The Good / Nothing that I can see
The Bad / It's basically Binary Options
No evidence it works
Exaggerated earnings claims
Faked security badges
My Recommendation / This method of trading is high risk and usually ends up with costing you money rather than making it, and is not the way to build a sustainable online business. If you're looking for a legitimate way to make money online check out my preferred method.
The web is seemingly flooded with the cryptocurrency craze right now, due to the wild roller-coaster ride of bitcoin.
Due to this, there has also been an uptick in the number of cryptocurrency scams floating around the net.
These take many forms and can rob you of everything you own. To add to that, there are now “robots” that guarantee to pick winning trades. All bullshit of course, but that doesn’t make their offer any less enticing.
Cryptologic is one of these bots, and the claims it makes is enough to entice people through the door, but I want to show you the more shady side of Cryptologic and why I think it might be a scam.
Use Your Own Cryptologic
The thing about systems like Cryptologic is that they look professional. Most online scams are easy to tell just from the way they look and read, but in the recent arms race of online scams, scammers have upped their game.
As such the sales pitch for Cryptologic looks impressive, at least on the surface.
There are a number of red flags raised that concern me and should concern you, and make me consider Cryptologic to not be all it appears to be.
‘X’ Spots Available
Scarcity tactics are used all the time in marketing, and for the most part that’s fine. If a company wants to sell something just for one day that’s cool and it works.
The problem is when you have something like what Cryptologic is doing in that the scarcity isn’t real.
Apparently there are only 36 spots available, but that is definitely a lie. The purpose behind the site is to generate commissions from the broker (I’ll explain this further below) and limiting sign ups is not something sites like this do.
Usually the fake scarcity is just to drive people to rush to sign up before logic and reason
Who are these Mission Partners?
There’s two parts of the site that look to be blatant lies. The first is the mission partners where it lists badges from the top tier security and antivirus companies.
These badges don’t link anywhere and I couldn’t trace that Cryptologic was rated on any of the sites at all. It looks to be completely faked purely to try and add a sense of legitimacy to the site.
As well as that there is the “you’re in good company” area that shows logos from various cryptocurrency websites. These don’t link anywhere either so I’m unsure of the exact point of them, except to try and increase legitimacy of Cryptologic.
Auto Pilot & Risk Free
According to the sales pitch for Cryptologic, the bot system runs on complete autopilot that is 100% risk free.
I’m calling BS on this because there’s no trading software that is 100% risk free and automated trading software just can’t predict where trades will go. This is especially the case for so called Binary Options trading, which Cryptologic is pushing you on.
Crypto Binary Options
The system behind the trades that Cryptologic is using is based on Binary Options. The broker even lists Binary Options as an option.
Binary Options is an incredibly high risk trading method that works on short time scales, usually a minute or a few minutes.
You are meant to choose whether the stock or cryptocurrency will be higher or lower at the end of the time period than it was at the start.
In this short amount of time the stock, or cryptocurrency in this case, will fluctuate wildly so no manner of long term trend indicators will work.
With cryptocurrencies the fluctuation is even wilder so how they expect automated software to use trends to say whether a price will go up or down is beyond me.
Binary Options whether used for stocks or currencies is a coin flip, even the FTC has a general warning about the inherent risks involved with this method of trading.
If you do sign up for Cryptologic, they will push you to deposit money at the broker, which for me was Xpert Option.
Most cryptocurrency and Binary Options brokers pushed by sites like Cryptologic are unregistered and are outside the jurisdiction of the US.
The Xpert Option website was only registered October 17th 2017 so it’s really new. As well as that there is no business data for the site, no company name or address only a UK telephone number.
Even the websites Who Is information (details on the owner of the domain) is hidden – no legitimate company fails to provide proper credentials or hides their details on Who Is.
As such the broker is decidedly dodgy.
Is Crytoplogic a Scam?
The final part of the puzzle which makes me believe that Cryptologic is a scam is the exaggerated earnings claims.
Most scams in the cryptocurrency niche suggest they can win 99% of the time. Cryptologic doesn’t say this; instead they suggest a still very high win rate of 87%
This is most likely to make it seem more real, but even 87% is astronomical in terms of returns.
Another, conflicting, statistic is that the Cryptologic software apparently turns every dollar into $1.49, so a 149% return.
Which is it then?
Trick question. It’s neither!
At the end of the day, you are making a bet (gambling) on whether or not a price will increase or decrease in a short span of time. Due to the volatile nature of crypto, and the small window in which you are making your bet, the odds of winning are no better than 50%.
People get crazy when it comes to making money and promises of large returns tend to make people gloss over all the inconsistencies and red flags.
But you’re smarter than that. Avoid this garbage.
The Bottom Line
Cryptologic is just another hybrid Crypto-Binary Options scam.
They will tell you anything to get you to sign up to the broker. Once you do, they make a commission and the broker tries to get you to deposit more money.
You are basically betting on a coin flip. Would you trust someone who says they have a system that can accurately predict whether a coin will land on heads or tails?
No! Of course not. That is absolutely ridiculous.
Cryptologic is just another scam to get you to deposit money into a binary options broker. Once you do, the group behind it collects $250 and you lose all of your money.
Don’t waste your time.