Is Global Markets Club a scam? Is Trader.Online a scam? Is AlgoTrader a scam?
Here’s a report for everyone who has been called by Global Markets Club (globalmarketsclub.com), trader.online or AlgoTrader.
TLDR; They are all part of a quite elaborate scam system. And I actually tried it myself and invested a bit of money. With this article I want to make sure that nobody else falls for them as they aren’t the usual dumb scammers.
For those interested, here’s a quick summary of what my experience with them looked like:
- Global Markets Club called me unsolicitedly, probably bought my contact data from some other data broker (I’m pretty sure they also sold my validated data somewhere as well as I’m receiving even more trading related calls now)
- A friendly lady with accent told me that they heard about me from somewhere or I declared interest on one of their cooperating sites (I indeed did some trading in the past)
- She told me about a profitable opportunity with a new algorithmic trading system that makes money on Autopilot for me called “Algo Trader”
- She told me how I could experience the whole thing for free without providing any credit card data. They would provide a demo account with USD 10k “loan”, the system will work with it and the gained profits would be mine.
- I signed up because I’m indeed interested in algorithmic trading and well, used my fake email. What could happen?
- I could start the Algo Trader either on Commodities or on Currencies. I went for the currencies as I’m experienced with CFD trading
- One week later my account was at around 4,000 profit. Pretty decent with a demo account of USD 10,000 at the beginning.
- Anyways, checked a few trades here and there, looked ok not knowing the underlying algorithm.
- The friendly lady called me again and said that, to redeem the generated $4,000 profits, I’d need to create a live account with their trading platform provider, trader.online. I’d then receive the profits on that account and could let Algo Trader continue to work with it.
- It took some time till I decided to open the account but I did out of curiosity. Trader.Online looks like a functioning trading platform, despite their missing information where this whole company is legally based (Phone Country code is bulgaria). Very suspicious but the website was better than I’d have expected it from a scammer. As I said, elaborate.
- After signing up, I was contacted by an increasingly rude person called Kelly Perkins (Yeah I should have known…) She insisted that I’d need to invest a minimum of $250 to activate the AlgoTrader. At the same time, the compliance department sent me an email requiring different documents like a utility bill, passport, TAF form (Transaction Authorization Form), which is required to confirm credit card payments. At that point I thought it was a sign of professionalism to require all this, knowing that this could as well be feint to get the TAF form.
- After a lot of back and forth, the curiosity about the Algo Trader won and I invested the $250. I also signed a several-page contract to activate Algo Trader, which was also a good move by the scammers.
- Algo Trader was activated and started to work with my $250 and the $4k already in the account.
- After one week, I had closed trades valued at $+1,500, which was great. I called Kelly to try to withdraw a bit to confirm they were not a scam. She of course told me a lot of stories how I could not withdraw now because this would break the AlgoTrader and I’d loose all my profits. I insisted and heard never again from here.
I couldn’t find any reports about GlobalMarketsClub, Trader.Online or AlgoTrader when they called me (and I did a lot of research), so hopefully this will save you the money.
Things that you’ll only see after you invested and signed the Algo Trader contract:
- The Algo Trader platform (available here: http://algo.trader.online/platform) has the Angular Favicon (little icon in the browser tab bar). So it’s just an angular site built up really quick, they didn’t even bother to change the favicon.
- The site isn’t even https…
- You can do nothing on the platform, not even change you email or anything
- After my last contact with Kelly or whatever her real name is, the AlgoTrader is making losses, the account is at $1,500 open loss right now
Well, to finalize – it was quite painful to waste time to write this review. But as this scam is uncommonly thought-out and I couldn’t find a valid scam report myself, I hope this saves your savings. To the people behind GlobalMarketsClub.com, Trader.Online and AlgoTrader, cudos and congrats for the meaningful lives you must all have.
Latest posts by LifeInstitute Team (see all)
- GlobalMarketsClub.com, Trader.Online & AlgoTrader are a scam - March 13, 2019