Ugandans have suffered at the hands of countless online scammers. Only those who have not fallen victim will never consider the risks involved whenever a purported opportunity of investment with high returns presents itself. Many Ugandans have never recovered from investment scams such as BLQ, Century Ranch, and Capital Chicken, among several others. Currently, the brooding scam is BF Rancher. It is run after the same pattern as BLQ and Century Ranch.
Money is the main reason people leave their homes on a daily basis, and whenever people hear of ways to make money without a lot of suffering, they are willing to give it a try. One of the money-minting scams for the last decade has been cryptocurrency. If it is your first time to hear about cryptocurrency; then allow me to give you a brief background.
After the 2008 American credit crunch, which was partly blamed on the banks lending money they never had, an anonymous person launched a technology that could allow people to transact without the need for money from any bank or government. Think about having money that the government does not have any control over. Money that you can use in every country without any limit because the governments do not have any control over this money!
This was a good dream unfortunately it was never realized. All money is used to exchange value. It is a means of exchange. Unlike real money, Cryptocurrency is not a means of exchange. It is like a game you play and the higher the level you are able to break into, the higher your rewards. It is a whole world on its own without the capacity to act as a means of exchange.
In order for cryptocurrency to gain value (become money), people started using real government-issued money to buy the already mined bitcoins. It is like buying a stone and convincing other people that it is of value. Once you successfully exchange the same stone for money among five other people, the sixth person will likely not ask whether the stone is of any intrinsic value, they will base on the value that the fifth buyer placed on the stone. The same applies to crypto currency, it is like a piece of art that is being traded over and over again using a selling story that many people have not tried to prove.
There several types of coins besides BitCoin but that is a whole story for another day. But what you should know, Crypto currency is like forex trading, it bases on buying the coins when their value is low and selling them when their value is high. To make a loss means that you buy the currency when it is cheap and expect it to gain value but instead of gaining value, it instead drops. So if you need your money, you will sell the coins at a loss.
For you to participate in Cryptocurrency trading, you need to have an account with the crypto trading companies such as Binance. (Advertised by Cristiano Ronaldo). It after opening your account with such a company that you deposit money (real money) to start trading in cryptocurrency. But observing the market to know when to sell and buy is not an easy task. To bridge this gap, several people have created Trading Bots
AI trading bots present themselves as experts of trading with higher chances of making the right buying and selling decisions than a lay person. They observe the market on your behalf, then buy and sell coins on your behalf. The intention is to buy when the prices are low and sell when there is a gain in value so that you earn a profit through the difference. uTrading is not the first trading bot. There are other bots such as ROYALQ, TAFABOT among several others. The selling point is that they do not require you to deposit money; the money remains in your account.(Binance account) But is this true? This is where the analysis begins from!
uTrading Scam or Legit
The whole cryptocurrency universe is a scam. You can check out the documentary here. But even though it is a scam, it has not yet collapsed. The trading is still on. It is a journey taken on a bridge that is going to collapse anytime. For you to understand whether uTrading is a scam or legit, you simply have to ask one important question, how does uTrading benefit from you transacting with it?
There are people that created this trading app like several other similar apps. They had a goal in mind. Something that would be of benefit to them once it is rolled out.
Someone is telling you that money remains in your account! good for you. But if the money remains in your account how does uTrading transact with it?
Just like I discussed earlier. The world of cryptocurrency depends on passing on value. What happens when the coin you have been trading in collapses or totally loses value? It is not the first time that a cryptocurrency has collapsed. Talk of currencies such as Cryptopia, Yam finance, MTI, Plus Token, BitConnect among several other coins.
Though they keep telling you that money remains in your account. The truth of the matter is money does not remain in your account. It is only in your account as long as you do not trade. But once you trade, you are given coins (crypto which is not real money) in exchange. For you to gain your money once again, you need to sell the coins that you earned. Unlike other scams that promise that every time you trade you will get a profit, uTrading left room for making loses. This means that you cannot blame them if they trade wrongly and in return lose your money.
What if they made the loss deliberately. To force people lose interest in a certain currency and once it becomes cheap they buy and sell again using their trading accounts on platforms such as binance?
How might you lose Money Through uTrading?
- Buying tokens sold by uTrading to aid your trading
- uTrading erroneously buying coins when it anticipates that they will gain value and they lose value. So you end up losing money
- If your trading company from which uTrading gets the money to transact collapses.
- Ponzi scheme (earn money through referrals)
Conclusion
uTrading is a brooding scam. Similar to many ponzi schemes, you get money by getting several people join through your invitation. Once they make a transaction, you share the deposit made by the new entrant. It hides behind trading on your behalf but in actual sense, it is a ponzi scheme. The reason why it is very popular is because once you join through the invitation of someone, they profit off you joining the app.
It is for this same reason that you are seeing everyone doing their best to convince you to join because once you join and make a transaction, they will earn. Now imagine if you got a 1000 people to join and each made a deposit of $100. You would earn $20,000 without even trading at all.
It is now your choice to either join or flee. There are only two risks you are likely to face. That is the collapse of the crypto coins you have been trading in. Or the closure of uTrading because of its Ponzi scheme model. Besides that, it is a profitable venture by highly dependent on a ponzi model.
Obviously you don’t just understand how Utrading work.
Kindly contact me via email and let me help you understand it.
Ponzi schemes in real world would be closed once identified. Who regulates ponzi schemes in the crypto world? Who do you report to Incase you feel cheated?
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