The cryptocurrency market, like all other markets, is not immune to the predations of hackers, scammers, and fraud. There are many effective and legitimate ways to generate a significant amount of profit from the crypto market, but these methods all share one attribute: they’re not simple.
Successful cryptocurrency investment is either slow and safe, or fast and risky. There are no cryptocurrency investment strategies that are both fast and safe, otherwise we’d all by crypto millionaires. While this may seem obvious, there is no shortage of punters in the crypto market that fall for scams that promise to deliver massive guaranteed returns in a short amount of time.
The most common type of get rich quick scam present in the cryptocurrency market today is the “automated trading software” scam, which promises investors a powerful software suite that can dramatically increase their profit with fanciful trading algorithms.
In this article, we’ll take a look at CryptoCode, a newer scam that is currently circulating in the cryptocurrency market. We’ll take a look at how the CryptoCode scam works, what it promises, and identify the key red flags that prove it’s a scam to help you protect yourself from similar scams in future.
What Is CryptoCode?
CryptoCode is a new trading program that claims to be created by William Gardner. According to Gardner, the CryptoCode platform is an automated trading platform that can allegedly help traders generate up to $14,000 in a single day.
Sound too good to be true? It is.
Fake Testimonials & Other Red Flags
The biggest red flag that identifies the CryptoCode platform as a scam is the fictitious nature of the creator, “William Gardner”. If you take a look at the CryptoCode website, you’ll notice that the picture used by CryptoCode to represent Gardner is a stock image that can be found on any number of free stock image websites.
Another key scam identifier is the fake testimonials presented by CryptoCode. All of the videos on the CryptoCode platform of “successful investors” are made by paid actors, while the static reviews on the site are made with stock photos.
How The CryptoCode Works
If you decide to take the bait and actually download the CryptoCode software, you’ll find that it definitely is not free. Running the CryptoCode software suite will present investors with the requirement that they must invest at least $250 with Safe Markets, who are an unregulated and anonymous broker.
The scammers that run the CryptoCode website are profiting from referral bonuses paid by Safe Markets. The trading software itself is a complete mess, and will trade your capital based on false signals that will trade your account to zero. You’ll generate no profit, and the scammers will earn their commission.
The CryptoCode Verdict
CryptoCode is a blatant scam, and should be avoided at all costs. If you’re interested in depositing your money with a broker, make sure they are registered and reputable. Remember, in the world of cryptocurrency, there are no magic bullets or super-effective formulas that deliver a fast track to success.