Welcome to our Lucky Multi Trade FX review regarding the website found at LuckyMultiTradeFX.com.
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On July 3, 2023, a person from California, USA, reported being scammed for $1350 through a cryptocurrency scam and filed a complaint with BBB (Better Business Bureau):
The person contacted me about getting into cryptocurrency and Bitcoin mining. They initially reached out through a social media account that didn’t appear suspicious. Another friend’s social media account was hacked, and the scammer gained access to both accounts. They contacted me, and I fell for the scam because my other friend, whose account had been compromised, had posted photos showing a return on an investment.
The complainer provided the following information regarding the scammer:
- Website: luckymultitradefx.com
- Business name: Cryptocurrency investment
So what is luckymultitradefx.com, and is it a SCAM?
LuckyMultiTradeFX.com was registered through OwnRegistrar on November 11, 2022, for one year by Santasiero Ettore from Benin, Edo, Nigeria, 900107.
Phone number: +234.9158207273.
ColoCrossing hosts it.
Lucky Multi Trade FX is an online platform that presents itself as a “revolutionary money-making platform” for cryptocurrency investments.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
The company operates on an MLM (Multi-Level Marketing) binary plan and offers investment opportunities with different ROI percentages and tenures. It accepts various types of cryptocurrencies and has a seemingly straightforward investment process involving sign-up, deposit, selection of an investment plan, and withdrawal.
The site features “awesome plans” ranging from a “Starter” plan offering 5% ROI weekly for 12 times to high-risk plans like the “Trump Card,” which offers 20% ROI weekly for 20 times.
There’s a section mentioning top investors, who, interestingly, seem to be dominated by the same person with varying amounts. The company can be reached via email (email@example.com) and a WhatsApp number (+1 727-242-0043; area code 727 covers Pinellas County, Florida, USA.)
- Undefined Regulatory Information: There’s a conspicuous absence of regulatory oversight or compliance. No mention of registration numbers or affiliations with financial oversight bodies, which is crucial for a financial investment platform.
- Vague Business Model: The company describes itself as being involved in “Binary Investment,” but there is no detailed explanation or transparency regarding how it generates the returns it promises. Given the high ROI they’re offering, you would expect some clarification on their investment strategy.
- Unrealistic Returns: Some investment plans offer extraordinarily high returns, such as a 20% weekly ROI for 20 weeks. This is unsustainable and a classic sign of a Ponzi scheme.
- Overlapping Investor Data: The ‘Top Investors’ section is dominated by the same person but with multiple investment amounts. This could either suggest a very limited investor base, or worse, fabricated data to give an illusion of a more active platform than it truly is.
- MLM Binary Plan: The MLM (Multi-Level Marketing) model is itself a red flag for many investors, particularly when combined with high, guaranteed returns. It often serves as a mechanism for early investors to profit off newcomers until the scheme eventually collapses.
- Lack of Transparency on Withdrawals: Although the site mentions that you can ‘withdraw anytime,’ there are no specifics on the fees, conditions, or time taken for the withdrawal process.
- Generic and Unverifiable Testimonials: The site indicates it is ‘highly reliable and trusted by thousands of people,’ yet offers no way to verify this claim, such as through external reviews or rating systems.
Their FAQ page seems to offer a vague reiteration of what’s already stated elsewhere on the site. Usually, an FAQ section is where one would expect to find detailed, clear answers to common queries. The lack of such details, especially about the operation’s supposedly “safe” and “professional” nature, only adds to the skepticism.
In short, the FAQ fails to address likely questions a prospective investor would have, such as details about the professionals running the company, how the binary investments work, or even the specifics about their payment methods.
According to Lucky Multi Trade FX’s About page, professional individuals handle the company’s operations, purportedly making it a safe investment venue. They accept various payment methods, including Skrill, UCB, P, PM, Bitcoin, Credit/Debit Cards, CoinPayments, Central Bank, and Brac Bank Limited.
A point worth noting is the array of payment methods accepted. While variety can be beneficial, a platform already laden with ambiguities raises the question of why so many methods are being used. Could it be to confuse the tracing of transactions?
Lucky Multi Trade FX’s contact information includes an address at 6220 Stoneridge Mall Rd, Pleasanton, CA, 94588-3260, United States. According to Google, at this address, there are two businesses. Blackhawk Network, a business-tobusiness service, and giftcards.com, an e-commerce service.
They also claim to have 24/7 customer support reachable via WhatsApp at +1 727-242-0043 and email at firstname.lastname@example.org.
Another concern is the broken Google Maps link on their Contact page. How reliable can their investment platform be if they can’t manage a functioning map link? This may sound trivial but it adds to the overall sense of amateurishness and lack of attention to detail.
Multiple sources, including the Washington State Department of Financial Institutions and ScamAdviser.com, suggest that luckymultitradefx.com could be engaged in fraudulent activities.
The Washington State Department of Financial Institutions (DFI) received a complaint about Luckymultitradefx.com, a platform claiming to be a “Revolutionary Money Making Platform” involved in binary investments and MLM. An investor was introduced to the platform by an individual who hacked her old friend’s Instagram account and claimed to be a crypto mentor. The investor invested about $26,000 via a Bitcoin cash machine as directed. Though her investment supposedly increased in value, she couldn’t withdraw her funds without paying multiple types of fees.
The DFI points out several red flags about the platform, including:
- Numerous typos and grammatical errors on the website.
- The website’s domain is recently registered, with administrative contact in Nigeria.
- The address listed for the platform in California actually belongs to a legitimate, unrelated business.
The DFI warns this could be an “Advance Fee Fraud” scheme and urges extreme caution in dealing with such platforms. Consumers can check the legitimacy of investment professionals and products via FINRA Brokercheck and state-specific regulators. If defrauded, they can also file complaints with the Securities Division and FBI’s Internet Crime Complaint Center (IC3).
The website luckymultitradefx.com has been flagged as potentially unsafe by Scamadviser, with a very low trust score of 1/100. Various aspects of the site raise red flags:
- It uses free email addresses for contact and administration, making it difficult to verify identity.
- The website may be involved in High Yield Investment Programs (HYIP) and Multi-Level Marketing (MLM), both of which are often associated with scams.
- Payment methods that support anonymous transactions were found.
- The site has received negative reviews and has a very young domain age.
- It is hosted by a service provider with a dubious reputation.
LuckyMultiTradeFX Review Conclusion
LuckyMultiTradeFX.com raises an overwhelming number of red flags that should make any potential investor extremely cautious. From the lack of regulatory oversight and unverifiable business model to outrageously high returns and a smattering of suspicious inconsistencies, the platform seems more like a well-constructed illusion than a legitimate financial opportunity.
The MLM structure, the dubious testimonials, and the presence of fabricated data further disqualify it as a trustworthy avenue for investment. Even more compelling are warnings from credible financial institutions and negative evaluations from scam-detection services. The site’s vagueness around crucial details serves as an underpinning for the entire scheme; it’s a smokescreen hiding either incompetence or, more likely, malfeasance.
While the appeal of quick, high returns can be tempting, especially in the volatile world of cryptocurrency, it’s crucial to remember the age-old axiom: if it sounds too good to be true, it probably is. Investing in platforms like LuckyMultiTradeFX.com not only jeopardizes your financial security but also supports structures that are designed to exploit the unwary.
Given the evidence available, it would be prudent to steer clear of LuckyMultiTradeFX.com and similar platforms that lack transparency, regulatory compliance, and a track record of genuine, verifiable success. Always remember, legitimate investment opportunities don’t come dressed in secrecy and implausible promises—they can afford to be transparent, because they have nothing to hide.
Please comment below this review if you have fallen victim to online scams. Did you suffer a substantial financial loss? Do not despair. We are here to assist you in recovering your funds!
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