Crypto Trader Risk Report — ScammerWatch

Overview

Report status: Unverified Risk
Risk level: High
Last reviewed: January 2023
Category: Fake trading platform

Evidence Status

• • Shared design: same layout identified on Yuan Pay and Bitcoin Buyer — all reviewed by ScammerWatch. Same network also includes Ethereum Code, Crypto Code, Crypto Cash reviewed by ScammerWatch
  • Multiple domains: identified — different logos across domains, inconsistent brand identity

Crypto Trader is an automated cryptocurrency trading platform. ScammerWatch reviewed publicly available information including domain structure, shared design connections, physical address status, celebrity endorsements, and Trustpilot data.

Sha>Shared Design — Yuan Pay, Bitcoin Buyer, and Network

And there is your first red flag. Many of the crypto trading bot scams are, it seems, connected. The same layout was identified across the following platforms, all reviewed by ScammerWatch. There are some of them:

• • • Ethereum Code
    • Immediate Bitcoin review
    • Immediate Edge – scam or legit?

Multipl>Multiple domains

Another one of the recurring themes of these scams is that one website has multiple domains. We’ve been able to locate 4 different websites for Crypto Trader, but there could be more.

Now, you may think to yourself, well maybe only one of those is a legitimate crypto trading bot, while the other websites are a scam version of the real one. In fact, the trading bot exploits exactly the same marketing technique as a number of other scam crypto bots we have been warning about:

• • • Immediate Profit crypto bot
    • Profit Revolution trading bot
    • Profit Secret robot

Platform >Platform Claims — Not Verified

You proceed to look into the licenses, security protocols, initial deposit needed, fees, demo options, support, and other features they promise.

They offer a simple registration process, a demo training option, and support that operates 24/7. There are multiple choices when it comes to making withdrawals: credit/debit cards, e-wallets, and wire transfers.

You will need to deposit $250 to start trading. There is no fee for signing up with them or any other hidden costs, as they proudly state on all of their websites except one. On that one, they do charge a 2% commission on the profit you make.

It is clear that developing alone the type of algorithm needed to monitor and execute the trade is costly. Someone offering you that for free is simply not a viable option. That should be your second red flag.

They also state that they have a mobile app, but if you try to find it in Google Store, it comes out empty. (There is another app with a similar name, but it is a trading simulator, not a crypto bot.)

Marketing L>Marketing Language — Documented

On one of their websites, they state that their trading bot is equipped with “the 6 most famous trading indicators and to 7 different timeframes”. To a beginner in the industry, it may sound convincing, but seasoned professionals know that these are just words of no substance.

Yes, there are trading indicators, such as On-Balance Volume (OBV), Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), etc. These are monitored and used by traders to indicate when to enter a trade and when to sit by and wait.

Crypto bots can also monitor these for you and when they spot an opening, enter a trade on your behalf. But a very important thing to note is that you need to set up the criteria that need to be met for the bots to do this. So, the wording used on their website is just meant to deceive you.

Another misleading piece of information is that they use the SSL certificate to protect your data. This certificate encrypts the communication between you and the website’s server.

This makes it almost impossible for hackers to gain access to the privileged communication but means nothing if the people wanting to misuse your information already tricked you into providing it.

No Address on Any o>No Address on Any of the Crypto Trader Websites

If you carefully read through their “About Us” page, on the websites where there is one, you will notice they do not provide any information of substance. Also, there is no address of their headquarters anywhere to be found.

But if you search them on Trustpilot, you will see an address offered for the listing. However, the official UK government website cannot seem to find any company with the same or similar name listed on the said address.

Not offering any contact information or physical address is almost always a sign of a scam, just like with other similar scams:

• • • The Crypto Genius bot review
    • Trade Cannabis Stock crypto trading bot
    • The News Spy scam

Different Logos

Furthermore, when you are on their Trustpilot page, you can notice that the logos don’t match.

Granted, anyone can post on Trustpilot, but most reputable companies have matching logos and claim ownership of the business to be in control. This is not the case for Crypto Trader.

Celebrity Endorsements — >Celebrity Endorsements — Not Independently Verified

Another clever misleading strategy to instill confidence is to have celebrities’ support. They did once again use deceitful language to appear as if they were supported by Elon Musk, Martin Lewis, and Gordon Ramsay.

In fact, these are mere speculations, and the language is very crafty, so they cannot get sued. But none of the aforementioned prominent figures has actually supported Crypto Trader.

Trustpilot Reviews — Issues Ide>Trustpilot Reviews — Issues Identified

More times than not, websites like Trustpilot can help you know who you are doing business with. These sites offer other people’s experiences to help you determine if a company is fraudulent or reputable.

Unfortunately, the scammers have figured this out and now use an army of bots to post fake positive reviews about them. You can often spot these reviews following two very distinctive rules:

• • 1. It’s almost always just that one review; and
    2. It’s positive, but without any concrete proof or information.

But if you carefully look for the negative reviews, you often get a pattern of behavior that can help you determine if it truly is all a scam.

As you can see, these people have multiple reviews on Trustpilot, which gives them some credibility to start with. Then they all describe how they have been deceived in great detail.

And now Trustpilot has a new feature to help you with this, a verified user. This means that the user has provided some form of photo ID to them, so you know it really is that person. Just look for the green tick in the upper right corner.

FAQ on Crypto Trader

• FAQ on Crypto Trader>

Ri>Verification Statuslayout was identified on Yuan Pay and Bitcoin Buyer — and across a broader network including Ethereum Code, Crypto Code, and Crypto Cash, all reviewed by ScammerWatch. Multiple domains with different logos were found. No physical address was found on any identified domain. Celebrity endorsements could not be independently verified. Operator identity and trading license could not be found. Trustpilot data reviewed — issues identified. Withdrawal process not documented.