The Elon Musk Method
Just to address a few things straight away, for people who do not like to read up on things (future financial scam victims) here are a few salient points:
- Any website that tells you how long you have left to sign up, or how many places remain is a SCAM!
- Anyone that tells you that you will make money with very little investment and no knowledge is a SCAMMER!
- Anyone claiming to have invented quantum computing trading software is a SCAMMER!
- Anyone claiming to have invented a robot trader that has a certain percentage of success trading is a SCAMMER!
We hope that we have made things clear because if you are not aware of this you could become their next victim...
These scammers are getting more and more affiliates, which must mean that more and more of us are falling for these scams.
Now, there is no such thing as any of the above, and now we have dealt with those points, let's have a talk about what this CoinTrader website really is, and what it means.
So let's get started.
Obviously this is nothing to do with Elon Musk, even if they have quite literally got him making moves behind the scenes in this website (yes we mean his picture rather than the real Elon Musk):
So What is Coin Trader?
Well, it is a website. That really is it. There is no app, no login, no interface, no nothing. We are dealing with a website that has three main functions.
- To get your name and phone number so that they can phone you and hound you into investing more and more money.
- To make sure you have no understanding whatsoever of trading, law or money and that you never read the small print.
- To forward you to an offshore, unregulated CFD broker who may or may not be real, but who is certainly not accountable for their action in your country or territory.
And the reason that they do this is very simple, affiliate network fees.
Affiliate networks are the scourge of the internet really. They are a way for criminals to get normal, every day conmen to work on their behalf. They offer a $700 affiliate fee for anyone who can get the phone number and sign-up of a novice trader, and then proceed to screw that novice out of their savings with their crypto-currency auto-trading robot nonsense.
Why Use Crypto-Currency?
Actually they don't always. Sometimes they use advertising or stocks and shares. The important part is they use something that any seasoned trader would instantly recognise as total nonsense. These scammers do not want people who smell a rat. They want people who think Elon Musk is some sort of god come to save humanity, and that he is going to start by helping people make a fortune with magic computer software. Crypto-currency is just something that has been on the news in connection with people becoming rich for nothing, and Elon Musk.
So How Does It Work?
Well it is pretty simple. You start reading the website thinking that if Elon Musk is involved it can't be too bad. You see that there are only two places remaining in the UK and you think 'My goodness, I need to sign-up now!' you sign up, and then the boiler room scammers call your mobile. You have already been forwarded through the website to a scammer broker, and it does not matter which one. The boiler room scammer will tell you whatever it takes to get you to send your money. They will tell you that the Elon Musk system works in partnership with that broker and that you just need to invest first to start making money.
Once you have invested your money you will be encouraged to invest more.
Just to be clear, the boiler room scammer on the phone is not from the broker you are sending the money to, in fact there probably isn't a broker as such. What you are looking at is a phantom company. They do not really have offices in St Vincent and the Grenadines, that is just misdirection. The registered company there is just to send you off on a wild goose chase. When you sent your money, it was instantly transferred into cryptocurrency and sent to another crypto-wallet and became untraceable. The interface you are staring at is just a device to try and encourage you to invest more money. It is not really trading at all. Your money is long gone. That is the boiler room scam, and they have been perfecting it for years.
Why Aren't These People Arrested?
Well first of all, we would have to establish that a crime has been committed. If you look carefully at the bottom of these website, it says something like the following:
REGULATION & HIGH RISK INVESTMENT WARNING: Trading Forex, CFDs and Cryptocurrencies is highly speculative, carries a level of risk and may not be suitable for all investors. You may lose some or all of your invested capital, therefore you should not speculate with capital that you cannot afford to lose. Please click here to read a full risk warning. Bitcoin Billionaire is a technology, marketing and advertising service. Bitcoin Billionaire does not gain or lose profits based on your trading results and operates as a technology, marketing and advertising service. Bitcoin Billionaire is not a financial services firm and does not operate as a financial services firm and is only used as a marketing tool by third party advertisers and brokers to attract customers. Its your obligation to check and decide weather the broker you were connected to applies to all local rules and regulations and is regulated in your country jurisdiction and is allowed to receive customers from your location your are in, before you fund your account with the broker and start trading with it. please report Bitcoin Billionaire (by clicking report abuse) if you find that the broker assigned to you is not regulated in your jurisdiction so we can cancel your account with Bitcoin Billionaire.
We are required to tell potential investors that our software's past performance does not necessarily predict future results, therefore you should not speculate with capital that you cannot afford to lose.
So you were warned and you ostensibly lost your money CFD trading, whether that is what happened or not. You were warned in writing, but you did not read it. This somehow stops it being a crime in the modern age. We told you we would screw you and you paid us anyway.
The affiliates that tell all the lies such as this Elon Musk Method page, are just repeating what the affiliate network told them to say, how were they to know it wasn't a real product? They are given the marketing material by the affiliate networking site, who were given it by their customers whom they have never met, and who are just someone who signed up on their website. There is not necessarily a provable link between that party and the people who received your money anyway. Who would you start trying to track down.
On top of that, everyone is protected by cloudflare web proxy services, domain privacy service and ****ing GDPR anyway, so you don't even have the right to ask anymore.
Trustpilot is full of five star reviews because their website is total and utter **** so people think it is a legitimate service. The whole internet appears and all of the legal ramifications appear to have been set-up just for the benefit of the scammers. Perhaps they were set-up for a much bigger set of scammers and these people are just exploiting the loopholes...
How Widespread Is This Scam?
Oh, it is global. As widespread as the internet. The emerging countries are where the easiest prey is based, as they have less exposure to scum than people who have seen advertising before. You can get an idea of how widespread it is just by searching for a photo used on the site on Google image search:
The above image, supposedly of Milana Rassakowska, is being used on the same site in different languages. All of these sites are exactly the same scam, sometime using Elon Musk or another celebrity, and sometimes not. As you can see, sites like dollarsurvey.online and dollarsurvey.org are running this scam full time.
What Happens When You Sign Up?
Well, as we said you get the boiler room scammers phoning whatever number you just gave them as well as sending your details out to anyone that will pay them to know where to find gullible targets. You are also forwarded to the extremely dodgy brokers website that is probably completely false, and you are logged in automatically with the email address you supplied.
Here is an example of signing up with one of the other Elon Musk scams around at the moment:
As you can see they log you straight in to whatever that site is without any verification or anything, which almost certainly means it is not a real broker as you have not in any way verified that you are who you claim you are.
Can I Make A Complaint?
Well you could try and report them to the FCA or similar, but these organisations are basically a waste of breath. They have no international power and so they have no ability to control the internet at all. The whole thing is a farce. The FCA is just a safety net full of holes that makes people feel safe enough to get ripped off, and then turn out to be completely incapable of providing any support. It is worse than useless.
You can raise a request for a chargeback from your bank, and this is something you can do yourself. There are many companies claiming that they can do it for you, but these are just people hoping to make deals with people who do not read the fine print even after they've been ripped off once already. In other words, they are as close to being scammers as you can get, without having the actual audacity to be scammers. They have no qualifications, no legal powers, no experience special to the service, and no relationship with the banks. They are in fact, no better than a real-estate agent or second-hand car salesperson.
You can write a complaint on Trustpilot of course, but if you look at how that site works, they actually provide reviews based on URLs rather than companies, so Elon Musk's impersonators just change the domain name and carry on posting fake reviews. Just like the FCA and ActionFraud sites, Trustpilot is worse than useless.
What Can I Do To Help?
Post links to this site on social media, and tweet Elon Musk asking him to tweet that auto-trading is a fraud. The scammers will only have to come up with a new scam, but at least it will piss them off, which is all we have left to live for.
VERDICT: COINTRADER IS A SCAM
AND ELON MUSK ISN'T INVOLVED!!!