Bitzlato is a modern cryptocurrency exchange that has transformed from a network of Telegram bots to exchange popular types of cryptocurrencies. In the Network, we found negative comments from former customers, which puts the reliability of this company in question. In this article, we will review the features bitzlato.com and let’s try to understand why so much negativity has fallen on the crypto exchange.
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We start the review with the section ” About the company”, here the following chronology is observed: in 2013, an anonymous team of engineers appeared, which jointly decided to create technologies for the then underdeveloped Russian market of the cryptocurrency industry; from 2013 to 2018, these engineers produced mining equipment, built data centers (for themselves and to order), and also carried out orders for setting up equipment for the organization of cloud mining services; In 2016, the company launched a separate direction focused on the development of Telegram bots ChangeBot for conducting exchange operations with cryptocurrency. The first bot developed for Bitcoin, later this list was supplemented by programs for the exchange of Ethereum, Bitcoin Cash, Litecoin, Dash and Dogecoin.
According to the developers, over 2 years, more than 1 million people used the listed bots for an amount exceeding 35,000 PTS. Since 2018, the company has rebranded and changed its name from ChangeBot to Bitzlato. The exchange’s website says that the original name limited the scope of activity and forced the project to be associated exclusively with Telegram bots.
What to pay attention to for the investor is the first point. Pay attention to the existing gaps: from 2013 to 2016, some company worked, which after the launch of telegram bots received the name ChangeBot. It is not clear what kind of company it is and how can we check the qualifications of its engineers and employees? Any project will fit under such a legend.
The second point. There is no information about the organizers and current employees of the exchange: who are these people that users will trust with money. How can you make sure that they are guaranteed to exchange everything and do not allow fraud?
Why is there no block with the project team on the site? The third point.
The company positions itself as one of the largest P2P communities in Russia. Question: where to view and how to check this data? Overview of the terms of the Bitzlato user agreement Since we do not have any useful information about the project organizers in the descriptive part of the review, we will try to look for the missing information in the terms of the user agreement.
We move to the footer of the site → find the column “Company” → consistently study the sections “Regulatory documents” and “Security Policy”. The summary of the main provisions is as follows: residents of Germany and the United States are not allowed to work; all content on the site is published exclusively for entertainment purposes to promote programs, films, music and other products.
For verification, see the sub-section “Jurisdiction Issues”; BITZLATO LIMITED assumes no responsibility for any damages that users may receive in connection with the use of the products provided. The company also does not provide any legal advice and does not inform customers about the payment orders carried out (for the full text, see the sub-clause “Limitation of Liability”); BITZLATO LIMITED reserves the right at any time to completely or partially, temporarily or permanently disable any software provided without prior notice to customers. That is, you upload a large amount of money → set the exchange rate → get a refusal due to a failed program → file a complaint with representatives of the crypto exchange → get a refusal and a link to the “Services”subsection.
Judging by the information from the screenshot of the document, at any time your transfer may be blocked and you will not be able to do anything about it. The money will not be returned and you will not be able to complain to the regulator or to law enforcement agencies. Representatives of the crypto exchange limited their liability in advance and put all users in an unequal position.
What should an investor pay attention to? To study the documentation on bitzlato.com only in the English language. The Russian language switch button does not work here. In companies that care about customer security, this should not be the case. After all, in the documentation, every wording is important and without an accurate translation, you can agree to unacceptable conditions. Russification of all content is not a complicated and expensive procedure, which, for some inexplicable reason, the Bitzlato exchange has not performed.
Information blog Anatoly Pirs 