Author: Adam Collins
April 16, 2024
Everyone dreams of making money, but unfortunately, where there’s opportunity, there are also scammers. Investment scams have plagued the financial world for years, with fraudsters constantly evolving their tactics to deceive unsuspecting individuals.
While the internet has opened up countless opportunities for legitimate investments, it has also provided a breeding ground for scammers. Here, we’ll look at some of the top 5 investment scams you should be cautious: Starlink IPO: Ipo-watch.com, Torotradepro.com, Btrade.net, Prolite.club, and Call4trade.com.
Starlink IPO: Ipo-watch.com
- Claims to offer Starlink IPO shares
- Sources information from an unrelated company
- Registered in December 2023
- Cautionary alert from the Alberta Securities Commission
This website purports to offer shares in the Starlink Initial Public Offering (IPO). However, a closer look reveals red flags. The site claims to provide information sourced from Alpha Omega Finance, a company unrelated to them and I could not find any relation between the two anywhere on the internet.
Moreover, Ipo-watch.com is a relatively new player, having been registered in December 2023, according to Whois LookUp and ScamAdviser. While its infancy doesn’t definitively brand it a scam, it certainly doesn’t inspire confidence.
Furthermore, the Alberta Securities Commission has issued a cautionary alert against Ipo-watch.com, highlighting its lack of registration and urging potential investors to exercise caution.
Toro Trade Pro
- Promises various trading accounts for financial products
- No presence on the Company House database
- Numerous withdrawal issues reported
- Not authorized by the British Columbia Securities Commission
Operating under the guise of a United Kingdom-based firm, Toro Trade Pro found on Torotradepro.com promises various trading accounts for a range of financial products. However, when I did a deep dive, I uncovered some discrepancies. Despite its claims, neither the company (Toro Trade PRO) nor its listed address (125 Old Broad St, London EC2N 1AR, UK) can be found on the Company House database. It could be they are randomly listing company names and addresses hoping no one is going to check.
Negative customer reviews further tarnish its reputation, with many clients reporting difficulties in withdrawing funds. I found alot of negative customer reviews especially on Trustpilot. One customer notes, “I have been unable to withdraw my money, I don’t see a way to contact customer service….”
The British Columbia Securities Commission has explicitly stated that Toro Trade Pro is not authorized to engage in securities trading or advisory services in the region.
Btrade.net
- Presents as a reliable trading platform
- Not registered with the Ontario Securities Commission
- Negative reviews on Trustpilot
- Suspected use of fabricated positive reviews
Presenting itself as a reliable trading platform, Btrade.net boasts of providing the tools necessary for confident trading. However, the Ontario Securities Commission has issued a warning against the platform, citing its lack of registration.
Negative reviews, particularly on Trustpilot, echo concerns about poor responsiveness and withdrawal issues. Some users even report experiencing aggressive tactics, such as pressure to deposit funds under the threat of account closure.
Suspiciously, the site features what appears to be fabricated positive reviews, a common tactic employed by deceptive websites to deceive visitors. However, when I did I deep search, I was stunned to see they use a stock photo as their customer.
A purported review from Sandra
The same photo on iStock
Such antics are common with scammy websites that want to have you believe they have a strong following with positive reviews which is not the case.
Pro Lite Options Trade: Prolite.club
- Listed on the caution list by the Alberta Securities Commission
- Part of a larger network of dubious websites
- Potential use of fake social media buttons
Listed on the caution list by the Alberta Securities Commission, Pro Lite Options Trade is flagged for operating without authorization to trade securities or derivatives in Alberta. They seem to be part of a larger scam network with sites such as Prolite-trade.com sharing the same registration number (193609) and address, (Bell Tower, 10104, 202 103 Ave NW, Edmonton, AB T5J 0H8, Canada).
They include dummy social media buttons to dupe people into thinking they have a buzzing social media following. We see this with dubious websites such as Maxxfour.com and Stefunton.com.
Call4trade.com
- Numerous complaints about withdrawal difficulties
- Unresponsive customer service reported
- Added to caution list by Ontario Securities Commission
There is an influx of negative customer reviews concerning Call4trade.co. Most say it’s nearly impossible to withdraw funds from the site. Others say customer care agents stop responding to customers once they deposit the funds. One customer notes.” I’m not happy with this trading platform, the agents just care about their commission and they are not trustworthy. They make fake promises that their clients make a profit with this trading platform. Once you are trapped they never answer your emails and they have no contact number to reach them…”
The Ontario Securities Commission (OSC) has listed on its caution list which does little to boost user confidence.
Bottom Line: Invest in Due Diligence to Avoid Investment Scams
When it comes to investing, it’s like stepping into a jungle out there. Some shady characters are lurking around every corner, ready to pounce on unsuspecting prey. So, before you start throwing your hard-earned cash into any opportunity that comes your way, take a step back and do some detective work. You wouldn’t buy a car without checking under the hood, right? Well, the same goes for investments. Look into the company or platform offering the deal. Are they legit? Do they have a solid track record? And most importantly, do they have all the necessary licenses and registrations? It’s all about protecting yourself and your money. So, don’t rush in blindly – take your time, ask questions, and make sure you’re making a smart move.
Image Source: Unsplash.com
I lost over $147,000 in an investment trading company last 6 months; i was down because the company refused to let me make withdrawals and kept asking for more money… My friend in the military introduced me to a private investigator;called george victim with the email address
he’s being really helpful, he’s made a successful recovery of 70% of my investment in one month. I am so happy and grateful
This platform seems very suspicious with so many red flags. No customer reviews or registration details make it hard to trust. Claims of 10 years of experience don’t match the lack of online presence. Without transparency, it’s better to avoid this site. Why does Valhadex.com hide its ownership details if it’s a legitimate business?
Valhadex.com seems to raise significant concerns about its legitimacy. The exaggerated claims and lack of customer reviews are major red flags. It’s hard to trust a platform with no clear registration details or owner information. Potential users should approach with caution. What steps can be taken to verify the authenticity of such trading platforms?