Hour Pay System (hourpaysystem.com)
Online Investment Platform
Is Hour Pay System Fake or Real?
Why Is Hour Pay System Fake?
Hour Pay System claims to be a platform for cryptocurrency investing. The website claims that the company consists of cryptocurrency traders who generate profits on an hourly or daily basis for investors. They state that the investments have no risk, which is something that no real trading comapny would claim. This is the first sign that Hour Pay System may be a scam.
Secondly, their investment plans are among the most absurd I have ever seen. They promise up to 600% profit per day and this kind of profit is only possible in a pyramid or Ponzi scheme. The higher-priced plans also have a higher ‘commission’ which indicates that Hour Pay System incentivizes bringing in more investors.
Further evidence that Hour Pay System is a fraudulent scheme comes in the form of their ‘bounty’ system. This is nothing but a commission system wherein members are paid a percentage of deposits for bringing in more investors. It is also mentioned that members can earn without investing simply by inviting others. No legitimate investment company works this way.
The terms of the referral system are unclear. In one instance, the website says they offer referral commissions between 3% to 20%. In another instance, it is mentioned that the referral commissions are between 3% to 25%, while on the Bounty page, there are no percentages mentioned. This shows that Hour Pay System is not run by real professionals.
As part of the bounty system, they also claim to pay users for promoting Hour Pay System on social media and blogs. This means that positive reviews of Hour Pay System are not credible, as there is a monetary incentive behind them. They also mention giving bonuses for promoting the platform on Google+, even though Google+ has been inactive for more than a year. This probably means that they have re-used content from a previous scam website.
A domain name lookup of the website shows that it was registered on 25th March 2020 in Great Britain. The registrant’s name and contact details have not been provided. Traffic data shows that the website has only been active since November 2020.
On the home page, the company claims that the platform has been running for 19 days. This would mean that it become active on 29th October 2020. They claim to have added 32,834 members within this timeframe, which implies they are adding roughly 1,728 members daily. Such a claim is hard to believe and is most probably a lie.
In other parts of the website, they claim that the platform has been running since 2013, which is clearly not true.
The company registration information also shows that the website was registered only on 29th October 2020. Therefore, it is obviously not a 7-year old platform.
While the company is trying to portray that it is legitimate because it is registered in the UK, these registrations can be obtained for as low as £13 and require no verification. Genuine financial investment companies have to be registered with the Financial Conduct Authority (FCA).
In the Terms of Conditions page, the company name is given as Whalesclub. Upon investigation, I found that this is the name of another pyramid scheme website that no longer exists. Therefore, it seems that the same scammers behind Whalesclub have now created HourPaySystem. They have also marked the website as closed on TrustPilot so that no one can see the old user reviews.
Hour Pay System does not have any social media presence. There are social media icons given on the website, but these are fake as they lead nowhere.
The only contact details provided on the website are an address and an email ID. The address seems to be fake as it is incomplete. There is also a phone number that is reserved for ‘VIP’ users. Therefore, the only way to contact Hour Pay System is by email or through the live chat system on the website.
There are a few reviews available for Hour Pay System on TrustPilot. Most of these reviews are negative and the rest of them are clearly fake copy-pasted reviews. The fake reviews mention the website WhaleBitCapital, which seems to be another pyramid scheme similar to Hour Pay System. Therefore, Hour Pay System has connections to at least two other pyramid schemes.
It seems quite obvious that Hour Pay System is a scam. It promises returns such as 600% day and has a referral system structured like a pyramid scheme. The only source of income for the company is the deposits of investors themselves. They also pay bonuses for promoting Hour Pay System on social media and websites, which means positive reviews of this platform have no credibility.
The website claims that investments on the platform are risk-free, which is impossible in a high-risk environment like crypto trading. Hour Pay System also lying about being a 7-year-old platform. The domain was registered in March 2020 and the company was incorporated in October 2020.
Though the company has a valid UK registration, it is not authorized by the Financial Conduct Authority (FCA) to carry out trading or investments. This means that it is not a legitimate financial company.
Hour Pay System seems to have connections to at least two other pyramid schemes named Whalesclub and WhaleBitOption. The website has no social media presence and the only way to contact them is by email. It is advisable to avoid investing in Hour Pay System, as it is unmistakably an HYIP scam.
To read about other Investment Scams, click here.
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: The views expressed in this article are presented as an opinion based on available information. This review is intended for information only and should not be relied on when making financial or business decisions. There is no malicious intent or attempt to defame any individual/s or organization/s. 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.