The worst consequence is that you will be giving money to scammers or fraudsters, which means you are supporting unlawful criminal activity. COTPS is a Ponzi scheme, and if you participate, you are highly likely to lose your money.
Known as COTPS, A global over-the-counter trading platform known as COTP, also known as Cryptos OTC Trading Platform, began publicizing itself in 2019. In addition, they stated that they will add over 100,000 consumers in a single year.
Many people are looking for alternate money-back options because the website has recently been offline. This comprehensive COTPS evaluation was developed in an effort to aid victims in obtaining justice.
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Is COTPS a Licensed Broker?
COTP is an offshore broker that is not subject to the oversight of any respected regulatory body in its area. The broker may conduct business in a number of nations without being subject to the regulations mandated by the respected regulatory body in that nation, such as CySec, ASIC, FCA, CNMV, etc. Regulation cannot, however, be the main justification for labeling this broker a fraud. Numerous complaints, unfavorable COTP reviews, and other potential scam elements may also play a role. If you trade with this broker, your money could not be secure.
Why Should Not You Trust an Unlicensed Broker?
In addition to the apparent fact that the platform disappeared immediately after it was revealed on various social media, there are several further worrisome factors.
According to COTPS broker, FinCEN and MSB govern it and it claims to be located in the US.
Financial Crimes Enforcement Network, or FinCEN, is the organization in charge of investigating and prosecuting financial crimes, such as money laundering and associated offenses. This, however, is not a regulator and is not authorized to grant a financial license.
Money Services Business, or MSB, is a FinCEN registry that contains data about registered firms. Once more, it’s a register and not a supplier of financial regulation.
According to the broker COTPS’s statement in that notification, FDIC insurance covers each customer up to $250,000 in coverage. Undoubtedly, another well-known falsehood.
Can COTPS Be Trusted?
There are several reasons not to trust COTPS.
- The broker’s website may have contained a variety of deceptive statements.
- Rules and regulations, bonus programs, and withdrawal procedures are illegitimate and intended to deceive traders.
- The broker contacts the traders often and nudges them to increase their investments.
- Returns that are too good to be true are promised by the broker.
- The danger warnings might not be visible or might be concealed on their website.
The broker can be situated in a nation or on a little island where there is no legislation and setting up a business is simple. These nations frequently serve as havens for scam brokers.
Warnings From Financial Regulators
A broker should be avoided if they are unlicensed and cannot obtain a license from the regulatory body in your country. Even if the brokerage is regulated, it is advised to stay away from it if the regulator is based somewhere else.
What Do Traders Think Of COTPS?
COTP has a lot of bad ratings, and traders who used this broker have complained a lot about it. This broker has been thoroughly researched by Report Scammed Bitcoin, and as a result of the complaints, bad reviews, and other scam indicators, this broker has been added to the list of brokers that should be avoided.
Platform Offered by COTPS
The COTP exchange was a standard WebTrader trading platform used by COTPS. Using the automated trading system and said algorithms that were identifying the best trading opportunity at any given time, customers were urged to execute a transaction every two hours.
Since the broker asserts it can manage the market and foresee the optimum opportunity for each trader, high-frequency transactions are the cause of the huge returns.
Country Serving by COTPS
The COTPS trading scam was mainly active in US, Canada, Australia, Germany, Switzerland, and France.
COTPS Range of Trading Markets
Crypto was the sole asset supported by the COTPS trading fraud. The business invited customers to enter the realm of virtual coins and trade money in accordance with its forecasts. This could have worked before many similar frauds joined the market when individuals were still uninformed about how the cryptocurrency market works.
Minimum Deposit and Withdrawal Terms of COTPS
On its website, cotps-otp.com, COTPS advertises its services and offers a 30-day up-to-100 percent return guarantee when employing an automated trading system and initiating trades every two hours.
You could start trading cryptocurrencies after making an initial payment, and the broker’s staff kept promising you big profits and incentives if you introduced your friends and relatives.
With the help of a referral link, your level was raised from 3 and 5% to 1 and 15%. Additionally, the business promised returns of up to 3.6% every day, or 0.3% every two hours.
Ways to Make a Deposit
They only accept crypto investment and you have to invest minimum $9 to buy equivalent crypto.
Victim of COTPS Scam? Report Your Story To Us.
Please let us know if you become a victim of COTPS or any phony MLM scheme. We will be pleased to help you secure a refund with the assistance of our lost fund professionals.