Cryptocurrency has taken the world by storm. It has revolutionized the financial sector and is rapidly changing how people conduct business around the world. Even people who were previously skeptical that this digital currency has real value have embraced this concept and are now putting more money in this investment.
However, the increased investment opportunities in the crypto world have led to an unprecedented rise in financial fraud as scammers and hackers prey on gullible investors and swindle them of their money.
Unscrupulous businessmen have since set out to prowl on vulnerable investors registering fictitious companies and running phishing sites to nab investments and anyone that falls for their schemes loses big! One such company is My Private Bank.
What Is My Private Bank?
A quick look through myprivatebank.com reveals a well-done website with information about the company posted here and there such that a gullible investor would fall for it.
But don’t be deceived. The company claims that is officially registered in the British state register of companies and licensed to carry out financial activities without any territorial limitations. However, this information is not verifiable and there is no certificate of registration to authenticate this.
However, it is important to note that registration does not necessarily mean regulation. The company is registered for tax purposes. But who regulates their activities? Which financial police monitors My Private Bank and which rules do they abide by?
My Private Bank Private Financial Investment Platform Red Flags
The company prides itself on having competent employees qualified in business and investments. However, the company does not provide the profiles of the said employees to build investor confidence as they will know the competent team that will handle their investments. In short, the faces behind the success of the company are unknown.
The company offers several investment plans- the daily start which offers 2% daily for 7 days, the daily life which offers 2.5% daily for 14 days, the daily top which offers 3.1% daily for 21 days and daily pro which offers 3.8% daily for 28 days. The figures displayed might look impressive but without a whitepaper, they remain just that, figures. A scan through myprivatebank.com yields no whitepaper which a red flag is.
A company such as MPB, that promises to grow your investments and prides itself as a world-class entity must provide a whitepaper on its website for investors. The whitepaper will educate the investors on the financial activities the company engages in to make returns and the calculations and graphs explaining how such returns are arrived at. Anything short of this is a Ponzi scam.
My private Bank promises these unbelievable profits to investors but has no whitepaper detailing how they expect to make money. What products or services do they offer retail consumers to earn the high profits for their investors? How are their financials?
The company also offers far-fetched commissions to investors if they refer other investors to the scam site. My private Bank offers up to 20% of the investor’s investments as commissions to increase their web of deceit.
My Private Bank Final Thoughts
If you are looking for legit cryptocurrency companies or wealth affiliate sites to invest in look elsewhere. Simply put, My Private Bank is a scam.