*UPDATE* The Bitstorm website has been offline for several days now, leading to the assumption that it was a scam all along.
Bitstorm almost seems too good to be true due to the interest rate they are offering. At 10-15% daily, it is much lower than obvious scam sites that promise hundreds or thousands of percentage points of profit in a matter of days. However, it is significantly higher than the 2-5% offered by many longer running services. We've done an in depth search through multiple search engines looking for scam reports, and have not been able to find any concrete proof that this is a scam. There is however, ample speculation and comparison to scam sites people have seen in the past.
Bitstorm lists an actual business address in the United Kingdom, and uses several website security services that all validated as expected (Comodo, TrustWave, GeoTrust, AVG, SiteLock). However none of those services monitor whether or not Bitstorm is paying out to investors.
We decided the best way to figure out for sure is to try out Bitstorm with the minimum investment of 0.001BTC and see if we can actually make and withdraw funds. Stay tuned and we will report back when we try to cash out.
Bitstorm offers three different investment levels:
- 10% daily interest - minimum investment 0.001BTC
- 12% daily interest - minimum investment 5BTC
- 15% daily interest - minimum investment 10BTC
Have you had a good or bad experience with Bitstorm? If so, let us know on Twitter @BitNewsClick.