3 Obvious ways to identify a scam.(A review of the CALA trading bot platform)
Successful investing can be a very difficult task. Investing in Nigeria or as a Nigerian is even worse. However, crypto has made some things very possible. For example, you can have access to crypto without tendering your KYC. Although reputable firms like fidelity investments and Charles Schwabs are not open to Nigerians.
A few days ago, I was talking to a friend and we were talking about investments and somehow somewhere she mentioned a platform that she has been into for close to 6weeks. She claimed it was paying and she had made 50% in one month. She also claimed it was a legit platform.
Well, I have been in the online space for quite a while and things like this hardly get to me. However, I wanted to dig deeper into what the platform had to offer.
I asked a few questions and I discovered she really did not understand the platform in totality. All she knew was the profit margin.
Before I go on, the name of the platform is CALA. It's a platform that uses AI technology to trade for a profit. The concept is you buy different bots and these so-called bots have different trading performances. A level 10 bot will do better than a level 1. The price of each bot is based on its performance.
There is also a referral part of the platform where you refer someone and get paid. However, on this platform, The payment for the referrer is a better bot.
They also claim that their trading pattern is an arbitrage pattern involving different centralized exchanges.
Well, I asked my friend who told her about the platform and she said it was her father. She went on to add that everyone in her house is on the platform. She also added that it has been their source of revenue for her family members. This kind of story clinches my diagnosis fast.
I was shocked for a moment based on the fact that I expected more from her but I figured that sometimes greed could cloud intelligence sometimes.
So, I told her to remove her money as soon as she could. This was before doing my research about the platform. After conducting my research, I went to her and advised her again but she said she was waiting for the money to double, and then she was going to remove her capital.
I just left her and I hope she doesn't get burnt.
One of the biggest problems people have when taking investment decisions is dealing with greed. Greed is most times the fuel to bad decision-making when investing.
The internet is full of scams and you should be on the lookout for them so you don't get to be a victim of these fraudsters.
I will be talking about some easy ways to identify platforms that are scams.
1. The too good to be true platform...
Most platforms that have the scammy feeling always promise things that are too good to be true. For example, a platform that was trending about 9weeks ago was promising about 3.6% a day. How were they going to do it?
I dont think there is any platform that can deliver more than 5% monthly steadily to its customers.
However, these fraudsters give very high-end promises, so you can think of how long it will take you to get your money and cash out.
For example, the platform that gives 3.8% a day is doing it with the aim of you thinking of withdrawing your capital within the first month.
But guess what happens?
Before the first month is over, the system crashes and all your money is gone.
2. They claim to have a system that works but when you look deep they aren't;t using their supposed system.
How do I explain this?
For example, the CALA platform claims to be trading between centralized exchanges. However, they did not ask for anything like APIs.
You just register with your phone number and password, then you deposit some money and trading begins.
I dont get how people fall for all these things tho. I guess greed takes the better part of them.
3. Referral pattern.
I will always say that anything that has to do with referral, has to be looked at closely.
You have to look at the service to see if the system can survive without a referral system.
If you see a platform that depends on referrals, then you should be weary about such a platform.
For example, COTP will increase your profit for every person you bring in to the platform.
This referral pattern is usually the easiest way to clinch your diagnosis on if something is a scam or not.
I usually liken referral systems to Ponzi.
It should be noted that a referral system is different from an affiliate system but it should also be known that they can be used interchangeably to deceive people.
The worrying part of it was that I told my friend to go and pay to learn a valuable skill that will provide food on her table but she chose to put that money into a bot.
I really hope she gets her money but the question remains why do people prefer fast money despite the fact that it has proven not to work in most cases?
In summary, the CALA bot trading system is a scam and if you feel moved to trade with them, know that your money will likely not come out
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