People who have dabbled in cryptocurrency know that crypto trading isn’t easy and requires a substantial investment of time from investors. The market is volatile, prices are constantly fluctuating, and one needs to put plenty of effort into conducting research, practically on a daily basis.
Thanks to the consequences of the crypto winter, it’s now even trickier to make a profit. In order to make this job somewhat easier, automated trading bots have started to appear in great numbers. While solid bots can indeed automatize a portion of your market activities, unfortunately, most of the bots available are, in fact, nothing more than scams made only to rid you of money. And Ethereum Code is one such fraudulent trading robot.
Let’s now look at some of the key red flags linked to the Ethereum Code. They’d be suspicious even on their own, but with so many of them, it becomes totally clear what we’re dealing with.
The start of the investigation already leads to the first telltale sign of crypto trading bot fraud. Namely, Ethereum Code has not one, but at least three official websites. We’re used to legitimate products and services having only one website – why would there be more of them, anyway?
Well, it seems these scammers work with ready-made websites that can be easily modified for the next scheme. As soon as there’s no money pouring in from Ethereum Code and depending on the number of scams the con artists have got going, one or more of its websites will be refurbished for another fraudulent product.
In addition, Ethereum Code websites are identical to those of two other fake trading bots – Crypto SuperStar and Crypto Trader. To cement the websites’ complete lack of authenticity, the scammers claim that the UK Trading Association had given Ethereum Code multiple awards. However, a Google search shows this as a shameless lie.
Lack of features and security
Let’s keep digging. Another strange thing we’ve unearthed is a suspicious lack of Ethereum Code features. We’re used to legitimate trading bots offering a host of options, such as those for leveraged auto trading and reverse trading, to name just a few examples. But Ethereum Code only offers a demo trading option, along with unavoidable live trading sessions. If we check on Scammer Watch, a specialized trading bot website, we find such a lack of features to be a common occurrence with fake crypto trading bots.
When it comes to security options, Ethereum Code allegedly features the latest security protocols aimed at protecting users. There’s only one problem – we have no idea what protocols those are, as no such information was provided. The scammers have only mentioned VPS (virtual private server) functionality, but that only means your data would be secure in the case of events like power outages, and not from hackers.
Inauthentic user reviews
Next, it’s time to look into user reviews on Trustpilot. Illegitimate trading robots usually have a mixture of obviously fake positive reviews and a few authentic negative reviews, and it’s no different with Ethereum Code.
These positive reviews are entirely unnuanced and lacking in detail – it’s just generalized praise of the bot, which seems to be a magical tool that will make you rich in no time and with no effort. And when we check the posting history of people who have written positive reviews, we find this to be their only review on Trustpilot.
On the other hand, negative reviews, including those found on Trustpilot and Scammerwatch’s Ethereum Code review, reveal Ethereum Code for what it is. According to such reviews, the lack of any response after placing a minimum deposit of $250 and incessant cold calls urging the users to trade immediately after registering an account, are just some of the consequences of attempting to trade with the Ethereum Code.
No contact options
Not that it was necessary after all of this, but we decided to run one final check, regarding the means of contacting the people behind Ethereum Code. We found that the only way to do this is through websites’ contact form – there is no phone number or e-mail address provided.
And if you wanted to talk to them in person – tough luck. While they do provide a physical address of the company’s location in the UK, after looking into the government’s public database we found only one crypto company working there. And that company had no operating license and is now dissolved. Case closed.