As a new trader, you can consider yourself exposed to hundreds of scams on the internet. When it comes to experienced traders, they know what works and what does not. On the other hand, when you are a new trader in various financial markets, you do not really know what’s right and what’s wrong. You can’t even tell whether the chart you are seeing on your screen is a real-time chart or just a gimmick created by some software developer. So, if you want to trade cryptocurrencies or any other assets, you can join online brokers XTRgatescam.
When you join an online broker, you are given access to a trading platform that you use to enter the financial markets and trade various assets. But some of these platforms have been designed to make you spend money for nothing. You spend some money, the people behind the scam collect that money and disappear. You have to stay away from them at any cost. Today, you will learn about three of the most obvious scam trading platforms. In addition to that, you will also learn about some indicators that tell you that what you are looking at is nothing more than a trading scam.
The Three Trading Scams to Avoid at Any Cost
So, the first thing you have to know about this platform is that it promises to help you with cryptocurrency trading. Of course, cryptocurrency is the most lucrative and attractive market right now for traders from around the world. And since a lot of traders that are approaching this market are young minds, scammers have sharpen their claws to catch them. You have to be most careful when it comes to trading cryptocurrencies because scams are most common in this industry. So, one of the many scammers targeting new traders is Crypto-Masterbot.
As the name suggests, it is a platform that is supposed to let you do automated trading. You do not have to make any efforts to make money with this platform. You do not have to download the software on your device. You will access the software through your browser. It keeps talking about a 100% risk free demo account, which sounds weird because any software that comes with a demo is risk free. When you look deep into this platform, you realize that there is nothing new or different from any trading platform that you get from another broker.
Do keep in mind that the platform is nothing but a reversed way of trading. Why do we call it the reverse way of trading? Well, the normal way of trading is that you sign up with an online broker and then get access to the trading platform. In this particular case, you join a platform first, and then are put into contact with a broker.
One of the weirdest things about this platform is the way it explains things. So, when you think about automated trading, you actually think of trading while sleeping or doing something else. However, this platform talks about automated trading signals. But what are automated trading signals? Signals are almost always automated. You never create them as a trader. They come from a third party and are a result of many trading experts analyzing the markets, applying different formulas and coming up with a signal based on that. At the end of the day, you never really fully understand the platform. And there is no reason why you should not just sign up with a reputable broker online and trade.
2. Bitcoin Revolution
It is clear why the creators of this platform must have chosen this name. They want to target anyone who comes on the internet with the intent of searching about bitcoin. Bitcoin is the best and the biggest cryptocurrency right now. You add the name of bitcoin in your software’s name, and you are guaranteed to get some traffic on your website. Bitcoin Revolution is truly about trading with your hands off the computer or whatever device you have. Yes, the software will trade on your behalf and make you money. You just have to set up an account and go to sleep.
It is a trading bot that trades on your behalf. Sometimes, you have to think how the bot is going to trade on your behalf when you have not even specified your interests. Every trader is different and applies different strategies in financial markets. If the robot is taking decisions on your behalf, you have zero control over anything. In fact, your money might disappear and you would never know. In fact, how would you ever know how much money the software has made for you?
To sign up on this platform, you have to deposit $250 in your account. Once you do that, you are connected with one of the many “carefully selected” brokers on the internet. After that, you put the software on automatic mode and forget about it. Next time you log in to the software, you will see a lot of money in your account. Yes, that’s how easy it is to make money today. According to the website of the software, the bot will predict trades correctly 99.4% of the times. Doesn’t that kill the purpose of trading anyway? And it is nearly 100% correct with its trading decisions, why does it even require $250 as an initial deposit. It should be able to make you millions with a starting capital of just $1.
3. Bitcoin Loophole
You know at this point why there is “bitcoin” in the name of this software. Well, the developers are trying to make traders believe that there is some kind of loophole in the blockchain that lets them make a lot of money without getting noticed. In this particular case, the software will make 88% of correct decisions while trading on your behalf. And of course, you will not be trading manually. You just have to set it and forget it. The software will make the money for you. Just like the previous platform, you require at least $250 to start your trading account.
It is strange that you then have to pick a broker to sign up with. That is something you can do on your own by selecting one of the many online brokers. The websites that talk about this platform tell you that withdrawing money is easy, but they never tell you how you will withdraw the money, using which methods. Do you know you can make up to $13,000 when you use this software for trading? That’s where things start to go out of hands. These are some huge claims and no one really believes them in this modern world.
How to Spot Scam Trading Platforms
A trading scam is not too hard to spot. There are some telltale signs that will always be present in any online scam trading platform. Some of those signs are as follows.
- They will promise to make you a lot of money. In reality, no legitimate platform will ever make any promises. They give you access to the trading platform and financial markets, but that’s about it. Your trades are your matter and you have to be vigilant to make profits on your trades. In this particular, these platforms promise to make you thousands of dollars in just one day. That’s too good to be true.
- Trading scams usually cannot access the online platforms where the security is strict. For example, when you look at the legitimate online brokers, they almost all have their trading platforms. You can download their trading platforms from Play Store or App Store. That’s not the case with any of the software stated above. The fact of the matter is that they cannot gain access into those stores because they have strict security. A scam trading platform cannot make its trading platform enter these stores.
- Another thing that you must have noticed by now is that these trading platforms try to manipulate your thoughts based on your dreams. They try to show how rich you will be when you start trading using their platform. They show you pictures of people driving expensive cars or even flying their own private planes. These tactics are used only to persuade you to sign up with them and shell your money. When they keep telling you that you will become a millionaire soon, you can be sure that the trading platform is nothing more than a trading scam.
- This is the most hilarious of all telltale signs that tell you that a trading platform is nothing more than a scam. So, they say a lot of things in such a way that it seems that they are in some kind of trouble. For example, they will have a video on YouTube which they will claim will be taken down soon. They will create a website and right on the website they will tell you that the website will be taken down soon. In most cases, they do not even have their official websites. You can find reviews on them, but you can never find the official website of the trading platform.
So, just because you want to make money from trading does not mean you have to lose control and act childish. Always keep your ears and eyes open when you browse the internet to find a broker. Never fall for false promises that tell you that you will be a millionaire soon. Trading requires skill and hard work. You cannot make money by putting a software on autopilot mode. That’s just not how things work, at least right now.