We’re writing this Plutustrades review due to a report filed with the Better Business Bureau (BBB) on January 8, 2023.
According to the report, a person in North Dakota, USA, reported losing $300 through a scam involving the website plutustrades.com, which was initially contacted through a man claiming to be a broker on Twitter and subsequently moved to Telegram.
The scammer offered investment opportunities in cryptocurrency but failed to inform the person of the constant fees added when trying to withdraw funds.
The person invested in the 500 plan and withdrew $1000 but was charged a 20% fee ($200) and another $500 for a gas fee, for a total of $1200 for a withdrawal of $1000.
The email provided was tdqh3h5f57uv9ccqe94qvukxkdgwpmgn-1078c98de9424e9e@tidioreply.com
So is Plutustrades a SCAM, or was a scammer just using this platform for his scheme?
Let’s check if Plutustrades.com is a legitimate website.
Get in touch with our affiliated Bitcoin Forensic Investigators at CNC Intelligence for free by filling out the form below.
Plutustrades Review: About the company
According to their About Us page, Plutus Trades is an investment platform for investors in cryptocurrency that offers services to clients worldwide through its technology, support, and diversified approach to cryptocurrency.
It was founded in 2007 and is headquartered in London, with additional offices in Canada, France, Brazil, Singapore, and Germany.
However, according to Whois.com, Plutustrades.com was registered through NameCheap, Inc. on April 10, 2022, for one year. In other words, they have only been around for 6-7 months when writing this.
And on their Contact page, we do not find any physical addresses or phone numbers, only a Telegram account, an email address (support@plutustrades.com), and a contact form. They also have a live chat widget.
The company’s CEO, Winko James, has a background in FOREX trading and has partnered with other experts to develop a reliable way to trade profitably on cryptocurrency.
However, the only Winko James we could find on LinkedIn, is a web designer from Draper, Utah, who works for Shell.
The company’s mission is to spread the benefits of cryptocurrency as widely as possible, to grant financial freedom to as many people as it can reach.
Plutustrades claims to use sophisticated technology to secure users’ data and fast data processing and transactions. It also has a 2FA security system and diversified approach to risk management, and its main objective is to meet the needs of cryptocurrency projects and users and to provide access to investment products.
Plutustrades Investment Plans
Plutustrades offers four investment plans: Starter Plan, Silver Plan, Gold Plan, and Diamond Plan.
- Starter Plan requires a minimum deposit of $500, with a maximum deposit of $1,400, and has a duration of 24 hours. It offers a daily return of 60%.
- Silver Plan requires a minimum deposit of $1,500, with a maximum deposit of $5,000, and has a duration of 48 hours. It offers a daily return of 75%.
- Gold Plan requires a minimum deposit of $5,000, with a maximum deposit of $9,900, and has a duration of 72 hours. It offers a daily return of 95%.
- Diamond Plan requires a minimum deposit of $10,000, with an unlimited maximum deposit, and also has a duration of 72 hours. It offers a daily return of 110%.
All plans offer a referral bonus of 30% and 24/7 support.
So theoretically, if a person invests $1,300 with The Starter Plan, they should receive a return of $780 after 24 hours. If they decide to reinvest for another 24 hours, they will receive another 60% return on $1,980, and so on; however,, in reality,, they will charge you so many fees that you will lose money.
Please be aware that these plans are what is described on the website, but it is not necessarily accurate or legit.
High returns on investment with a short-term duration is a telltale sign of a high-risk pyramid scheme.
Always proceed with caution and due diligence before investing in any scheme.
Plutustrades Review: So, is Plutustrades legit or a SCAM?
On their FAQs page, we find the following question: “Is the company properly registered?” To this, they answer: “Yes, we are officially and properly registered with the NEBRASKA AND TEXAS company house. Our company registration number is 12893904, and registered with the name PLUTUSTRADES LTD.”
However, we could not find a registered company named PLUTUSTRADES LTD.
They even have a fake Certificate of Incorporation posted on their homepage, claiming they are certified by the “Registrar of Companies for Nebraska and Texas” and containing the logo of the UK Companies House.
Plutustrades Reviews
Recently, we received the following complaint:
PlutusTrades reached out to me via Telegram, inquiring if I was interested in trading. They claimed their company was assisting average people in earning money. However, after I had invested $500, seven days later my account held $4700.
When I needed to withdraw all of it, I was told the fees were 20% of the profit and couldn’t be deducted from my profit. It seems that PlutusTrades is taking advantage of average people, which is disheartening especially in these challenging times when we are all struggling.
Plutustrades Review Bottom Line
In short, Plutustrades is a scam.
Stay away and do not send them any money.
If you encounter anyone on social media who advises you to invest with them, you should report them immediately and block them.
If you have lost significant money to online scams, do not despair! We can help you recover your money.
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