BotTronic Review: USDC forex trading bot securities fraud
BotTronic provides no information on its website about who owns or runs the business.
Despite the lack of transparency, BotTronic claims to be “solely focused on transparency”.
In the footer of BotTronic’s website a corporate address in Malta and registration number appear.
The address is shared with multiple unrelated shell companies. This suggests BotTronic exists in Malta in name only.
The provided “registration number”, if legitimate to begin with, would thus correspond to a meaningless shell company.
On its website BotTronic claims to be “a brand under F.A Services”.
Malta itself is a scam-friendly jurisdiction with no active regulation of MLM companies.
BotTronic’s official marketing credits Jeffrey Voskuil as the company’s CEO.
On July 23rd BotTronic uploaded a video to its official YouTube channel titled “Live Zoom – BotTronic Copy Bot Trading in the Forex Markets | 2021/07/22 | With CEO & CMO“.
The Q&A section of the video features Voskuil and BotTronic CMO Elisabeth Botman:
BotTronic represents Voskuil was “born and raised in the Netherlands”. This would appear to confirm that BotTronic is being operated from the Netherlands as opposed to Malta.
I wasn’t able to verify whether Voskuil has an MLM history.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
BotTronic has no retailable products or services.
BotTronic affiliates are only able to market BotTronic affiliate membership itself.
BotTronic’s Compensation Plan
BotTronic affiliates invest USD Coin (USDC) on the promise of “target ROIs”.
- ExTronic ($97 monthly fee, $597 bi-annually or $997 annually) – invest $1000 to $50,000 and receive a targeted 20% a month
- LiTronic ($197 monthly fee, $1197 bi-annually or $2297 annually) – invest $1000 to $15,000 and receive a targeted 30% a month
- VoTronic ($297 monthly fee, $1697 bi-annually or $3297 annually) – invest $5000 to $50,000 and receive a targeted 30% a month
- ProTronic ($497 monthly fee, $3097 bi-annually or $5997 annually) – invest $15,000 to $100,000 and receive a targeted 30% a month
The MLM side of BotTronic sees commissions paid on recruitment of affiliates.
Note that to qualify for commissions, a BotTronic affiliate must have an active subscription.
BotTronic pays referral commissions down three levels of recruitment (unilevel):
Residual commissions are paid as a percentage of mandatory subscription fees paid by recruited affiliates:
- level 1 (personally recruited affiliates) – 15%
- level 2 – 10%
- level 3 – 5%
BotTronic affiliates earn a $500 bonus per 250 subscriptions they personally sell.
With affiliates required to purchase a trading subscription to qualify for commissions, these become the defacto cost of BotTronic affiliate membership.
- ExTronic – $97 monthly fee, $597 bi-annually or $997 annually
- LiTronic – $197 monthly fee, $1197 bi-annually or $2297 annually
- VoTronic – $297 monthly fee, $1697 bi-annually or $3297 annually
- ProTronic – $497 monthly fee, $3097 bi-annually or $5997 annually
Note that while USD is quoted throughout this review, BotTronic represents it only accepts and pays out USD Coin (USDC).
BotTronic is your typical “trading bot” passive investment scheme.
BotTronic claims it is
redefining and simplifying bot trading in the forex markets.
Affiliates pay a monthly fee for access to the forex bot, with BotTronic trading for them and generating passive returns.
As per the Howey Test, BotTronic’s offering is an investment contract.
BotTronic affiliate funds are pooled under control of the bot (a third-party) and returns being generated passively (through the work of others).
The MLM side of BotTronic constitutes pyramid recruitment. All affiliates being required to maintain a subscription is pay to play, another regulatory red flag.
On its website BotTronic claims to be legally compliant:
We Are Compliant
Compliance matters! We have strived to do everything just right. We have partnered with the right professionals and taken care of all the required legalities.
On its official YouTube channel, BotTronic has uploaded several interview videos featuring early US-based affiliate investors.
There’s Ken Shuler (aka Doyle Shuler) from Charleston, South Carolina:
Zeb Summers from Ashburn, Virginia:
Phillip Lee from Atlanta, Georgia:
David Garner from Kentucky:
And Fetigue Gbane from Fredericksburg, Virginia:
There are also videos featuring Alex Boorman (South Africa) and Oddbjorn Dahl (Norway).
In order to offer securities legally, BitTronic needs to be registered with financial regulators.
A search of the SEC’s public Edgar database reveals neither BitTronic or Jeffrey Voskuil are registered to offer securities in the US.
Providing passive returns via forex trading would also require BotTronic to register as a broker with the CFTC.
On its website BitTronic makes no representation it has registered with financial regulators in any jurisdiction.
This means that, irrespective of anything else, BotTronic is committing securities fraud in every country it operates in.
In order to maintain regulatory compliance, BotTronic would be required to provide periodic audited financial reports.
As part of these reports BotTronic would be required to disclose crucial due-diligence information about its trading bots.
Who created them, who owns and runs them and whether the bots have a proven track record.
Without these reports, there is no way for consumers to accurately assess BitTronic’s income opportunity.
Note that social media marketing is not a substitute for legally required regulatory requirements. Nor is “bUt I’m MaKiNg MoNeY!”
“We can’t touch your money (except we totally can)” MLM schemes tend to run until the bot inevitably blows up, or the owners perform rigged trades to exit-scam.
Typically the only real money made is in pyramid recruitment.
So it is with BitTronic.
If an MLM company offering a passive investment opportunity isn’t registered with financial regulators and can’t provide you audited financial reports, stay away.
Hello, we would like to respond to the above.
The registration: We have registered in Malta under F.A Services and this is not a secret. We are very vocal about it, and it is also well known in our terms & conditions.
The concept: We are a COPY-trading software service company. This means that people have an INDEPENDENT broker they choose, and they can then hook up to the software through MetaTrader4.
We do not take investment funds whatsoever, nor do we have access to it. Trades are live, and our subscribers can follow everything through their own MetaTrader4 software.
Subscribers choose to copy the trades our trader team places, and subscribers can also place trades themselves if they so choose. They pay a subscription fee to use the software.
There is no law in the world that makes it illegal to offer a software service.
Legality: When you are offering social trading, aka copy trading you do not need to be registered with financial governing bodies.
In US, and actually, in most countries, you only need to register as trader or advisor if you are managing funds. We do not manage funds.
The funds being traded with don’t even go nowhere near us, and we have no access to them whatsoever. The funds are with an independent broker the subscriber chooses, and these are all registered with the necessary governing bodies.
A software service company has no need to do that. We are registered as a company though, and we pay taxes and fulfill our legal duties like every other software service company.
Target ROI: The % shown with our subscriptions are target ROI’s. This is clearly explained on our website, TOS etc.
We do not guarantee anything. Those % are based on previous results, and we are also very vocal about the fact that no company in the world can guarantee results when trading in the forex markets.
Affiliate Program: We aren’t an MLM. We do not rely on our affiliates to run or grow the company. In fact, a lot of subscribers simply go directly to our main website and sign up. For affiliates who like to refer, we offer referral commissions on the subscription fees.
There is no law that is against affiliate marketing that is based on a software service fee. Most companies have affiliate programs aka referral programs.
Netherlands: Since when is it illegal to live in a different country then what the company is registered in? Malta is not that far from the Netherlands, and simply has more favorable conditions for a software service company.
Conclusion: Your review is based on a lot of misinformation or perhaps misunderstanding of what BotTronic is.
Your claim the “only” money is to be made with the referral program. This could not be further from the truth.
97% of our subscribers just use the software and do not even refer. They are only interested in using the software for their own trading.
We’d like to invite you to a zoom meeting so we can go over what BotTronic is, and even demonstrate how things work on the back-end.
This review is untrue, and we’d like to ask you to take it down so we can have a proper conversation with one another.
You can see for yourself that this was simply a honest mistake on your part. The email to schedule a call is (Ozedit: removed) We look forward to hearing from you.
This story is a total misrepresentation and flat out untrue. First off, it uses an Affiliate system and is not a MLM program.
Member’s funds stay in their own private trading account and BotTronic has zero access to them, so there is no way they can “scam out with your funds” as you say. BotTronic is a software/trading system.
Members pay a monthly fee to use the software. They are not a fund manager and do not manage other people’s money.
The quality of the people who are associated with BotTronic is far, far higher than the people who run the BehindMLM site. (Ozedit: derails removed)
No one said it was.
Call it whatever you want. MLM + passive returns = securities offering.
Doesn’t matter. MLM + passive returns = securities offering.
Automated trading = passive returns = securities offering. What you add to that is irrelevant.
No one said it was. Securities is the issue here and offering and promoting unregistered securities is very much illegal.
BotTronic manages investor funds through its bot.
Basic incorporation is not a substitute for registering with financial regulators.
Cool. They are the reason people invest funds through your trading bot.
Why people are investing (expectation of returns through the work of others) is one of Howey Test prongs.
MLM comp plan = MLM company.
No one said there was. An MLM company with no retail however is operating as a pyramid scheme.
Affiliates who don’t recruit are not retail customers. You can read up the FTC vs. Vemma and Herbalife decisions for clarification.
No one said it was. With respect to MLM due-diligence however, shell company incorporation in dodgy jurisdictions is a red flag.
Shell company incorporation in a dodgy jurisdiction other than where the owner of an MLM company resides is a major red flag.
Actual conclusion: BotTronic is committing securities fraud and operating as a pyramid scheme. The company is run by crypto bros who think the law doesn’t apply to them.
Here’s what happens when you run an MLM trading bot scheme and fail to comply with regulations: $15.6 mill Silver Star Live judgment entered against David Mayer
Read the comments of our original SilverStar Live review and you’ll find the same “bUt We DoN’t NeEd To Be ReGiStErEd!” bullshit: https://behindmlm.com/mlm-reviews/silverstar-live-review-forex-trading-bot-securities-fraud/
BehindMLM stands by its research and will not be removing this review.
@How Dare You
MLM comp plan = MLM company.
See here: iQuandex collapses, pulls “technical error” exit-scam
BotTronic manages funds through its bot. You can’t trade for people without managing their funds.
Regardless, BotTronic is a securities offering through forex. It needs to be registered with the SEC and CFTC, as well as financial regulators in every jurisdiction it operates in.
…down to 3 levels. That’s more than one level. You do know what “Multi” means, right?
I saw some rave reviews for BotTronic at trustpilot. 20 reviews: different names, but maybe three or four writing styles.
No “reviewer” had a history of more than 3 total reviews. There were duplicate reviews (typos and all) attributed to different made-up names. Obvious shilling is obvious.
If you had a bot that could return 20% per month, you’d feed it $1,000 and have $100 MILLION in a little over 5 years.
You might bring a few friends in on it, but you sure as hell wouldn’t offer it to randoms on the internet. Obvious Ponzi is obvious.
Oddbjorn Dahl is a busy scammer. His channels on YouTube:
1. Bjorn Dahl with 61 subscribers.
In this video from March 2011, he promoted Frank Ricketts’ SiteTalk scam.
The screenshot shows Kenny Nordlund:
Oddbjorn Dahl retitled and described this 2011 video after SiteTalk became part of the OneCoin scam:
Oddbjorn Dahl in 2011:
His scam portal cryptocurrency24.com no longer exists. This screenshot is from the web archive:
The next channel of Oddbjorn Dahl:
…with 342 subscribers.
Just a playlist of three videos on this channel with his OneCoin registration link:
Serial scammer Oddbjorn Dahl no longer lives in Norway, but in Pattaya (Thailand). He gives the following contact details:
The registration data of his fraud portal moneyworks.info from August 23, 2020:
At the moment, his fraud portal moneyworks.info is not accessible, but redirects to his private Facebook group cryptobjorn with 27,009 members:
Serial scammer Oddbjorn Dahl has another private group on Facebook with 23,084 members:
Important! Oddbjorn Dahl is no ordinary scammer. In one of his profiles on XING he calls himself:
In another profile on XING he is not a professor and doctor, but an engineer!
With these three qualifications, of course, Oddbjorn Dahl became very rich! Under one of his videos he writes:
Now it’s going to be fun! 🙂 Notorious scammer Oddbjorn Dahl warns about Ponzi and pyramid schemes. On Facebook and in a video he shows numerous pages of BehindMLM and sometimes links directly. The Facebook group has only 98 members.
The video from April 27, 2023:
MR. Oddbjorn Dahl: