on Fiverr.com.
More Fake Stuff.
The Bitcoin Millionaire Club website has several testimonials and pictures of happy members. At least some of these images are from other websites.
Check out the image on the Chris Hadid testimonial. That image is not Chris Hadid. That is the French author Jean-Edouard Gresy. You can easily prove this yourself by searching Google images for Jean-Edouard Gresy.
Most of the other testimonial images are taken from elsewhere on the internet too. If put your cursor on any image, right-click, and select “Search Google for Image,” you will find all the places that image has been used online. (You must be in Google Chrome for this to work).
Why can’t Mr. Banks put real testimonials from real Bitcoin Millionaire Club members on his website? Wouldn’t you be happy if you were a millionaire making $13,000 every day?
The truth is, Real Bitcoin Millionaire Club members aren’t millionaires, and they aren’t happy. Real Bitcoin Millionaire Club members lost money, suffered profound humiliation, and they don’t want to talk about it.
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Read the Earning Disclaimer.
Wait! There isn’t one.
Companies use the Earning Disclaimer to legally protect themselves. It’s where you can find the details of their offer.
I’m sure Bitcoin Millionaire Club has an Earning Disclaimer. They just don’t want you to see it. If you read their disclaimer, you would know that you that they are not what they pretend to be.
The Bitcoin Millionaire Club a Scam.
The Bitcoin Millionaire Club has nothing to do with bitcoin. It only uses the name to cash in on the bitcoin mania.
If you join the Bitcoin Millionaire Club, you will not trade bitcoin or bitcoin ads, and you certainly won’t own bitcoin. Bitcoin Millionaire Club is just another garden variety auto-trading scam using deception to take people’s money.
The Magic Software.
The Bitcoin Millionaire Club trading software is just a simple program that creates the illusion you made money when you didn’t.
Before you join the Bitcoin Millionaire Club and begin trading, you must give them your phone number. When you do, you’ll be contacted by a person who introduces themselves as your personal financial adviser or something similar.
This person is not a financial adviser. They are a professional telemarketer who will make a very large commission when they scam you. This person is probably a sociopath. It is their job to gain your trust. Trusting them would be a huge mistake.
The Small Scam.
You adviser will talk you through the process of opening a trading account and depositing $250 into that account. This is the small scam.
When you deposit money into your account, you are not really putting it into a trading account. You are merely giving your money to a stranger in another country. You will never get it back.
The Great Illusion.
Once they have your $250, the software goes whir, the lights flash, and numbers start to climb in one of the columns creating the illusion that you are making money.
Within the first hour, it will appear that you have made more than $500. Within the first 24 hours, it will appear that you have made more than $13,000 because that is what they promised.
To be clear, you did not make money. You lost $250; you just don’t realize it yet. Your very real money is already in someone else’s pocket.
The numbers in your account are just numbers. You can’t take them out, and you can’t spend them.
The Big Scam.
Here’s where the Bitcoin Millionaire Club scam becomes diabolical.
If you fall for the small scam and believe you made $13,000 in 24 hours, your adviser will step you up to the big scam. She’ll tell you that if you deposit $10,000 into your account, you could be a millionaire in 90 days.
When you deposit $10,000 of your very real, hard earned money into your trading account, they close the trap. They immediately lock you out and keep the money.
That’s the Bitcoin Millionaire Club scam.
There is No Magic Software.
No one is going to give you free software that will make you wealthy. Such software does not exist.
When someone claims you can quickly and easily make a lot of money with the push of a button, they are trying to scam you.
Making money, either online, or offline, usually requires that you offer something of value in exchange for the money you want. In other words, you must exchange a product or service for it. This simple principle is the foundation of entrepreneurship.
As an online entrepreneur, you can automate much of the exchange process, so sales are made around the clock, even when you sleep.
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If you found this article helpful or have experience with Bitcoin Millionaire Club, please leave a comment below.
After watching and rereading the millionaire bitcoin site again, here’s my take:
Yes, it’s most likely a scam, because it feels like a pyramid scheme right at the get-go. Trust your instincts, that doubt, instead of giving in to the yearning inspired by the greed that tempts us all.
Typos are prevalent in the video..This is subpar quality for a “millionaire club”. True millionaire wouldn’t settle for anything less than excellence.
The opening voice in the video is very robotic, sounds fake, not human. If they can’t get a human to narrate the short ad, something is wrong.
Stock models used as testimonials, stock photos used to represent the software founder.
They never say they’ll sell you bitcoin.
They never say you’re investing in bitcoin either.
They say this is about “flipping bitcoin”, using their software, which is running at .01 seconds ahead of the markets. Their “insiders” page (second click through page) says this offer is for: “proprietary bitcoin flipping software”.
People thinking they’re getting bitcoin investment, aren’t comprehending what they’re rereading, nor what they’re being told. At no time do they say directly that anyone earns bitcoin from this. .
They’re just an ad company, and this software essentially is performing just banner ads, click through earnings, and if they they get you to bite and actually upload money into their affiliate’s account, that’s your risk to lose that money. They say you can get it back, but they can also make it extremely difficult to get it back that it’s practically a deterrent and most people wouldn’t follow the process steps exactly, and would be denied their initial investment returned to them.
Even if you did get the money returned, then they’d have access to your banking info and could easily sell your contact info, because then you’ve proven your accounts are real and you’re a sucker… So your info becomes worth more in trading/selling on the black market to other scammers sms identity thieves.
It’s important to read everything and understand what you’re getting yourself into, before inputting any real personal or financial account info or giving out your phone number.
If you legit want to try, and have money you can risk, add layers of protection by using online personas, contact info that’s setup to not reflect the real you but which you can still access (free gmail and Google can issue you a free phone number that reflects to your real phone), and disposable financial accounts (free online banking exists).
Clever people would not invest real money, but earn free crypto currency online, convert it to dollars, then use that virtual money for such endeavours.
Hi, Random Browser,
Thanks for your detailed observations of Bitcoin Millionaire.
You make a great point about only risking money you can afford to lose.
Most people don’t have that.
Also, I appreciate how you point out how greed can make us
do foolish things.
Thanks for stopping by,
Gary
IM TRTING TO THEM TO STOP EMAILING ME!!
Scroll down to the bottom of one of their emails. You should find an unsubscribe link there. Click on that and follow the prompts.
It’s just another Pyramid selling scam from the 70s and 80s Your money goes into one big pot and you initialy
Thanks for the information.
I almost fell for this scam, then I took another look at it.
It’s said that if I invest £250 I can make double that without trying.
To make that money someone else is going to pay a high price for my bitcoins and that’s not going to happen is it.. So how is this money made–well it’s not because we’ve all heard of the Pyramid selling..
This is the big daddy of them.
Don’t be fooled.
Usually, when I see the words “BITCOIN” and “MILLIONAIRE” in the same sentence, alarm bells sound in my head.
The thing with schemes like Bitcoin Millionaire Club is that they always appeal to the lazy people who want to get rich quick on the internet.
I agree that magical software is non-existent, otherwise, we would all be living the dream lifestyle on the golden beaches of the world.
And as for the so-called investment “advisors” with these types of scams, they are nothing more than salespeople and fraudsters themselves, with the intention to drain people’s bank accounts.
Thanks for the warning, Gary!
Neil
Hi, Neil!
You are so right. Bitcoin and millionaire in the same sentence is a huge red flag. I agree, there does seem to be a codependent dance between scammers and people searching for an easy way to make a fortune. I also want to believe that many of the people who are exploited by scams just don’t know how to make money and are honestly searching.
Thanks for stopping by,
Gary
Oh my goodness, Gary, what you describe is so scary, particularly for the most vulnerable of us out there. Because let’s admit it, we all want to improve our financial situations, and how can you turn down such a good offer of making $13,000 overnight? But that is the problem, I suspect: that offer is too good to be true.
I have learned not to believe these ‘quick and easy money’ schemes, as I do believe that, no matter what job you do, whether you are employed or self employed, whether you have to commute to work or you work from home, money comes through hard work and hours of true commitment a day, sometimes 7 days a week.
I don’t suppose you know legally where these companies stand, do you? I mean, say somebody did allow most of their savings to be wasted and paid off to these scam programs, is there any way for them to recover their money, maybe with the intervention of the police?
Hi, GiuliaB!
Schemes like Bitcoin Millionaire Club are indeed scary. For someone experienced with making money online, Bitcoin Millionaire Club may look like an obvious scam, but to someone who needs a financial miracle pronto, it may look like the answer to their prayers.
Most scams like this are based in small countries that do not have any regulatory agencies to police the internet. To make matters worse, some countries actively recruit scammers and unethical marketers with bogus accreditation.
It’s difficult to impossible to get your money back after you’ve lost it to a scam like this. Also, the businesses online who advertise that they can get your money back, are scams too. I write about what you can do to possibly get your money back in my article “What to do When You Get Been Scammed Online.”
Thanks for stopping by,
Gary
Hi!
You really have your facts straight about Bitcoin Millionaire Club. My friend and I nearly fell for this scam.
How can I learn to spot scams like you do? I want to know because I have fallen for many scams like Bitcoin Millionaire Club. I’ve been scammed so many times, I’ve become skeptical of ever making money online..?
Thanks,
Dave
Hi, Dave!
I’m you and your friend dodged the Bitcoin Millionaire Club bullet. Most scams follow a pattern and the pattern is as old as money.
First, they appeal to your sense of greed. We are all capable of greed. The trick is to notice when you are having an emotional response to a make money offer. If they are promising that you can make a lot of money quickly and easily, it’s a scam.
Second, they will offer “proof” and “testimonials” of people who have made money with their product.
Third, they might let you believe you actually made a lot of money with their system so you will put more of your money into the scam.
The old shell game where you bet where the pea is under a shell, is the same scam as Bitcoin Millionaire Club.
To learn more about scams and how to avoid them, I recommend that you read my article How to Really Make Money Online and Never Get Scammed.
Thanks for stopping by,
Gary
Yuck, I definitely do not like the part about giving your phone number and having someone call you just to scam you! I don’t even like it when my own mother calls me…
If I am making money online, I do not want to have to call anyone or have anyone call me. Thanks for always looking out, Gary! I am becoming a big fan of your site!
Hi, Ashley!
When a company like Bitcoin Millionaire Club asks for a phone number, it’s a huge red flag. If you give it to them, all it will get you is a very aggressive telemarketer who will try to get as much money out of you as possible.
Bitcoin Millionaire Club pays their affiliates a commission of $160 for every poor soul they deliver and who opens an account. This indicates that Bitcoin Millionaire Club is getting a lot of money out of their victims.
Thanks for stopping by,
Gary
Hi Gary
As I commented before on another of your posts I’m just not a fan of the whole Bitcoin craze. I think it’s too risky in general but add in the scam factor as you highlight here and it has me running for the hills.
Thankfully you have exposed this operation for what it is – a fake!
You’re right, if there are so many happy and wealthy Bitcoin investors, there would be no need to publish fake testimonials.
“When you deposit $10,000 of your very real, hard earned money into your trading account, they close the trap. They immediately lock you out and keep the money.” – What?????????? Please don’t tell me people are actually falling for this?
The good old saying, “If it sounds too be good then it probably is,” applies when it comes to all scams and this one is no exception.
Thanks for your good sleuthing Gary!
~Mark
Hi, Mark!
Unfortunately, people do fall for the Bitcoin Millionaire Club. Behind the scam is an army of affiliates. These affiliates are promised very large commissions. At the moment, affiliates are paid $180 for each person they deliver who funds a trading account with the Bitcoin Millionaire Club. Add to this the commission the telemarketer makes for talking the victim into the trap and you begin to get an idea of how much money this scam steals from people.
Thanks for stopping by,
Gary
I have been seeing more and more negative reviews of Bitcoin and I’m glad to see both sides.
Anytime I look at an opportunity, I always look for negative reviews after hearing the sales pitch because it seems like people are more sincere in the negative comments. Many people don’t like to get negative so many times all I read is the good stuff but you know it can’t be all good.
So, again, thank you for your review and offering up other ideas to get involved with.
Hi, Rick!
Bitcoin is not an investment. I write about it in detail in my article Is Bitcoin a Scam.
Bitcoin Millionaire Club is a different animal all together and has nothing to do with the cryptocurrency bitcoin other than they stole the name to trick people.
Thanks for stopping by,
Gary
Thanks for all the info.
You’re welcome Jeremy. I’m glad to help.
Another scam exposed, good job!
I’ve been an active investor for over 20 years now, and mainly trade option contracts.
I’m not sure how I feel about Bitcoin, and cryptos in general. I have bought a few BTC, and come ETH too, not a lot, I think I put about $1,000. They are all underwater now! Oh well.
But these kind of auto trading programs are always a bad Idea.
I love these types of investigative articles, thank you.
Hi, James Underwood!
Bitcoin Millionaire Club is just nothing but bad news and humiliation. It has nothing to do with the cryptocurrency. The “real” bitcoin is not much better. It’s just a snippet of code and the value of it is highly manipulated. As you found out, buying crypto is really nothing more than speculation. There is no way to determine the actually value.
Thanks for stopping by,
Gary
Thanks for your efforts.
It is indeed a scam, I have seen this guy before talking about some program called “Online Dollars”. I think he is probably filming the ad somewhere where consumer rights are not fully protected by law. Moreover, I like your article (Work at home jobs) you referred to inside this post. Providing legitimate alternatives is as important as illustrating us about these scam programs.
Thanks again!
It’s crazy to me that so many of these schemes haven’t been undone by the FBI yet.
Boiler Room schemes, pumping and dumping, and even just using buzz words like “bitcoin” seem to be whipping people into enough of a frenzy to fall for these things.
I’m especially shocked about the hiring of actors to make these false claims.
Have you done any investing? Do you know of some good, safe places to do so?
Thanks Gary.
Hi, Jordan!
I am as shocked as you that scammers like Bitcoin Millionaire Club use actors for fake testimonials. There is so much misinformation online about investing that people don’t know how to properly invest. It seems to me they confuse speculating with investing. Speculating is a quick way to go broke. To help clarify the difference, I wrote How to Invest.
I began investing in the mid 1970’s using a strategy of value investing. Back then, we didn’t have the internet and it was understood that investing was a long-term endeavor. Now people think they can use software to make fast money. That notion is very dangerous.
Thanks for stopping by,
Gary