Here’s How The News Spy Will Scam You in 3 Steps
As I said.
This is basically a copycat of the classic binary options scam.
Watch this video to see how it works:
I always like to test things out first-hand to make sure that I’m not missing anything.
I actually went ahead and joined The News Spy.
And I can confirm that the whole thing is a complete scam as I expected.
Here’s how The News Spy scam works.
1: Deceptive Website to Gain Trust
I have to hand it to these pieces of dirt.
They really do know how to throw together a legitimate looking website.
However, everything that you see on The News Spy’s website is completely fake.
From the carefully edited ‘above-the-fold’ video.
To the phoney endorsements from reputable sources like ‘CNBC’.
And even going as far as paying actors for their video ‘testimonials’:
The real aim here is to capture your email address and your phone number using the form.
So they can pressure you into making a deposit with the scam broker.
And there’s also the added risk that your details will be sold on to other criminals.
Who may add you to a ‘sucker list’.
So that you can be retargeted with recovery room, phishing, and other nasty scams.
2: Tricked Into Depositing With Scam Broker
This is what the whole scam boils down to.
Getting you to deposit money to an unlicensed broker that’s going to do everything they can to take your cash.
When I joined up, I was redirected to the Kruger Exchange broker.
And right away I was asked to deposit 220 Euros to begin trading.
Because in addition to my mobile phone exploding with pressure calls from this outfit.
I even had one of their ‘agents’ hounding me in the chat-box:
Kruger Exchange Reviews – FCA Scam Warning
I looked for some Kruger Exchange reviews online.
And not only did I discover a slew of negative reports from customers.
I also found an official warning from the FCA:
‘Marketing Essentials t/a Kruger Exchange Ltd: ‘We believe this firm has been providing financial services or products in the UK without our authorisation… ‘Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us. ‘However, some firms act without our authorisation and some knowingly run investment scams. ‘This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation’.
Source: FCA – Warnings: Marketing Essentials t/a Kruger Exchange Ltd
Note the Address to Avoid Similar Scams
It’s quite common for multiple scam brokers to all share the same ‘business’ address.
This can quickly help you link dodgy brokers and stay out of trouble.
The same FCA report cites that the contact details for Marketing Essentials t/a Kruger Exchange Ltd are as follows:
1111 Sofia, Shipchensky St. 43 A, Bulgaria.
07418442870; 07520644243; 07520644248; 07520643986; 07520665812; 07520665867; 07520643578.
Don’t Be Fooled By The Fancy Software
You’d be forgiven for thinking that the trading interface provided by the Kruger Exchange is legit.
However, my research strongly indicated that the platform they are using is so widely used by shady brokers that it’s been dubbed ‘Scamex’.
3: Your Money is Taken
I went in search of some concrete proof that Kruger Exchange is a scam broker.
And I found plenty of it.
This forum post on Forex Peace Army reveals that Kruger Exchange withdrew more money from a user’s bank account than requested.
With further posts stating that one user had their £5,000 withdrawal repeatedly stalled.
The Kruger Exchange also appears to use the ‘in-and-in’ technique.
Where they claim to match your deposit with ‘real’ money.
The only problem is that you’re never allow to withdraw it.
And it looks like they’re not against changing their domain name and ignoring emails either:
Image source: FPA – Forex Scam Warnings and Traders Court: ‘Scammed by KrugerExchange’.
Tips for Handling the App
For a few investors who are still not sure for trying the app, the following words of caution will help:
- Tiny investment to start with is the best investing practice. Starting with the minimum amount is not a big deal. Even if you are not sure of avoiding losses, a minimum investment is not an issue. You need not avoid the entire opportunity of earning huge profits. As far as investment is concerned, fear prevents many even to try a chance. When the risk is only a minimal amount, this fear becomes unnecessary.
- When profits start coming, the investor shouldimmediately withdraw 25% of the profit. Thus your entire money is not going to stay outside. You are going to withdraw a portion of it and thus keep it safer with you.
The presence of bankers in the system indicates that this app is not a scam. We are concluding this based on information from various sources like websites, Bitcoin trading is done based on news analysis here. The analysis is done by experienced professionals.
The advantage of trading based on guidance from analysis experts is numerous. The profits will be more. The investor can also avoid losses by trading at the wrong time. Numerous investors sold their holdings in panic when there was a drop in prices.
However, they lost their opportunity to earn huge profits by being a little patient. Instead, they incurred a loss due to the absence of expert guidance. However, you can rely on this app since it shows numerous testimonials where investors are saved from wrong trading decisions.
|Robot||The News Spy|
|Official Website URL||www.thenewsspyapp.com|
|Support Types||Email, Live Chat|
|Minimum 1st Deposit||$250|
|Open FREE Demo||Open FREE Demo|
|Deposit & Withdrawal Methods||VISA, Master Card, Maestro, OK Pay, Neteller|
|Number of Assets||50+|
The News Spy – How it Works
Visit the website
Fill out the Registration Form on The Registration Page – Once you are through with the registration and your registration is accepted, the system will automatically register you to The News Spy database group of members. After this, you are eligible to get our proprietary software for free.
Fund Your Account
Since you cannot run any business without funding, you also need working capital to get started with the use of this software. The minimum amount you can fund your account is $250; you can deposit more into your account. Once you fund your account, you start profiting with The News Spy.
Just click “trade” after funding your account to start making a profit. Clicking on “trade” will give you the authority to make use of our News Spy Software to enjoy precise and accurate hands-free money-making tool designed with an award-winning algorithm. If you know how to trade, you can make use of the manual option to make these crucial decisions on your own.
- The News Spy is NOT a scam
- Profit Ratio 89%
- Easy & Fast Withdrawals
- Works on Phone and Computer
Get Started Now
Beware! TheNewsSpy is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
The News Spy is a new scammer that has blown a lot of money for the trailer on its website. Watching the video – the “presentation of the company” so to speak – we learn that it is brand new piece of software, combined with a panel of expert analysts, dedicated to ensuring their customers are up-to-date and well informed on the latest fluctuations of the financial world. It claims that the software scans hundreds of news-sources online while fetching data and forming patterns. Afterwards, the “expert” panelists translate this into trends, understandable for even the newbie traders. The short video goes on about how important it is to be “one step ahead” and how, surely, after registering with News Spy you will undoubtedly be like “the big boys on TV”. To make the offer even more intriguing – we learn from the video that News Spy offers only a “limited” number of licenses so that potential clients must hurry. But must they really?