BoomCurrency (boomcurrency.com) is a US based investment company which claims to double your money every couple of weeks with no risk associated. As most of you can already tell, their claims are fake and outrageous. There is no direct contact information of these self proclaimed traders who handle the funds.
More over this platform has every deceptive character of a scam and is the perfect example of a ponzi scheme. To know the unethical practices they follow and why you should avoid them, continue reading our in depth review.
Company and Support Details
BoomCurrency is an ICO which raises the capital required for trading various markets by general public. They issue contracts to the investors and when it matures depending upon the terms, the investors are supposed to get some amount of money.
Investment firms in US have to follow many guidelines laid by the local regulatory authorities failing which they will get their license cancelled. Since we did not find any details of this firm on FTC or elsewhere, this company is operating illegally for sure. These con artist have tried to appear genuine by stating that they are licensed and authorized but they are all hoax.
The support staff of this company can be reached through phone and email. Here are the contact details put upon their website:-
Address – 110 Wall street, New York, NY 10005
Phone – + 1 (917) 789 – 8213
Email – [email protected]
How does BoomCurrency work?
This firm is said to be comprised by a group of professional traders, bankers and analysts. They claim to trade stocks, Bonds, Futures, Currencies, Gold and Sliver, these claims are just an attempt to captivate the attention of all investors.
These experts supposedly employ some advanced and unique trading methodology to generate profits.
This narration is good for nothing. The investors are not told how the funds are allocated among various assets and the actual process they follow. We do not know if this firm relies on fundamental analysis or technical analysis mainly.
With regards to other concepts related to trading like diversification, money management and risk prevention measures are never discussed by them. Since there is no verifiable trading history how can we believe that they are profitable ? Never invest into a firm which does not provide you with solid evidence before asking for your money.
From a newbie investors perspective the amount of returns offered on this platform might seem achievable as they are not as crazy as we have seen in other type of fake platforms but still 50% ROI per week is unsustainable regardless of which strategy you choose or how much starting capital you have. The investment plan details are as follows
Returns – 20 %
Validity – 7 Days
Min Deposit – 0.05 BTC
Returns – 30 %
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Validity – 7 Days
Min Deposit – 0.5 BTC
Returns – 50 %
Validity – 7 Days
Min Deposit – 10 BTC
To grow their revenue and increase their cash flow, this firm features an affiliate program. Any person who refers people to this fraudulent platform are paid attractive incentives. The affiliates get a flat cut of 10 % of the deposit amount made by their clients. As seen in every ponzi scheme, this platform also does not require the affiliates to be an active investor in order to get paid.
A simple search on similarweb.com shows that this website has a global rank of 3,475,160 and it ranks 1,069,172 in the United States.
Thanks to whois.com, we know that this domain was registered on 02/04/2018 and it expires on 02/04/2019.
Deposit and withdrawals
The minimum spend is 0.05 BTC, the minimum payout is also 0.01 BTC. The only e-currency accepted by this service is Bitcoin. One of the main reason why many scams prefer to accept bitcoins is because cryptocurrency transaction are very difficult to trace.
There is no information about fees imposed on transactions. The withdrawals are said to be processed instantly.
Is BoomCurrency Scam or Legit ?
This firm is without doubt a scam,
No firm or investment bank can offer returns of 50% because it is absurd. Financial markets carries risk and though it can be minimized, it cannot be eliminated all together. If anyone promises you an easy way to profits that too completely risk free, never bother about it and turn down the offer at right.
BoomCurrency Review Conclusion
BoomCurrency is just another cheap get rich quick scheme which will typically get shut down within one year.ask yourself if this firm was really a reputable firm then why don’t they feature a demo account, so that the investors get to see how their trading system work ?
After taking a complete look at their service, their scheme is indeed a ponzi scam. The screenshot of payments are all a nice work of editing and are used as a bait to get you on board.