While the internet has opened up countless opportunities for legitimate investments, it has also provided a breeding ground for scammers. Here, we’ll look at some of the top 5 investment scams you should be cautious: Starlink IPO: Ipo-watch.com, Torotradepro.com, Btrade.net, Prolite.club, and Call4trade.com.
Starlink IPO: Ipo-watch.com
- Claims to offer Starlink IPO shares
- Sources information from an unrelated company
- Registered in December 2023
- Cautionary alert from the Alberta Securities Commission
This website purports to offer shares in the Starlink Initial Public Offering (IPO). However, a closer look reveals red flags. The site claims to provide information sourced from Alpha Omega Finance, a company unrelated to them and I could not find any relation between the two anywhere on the internet.
Moreover, Ipo-watch.com is a relatively new player, having been registered in December 2023, according to Whois LookUp and ScamAdviser. While its infancy doesn’t definitively brand it a scam, it certainly doesn’t inspire confidence.
Furthermore, the Alberta Securities Commission has issued a cautionary alert against Ipo-watch.com, highlighting its lack of registration and urging potential investors to exercise caution.
Toro Trade Pro
- Promises various trading accounts for financial products
- No presence on the Company House database
- Numerous withdrawal issues reported
- Not authorized by the British Columbia Securities Commission
Operating under the guise of a United Kingdom-based firm, Toro Trade Pro found on Torotradepro.com promises various trading accounts for a range of financial products. However, when I did a deep dive, I uncovered some discrepancies. Despite its claims, neither the company (Toro Trade PRO) nor its listed address (125 Old Broad St, London EC2N 1AR, UK) can be found on the Company House database. It could be they are randomly listing company names and addresses hoping no one is going to check.
Negative customer reviews further tarnish its reputation, with many clients reporting difficulties in withdrawing funds. I found alot of negative customer reviews especially on Trustpilot. One customer notes, “I have been unable to withdraw my money, I don’t see a way to contact customer service….”
The British Columbia Securities Commission has explicitly stated that Toro Trade Pro is not authorized to engage in securities trading or advisory services in the region.
Btrade.net
- Presents as a reliable trading platform
- Not registered with the Ontario Securities Commission
- Negative reviews on Trustpilot
- Suspected use of fabricated positive reviews
Presenting itself as a reliable trading platform, Btrade.net boasts of providing the tools necessary for confident trading. However, the Ontario Securities Commission has issued a warning against the platform, citing its lack of registration.
Negative reviews, particularly on Trustpilot, echo concerns about poor responsiveness and withdrawal issues. Some users even report experiencing aggressive tactics, such as pressure to deposit funds under the threat of account closure.