Smart trade coin is most probably a scam, stay clear of it in '24
Cem DilmeganiThis is about an investment related topic, so please read our disclaimer about investment related topics first.
Smart trade coin claims to enable users to automatically earn significant amounts of money without any effort. This is of course too good to be true. Smart trade coin is an opaque platform that does not disclose neither its team nor its founder. Installing the software could be risky, here are potential outcomes:
- It could be a scam: Providing them any passwords to any crypto accounts could result in those funds to be stolen. This is the most likely case because of the reasons we explain below.
- It could be a Ponzi scheme with users making initial gains which are paid by new joiners’. Then, all users’ funds could be misappropriated by the founding team
- It could be a joke app/coin. We wouldn’t be surprised as it seems haphazardly created. At last as of 2021, they haven’t disclosed that it was a joke.
- There are also other theoretical possibilities. For example, this could be a valid business that indeed generated returns for its users. We find this very unlikely.
What is smart trade coin (STC)?
Smart trade coin claims to provide software that connects to multiple cryptoexchanges. It claims to help users to use one app to manage multiple cryptoexchange accounts allowing them to:
- use all exchanges via a single interface
- configure auto trading bots for automatic trading
- earn by arbitraging price differences between exchanges as seen below
Is smart trade coin (STC) a scam?
Most probably, yes. The most important warning signs are:
Unrealistic claims
Artbitrage between exchanges is indeed possible and could theoretically generate value. However, it would be very difficult to do so in practice:
- Most value will be lost as fees to the two exchanges involved in the transaction
- Crypto prices are very volatile and price fluctuations could wipe out minor benefits from arbitrage
Even if this company built the technology to achieve consistent earnings via arbitrages, it wouldn’t market itself to retail investors. It would raise funds and do arbitrage at large scale. Therefore, it would both generate greater value and it would not need to bother with all the marketing efforts it is currently doing. So it is unlikely that the company has the capability to generate consistent earnings via arbitrage.
Deceptive marketing
This looks like a textbook example marketing text for promoting a scam:
Opaque business practices
There is no information about the founding team except the founder. And the information on founder includes his age rather than any other credential:
Also note that the country name in their address is wrong. It should be “and” not “an”. I had never seen a company misspell the name of their country.
They don’t explain how they earn their income. However, they have been buying traffic via pay-to-surf websites like CoinPayU.
Bad reviews on app stores
About half the reviewers call the app to be a scam.
Numerous users reporting that they lost 95% of their savings
Users lose their savings and there is no way to verify that these funds were not simply taken by the Smart trade coin team.
We see no reason for these users to lie about losing their funds. They are not promoting another coin or investment scheme, why would they lie about losing money?
The company accepting that users lost money
The company recently provided some excuses, like their supposed use of leverage, to explain why some users lost almost all their money. There is nothing proving their statements. It is possible that the STC team simply took most of the money invested in the system. We can not be 100% sure about what happened given their opaque practices but it would be unwise to invest in them especially after this event.
Users need to trust the app with their cryptoexchange accounts
This is like giving your house key and credit card to an anonymous person.
Is smart trade coin’s TRADE a scam?
They also launched a coin on a single exchange. The coin’s value has been consistently falling as seen below. Given what we have seen about the company so far, the coin is unlikely to generate any value.
Why are we not clearly saying that it is a scam?
Unfortunately, the only way to verify that something is a scam is to be scammed. And we haven’t used the app since we believe that it is dangerous. so we can not conclusively say that this is a scam.
How can this problem be solved?
There needs to be a mechanism for app stores to verify apps of above a certain traction to ensure that they are at least legitimate companies.
Currently app stores like Google Play earn from apps since apps contribute to their ecosystem. Not providing even the most basic verifications in app stores for apps with tens of reviews is wrong and leads users to fall victim to scams and data collection operations. This is wrong and it should stop.
For safer investments in the crypto domain, you can read about top crypto exchanges.
Cem has been the principal analyst at AIMultiple since 2017. AIMultiple informs hundreds of thousands of businesses (as per similarWeb) including 60% of Fortune 500 every month.
Cem's work has been cited by leading global publications including Business Insider, Forbes, Washington Post, global firms like Deloitte, HPE, NGOs like World Economic Forum and supranational organizations like European Commission. You can see more reputable companies and media that referenced AIMultiple.
Throughout his career, Cem served as a tech consultant, tech buyer and tech entrepreneur. He advised businesses on their enterprise software, automation, cloud, AI / ML and other technology related decisions at McKinsey & Company and Altman Solon for more than a decade. He also published a McKinsey report on digitalization.
He led technology strategy and procurement of a telco while reporting to the CEO. He has also led commercial growth of deep tech company Hypatos that reached a 7 digit annual recurring revenue and a 9 digit valuation from 0 within 2 years. Cem's work in Hypatos was covered by leading technology publications like TechCrunch and Business Insider.
Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.
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STC deceived many people in Kazakhstan. Mothers having many children having believed in STC took money on credit in bank, what to improve the financial position. But STC stole their money. Now it became even more difficult to them to feed children and to pay a debt to bank
You need to sue them if they are not giving back your funds. I can’t think of another option. But there is so little detail about them that I don’t know how you would go about suing them. You should talk to a lawyer about this.
Of course it’s a scam, I personally and friends of mine have lost some money in 1 day. Please do not trust the kind of company and these kind of products.
and one more introduction of the real people behind smart trade coin (Hamburg and Mallorca based) Dennis Nowak and his wide network of sales reps.
Interesting research.
What is missing are the real founders of this. Check out Smart Trade Coin Ico. It´s a German MultiLevelMarketing guy and his crowd from Hamburg: Dennis Nowak, Daan van Koelen, Jorg Gehrman, Gregor Weiss, Chris Martens, Waldemar Reimer. Company was formally based in Malta until recently. Nowak previously was involved here:
we go crypto wgc, lavylite, auvesta, infinity economics. Some say he is still in charge. Most traces back to them are erased from the www.
https://www.facebook.com/InsideWirtschaft/videos/300868494053620/
I can not validate this. But if it is true, the people who lost most of their money would know who to sue.
https://www.youtube.com/watch?v=vZQ3GJYVzzY
The Founder (owner) and one of his promotional webinars 2 years ago
Now it needs KYC video and tax number
for the little rest of the money that is left
validation was done when opening account, this is an additional (?!) “KYC” and even if you deliver: it seemingly takes weeks, account stays blocked. New “CEO” introduced yesterday, hahaha.
Hello
I lost DEFI 94,8 % in one night
A huge amount of money lost
I tested with some little money to set up a bot in bitcoin again to get some money back.
But the same 0.001% gain per day and before it was 0.3%
So my conclusion after they steal your BTC, they freeze your account for any further gains.
Even the monthly service fee they are not willing to release.
They simply wrote “please don’t write us messages and leave us to work out a solution.”
Exactly my impression and experience, too. And besides all this, no information to their customers. Only the weekly newsletter which gives no idea what is really going on now and how long somebody has to wait for a possible refund. The only thing I know, was a piece of information, telling me that lawyers are dealing with it currently.
Very sad to hear that
%95 zarar ettiğini söyleyerek biz yatırımcılara yalan söyleyip dolandırıcılık yaptılar.
Stc go %95 oranında paramı gasp etti. Zarar yaptılar , şirket çalışanları dediler. Smart trade coin
Ich habe leider auch alles verloren.
Ich glaube auch das es Scam ist, leider bin ich auch darauf reingefallen.
Also leute Finger Weg von Smart trade coin go … scam!
Buy Bitcoin and HODL it men!
Sad to hear that. Ich hoffe, dass Sie Ihr Geld zurückbekommen.
Mir wurden am 5. Juni auch rund 90% abgezogen.
Ich weiss nicht was ich weiter tun soll.
Grüsse
Sad to hear that, hope you manage to recover your funds.
Türkiye de Kazakistan da Rusya da binlerce insani dolandirdilar
Smarttrade coin adli şirket 05/06/2021 tarihinde yazilim diye sattiklari bot defi ler % 95 oraninda zarar ettik diyerek hesap bakiyelerinin içerisini eksi bakiye lere düşürüp insanlari dolandirdilar. Sayilarini tahmin edemeyeceğimiz kadar mağdur var. En büyük yikim sisteme yeni dahil olan hesaplarda oldu.
Smarttradecoin bir aldatmaca çok doğru bir tespit yapmişsiniz
Teşekkür ediyorum size
Ne demek, yorumunuz icin tesekkurler, umarim kaybiniz olmamistir
Guys unfortunately stc is a scam
please go on their fb and look it by Yourself
Within one night i ve lost all my money.
First they wrote in twitter that they are trying resolve the issue, now they they wrote this
https://www.facebook.com/SmartTradeCoin/photos/a.2182208475356640/2947316715512475/
Sorry to say but the program took all my money.
Hi Cem,
Yes you are indeed right about it.
Could you pls reply your email address in comment. I would like to send you some information. thanks
Thanks for your comment Martin, you can write to info @ email address of our domain.
They scam everyone, 90% if their investments – just look at the videos here, and look at their telegram 🙁
Hello dear all,
The same happened to me.
Approx -90% in one single day. And to my colleagues that trusted in STC the same.
Replies for support, if any, are standard replies and unsatisfying.
There are no real updates on social media. what they write is contradictory. They also delete their updates and its difficult to follow. critical comments are being deleted or comentary function totally disabled.
i’m very disappointed. Mostly in myself for trusting in this.
Sorry to hear that. We all make mistakes. I am sure you will learn from the experience.
I lost 85% of my investment 3 days ago !!! Someone said that had some problem with the system and that will be all good i. 48hours … 96hours already waiting nothing happens!!!! If someone has any information pls share. Thnks
Sorry to hear that
Huge Scam! Also lost 90% of all of my DeFi Investments in just a few hours. Luckily i hadn’t invested with much money as I just found this platform a few weeks ago. I can take the loss and chalk it up to experience. Smart Trade Coin deletes or hides comments on their facebook and instagram pages, too. This is not very tranparent for customers/investors. Also they posted on their Telegram channel, that crypto investments and trading with bots can lead to huge losses.
“We have been successful so far, and we did our best to generate as much profit as possible. Unfortunately, due to the occurrence of market fluctuations, our trading strategies have been on the minus side.”
On the other hand they state via Twitter, that it’s a bug and they’re working on finding the problem within 48 hours… which were over today afternoon.
It’s very suspicious, scam, fraud, robbery!
Sorry to hear that, thanks for sharing with others.
Heute 95.2% des gesamten invests verloren… Rückmeldung von STC
Kryptomarkt schwankt halt stark.
Vor einem Monat war ein Buchungsfehler, da bekamen wir 100% zu viel. Das wurde sofort binnen Stunden kommentarlos zurückgeändert. Nun aber bei 95% Minus passiert gar nichts….das ist lt STC so korrekt.
Wie kann man jeden Tag max 1% gewinn machen und dann plötzlich über 90% verlust ?
Ich sage SCAM…..hat der gründer ja bereits bei “we go crypto” auch so gemacht 😉
Vielen dank für dein Kommentar, Robert. Haben Sie ein Screenshot oder anderes Beweismaterial? Sie können es an unsere info@ E-Mail senden.
Hi! I lost 85% of my investment can you pls give me some advice or help how can I return the investment?
Today, STC GO stole %80 of all investment from only defi. Writer was right.
Thanks for the comment, would be good if you could share evidence of this?
Hi
How can we upload picture ?
This article is custom-made, you yourself first enter this company, and then argue. Remember that Bitcoin was also said to be fraudulent. I get my profit from robots, because this is a new generation mining company. If farms can mine bitcoins, why can’t robots?
Thanks for your comment. We find it unlikely for a completely anonymous team that misspell their country of incorporation to build a leading edge application. Bitcoin was not an anonymous team. It had a team behind it with one team member remaining anonymous.
I’ve been using STC for 3 years, started with 10k USD.
Now I have 300k there and every month I get around 100k profit.
And I am not affiliated with them. I’m just a happy user.
I don’t really understand how you dare to criticize something you don’t know about.
Happy to learn. Do you have any evidence for any of your claims?
It most probably is a ponzi. They claim that their bot automatically trades and profits with your crypto. They even provide a short list of trades that the bot supposedly executed in the past. However, you *can’t* see when the bot actually opens a position. You can only see that it has closed a position. I.e., the bot is not generating any profits; it is simply passing along revenue derived from newer users as profit and giving out random trade positions that supposedly were used for profit. It is the most sophisticated ponzi I’ve ever seen.
Thanks for the comment. You can check out Madoff’s scheme, it was also pretty sophisticated. For years, they shared detailed returns with their customers.
First of all, when Ekiko makes a negative criticism, you directly accept it, while those who use the system do not accept it when you comment. You pass by saying the Ponzi system. This reveals your intention from the outset. So you already have a negative opinion on a subject you are curious about, you are not neutral. This does not create a healthy criticism environment. First of all, I am someone who uses the system. I entered the system on the recommendation. I have researched about the site. The ponzi system you mentioned was a project that was not at the beginning of the site. The site has been active for 4 years. The Ponzi system, on the other hand, is a system that has been activated since May 2020. I saw that the people who made it accepted by the company were their own users. Today, you can log in to the system without ponzi, sign up and use only the software. Anyway, the purpose of the site is not to ponzi, but to make a profit over cryptocurrencies. I don’t know if you have ever checked the contents of the software. Here you can follow the markets from which markets to how much profit they make daily. We even have bots that damage them. This depends on the state of the market, the strategy and charts you choose. We also know that the company is bought by large companies. These companies can remove the ponzi you are stuck with, if they want. When you remove it, the site will still continue to work. This is a separate returns section that it offers to its users. So we see here that there is no ponzi system as you mentioned. If you want, you can … The system has been running for 4 years. I still do not understand why not even one person has come out and commented negatively for 4 years. How has this company been able to continuously distribute money from its own pool accounts for 4 years. If this software algorithm hadn’t been for automatic trading, it would have already gone bankrupt. You ask why ? There are people who buy etherium for 100-200-300 dollars into this system and their etherums have multiplied every day. Maybe there are people who have 1000 ethers accounts right now. Today etherum is $ 3,000. Can you imagine the profit these people made? The site would have already gone bankrupt in 4 years, even through just one person if he hadn’t really been trading with them. Do I fully trust the site? No. Because I have some concern about the establishment and the company about its location and certificates. But I think these will change with the coming projects. There is no limit to the amount of money I spend in 2-3 months and the profit I have withdrawn. I wish you good comments from outside.
You lost me after mentioning the Ponzi switch.
Selam Cem, This is the only article that is being written in English and I have been searching for more than an hour whole Internet and couldn’t find anything. I just found people who are Turkish share their referral code to gain their Ponzi chain. But I heard lots of people make a huge profit (really huge) and invite others. I am not sure is it reliable but I can’t reach any people from this company include the CEO. I couldn’t even find someone named Ganpat Singh 🙂
I also bought the software upon recommendation without doing so much research and now I’m seeing all these articles/reviews and they are freaking me out… I really am not sure about how legit this business is because everything about it started to look super shady now. They ask you to supply personal info, you’re not allowed to touch the money for a month while bots working, and most importantly the bots run the money through their wallet on the website. Although, I know people are making serious amount of money through the software every month and it seems like it also covered my starting expense in like 2 weeks or something… There’s a serious campaign going on, also in Turkey a crazy amount of people invested money in this (a new saadet zinciri?). So I’m just waiting in fear without knowing what to do… Thank you for sharing your knowledge and have a great day!
Thanks and good luck! Hope you don’t lose all the money you put in there.
Me and my friends are also using the bot I deposited and withdrawal already 10-20k in btc and eth it works fine withdrawal within 24 hours the bot give me results of around 4000 My deposit is already out its needed around 4 months. I also don’t trust this company 100% but the system works and it make good results. It would be nice if you make some research or at least try it before you write about something. This is not professional.
What is not professional is a company that can’t spell its country and will not disclose its leadership as you hand over your assets to them…
Just because you once got your money back, doesn’t mean it is not a Ponzi scheme. Please read up about how Ponzi schemes work: https://en.wikipedia.org/wiki/Ponzi_scheme
Me and many others are using the / Go system of Smart Trade for a while now, and it has been smooth sailing. We are very happy with the returns. So the claims that you do can harm the whole platform. The are innovating like hell. The have improved their systems, in to faster, more user friendly so please create an account before judging or spreading false information. Many thanks.
Are you affiliated with Smart Trade? Your claims are not credible when we have no idea who you are.
This is how the whole ponzi schemes started with their victims by giving them something little. Ignore them. Thank you Cem for the review.
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