HourBit Review – Is it a Scam? Read This Before You Invest
What is HourBit? Is it a scam? HourBit is up for a closer look. I am so tired of all High Yield Investment Program (HYIP) scams. Today I will show the tactic used to market this scam so we can shut up anyone trying to promote it!
What is HourBit?
Website address: www.hourbit.com
Price: $5 – $500,000
CEO: George Carlin
Overall Rank: 0 out of 100
Arbitrage trading of cryptocurrencies, no doubt, is the fastest growing form of arbitrage trading globally today. However, not all cryptocurrency investment companies on the market are legitimate.
HourBit is pretty new on the market. It uses its secretive trade robot helping investors like you and me to earn money through bitcoin trading. Just like any other HYIP scams, it says all trade is made automatically and manage to make more than 100% daily profits.
HourBit is one of the self-claimed bitcoin investors that aims to steal people’s hard earned money.
Obviously, there is a lack of details on how HourBit manages the invested fund from you and me. HourBit tends to be vague about the strategies used in the investment programs and how they trade Bitcoins.
All they claim is HourBit uses their trade robot to generate profit – end of story.
I have tried very hard to find out their investment strategies but they do not give adequate information on how their financial instruments work.
The official website of HourBit looks professional, but there are many red flags you could pick up.
Let’s investigate the investment plans available on HourBit.
HourBit claims that they trade Bitcoins and pay up to:-
- 1.1% – 1.25% each hour for 96 hours
- 4% – 5% each hour for 48 hours15% – 20% each hour for 24 hours
- 15% – 20% each hour for 24 hours.
These may be good for short bursts of profit in mid-term earning range. However, that also sounds like a typical HYIP internet scam.
Who Is It For?
Anyone looking to make money online. I used to say this type of HYIP is for those that are desperate. I do not trust most of the HYIP on the internet because they are not legitimate.
This is also for those that have money to waste, so if you are planning on using the money for your groceries, please skip HourBit and forget about HYIP.
This is also not going to replace your 9-to-5 job and it is not going to make you rich either. It probably will steal all your hard earned money and never come back again.
Should You Trust HourBit?
You should not trust this investment company.
#Red Flag 1 – SSL Certificate Expiry Date
Why I said HourBit is a scam because the registered domain is expiring on 29th Jan 2017. If this is a legitimate business, why would they register the domain only for such a short period of time?
#Red Flag 2 – Ponzi Scheme
The referral program. This is a typical trick from most of the HYIP on the market. They offer to reward “referral fees” to investors for bringing in additional members.
HourBit offers 3-10% referral commission program. By inviting more people to their investment programs, you will instantly receive 3-10% referral commission from every deposit your referrals made.
That’s how a Ponzi scheme is operated. They new members to sustain the pyramid. They need “new” money to generate “returns” for the older investors by acquiring new investors.
See illustration below.
#Red Flag 3 – Vague Investment Information
HourBit provides very few details about how they run the company and how profits are generated. HYIP like HourBit should always be able to explain how they intend to generate returns.
This is your hard earned money, please do not be afraid to ask questions. A genuine financial professional will usually be happy to explain in detail the investment program they are marketing. Unfortunately, HourBit fails to do so.
#Red Flag 4 – E-Currency Account
You are required to open an e-currency account to invest. You have to know that e-currency accounts are often not licensed as a money transmitter.
It is highly risky to invest your money through these unlicensed money transmitters, especially they involve international operations, which means it may be very hard, if not impossible, to get your money back.
#Red Flag 5 – High, Unsustainable Yields
I have years of experience in investments. Historically, investments in most large corporate stocks return less than 10% per year. Usually, HYIP scams offer between 1 percent to 2 percent daily profits to its members.
As for HourBit, they offer up to 20% each hour for 24 hours, of which it is extremely unrealistic.
The higher returns that they claim on the official page clearly indicate that the investment is actually a Ponzi scheme or a junk bond that may never increase in value and has a high rate of default.
I am not a fan of these HYIP programs and it is very rare that I recommend them, because there are some things you need to know before you dive into this throwing your hard earned money around.
Based on my observation, it is very clear that HourBit is an investment scam.
I have tried some of the HYIPs before and I have been scammed once. I hence did a thorough research and only discover how these “investment” scams operate and steal our money.
In addition to that, I also wrote an article on How to Invest Online Without Being Scammed. This should serve as a reference when you look for a legitimate investment company on the internet.
It’s Your Turn Now
Please share this article with your friends and family members so that they do not fall into the trap of another HYIP scam, HourBit.
If you have any questions or comments, let me know in the comment box below.