2 reviews for Truenorthbit are not recommended
These reviews are not recommended because our content quality algorithms have determined them to be less useful for users researching this business. Our content quality algorithm makes decisions based on a number of proprietary evaluation factors, and is constantly updating and improving over time. Even though these reviews are not displayed by default, they still factor into the overall number of reviews and the average rating for the business.
Canada
4 reviews
4 helpful votes

REad it and WEEP!
June 10, 2022

I had a chance to think about what just happened to me and what would have continued to occur, and I am truly appalled that I was led down a garden path and was not disclosed the actual situation on my funds.

• I was put on arbitrage and was getting funds. I was happy about that
• Little did I know that was "FAKE" Money to keep me depositing more money for the use of TNB – funds I would NEVER have access to
• I asked what it meant by the following attached statement and was told it was nothing and I had nothing to worry about. I asked several times about items in the RIGHTSIGNATURE documents and the entire process was NEVER explained to me – just shuffled off!

• During the entire process I was asked over and over again to send more money for different reasons
• I was assured by each rep that my money was safe because they were going to place orders to lower the risk if stocks go up or down
• I was comfortable until I saw the red numbers – however if I liquidated at that point all my funds I would have lost money but at least I could pay off some of my debt
• Each time I was promised I could withdraw cash and when I was concerned your rep told me to withdraw $1000...( I guess to make me feel like I could withdraw the amount in Equity that showed on my account)
• I was included in the 'earning season' see attached – which again was some type of fake money
• My understanding was that this was MY MONEY TO TAKE OUT (it was my profit)
• The last time I talked to David I was told that if I put in another $100K + into the account then I can withdraw $300K of my money
• So I borrowed against my house and cashed in my pension (being told it was a temporary input to get my money out)
• We had several conversations on that topic – I would have been happy to withdraw $200K or even $100K at this point
• So Shaun put me in a terrible predicament. He told me that he would recommend trades that covered both going up and going down
• That did not happen at all
• I now know it was by design that what I was told would be the process -- was not what I was told to do when we did screen share
• Once the stocks dropped – David told me that he talked to his finance director and got emergency funds
• He called me back and said – look if you put in another $100+K you can take out $300K because TNB would deposit $525K which was approved by the Finance Director
• At this point I was already leery because I started to think that this was FAKE money just to get more deposits from me
• I wrote to both David and Shaun and no response from David at this point

Well, it got better:

• I got a call from Finance guy Miller who told me David and Shaun were suspended (HHHHMMMM)
• That in fact my account showed up as (can't remember the terminology) – but not good / suspicious
• That they will give me the emergency funds (which apparently are setup for these types of situations)
• Miller said he can only do $400K but it had a caveat that I had to put in more than $50K and then I can get my cash out
• So that is very interesting!
• Miller told me yesterday that I cannot get the cash that is listed as EQUITY on my account... yet if I put in another $50K+ I can get it out... that is a LIE
• It's a lie because what's the difference if I take it out now or take it out when $400K is in my account? No difference
• The $50K I suspect would have gone into the same hole as the rest and I would not have ever gotten my money back
• If Miller was so sure I could get the funds – then send me a notarized letter from a lawyer indicating if I deposit the funds, I can withdraw them immediately
• After all I was told all along I can withdraw my funds that they are mine (the ones under EQUITY)
• That would never happen as I am not dealing with ethical people who are up front with the situation – but why be ethical when you can manipulate the numbers on an application and keep the funds?

So my question is – if I can take out $300K after depositing $50K – why cant I take out the $250K now?
After all I signed a legal document or was that bogus as well?

As is stands now – no one cares because they did not lose funds – they made money.

The funds in my account are BOGUS numbers that can be manually manipulated by staff and are just there to entice investors to keep adding funds.

I just wanted to document this for those considering -- apparently they are opening an office in Vancouver, BC

Date of experience: June 10, 2022
Canada
1 review
3 helpful votes

My rating for TrueNorthBit is way beyond negative, not a positive 1 star.
November 17, 2021

True North Bit company called me in response to my response on an advertising about Bitcoin Era. I signed up and transferred about $20K US during 1.5 months. At that point I decided to cancel and asked for all my deposits to be refunded. I did not generate any losses up to that time, but bonuses were awarded to my account for using my money in arbitrage trading by the company, according to what the managers said. To my withdrawal request, the company created a total loss of my money by orchestrating so-called "liquidation" procedure, which was a sell of BTC/USD on the platform for the purpose of them to buy BTC and send it back to me as a refund, as they explained the "liquidation procedure". This "procedure" took few days to run, and, when finished, it resulted in a loss, which was expected (and I was told not to worry about loss, if I see it during the "liquidation" which takes few days to complete), and then the manager called and said it was actually the loss but not a so-called "liquidation" any more, and that the money was gone. As a suggestion, the manager said that if I add more new funds, "we" (meaning myself with his help) would recover all the lost funds by the end of the year or faster by doing more aggressive trades, depending on how much more funds I can add. The manager stopped communications, after I refused to add more funds and insisted on returning of my money by the company. Even the small amount that was still not shown as lost at that time was not returned. Instead, I have been called by different representatives from the company telling me that a trade position to "liquidate" that amount must be initiated for me to be able to receive it back. In regards to the bonuses, they are simply not permitted to be withdrawn, unless each bonus dollar has been traded times *******, but even after that - not known. I sent an email to the support requesting to open investigation, but there is no reply to that. It seems that the account managers are highly trained to defraud. It's hard to recognize the fraud, while it's happening. In my case, the account manager could not explain what happened during the "liquidation", but said that there was something wrong. Investors should file the fraud complains in their respective countries and report to the police as well. There is only an appearance of a legitimate business and very little transparency. The company is violating number of laws of each country in the market, and financial institutions should be aware of that and should not allow for the funds to be transferred to it from their platforms. The My Trading College is being used by the TrueNorthBit with or without their awareness. Different Crypto wallets/exchanges are being used in this scheme and not raising concerns and not investigating their concerns fully for protection of their clients, even if they are required, expected, and even if they promise to do so. So, investors, be aware of that and stay away from any platform, like TrueNorthBit, that has no verifiable address, no registration, and not regulated by any regulations. If you are assigned an account manager, ask to provide the name and contact information of the higher manager as well. There is a testimonial video on the YouTube, be aware that is made by the TrueNorthBit itself. If you are a victim of the TrueNorthBit's fraud or violation of your rights, post it for others to learn.

Date of experience: November 17, 2021
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2 reviews for Truenorthbit are not recommended