In times of crisis and when people are particularly vulnerable, unscrupulous chancers never miss a trick to try to extract money from people. They use fear and uncertainty and try to play on those emotions. Here’s one that has bubbled out of the ether against the background of the Covid-19 pandemic that we’re all in isolation from.
Corona Fever Trading App
This came to my attention the other day in an email that ended up in my spam box. It’s an app that is yet another variation of the Crypto investment variety. It claims to make money for the investor on autopilot, without them having to do any complicated analysis. All you have to do is register and you’ll then be rewarded by having your money invested for you, with an almost guaranteed return (or at least that’s the way it’s promoted).
Here are the Claims
The system claims that the Corona Fever software has a ‘superior algorithm’ that allows it to generate highly accurate and profitable trading signals, even at a time when the markets are currently so volatile. This leads you to believe that the software will generate a profit for you, whether you have knowledge of how it works or not. In reality, this is a pretty lofty claim and one that is becoming increasingly common in this type of ‘opportunity’. “Don’t worry about it mate, it just works, you can trust us”
Corona Fever is claimed to use a clever trading bot that automatically follows the market and makes trade decisions based on a complex algorithm that is top secret. These kinds of trading bots do indeed exist in financial markets, but they aren’t infallible and bogus trade signals are often acted upon by the software. Markets are inherently chaotic and there is no system that can possibly be accurate to the level the authors are claiming.
The claim here is that The More Volatile The Markets are, the better. It uses the turmoil of the Coronavirus Pandemic and claims that it can make money for you, especially because the markets are so volatile. This seems to be a hard claim to substantiate because generally, the more volatile a market is, the more inaccurate a trading bot will be.
Here’s what the website blurb says about the investment method.
JOIN CORONA FEVER TODAY AND START EARNING DAILY PROFITS
Corona Fever has become the leading automated cryptocurrency trading software at a time when people should hedge their funds as a result of market volatility. The software allows people from all over the world to take advantage of Bitcoin’s price volatility and to earn massive profits every day. Corona Fever software eases the way people make money, giving them the time and money to do other things they love, without thinking about a paycheck. The best part is you get to record impressive profits by working only for a few minutes per day. All you have to do is set your trading parameters of the software and allow Corona Fever to start working for you. As a web-based software, it is compatible with virtually all devices, allowing you to trade while on the go and to maximize your profits at all times. It really doesn’t get any easier than this!
My analysis of the Corona Fever Trading App
As can be seen, they want you to sign up for an account and then deposit $250 to trade with. They recommend the ‘broker’ that is going to be used to use your money to trade with. This is the scam. The software doesn’t really work the way it claims to at all. Once you invest $250, you can kiss it goodbye. The developer of the software is probably affiliated with the broker, who will be in on the scheme.
Part of your investment isn’t invested at all, it goes to the Corona Fever App developer. The slice he gets is unknown, but it could be as much as 90%, but he’ll have to hansomely reward the broker too.
Next, you might think, well, that’s fair enough, i’ll just get my money back from the broker. But that’s your next problem. The Statement in Step 2 above is saying your money can be withdrawn hassle free.
The broker is almost certainly an unlicensed binary options cowboy who isn’t going to give you your money back just because you ask for it!
Fake Profits are the Next Con
You may be told initially that the system and your ‘investment’ is doing well. You are told that the system is showing an XXX % profit and that you are making a killing. Nothing is further from the truth, it’s completely fabricated, but you won’t know this.
You’ll be conned into investing more, as they’ll claim the system has been ‘Proved’ to you. Usually, this is done by bombarding you with phone calls, emails and text messages, which can come from anywhere in the World. These are usually high pressure and they won’t take no for an answer. They will be bugging you 24 hrs a day.
The claimed ‘profits‘ are probably bogus, it’s just a method to extract more money from you. You’ll likely never get it back. You don’t know who the broker is, or how reputable he is and you don’t know who operates the website. That should ring alarm bells straight away.
The Corona Fever Trading Site is Just a Video Game
It probably isn’t even connected to any real trading platforms, the system is just a video game that cons you into thinking that it is. The software bamboozles you into thinking it’s making a profit to then extract more money from you.
Unfortunately, people are falling for this type of scam all the time. Their success is based on convincing you to make several large deposits to the system. Once that is done, they then just take the money and run, ignoring all requests for refunds and of course refer you to their Disclaimer.
They’ll also convince you to invest more by ‘promising’ to match your deposit with a bonus. If you invest $250, they’ll give you $250 too, but it’s all just a con. You can never draw that bonus, it has to remain in your account (because it doesn’t really exist). It’s all in the Disclaimer.
Can you make money from The Corona Fever App?
No, it’s a 100% scam.
But it has Testimonials, with photographs!
The Testimonials are fake too. If you search for the pictures on Google, you’ll find them, but they belong to completely unrelated people.
MY ADVICE IS AVOID AT ALL COSTS
A Much Better Idea
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