Highlights
Pros&Cons
Pros
- The setup process is simple
- No fees when withdrawing money
- Three mobile applications
Cons
- Minimum deposit of $250
- A lot of evidence that it is a scam
Key takeways
- FMA issued an official warning that Yuan Pay may be a scam and banned its use in New Zealand.
- From the reviews, it becomes clear that when you leave your information during registration, a phone terror begins, you receive calls and are urged to invest as soon as possible.
- In fact, it is a platform created to make you think it is a trading bot and steal your money and data.
- Given the lack of publicly available information about the functions and algorithms, there is a high probability that you will not get anything and will lose the money you invested.
Overview
Table of Contents
Yuan Pay Full Review: How to Use It and Is It a Legit Trading Bot?
More often than not, when trading in cryptocurrencies, you should air on the side of caution. Trading is a big industry and there are new players almost daily. This, unfortunately, also leaves a lot of room for scammers, which is why you should read this Yuan Pay review carefully.
Crypto bots can make the life of a trader easier. They analyze and predict cryptocurrency surges and drops in a matter of seconds, and react almost instantly. But you want to make sure to be using a real crypto bot and not fall for any scams.
So, let’s take a closer look at Yuan Pay, allegedly the only licensed crypto bot to trade in the Chinese market.
Yuan Pay – More Fishy than Not!
So, upon closer inspection of their website and app, here is the list of things that raise red flags:
- There are multiple domains with the same or similar website layout
- They mix and misuse the terms “digital currency” and “cryptocurrency”
- They claim to be licensed but do not offer any evidence of the fact
- They seem to not have data protection measurements in place
- They claim their bot operates on state-of-the-art AI-powered technologies, yet have no explanation of the underlying algorithm
- The FMA has issued an official alert that Yuan Pay may be a scam and banned its use in New Zealand
Yuan Pay Uses Carefully Crafted Language to Deceive You
A brief overview of the websites, offers pretty standard information. You need a minimum deposit of $250 to start. The same amount of deposit is required by similar scam bots, reviewed before:
The setup process is pretty simple, you have a form to fill out and then you should receive an e-mail to confirm your data.
They guarantee no fees when withdrawing the money. Some versions state this will be forever true, others promise to introduce a signing up fee soon.
There is also a mobile app available for you to download. In fact, there are three, a wallet app, a trading app, and another one. Yet, with the pledged 3 million users, they have a surprisingly low download rate. And no reviews whatsoever.
The bot could generate up to $700 or $800 daily, depending on the version of the website you visit. You are also responsible to get acquainted with the cryptocurrency you will be trading in, they warn. The language is carefully crafted so it is not too promising, which would immediately sound suspicious. Instead, they opted to air on the side of caution, making it all more believable. Actually, it looks like a part of the fraud chain, making their business creating the scams, we reviewed before:
According to the video on their website, Visa is very interested to get started with this project and help them make it into the mainstream market.
Now, reading about the company is where things get interesting. As you may be aware, China has banned cryptocurrencies altogether in September of last year. There has been news floating around that the government is developing a state-controlled cryptocurrency, but it still isn’t in circulation.
Yuan Pay claims that they have been developing this new cryptocurrency alongside the government and they are the only ones licensed to participate in trading. This new cryptocurrency called “E-Yuan”, which is supposed to be controlled and approved by the Cina’s Central Bank, seems to also be a digital currency somehow.
The difference is that a digital currency is just fiat money in digital form, whereas cryptocurrencies are built on blockchain and are not controlled by a single entity. While it is true that the digital yuan exists and its use is expanding in China, it is not a cryptocurrency.
If you are a beginner in the trading business, you could easily be misled by the language used.
Fake Forbes Asia Covers to Further Yuan Pay’s Deception
In a further attempt to cement their legitimacy, and deceive you, they have actually taken the covers from Forbes Asia November 2019, January 2014, and 2018 Special Edition issues and replaced the titles!
If you do a simple Google Image Search for Forbes Asia covers (it gets trickier to trace older editions directly on the Forbes’ website), you get the real covers and titles:
Traders’ feedback on using Yuan Pay
One of Yuan Pay’s websites (https://yuanpaygroup.app/) states that they have an approval rating of 4.6 out of 5 stars on Trustpilot. The trouble is, if you search this particular domain on Trustpilot, you get that there are no reviews. Other domains, however, have plenty.
Most of them score on the lower end of the scale, with some being in the middle. It is only when we looked into the top-rated result for the company, that we discovered yet another website:
This one had a bit more information to offer and was in some ways different from the others, but more on that later.
We were particularly interested to vet the high score of this domain on Trustpilot, so we dug through some reviews. The majority of the 5-star reviews offer no concrete insights into how the platform conducts the trading. They simply express how great it is.
These accounts all have just one review written, and none other. This suggests that they were purposefully created to write this and nothing else.
Similar Trustpilot reviews have several scam crypto bots we have written about:
However, the accounts that gave it negative reviews, have more posts on Trustpilot, which gives them more credibility.
They also state the same thing happens once you leave your information. The telephone terror begins, calling you and urging you to invest as soon as possible, which seems to be how all of these schemes operate.
We also checked their mobile apps. They have several, one is supposed to be the wallet for you to make withdrawals, and there are another two, presumably for trading. Although their websites claim to have 3 million individual client reviews, which would mean users as well, there isn’t a single review for any of the mobile apps on the Google Store.
Yet Another (More Informative) Yuan Pay Website
As stated above, we began looking into this company and found several websites. Their Trustpilot accounts revealed yet another one. But this one is more interesting.
First of all, it looks very similar to the Bitcoin Buyer ones.
Even the text on both of them is almost identical.
But this website produced a little bit more information about the security protocols in place. Your data is secured by an SSL certificate and all the brokers are verified. An SSL certificate encrypts the connection between you and the website in question.
This means that it is highly unlikely that outsiders can get your data. Which is completely irrelevant if the scammers have access to the website’s database.
This site is also similar to other sites of fake crypto bots, reviewed on Scammerwatch. Read here:
This version of Yuan Pay is different in another crucial aspect: it trades Bitcoin, not some new Chinese cryptocurrency.
They again showed a clever use of the language, they state that there are rumors that celebrities such as Elon Musk, Martin Lewis, and Gordon Ramsey have used their platform for Bitcoin trading.
All in all seems that they have put a little more effort into the content of this version. Too bad it has already been seen before.
FAQs on Yuan Pay Crypto Bot
Yuan Pay is a platform designed to trick you into thinking that it is a trading bot and steal your money and data.
No, it isn’t. There is a lot of evidence suggesting it is a scam and it would be high-risk to use this platform.
You should check out if there are multiple domains, which is the first red flag. You can also read the reviews on Trustpilot. Make sure to read both the positive and the negative ones, as these scammers often tend to have an army of bots posting positive reviews about them.
No, you can’t. It is very risky to invest your money in these types of schemes, as it is highly likely that you will not gain anything. And you will probably lose the invested money too.
Our Verdict: Yuan Pay is a Scam
With the abundance of evidence shown in this Yuan Pay review, such as multiple domains for different websites, forged Forbes Asia covers, fake testimonials, and no reviews for their mobile app, we can safely conclude that Yuan Pay is a scam.
You shouldn’t invest your money and time in Yuan Pay, as you will lose both. It is better to search for a vetted trading crypto bot, even if you end up paying a small fee to ensure the safety of your investment.
Reviews
unfortunately, my experience with the platform was extremely frustrating. The user interface was clunky and difficult to navigate, and I found it hard to complete basic tasks like setting up my account and buying cryptocurrency. The customer support was slow, which only added to my frustration. Overall, I wouldn’t recommend Yuan Pay to anyone looking for a reliable and user-friendly crypto platform.
Can confirm that the whole Chinese-market angle is just a trick to draw attention.Simply put, this bot doesn’t work – it’s just a scam.
As someone who frequently travels to China for business, I found that Yuan Pay is a horrible tool for managing my finances. The platform is riddled with bugs and glitches, and as a result, I’ve lost more money than I care to admit. Certainly not worth it.
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