Beware! CashlessPay Group is most probably a scam system! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
The so-called “crypto robots” are plaguing the online trading world and raising the risk of trading. They add no value and only worsen the reputation of online trading. Even though most follow a standard pattern in designing their website and coming up with an offer, we must say that CashlessPay Group differs a bit from the pack. Usually we would see only a cringy badly-made video describing all the advantages in trading with cryptos. However, with this crypto robot we understand that we have the opportunity to win big by investing money and getting in return what is called “Singapore coin”. The Singapore government, we are told, is supposedly the first government in the world to issue its own official crypto currency and goes by the name “Singapore coin.” Furthermore, on the website we see the logos of many media outlets and companies such as “The CoinTelegraph”, “Cryptonews”, “FINT” and many more. This is a popular trope with crypto robots because in such a way the may lend themselves legitimacy without having in fact anything to do with all the companies whose logos they have posted on their website. Here is a screenshot of the website:
No company, no address, no country of origin
Our thorough research did not bring any surprises – as usual with crypto robots – which are pretty much all the same – we did not find any information on the website regarding the registered address, the supposed company behind the operation, nor even the country of origin. This is nothing out of the ordinary when dealing with crypto robots. In fact, interested traders get redirected to the website by following a fake Facebook post from CNBC. Furthermore, even though we are told that after registering we would have a trading account with “Singapore coins”, no such thing occurs. Actually, there is no such thing as a “Singapore coin” and is only product of the cunning mind of the scammers behind the operation.
This differs a bit from the most popular scam in the trading world, but the main play is pretty much the same. Precisely such websites, promising unrealistic winnings through crypto trading, mislead traders into registering and carelessly giving away their phone number and email. Minutes later, that same personal data is sent to brokers and the registered traders begin getting phone calls from unregulated forex brokers like TradeToro or CapitalHall urging them to invest. The CashlessPay wrests a piece from the initial deposit of the traders.
No verified track record
One of the biggest problems with crypto robots such as CashlessPay Group is the fact that we have no way of being assured about the results, that our expectations will be met. Platforms such as eToro or Zulutrade allows you to search through the profiles of different traders, taking notice of his track-record in trading, whether losses or winnings are the majority. All this transparency further helps trust to be created between the client and provider. With CashlessPay Group we are told about an imaginary crypto currency. Traders are left relying only on the word of a badly-made website, and that hardly is enough. This crypto robot should serve as a good example why traders must research the offers they encounter while browsing.
No regulatory supervision
We should also point out that such operations are not overseen by any relevant authority. The people behind CashlessPay Group are not bound by any government regulator and they can do pretty much as they please.
Last, but not least – mere way in which such operations seek funding is troubling. If CashlessPay Group truly had something of value to offer, they wouldn’t be relying on fake Facebook posts and a badly-done website, but would have found alternative means of financing itself. They can apply for a credit. Another popular option among today’s crypto companies is raising money through crowd-funding. However, those options are available only for legitimate companies, and CashlessPay Group most certainly is not among those.
Having in mind everything that was laid out – we must say that CashlessPay Group strikes us as a standard scam operation and we advise those interested not to risk it.