We warn about unregulated brokers and investment schemes every day. Most of them are scams launched with the intention to defraud. In many cases, the scammers use Trustpilot to make themselves look reputable with fake ratings and reviews. Like FaviTrade. The crypto investment scam maintained a 4-star rating on Trustpilot with a “Great” trust level until last. However, all 5-star reviewers were first-time reviewers and most likely the scam’s boiler room agents. It’s now gone with the victims’ money. The website is offline!
Do not invest in unregulated schemes!
FaviTrade offered crypto investment plans allegedly yielding between 0.5% and 5% per day, depending on the size of the deposit and the duration of the contract.
FaviTrade was still very active on Facebook and Instagram until the beginning of March 2022 and advertised, among other things, 540% profit and 5% referral commission. Apparently, some consumers, unfortunately, fell for these unrealistic promises. They have now lost their money for good.
Under NO circumstances should you invest your money in unregulated brokers or investment companies. Especially not in high-risk products like CFD, Forex, or Crypto, where the risk of loss is already around 90% even with regulated providers. With unregulated firms, the loss probability then increases to 100%.
If you have any information about FaviTrade, please share it with us through our whistleblower system Whistle42.