Making investments through the internet is increasingly becoming the norm to the extent that there are many sites that are taking advantage of this to defraud people.
Excel Traders is an investment site that we shall analyze today to know if it is worth putting your funds in it to be managed by the platform.
Before we continue, it is important to note that the advent of cryptocurrencies such as Bitcoin has eliminated barriers hitherto known to financial transactions.
The pseudonymous feature of some of these digital assets makes it difficult to trace the identity of the holder so this makes it a desirable feature for individuals who would want to have their tracks covered.
In other words, sending you digital currency to a fraud site would mean that you have very few options if any of getting your funds back. According to the SEC website, when these digital are mistakenly invested with fraudulent sites, chances of recovering them may be zero.
What is Excel Traders?
This is a company that claims that it is involved with the manipulation of cryptocurrency exchanges for profit. Even though it did not specify what manipulations it is involved in, it emphasized that it could do this safely.
The seemingly UK based company stated that it takes advantage of the volatility of cryptocurrencies and what it calls conducting IPOs. This may not be new terms in the industry especially considering that there are arbitrage businesses in which people consider and take advantage of the differences in the prices of coins in several exchanges.
The issue of IPO is suspicious though since the coin market has no correlation with IPOs which are meant for the capital market. The coin market has been focused on ICOs and more recently, STOs.
This makes the claims of this site suspicious and untenable. However, to give it a benefit of doubt, we decided to run background checks to ascertain the veracity of its claims.
Claims of Zero Risk
Everyone knows that there is no investment that doesn’t bear risks. Excel Traders claims that it has developed such business that would make you money without incurring risks. This is clearly a misleading attempt at making you deposit your funds with a false sense of security.
According to advice from the Securities and Exchange Commission:
“The SEC’s Office of Investor Education and Advocacy (OIEA) and the Commodity Futures Trading Commission’s Office of Customer Education and Outreach (CFTC) warn investors to scrutinize investment opportunities through websites purporting to operate advisory and trading businesses related to digital assets. These websites often contain “red flags” of fraud including claims of high guaranteed returns and promises that the investments carry little or even no risk.”
This is a reflection of the claims made by Excel Traders in their quest to convince people to buy their so-called mining plans. The fact that they are confused at what they are selling between arbitrage and mining is enough red sign to warn the investor that this is a fraud site.
Misleading Registration Certificate
The company claims that it is registered by the UK Company House. However, it did not provide proof to authenticate that, but has rather posted an empty certificate on its website. This is an approach employed by scammers in their quest for legitimacy.
Be that as it may, what we tend to tell investors is that even a site that is duly registered may still be fraudulent because crook are known to register businesses meant for illegal and criminal activities.
Could you believe that a site like this has been online for 910 days? This is what it claims even though a Whois search shows that the site domain was registered on September 4, 2019.
Scam investment sites are known to lie about how long they have been in operation because they would want the investor believe that the company has built online reputation by paying participants over the months.
Other false data displayed shows that the site claims to have disbursed more than $50 million with deposits slightly more than $1 million. Think of a miracle working site.
Low Quality Web Copy
It is amusing that a site that claims that it has expertise in multiplying your assets has such low quality web copy. This means that it could not even hire professional copywriters.
In our investigation, we contacted the site support to ascertain what they do to make money but were surprised that the support team of a site that claims to be an investment site doesn’t know the meaning of ROI.
On its homepage, it introduced itself:
“Our company is a bitcoin mining and tradering company which invest with optimism and confidence to produce strong result in the bitcoin market. . We offer you reliable and long term profit system! Dream now, gain tomorrow!”
This means that none of the professionals and expert managers could proofread the site to make it error free? The whole place reeks of incompetence and they expect you to send your funds for management?
High Yield Investment Scam
Fraudsters are aware that the quickest way to get attention is by offering high but unrealistic profit margin. Their interest after all is in stealing your funds so anything they can do to get the money to their wallets is permissible.
Read another warning from SEC:
“SEC and CFTC staff have recently observed investment scams where fraudsters tout digital asset or “cryptocurrency” advisory and trading businesses. In some cases, the fraudsters claim to invest customers’ funds in proprietary crypto trading systems or in “mining” farms. The fraudsters promise high guaranteed returns (for example, 20-50%) with little or no risk.”
SEC’s assertion that 50 percent is unrealistic pales to insignificance in comparison with what Excel Traders offers its investors. The minimum plan is 120 percent in 24 hours. Higher plans are up to 200 percent. All these are in the bid to attract the investor’s assets.
Excel Traders is an active scam. Fraudsters are confident in making sites like this because they’re aware that there are uninformed investors that fall for these tricks.
A genuine investment site must be licensed to render financial services. It must have appropriate regulatory agency have oversight functions over it and it must operate based on laid down compliance principles.
You can check the regulated investment site that we recommend. While at it, take advantage of the copy trading system that could help you grow your assets.
What is your experience with scam investment sites? Please share them using the comment box below.