Scam Alert

Eucoinotrade Warned As Investor Scam With Promise of 150% Daily Profit

Key Points:

  • The Washington State DFI has issued a consumer protection notice on Eucoinotrade, a supposed cryptocurrency exchange.
  • At least one individual seems to have been the victim of what looks to be advance fee fraud.
  • The Ecoinotrade website promises 150% daily profit on customer accounts.
The Securities Division of the Washington State Department of Financial Institutions (DFI) received a complaint from a Washington resident about Eucoinotrade.com, a website that claims to be a private, legally registered online investment company with the goal of earning the greatest profit possible from Binary Options trading.
Eucoinotrade Warned As Investor Scam With Promise of 150% Daily Profit 3

According to the report, at least one individual may have been a victim of advanced fee fraud. This is a confidence scam in which significant sums of money are requested for fees under the premise that they are required to release alleged profits.

The investor was referred to Eucoinotrade by a friend who claimed to have earned a lot of money trading on the platform. The investor was introduced to George Alexanderal over Facebook by the person.

Alexanderal professed to be an Account Manager at Eucoinotrade as well as an expert in Bitcoin mining, IQoptions, Forex, Crypto Investing, and Binary Options trading. According to Alexanderal, Eucoinotrade generates high profits using multiple binary algorithms. Alexanderal asked that the investor mainly connects through WhatsApp.

He assisted the investor in opening an account with Eucoinotrade and advised them to acquire Bitcoin (BTC) via their Coinbase account and transmit it to Eucoinotrade to trade with. Alexanderal would urge the investor to invest more money after each investment.

Eucoinotrade Warned As Investor Scam With Promise of 150% Daily Profit 4

The Eucoinotrade website boasts that users may earn “150% daily profit” trading binary options, according to the study.

Originally, customer support stated that the investor’s earnings required them to upgrade their account to elite status and asked that the investor pay $40,000 in software upgrade fees.

The investor’s Eucoinotrade account allegedly increased to over $414,000 after investing 5 or 6 times for a total of approximately $50,000. The issues, however, reportedly arose when the investor sought to pay out.

Customer service then agreed to eliminate the $40,000 fee but insisted on a $14,000 processing fee before the investor could retrieve their money. When that cost was paid, the investor was approached for another $9,400 fee known as an IRS obligatory fee.

DFI advises customers to proceed with care when responding to any solicitation for investment or financial services. To sell investments to Washington citizens, investment professionals must be DFI-licensed.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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