Crypto Engine Scam is a new auto-trading software solution that claims to earn it’s users thousands of dollars per day. As this platform gained immense popularity in a short while even the regulators have issued warnings against them. Unfortunately, the crowd which is not aware of the way things work in the financial sector continue falling for sketchy schemes like this one.
Cryptocurrency sector is an enticing sector and many people have made money in a short span of time, but it certainly is not an easy one to master. So, if you spot any opportunity which claims to provide you with an easy way to the riches, then withdraw yourself from the situation and never look back.
After all, if it was really that easy to crack the markets, why in the world would they offer it for free? In order to know the real mechanics behind this platform and all of their tricks, continue reading our report.
What is Crypto Engine Scam?
Crypto Engine Scam is a piece of software which works with a lot of offshore brokers. They fall within the category of fake news wherein their main job is to create false narratives and take money from the people under the name of financial instruments.
Their platform does not have any extraordinary ability and their accuracy rate is never enough for the traders to achieve consistent profits. In case if you are wondering, know that they don’t offer demo accounts or trial services like their regulated counterparts which means there is no other way to test out their offerings without burning a hole in your pocket.
The owners of this platform are unknown and given their mysterious nature along with other classic traits of a scam, no one should dare proceed with them at any cost. They do use a lot of high pressure marketing tactics such as frequently showcasing the alleged profits of other clients, limited spots available claims and celebrity endorsements.
However, do not believe any of their statements as they all are either partially true or outright misleading. Note that, we are not saying any form of automated trading is a scam, but any platform which makes ridiculous claims with little to no evidence should be avoided.
How does Crypto Engine Scam Work?
We don’t know the answer to this question as the Crypto Engine platform doesn’t share any details about it. In their sales pitch, they just feature the clips taken by popular media outlets and other videos of well known personalities.
However, there is no explanation provided on the actual details such as the trading approach, position sizing, risk management, etc. Trading the crypto markets in particular requires proven strategies and utmost importance to risk management measures as the volatility present in these segments is too high.
If an individual is not familiar with all the moving parts of a successful approach, then the odds are against them and sooner or later they will lose their entire capital.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Since this software doesn’t provide any information on key parameters, any rational trader would not trust them with their funds. Oddly enough, we weren’t even able to find any trading history on their website as well.
The real way this platform makes money is simple, but sinister and we will explain their side of the equation. Bogus software like this one works with a number of unregulated brokers and takes care of their marketing needs.
In other words, they provide the brokerages with access to new clients in exchange for a big fat commission. Clearly, all of the people involved are heavily incentivised and the conflict of interest is evident.
Blacklisted by Danish FSA
The list of issues with unregulated brokers will always seem never ending. They generally manipulate the market feed to an aggressive extent, charge huge commission rates and the spreads will be too wide for retail traders to make any decent returns.
On top of all these issues, the clients will face a hard time when it comes to getting the funds back. The regulators are always keeping track of new entities in the market which are operating without proper documents. However, due to the vast number of firms entering the retail arena, it is hard for them to prevent every bogus company from gaining popularity online.
As far as Crypto Engine platform is considered, they are blacklisted by many authorities including Danish Financial Supervisory Authority. All the reports have made it clear that this platform is not audited by 3rd parties, none of their statements are verified and they are linked to spreading security concerns.
This type of warning should act like a big deterrent and if anyone ignores this red flag, then the consequences are going to be deadly.
How does the Trading Algorithm Work?
Crypto Engine platform says that it is the most advanced trading bot in the sector. However, once you take a close look at their system, the amount of flaws present will blow your mind. We guarantee you that no rational and experienced trader would ever dare to invest money with them. There aren’t any actionable guides present on the platform.
Moreover, they don’t feature any educational content and trading tutorials are also not showcased by them. Note that, we are not against algorithm trading or any other form of automated trading. However, we feel that it is our obligation to expose the fraud organisations that are looting the people in the name of investments.
Moving on to the trading algorithm itself, usually the software contains a lot of variables. From gauging momentum to deciding the directional bias, the amount of uncertainties present are huge. In order to successfully trade the markets and make decent profits, a software should have adequate parameters and without making those variables public, the creators haven’t provided any way for the users to test the accuracy of the system.
Furthermore, we are not told about their protocols during the time of news events and liquidity crunches. In other words, trading with them will not give you any statistical edge and it will be just a matter of time before you lose it all. Tackling the markets requires proper planning, testing and hedging.
If anyone tries to skip any of the prerequisites of the trading world, then he or she would have a difficult time trying to remain active in the sector for long. In the end of the day, there are much better options available than this platform and we strongly advise everyone not to invest money in any unregulated firms.
Why do all the fake platforms work with Unregulated brokers?
The war between the regulators and the unregulated investment firms is a significant one. Unfortunately, the latter is winning as of now and unless the situation is fixed as soon as possible, the threats faced by retail participants will increase exponentially. If you look at the history and landscape of the retail sector and cryptocurrency sector.
It becomes painfully clear that it is plagued by scams for a long period of time. Though, institutions and authorities have done their best to seal the loopholes present in the system, due to the lack of awareness among the public, the scammers are still going strong. Coming to the specifics of this platform, they appear to link to most notorious and infamous unregulated brokers.
This application seems to have tie ups with a lot of brokerages wherein they supply them with the ocean of new accounts and get paid fat commissions for it. Due to the conflict of interest present, the founders are ready to go to any extent to manipulate the public. On the other end of the spectrum, unregulated brokers are also happy to get access to new audiences.
They will for the most part use aggressive marketing tactics and other sleazy methods to convince the clients to deposit more money. Once they have total control over the funds, they will block your account or cause some technical error on purpose which will leave the clients empty handed. So, be careful and never let your guard down. To eliminate all the types of threats mentioned above, stick to regulated counterparts only.
Lack of Demo Account and Free Trials
The idea of automated trading in the form of algorithms, copy trading or social trading has been around for a long time. Many legitimate and licensed brokers offer these services to help newbies make the best out of their capital without sitting in front of the screens.
However, almost all of them will let users test the efficiency without requiring them to commit with the trading capital. After all, no one can buy something without knowing the parameters and metrics involved, right? Though, past performance can never assure future results, knowing the variables is a huge factor and one can’t proceed without it.
This software doesn’t offer anything valuable to the clients. For example, they don’t feature free trials or demo accounts. If they truly were hoping to help the public, then why are they hesitant to offer demo accounts or free trials? Isn’t the fact that they are duping the clients obvious?
Remember, trading is all about numbers and equations. If the app you want to employ doesn’t show certain traits and statistical edge, then it is not worth your time or money.
Manipulation and the Truth about Cryptocurrencies
From the early 2017, the public’s interest in the new decentralised monetary system(Cryptos) has been huge. Sadly, like always with every new boom, the masses aren’t equipped with the basic understanding of the system. As a result, all the hybrid scammers on the internet have shifted their focus to this niche and so far, they are making a fortune for themselves.
The number of scams, fake ICO’s and other associated projects is increasing day by day. Even the regulators can’t find a way to bring everything under control because of the massive demand and rush from the retail side. So, our best advice for you is to take it slow and learn about the characteristics of the asset class before investing.
While it is true that one can make thousands of dollars via trading, it does take a lot of effort and dedication to reach those levels. Just like everything with life, nothing comes easy and the only way to maintain real edge is by keeping yourself updated.
For your own safety avoid any so-called shortcuts to success and keep on putting in consistent work. Eventually, you will realise your sweet spot and that is the time to scale up the capital. Remember, patience always pays and the compounding effect cryptocurrencies have will be huge.
How to recover your funds from Crypto Engine Scam?
Offshore brokers have got more cunning in the recent days. Before, they mainly used to take money via credit cards which made things relatively easy to trace, but now they have better options available such as e-wallets and cryptocurrencies.
Many people are under the impression that cryptocurrencies cannot be recovered. However, that is not the case anymore and thanks to current advancement in on-chain research, recovering the funds is more feasible than ever.
So, if you have sent them the funds and are unable to get it back, then without fail get in touch with our team by filling the contact form below.
Just to be on the safer side, if you lost funds and your bank was unable to help you, then collect as much data as possible and disable all the connected bank accounts or debit or credit cards at the earliest. Remember, the key in these situations is to be as cautious as possible to prevent any possible damage.
Crypto Engine Scam has got many positive reviews on the internet and this kind of content will surely make many newbies wonder the reality of the situation. The reason behind all the manipulated reviews is the commission structure offered by this platform.
Basically, this firm gives anyone who has access to web traffic huge incentives in exchange for spreading false information. As the payment structure is attractive many shady bunch of affiliates promote bogus platforms like this one and intentionally cause a loss to their audience.
When searching for information online, do not take anyone’s word for granted and always do your research. In general, if anything goes against the basic principles of the world, then it may be the perfect time to get away from the situation.
In the online world, the best way to measure the reputation and goodwill of a product or service is by looking at the comments made by the older clients. Usually, a viral service will have dedicated spots on many forums in order to help the public take a firm decision.
Nonetheless, keep in mind that as the fake comments are on the rise, you can’t take decisions based solely on it. At the time of writing this review, we couldn’t find any testimonials from the clients which means either the people behind Crypto Engine Scam are clever enough to not leave a trace or there weren’t enough people who tried them out yet.
Either way, the signs found so far don’t look positive in any way and as such, you should never interact with it. If they were really successful at generating enormous returns, don’t you think they would have gained a loyal following by now?
Crypto Engine Scam Review Conclusion
Crypto Engine is a fake trading solution that generates signals with low accuracy rates. Their marketing campaigns are successful, but that only benefits the owners and promoters and they all make money at the expense of the clients. There is nothing exceptional about them and given all the red flags they feature, make sure that you avoid them regardless of the claims they make. There is no shortcut to success and if you find anything which claims the opposite, then the story never ends well.
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