Is ComexTrades Fake or Real?
Why Is ComexTrades Likely Fake?
ComexTrades is an investment website which requires a minimum investment of $10 and claims to provide daily profits between 2.10% – 3.50% daily or 560% to 6500% in 100 days. depending on the investment plan.
A domain name lookup of the website shows that it was registered on 31st December 2018. The traffic data shows that the site has only been active since around May 2019 and the website also mentions that it has been active since April 22, 2019.
ComexTrades claims on its website that it is ‘totally legal’ and provides some documentation regarding the company’s registration and incorporation in UK. Raymond Stokes is listed as the Company Secretary and Director.
There is an address provided of Manchester, England which doesn’t seem to be an exact office address, as 1 St. Peter’s Square is the name of a building. It should be noted that it is notoriously easy for companies to get registered in UK due to loose regulations.
Though the platform has been active since April 2019, the company has been incorporated only in December 2019.
The home page contains an embedded video which is hosted on ComexTrade’s YouTube channel. The channel has no other videos apart from this one. The embedded video provides an introduction of the company and supposedly features Raymond Stokes, who is stated to be the CEO and not the Director. The company claims that they make investments in commodities, stocks, forex and cryptocurrencies.
The video is absolutely hilarious, in my opinion, as it seems to have been staged using a rented office and actors. At 0:40, there’s a shot of a person typing into a calculator which is turned off and most of the computers shown in the video aren’t even switched on. Raymond Stokes is supposed to be 39 years old as per the company registration information, but the person in the video looks much older. The voiceovers are poorly dubbed and hard to understand at many points. A company which claims to generate 6,500% profit in 100 days should be able to afford a better video production agency.
No LinkedIn profiles could be found for any of the people mentioned in the video, such as Raymond Stokes, Bhavya Chawla or Xin-Fu Zhao which casts suspicion on whether they are real people.
There is a Ratings page on the website which is supposed to show that the website has been vouched for as being genuine by third-parties, but visiting the websites shows that the ratings are based on votes and can easily be manipulated. The rating websites also seem to be interconnected.
ComexTrades also has a referral program which follows a system mentioned as 5%-2%-1%. Signing up on ComexTrades is free, however, it is mandatory to invest to be eligible for participation in the program. There is no information given about the program itself on the website, but I was able to understand from their support rep that 5%-2%-1% refers to the commission you can earn from three levels of downlines ie. 5% from your direct referrals, 2% from referrals of referrals and 1% from the third level of referrals.
The website contains links to ComexTrade’s Facebook and Twitter pages, as well as a Telegram channel. The Facebook and Twitter pages haven’t posted any updates in nearly two months. The contact details provided are a phone number and an email address, apart from a contact form and live chat feature. The email address was found to be temporarily unavailable when checked using MailTester and the phone number could not be verified on TrueCaller.
There are quite a few reviews for ComexTrades available on sites like TrustPilot and Scamadviser. The reviews are mostly positive and state that the investors have received a payout from the company, but I can’t take them seriously because of two main reasons. The first reason is that many of them contain referral links which shows that there is a vested interest behind the positive review. The second reason is that many of the reviews are by ‘serial reviewers’ who have left positive reviews for multiple investment websites. This indicates that they might be paid reviews and lack credibility.
One of the reviews even mentions that the investor received a daily profit of 1.5%, which is lower than the 2.10%-3.50% advertised by ComexTrades.
All the information suggests that ComexTrades is highly likely to be a scam. The company registration is genuine but it doesn’t guarantee that the company is not fraudulent. Raymond Stokes doesn’t seem to be a real person and the company’s contact details are unverifiable. It is also suspicious when a company has to proclaim on its website that it is ‘totally legal’.
The returns being promised are ridiculous, especially considering that the global economy has taken a downturn due to the Coronavirus pandemic. ComexTrades seems to be a HYIP scam as the only income coming into the company looks to be from the investors themselves and has a referral program which is designed like a typical pyramid scheme.
The reviews claiming that the investors have received payouts may be true. Companies running Ponzi schemes always give payouts to investors at the initial stage to gain their confidence and make them re-invest a larger amount. Such schemes can gain momentum for years before going bust. ComexTrades is barely over a year old and is already giving investors lower payouts than promised.
Pyramid schemes inevitably fail when new members cannot be recruited and everyone except the few early investors end up losing their money. It is advisable to avoid investing with ComexTrades as it has a high possibility of being involved in fraudulent activities.
Remember: If something seems too good to be true, it probably is.
If you have been a victim of an investment scam, you can take the following steps:
- File a complaint with the payment portal. However, investment scammers mostly use methods such as Bitcoin, Western Union, MoneyGram and other untraceable methods which make refunds impossible.
- File a formal police complaint with the Cybercrime department.
- Leave a negative review on review portals such as Scamadviser and TrustPilot
- Report the website to Google using the Suspicious Site Reporter extension for Chrome
- Give a low rating to the website on Web of Trust. You can also install their extension for the same.
- If the company has a listing on Google My Business or Google Maps, file a complaint using the Business Redressal Complaint Form. Also, leave a negative review explaining what kind of experience you had.
Disclaimer: This review is intended for information only and should not be relied on when making financial or business decisions. If you are a website owner and would like to provide clarifications regarding your business and/or website, please get in touch using the Contact Form.