There is no limit to what scam sites do in the quest to make money out of people. With the rise in interest in cryptocurrencies, scam sites have been working really hard to deceive the uninformed and steal their funds. We shall learn what Cryptogreenfx has done on their site and why we declare them a scam.
Before we delve in, it is important to know that scam sites mostly use subterfuge and other deceitful practices to create the impression that they are genuine.
The Need for Trust
Trust is an important commodity on the internet and the person who could create the perception that they are trustworthy would have people do business with them.
This site is an interesting one in that there are many aspects to it that would ordinarily attract an investor. For instance, the domain shows that it is an environment-friendly business that is associated with cryptocurrency.
This would ordinarily make many eco-friendly investors want to do business with the site. Unfortunately, there are many investors that do not conduct due diligence before putting their funds in a venture.
One fact every investor should understand is that it is not enough to find a site that offers what you’re searching for in terms of investment opportunity, it is even of more essence to make sure that the site is actually what it claims to be.
What is CryptoGreenFX?
This site prides itself as a secured cryptocurrency and forex trading platform, offering margin trading for the spot market. It claims that users of the platform can trade the major cryptocurrencies such as Bitcoin and Ethereum in a way that gives them the opportunity to earn profits.
This is enhanced by the platform’s special algorithm which could generate profits up to 60 percent if the investor chose one of an array of investment options available on the exchange.
The algorithm was promoted as the ultimate investment tool that puts the potentials of the global market at the fingertips of the investor. Who doesn’t want to make high returns on their investments? This is a platform promising 65 percent.
Interestingly, the site claims that users could trade Bitcoin with over 40,000 other coins. It is not clear if this was a typographical error or the writer really meant what they wrote. Bitcoin with 40,000 other cryptocurrencies…
Really A False Claim
This is barely accurate since we do not have up to 10,000 digital currencies yet, talk less 10,000. Nevertheless, it could be an indication that the copywriter and owners of the site do not know what they are talking about.
It could also mean that the site was set up to lure people who are not informed about cryptocurrencies to invest in think with the promise of huge profits.
Intention to Deceive
The site further claims that with the introduction of its forex option, its investors could make more profit with low risks. They were encouraged to diversify their investments through this option with the promise of high returns.
This is clearly not accurate information since there is no investment without risk, talk less forex. It is obvious that whoever is behind this site has the intention to deceive the investors by making their investment options seem low risk.
The platform claimed that its users generally have more than 90 percent win rate using their trading robot. We believe this to be impossible since there is no exchange that has proven to have that success rate.
Some of the most successful exchanges are the social trading platforms which use copy trading to share trading skills between its users. It is doubtful that such exchanges achieve such high level of success that CryptoGreenFX arrogate to itself.
The theme throughout this site I to convince the investor to make investment at all cost, even if it meant lying. According to the exchange,
“Cryptogreenfx is the preferred choice for automated traders. Our order matching engine located in the New York Equinix NY4 data centre processes over 500,000 trades per day with over two thirds of all trades coming from automated trading systems.”
Who is Behind CryptoGreenFX
You wouldn’t really expect the owners of this site to reveal their identities. Nevertheless, what could be seen on the site shows that the company is located at 133 Whitechapel High St, London E1 7PT, UK. A search of the address shows that it belongs to The Office Group, a company that serves the shared workplace niche.
This means that the address does not belong to CryptoGreenFX as claimed but may be used as a virtual address, something that a scam exchange such as this is wont to do.
A Whois search shows that the site was set up weeks ago as the domain was registered on June 28, 2019, even though the owners used an anonymity service to conceal their identity.
Reviews are important social signals that help individuals to connect with an online business. Many online marketers are aware of this and utilize it effectively to grow their customer base.
Unfortunately, scam sites have found ways to leverage this also as we discovered with this exchange.
At the clients’ feedback section of the site, it displayed the testimonies of three supposed clients, Alex Mctarvish, John Anderson and Sandy Brooks. We ran a background check on the identities of these individuals and found that they were faked IDs.
The cryptoGreenFX exchange actually stole the photos of other people and used fictitious names to create the false testimonials.
A reverse engineering of the images shows that Sandy Brooks is actually Anna Petrova, the founder and business development officer of BTL Group.
The man named Alex Mctarvish is a model whose image was taken from stock photos on the internet.
John Anderson is another fake profile that has the image of a real estate agent from Australia named Deej Babet.
It is obvious that this exchange went at lengths to deceive their potential investor. So it is safe to posit that their intention is to defraud them.
There are many tricks employed by scammers to steal the funds of investors. When they are daring to set up exchanges, you should know that they have ways of covering their tracks. One of such is the use of faked IDs.
It has become obvious that many investors are losing a lot of money because of these malicious players in the industry. This is the reason why every investor should conduct appropriate research before sending their funds to any exchange.
Never invest with a random exchange just because the information on their site is enticing. Always go for well-known, regulated exchanges. That is the only way to ascertain that your funds would be safe.
At cryptoinfowatch, we recommend that you use only exchanges that help you make profit through social collaboration. You may check our top recommendation for that.
What experience have you had with CryptoGreenFX? You may share them using the comment box below. Also share this post to help others avoid this scam.