247Cryptoearns.net is said to be a online investment solution. It claims to help traders and investors earn returns without actively getting involved in trading. They offer returns of up to 600% after 6 days.
Every experienced investor knows that these kind of returns are impossible to sustain and are unreal. The details of the fund managers are not revealed, which apparently is because they do not have one.
Fake narratives like this will tempt newbie investors but do not get carried away. To know how these fraudsters work and the reason because of why we recommend you to avoid them. Continue reading our full review.
Company and Contact Details
Firm which offer investment products, which carries high degree of risk have to be regulated. 247Cryptoearns represents an ICO. They raise money from the investor to carry on trading activities. In return the investors are promised certain profits after the contract matures.
As this service features UK certificate, we checked the database of FCA. Unfortunately, we could not find any details which means they are not only unregulated, but also illegal.
This platform showcase a registration certificate on their website.
Do not get confused by this typical trick. They are only trying to convince you into depositing with them. Here are the contact details they have featured.
Address – 55 Wetherby Mews, Kensington, London SW5 0JG, UK
Phone – +44 20345148330
Email – [email protected]
How does 247Cryptoearns Work?
No one in the world knows the answer to this question. They have talked about the general concepts of cryptocurrency, but there isn’t any information of value. We as investors do not know the actual strategy they use. Their entry and exit parameters are not specified.
They have not even talked about the risk diversification and other aspects of trading, such as money management and position sizing. The names of the people who handle the funds are also not disclosed. In short, apart from implanting the idea of making easy money, they haven’t provided anything of value.
Plans and Profits
Profit target has to be set realistically by ever trader. However, note that the net profit varies depends upon your trading style and approach. This platform advertise returns ranging from 120% to 600%. For quick returns, they demand higher initial deposits from the investor.
Check out their investment plans, isn’t it an obvious lie?
Returns – 120%
Duration – 24 Hours
Minimum Deposit – $100
Returns – 400%
Duration – 4 Days
Minimum Deposit – $1,000
Returns – 600%
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Duration – 6 Days
Minimum Deposit – $5,000
This platform is just a ponzi scheme. As such, it requires a lot of new participant, in order to survive for a long period of time. To reach more people, this firm features an affiliate program, wherein they offer attractive incentives to their promoters.
Basically, anyone can sign up with them. Affiliates are paid 10% of the total deposit amount made by their referrals. Note that, affiliates are an active participant of the scheme. Moreover, they are making money just by referring people to an offer, they do not personally use.
Here is a rundown of the key information of this website, which we gathered from whois.com and alexa.com.
Domain – 247cryptoearns.net
Registered On – 17/07/2018
Expires On – 17/07/2019
Alexa Global Rank – 5,845,162
For more information about them, check Scamanalyze.com.
First flaw noticed on this platform is the lack of proper certificates. Though, they are registered, they are not authorized to trade on behalf of the investors. This type of crime is a serious one. If caught, they will be criminally prosecuted.
Lack of transparency is the second flaw in their execution. They make some outrageous claims, but have failed to back them up with any sort of proof. Without seeing the trading history, how can we possible trust them?
They do not feature a demo account like the reputable services. So, there isn’t any way for you to try them out, without putting your money at risk.
247Cryptoearns Review Conclusion
247Cryptoearns is a terrible ponzi scheme. It is relatively new and it will crumble within a few months. They might process few withdrawals, but their whole operational model is just unsustainable.
Do not be greedy when it comes to profit. Instead, have realistic goals and look for strategic way to achieve them.