He Lost His Investment. See what Happened! - page 5.

fortunecrypto

legendary

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Quote from: Wenbing on April 29, 2020, 12:52:23 AM

How a close of mine lost his hard earned money to a bitcoin trader?

He told me how he invested some of his savings to a particular bitcoin trader in the place where he lives.

The professional trader promised to pay profit monthly which is supposed to be a fixed ROI.

It happened that the traders was actually faithful to the promised payment for a certain period.

But, the trader took the money invested with him and use it for other investment. It happened that he lost the whole money.

This became a big case between the traders and the individual investors. As it stands his money and other people's money with him had gone down the drain.

These prompt me to ask some questions:

1. How do we evaluate capability and credibility of some entities or individuals that trade for people or some professional traders who trade for people?

2. I've seen some Telegram group that sell trading services and signals advice. How do we know if they are good to do business with?

3. Is Telegram escrow system a scam or not?

It's hard to guaranty profit from trading, people should be aware of this if he is explaining about the profit and not the whole risk, he is putting you in a trap, do not trust these traders on telegram channels they are part of groups that should be avoided I delete a group like that if I am added, they are scammers not really traders if they are good in trading they will use their own money not anyone's money.

Subbir

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When it involves investing, you would like to take a position during a good marketing research without counting on others Working within the crypto market is as easy because it is difficult. So you've got to find out well then work. the amount of scams has been increasing since the virus many of us are frustrated that there's no work during which case newcomers are joining the crypto market and investing altogether sorts of sites without verifying anything well in order that they are falling prey to more scams Therefore first study the market stupidly about earning you'll lose less by investing in it.

adaseb

legendary

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There are basically tons and tons of these scams all over Youtube, Reddit, Twitter, Facebook, etc. Basically since the Covid19 break and people being stuck at home there is massive surge of people who are investing in stocks for the first time and some of those people are investing in cryptos as well.

Since they are new to trading and have no idea how it works. They usually fall easy prey into these signal services or people that promise to manage their money for them. Basically if you are new to trading, you have no idea if the person who you are following actually trades for a living or not. They use complex terms like Elliott Waves and Fibonocci to lure easy traders in. Then eventually they want a monthly fee which is not refundable and usually what ends up happening is they while the markets are trending they make money but as markets shift they start to lose money and eventually run-a-way with their investments.

This has been happening for pretty much years. This is why you should take the time to invest your own money instead of relying on other people.

Janation

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There are a lot of sites like that.

I know someone that would want to invest in cryptocurrencies and he ends up in a site that promises this too. I don't have any whereabouts right now but the last thing I heard to him is that they are offering them a higher deposit and also want to increase their ROI which increases my assumptions that this might be a scam. I already told them about it but I don't know what they did. This is the site, and I hope some people know this or have any experiences about this site.

https://riotrades.com/

Paycoinzzz

hero member

Activity: 994

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Do not trust anyone in this market. They are all like us, they want to make money and if you give them money they will quickly exit the scam. Defi is really a very tough field, because here neither investors nor traders have protection from the government or any organization. The market is operated in many ways and of course fraud is more.
Be careful about giving money to others. My advice is when you don't know anything, don't do it. Learn first and make money later, that's the rule to become proficient at a job. Wink

havoc928

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Quote from: Wenbing on April 29, 2020, 12:52:23 AM

These prompt me to ask some questions:

1. How do we evaluate capability and credibility of some entities or individuals that trade for people or some professional traders who trade for people?

2. I've seen some Telegram group that sell trading services and signals advice. How do we know if they are good to do business with?

3. Is Telegram escrow system a scam or not?

I don't think they are reputable people. In the financial market, no one is reputable. everyone can turn around and say that it was a mistake in the transaction. you will not be able to do anything because you are not committed to them at all. Not only are there Telegram groups on Twitter, there are many on Twitter and they are all scams. The best way to make money is to learn yourself to trade the best way. Never rely on others, money will not be safe.

abel1337

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This is why we can't trust people, especially if involves money because people change when it comes to money. You can evaluate the trader's capabilities by seeing his skills in person. Labeling a trader with the term professional will always give you a expectation that he can grow your money and this where your friend where trapped. I think your friend was fooled when he was told that the trader tells him that he is a professional and to be honest, a portfolio can easily be faked and I only believe that showing skills impromptu will able to justify the label professional.

Wenbing

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There is gold in volatility..

Quote from: fiulpro on April 29, 2020, 02:40:00 AM

~~~~
Just understand that people who promise things like that are 100% of the times scammers .
This is another benefit of Bitcoins * you don't have to be dependent on someone else * so , just use this , stay away from fake promises.

There is always an exemption in every phenomenon or issue. We can have smart entrepreneurs that decides to do this form of business after due diligence and with a proper business planning.

Its just like the forex broker who does brokerage.

Yatsan

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Quote from: oleg681010 on April 29, 2020, 02:17:46 AM

This is why I prefer to trade on my own. So that such a story doesn't happen.

The root cause probably in this situation to why the victim agreed to invest money to a professional trader is that, he wants to have an assured profit from trading due to the label "professional". It is money which is on the line so you better put it in your 'hands' since that is your money in the first place that you invested. Asking for help and tips would be a good thing to do but depending on them to much would not be advisable. It is your money and that should be enough for you to take full responsibility of it and make decisions for yourself. It is like paying someone to do your project.

Know what you are engaging yourself into. Familiarize yourself about it to avoid being fooled by other people. If you are not that knowledgeable, do not rush things and take time to have an initial idea because there will always be people who will take advantage of the things you lack once they get the opportunity.

Wenbing

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There is gold in volatility..

Quote from: darewaller on May 06, 2020, 02:19:58 PM

How about you guys learn trading instead of having to look for the so called experts? This is not something where you trust just anyone with your money. It is best that you hold your money and do it yourself instead of having to invest in others. That's something I have never tried because I prefer to do it all by myself, even though I know it's not easy, but at least I'm safe from someone taking all my money.

If you still make up your mind to invest with an expert trader, then you should take your time and look for those with a good reputation, those that have been doing the same business for a long time without having issues with their clients.

Thanks for the guide. I personally have taken some courses on trading and how to use some technical analysis signals.

Can you recommend the materials you're learning from as regards trading crypto.

Thanks...I think that's the way to go.

stomachgrowls

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Quote from: darewaller on May 06, 2020, 02:19:58 PM

How about you guys learn trading instead of having to look for the so called experts? This is not something where you trust just anyone with your money. It is best that you hold your money and do it yourself instead of having to invest in others. That's something I have never tried because I prefer to do it all by myself, even though I know it's not easy, but at least I'm safe from someone taking all my money.

If you still make up your mind to invest with an expert trader, then you should take your time and look for those with a good reputation, those that have been doing the same business for a long time without having issues with their clients.

They do like for everything to be fast track and make money directly without even minding the risk involved or people are just way too lazy to learn up everything from the start thats why when they do able to see

someone who do make big money on a particular thing then they do tend to copy it out and selecting the easiest one and convenient for them which do falls out into this option neither copy trading or fund management

by those so called experts but come to think if i were a professional and profitable trader then i wouldnt let myself get attached into those copy trades or something and just do things by myself.

We do need a little bit realization and a bit of logic.

darewaller

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Activity: 2926

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How about you guys learn trading instead of having to look for the so called experts? This is not something where you trust just anyone with your money. It is best that you hold your money and do it yourself instead of having to invest in others. That's something I have never tried because I prefer to do it all by myself, even though I know it's not easy, but at least I'm safe from someone taking all my money.

If you still make up your mind to invest with an expert trader, then you should take your time and look for those with a good reputation, those that have been doing the same business for a long time without having issues with their clients.

cassavachips

sr. member

Activity: 994

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Never give your money to those who offer trading services, that's stupid.

For trading signals, there are indeed bad and good ones. I have a signal that I trust and they provide good trading advice and of course if you want to use their services, don't expect all the good signals because they are not fortune-tellers.

Do not do escrow from people who offer themselves via telegram, all just bullshit. Scam!

Slow death

legendary

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Leading Crypto Sports Betting & Casino Platform

Quote from: Wenbing on April 29, 2020, 12:52:23 AM

He told me how he invested some of his savings to a particular bitcoin trader in the place where he lives.

this is the worst mistake anyone can make

Quote from: Wenbing on April 29, 2020, 12:52:23 AM

The professional trader promised to pay profit monthly which is supposed to be a fixed ROI.

professional trader doesn't need other people's money, your friend should ask:

if the professional trader can make a profit then why does he need other people's money?

Quote from: Wenbing on April 29, 2020, 12:52:23 AM

It happened that the traders was actually faithful to the promised payment for a certain period.

this was to deceive your friend

Quote from: Wenbing on April 29, 2020, 12:52:23 AM

But, the trader took the money invested with him and use it for other investment. It happened that he lost the whole money.

your friend has the right to report this to the police and demand his money back

Quote from: Wenbing on April 29, 2020, 12:52:23 AM

This became a big case between the traders and the individual investors. As it stands his money and other people's money with him had gone down the drain.

did more people fall for it? and someone went to report to the police?

Quote from: Wenbing on April 29, 2020, 12:52:23 AM

1. How do we evaluate capability and credibility of some entities or individuals that trade for people or some professional traders who trade for people?

never fall for it, trade in person or hold

Quote from: Wenbing on April 29, 2020, 12:52:23 AM

2. I've seen some Telegram group that sell trading services and signals advice. How do we know if they are good to do business with?

they are deceiving people

Quote from: Wenbing on April 29, 2020, 12:52:23 AM

3. Is Telegram escrow system a scam or not?

never heard of it

ethereumhunter

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Quote from: culuuton on May 06, 2020, 01:21:42 AM

It is best not to join any organization or individual to raise capital and promise to pay with attractive interest. Regardless of whether reputable or professional traders guarantee, the end result (100%) they will disappear with your money. Phishing groups are appearing more and more on telegram so we should stay away from them.

Many people attracted to join in any project that they think can give the profit in a short time. They invest their money without search for more information about the project, so it is like to invest in the unknown project. It is better to manage our money by ourselves, so we know how to increase the amount of money from those sources that we trust.

GreatArkansas

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Quote from: Wenbing on April 29, 2020, 12:52:23 AM

He told me how he invested some of his savings to a particular bitcoin trader in the place where he lives.
The professional trader promised to pay profit monthly which is supposed to be a fixed ROI.

I also already head this kind of scenario about investment, especially here in our country which a lot of people are too dumb to trust those kinds of people who promised them to give a fixed Return Of Investment (ROI) monthly/quarterly/yearly and it is compounding.
Does he/she don't have any idea on this such of investments? Jeez, it's just so sad that there are still some people who easily fall on this.

culuuton

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Activity: 1593

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It is best not to join any organization or individual to raise capital and promise to pay with attractive interest. Regardless of whether reputable or professional traders guarantee, the end result (100%) they will disappear with your money. Phishing groups are appearing more and more on telegram so we should stay away from them.

imstillthebest

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Quote from: Utoy101 on May 05, 2020, 06:18:21 PM

Scenarios similar to this is common in forex and binary trading amd I'm not surprise it has entered the crypto space too, well this is all it always ends as one way or the other, the so called expert will come up wit gv stories on how they loose the money either by saying they got their account burned or they got scammed or they got robbed. The only annoying thing is that people will keep falling for such cheap scam because of greediness

i read what the op wrote and i dont see that he mention professional or expert .

his friend is just a newbie but pro or expert traders do also experienced to get scammed and many hardships before they achieve thier success . giving control your money to someone else sounds a crazy idea . this is called laziness and not greediness at all because he dont take time to learn it on his own .

Utoy101

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Quote from: Wenbing on April 29, 2020, 12:52:23 AM

These prompt me to ask some questions:

1. How do we evaluate capability and credibility of some entities or individuals that trade for people or some professional traders who trade for people?

2. I've seen some Telegram group that sell trading services and signals advice. How do we know if they are good to do business with?

3. Is Telegram escrow system a scam or not?

Scenarios similar to this is common in forex and binary trading amd I'm not surprise it has entered the crypto space too, well this is all it always ends as one way or the other, the so called expert will come up wit gv stories on how they loose the money either by saying they got their account burned or they got scammed or they got robbed. The only annoying thing is that people will keep falling for such cheap scam because of greediness

hahay

legendary

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How can this escrow system be applied because when investors give or enter funds, then when the funds are received at least the funds are immediately used for trading. If funds are kept in escrow, how traders will start trading and one thing that you should at least be aware of is about services that are truly legal or not, because when you easily trust everyone or any service that offers a fixed ROI every month then that too a mistake, because the situation in trading is not always the same and so, the ROI that will be received will also always be different.

Topic: He Lost His Investment. See what Happened! - page 5. (Read 988 times)