Swapnex Io: After several months of sustained PR promising 2% returns on investments, the company closes all social media accounts.
What’s Swapnex Io?
If you have an interest in carting loads of profit in a short trade period, you might come across arbitrage ads offering bots online. Swapnex.io is one such ad promoter and serves as a sign-up portal for some twenty currency exchanges integrator, noting that its site offers trade windows to execute trades profitably.
It offers two budgets _
- Try your skills trading on the listed counters, using a friendly UI for speed and efficiency.
- Use a bot (automated trader) to maximize your profit options and further hone your skills in the software.
Option two has various sub-budgets that reflect executable trades per 24hours and time elapsed per transaction.
Some PRs alleges that the second option had matured on February 18, although verifiable evidence of such trades is unavailable.
Also, the trader’s choice of cryptocurrency determines the deposit limit and so on, with VIP tiers accepting up to two thousand (2000) USDT.
It seems a laughable start to pitch a program at such high prices. However, the PRs are at it, explaining the unending pros and project tailing the subscription packs. So, we briefly list a few below.
Averages about 0.5% profits on each trade
You can select from many cryptocurrencies listed on the platform.
Further, you can withdraw profits arbitrarily.
Regardless of the above list, Swapnex Io does not allow anyone to exit a contract before the set period. Thus, it limits the said arbitrary withdrawal advertised by the PRs.
Is the site good for the crypto trade? Find out in this article.
Swapnex Io: Not Good for Any Trade at All, Run!
If you are reading this, know that Swapnex is verging on collapse. At the time of writing, the execs have closed every communication channel between users/users (investors, by any name) and the backend.
In this case, shunted CS invariably means an exit cue. Beware of the scam, as in other bogus high yield programs.
According to one of the defrauded investors,
“People get suckered into an all-out pyramid scheme in the hopes of making profits in a short time.”
The remark is quite valid apparently, especially as Swapnex Io is well on its transition phase, beyond reach.
Why You Shouldn’t Invest Your Money in the Program
Here are the reasons staking your money in a shady platform costs your entire funds.
Point in Case: Exit Cue
Swapnex Io is allegedly phasing out services to a go-between website, Cotps.co, another crypto AI trader. Here is the ads tag descriptor for COTPS Google Search Results _
Real-time pending of order quotation, multi-level data of order purchase and sale fast. Cotps Uses a High-Frequency Trading AI System to Find Exchange Arbitrage Opportunities.
You can see so many buzzwords in one sentence, without a word wasted actual trades and evidence of profits. Impliedly, a proxy overrides existing protocols for Swapnex, effectively shutting out all the investors from accessing their accounts.
Even if the Swapnex Execs add the pending withdrawals to their new account’s backlog, they already fail proprietary standards. Why should anyone trust that the pros cache is reliable?
The current crypto fads globally fan enthusiasm for unsustainable projects, including arbitrages running on several contracts per period. Swapnex goes one step further with the bot part, and it already collapsed under the involved tasks.
On the flip side, the business roadmap is not entirely a scam. See below for details.
How It Works
Swapnex Io is not the typical DeFi scam.
While it lasted, the platform had a fast and professional website (not the typical gaud of most MLMs). Also, the dev team was building a digital tech to allow traders to swap coins from Swapnex to other platforms.
Listing various exchanges on its site, Swapnex looked like a Bitmart project, although the features were very basic at the time.
Unfortunately, the exchange API proved to be the height of operations on the website. Everything is down currently.
How do you Spot such Scams?
You can always tell a Ponzi by its skew PR and zero work on the ground.
If many social media accounts spam your inbox with loads of windfalls, perks, and bonuses, ask them for verifiable profit vouchers for at least four consecutive trade months.
Also, you can check that the blueprint is not an above 90% risk-ridden CFD as arbitrage.
Invariably, such Ponzi schemes always attach a general disclaimer as a faint footnote, severing their site from any debts due to risks in the investment. So, the due diligence is on the investor by default.
Swapnex Io, a CFD arbitrage trading bot site, has closed its social media accounts.
Although there are reports that the platform is transitioning to Cotps, nothing suggests a refund to any investors in the bungled AI trader.
Stay clear of the scam.