We are proud to have found a new trading app called Crimson Code, fresh for 2022. Coming off a slow 2021 with barely any new trading apps released due to the pandemic.
Now the scam artists are back in business, and creating new Get Rich Quick funnels, to hook in more unsuspecting investors.
Crimson Code Review
The first step in reviewing a new trading app, is to do a search on google and see what the official site is. In the case of Crimson Code, we found results for the Crimson Code hackathon, but nothing related to a trading app. (That is because this trading app is fake).
We signed up for this “trading app”, and instead of finding a social trading system like AvaSocial, we were immediately redirected to an offshore CFD education company. All CFD brokers must be licensed and regulated by the Financial Conduct Authority in United Kingdom. Brokerage firms that are based in St. Vincent & Grenadines or in Seychelles and mostly fraudulent companies. We can call this red flag number two.
Within ten minutes of opening a trading account the phone rings with a U.K. number. On the other end of the line is a guy with a Eastern European accent, asking if we need help making a deposit. This is a telltale sign of a boiler room operation. We have opened trading accounts with brokers like IBKR and TD Ameritrade, and never did we get a phone call asking up to make a deposit. And this is red flag number three.
Making Money With Crimson Code
So now you are interesting in knowing how much money you will make with this new trading app. Well that is very understandable, because most people did not see the big bold letters screaming…
The Crimson Code Trading App is a Scam!
Instead they some how ended up reading this review, and wanting to hear about investors that took a gamble, and made $10,000 with the smooth talking broker in Estonia.
Bottom Line, not only with you not make money with Crimson Code, you will actually lose everything you deposited.
Legitimate Trading Apps
Hopefully now you understand that 99% of the trading apps they are emailing you about, are actually a scam. Now you want to know which ones are the recommended one?
It works like this. The first step is to find a licensed and regulated broker. Many brokers offer social trading or free trading signals.
Go read the Best Brokers article, and test out a few different brokers.