Bitcoins On Steroids Review
Bitcoins On Steroids (BOSS) is a bitcoin investment company based in Durban. The company has promised to pay investors a guaranteed return of 5% per day of the initial deposit when they invest in its packages.
According to its website, the company has been in business since 2015. In contrast, the domain name information indicates that the website was registered on the 2nd of November 2016.
Nonetheless, the website owner claims to have considerable experience in managing investors’ funds. This a direct quote from the website:
With our Experience in Short term Online Investments and in Network Marketing, our experience proves that we are the best in the game by far. We have operated over 5 Online stokvel, managed over 300 000 participants in 5 countries and made millions together with our participants.".
Well, there you have it. The company makes grandiose claims about what it can do for investors and why investors should trust it.
However, taking a closer look at the website and its claims reveals signs of scam written all over the website.
1. How Does Bitcoins On Steroids Work?
You create an account by registering on the website. Your account will be approved 6 hours after registering, only then will you be able to
Once you have
To invest, you must buy one or more of the available packages. To buy a package, click the ‘Buy Package’ tab. The following available packages will be displayed.
Whatever package you select, you will be paid a return of 5% per day. Calculated monthly, the return amounts to 150% gross profit (including the principal amount).
For example, if you select the Gold Package and invest $1000. Then after 30 days you will have $1500 in your pocket, which amounts to a 50% net profit of $500.
The first problem I have with this company is that it does not explain how it generates its income or profit.
We don’t know if
If it generates profit through bitcoin mining, then the company needs to provide evidence to support its claim.
The second problem I have with the company is the high profit it is promising investors. A return of 50% net profit per month is simply not possible to achieve in this type of investment.
2. Who Owns Bitcoins On Steroids?
Simon Zulu (aka Sanele Hlongwane) is the owner of Bitcoin On Steroids. His name looks familiar because I have seen some people complain about him on Facebook.
They labelled him as an online marketer who specialises in scamming people on social media.
On doing further research, I discovered Facebook posts accusing him of having scammed MMG and Rich Society Club members (see screenshots below). I believe he is a fundxglobal.com administrator as well.
Given his history, I would think twice before participating in any of his investment schemes or seminars.
3. Is Bitcoins On Steroids a Scam?
Bitcoins on steroids on its own has 3 red flags which makes me makes doubt its legitimacy.
1. The company provides a guaranteed return to all investors with any amount of deposit. It is not possible to offer a guarantee to a high return investment. This is a sign of a scam.
2. The source of income is not clear. If profit will be sourced from bitcoin mining, then evidence of mining equipment or data farms is just not there. This investment smells like a Ponzi scheme.
3. The return of 50% per month is too high for a real investment. Even if he honestly
Taking into account the 3 red flags above, and the administrator’s history of scamming his investors, I have no choice but to conclude that Bitcoins on Steroids is a scam.
4. Final Thoughts
Bitcoins On Steriods is a scam. Simon Zulu has joined South Africa's growing list of professional scam artists, which include Louis JR Tshakoane and Ref Wayne Nkele. These scammers defraud a high number of investors by deceiving them, thereby essentially committing daylight robbery with impunity.
Back to Bitcoins On Steroids. A few lucky people may receive payments to attract more victims. But the almost all of investors will lose money.
In reality, 99.99% of all bitcoin mining investments are scams. Rather, invest your cash in bitcoins by buying them at a bitcoin exchange such as bitx.co and keep them in a safe place.
The buying of Bitcoins is a good investment as bitcoin experts predict a surge in price over the next few years.
However, if you truly believe in the future bitcoins like I do, you can leverage your limited cash by buying bitcoins through a reliable broker such as eToro Forex Trading for long term investment.
eToro has thousands of professional forex traders from which to select a trader to copy. All you have to do is find a forex trader with a bitcoins portfolio to copy. Or you can open a bitcoin position by yourself and keep it like that for months or years to come.
Read the eToro Social Trading review, which explains step by step how to go about selecting the best and safest traders to profit from social trading.
The beauty about eToro Social Trading is that you don’t need forex trading experience or knowledge to safely participate in forex trading, provided you read and follow guidelines for selecting and copying the best eToro forex traders.
If you have been a victim of Simon Zulu aka
Do you know you of any other online investments or stokvels operated by Simon Zulu, whether past or present? Please share with us in the comment section below.