Your journey into automated crypto trading
You’ll come across so many platforms on your journey into the world of automated crypto trading, like so many. You’ll probably find yourself being overwhelmed with promises of infinite gain trading bots, driving a lambo in a week, flipping $100 to your first million in a matter of months; it’s hard to filter out the good from the bad, although we all have the same concepts, finding a platform that puts them into practice and is open and transparent about their workings is pretty damn hard (unless its minty of course).
What to avoid
Scams and dodgy dealers. Unfortunately, crypto scams come thick and fast to most traders. The usual warnings signs and red flags to give a wide berth are platforms that:
- Have ‘financial advisers’ approach you on social media
- Offer Bitcoin or other crypto in return for signing up
- Heavily promote their affiliate/referral schemes
- Are secretive about their fees (or don’t have any)
- Don’t display any stats of their performance, current or historical
- Don’t have a community (of real people)
- Advertise to you via black hat methods like DM spam/Twitter bots
- Guarantee impressive returns in a short period of time
- Lock your funds for days, weeks or even months after you deposit
- Don’t give at least an overview on how their algorithms work
- Charge you monthly and for deposits/withdrawals
- Have an anonymous team
Picking up on some of these points…
We’ve never understood (well we have a rough idea why) why most trading platforms charge monthly fees for people to use them. They are kicking themselves in the foot by not running a fee-based model and also putting the investor at risk of slowly losing money from both the monthly fee and their performance, if the algorithms/strategies are poor.
This is why minty will run off fees (14% to be precise). The platform has to do well otherwise we don’t make any money. We also don’t take any fees unless the trade is a profitable one – we have to give you that at least. We aren’t bothered about charging monthly in-case of the worst scenario. It’s disheartening for you and we’d feel morally wrong doing it. Platforms that charge monthly will also most likely time-lock your deposits.
What is time-locking?
Time-locking is a pretty common practice, especially for ponzi schemes, it gives them time to accumulate a decent amount of capital before either disappearing or losing it to poor decisions. Again, we don’t do this. Neither will we ever charge investors to deposit into our platform. We obviously charge a withdrawal fee but are pretty transparent in stating that it’s purely to cover the transaction fee from our wallet to yours – nothing more.
Rogue financial advisors
If you are into crypto and haven’t been approached by someone offering you a WhatsApp number for a well known financial advisor – we will Alt+F4 our entire project.
These are the kinds of people you need to avoid at all costs. You will usually find them lurking on social media hashtags or in Discord servers boasting about how they make 70% gains a week and would “love to share their knowledge for free”. All you have to do is add their broker on WhatsApp and send them $1,000 so they can manage your funds in their VIP private platform for you, then send you your profits in return… these are usually followed up by screenshots from other investors thanking them so much for helping them buy a new house etc. Weird, but unfortunately people do fall for this, otherwise they wouldn’t still be doing it.
MLM type referral and affiliate schemes
These are one of the worst things because of how effective they are to those who don’t suspect anything. Imagine taking the bait and registering an account for +3% returns guaranteed daily and then seeing that the platform will give you 5% of anyone you refers earnings… then 4% of anyone who they refers earnings, then 3% of anyone THEY refers earnings (and so on). Sounds like a no brainer if you know people with considerably larger portfolios than yours, basically free money right? Wrong. Unfortunately this is just a way for them to take advantage of you to grow their platform even faster before pulling the rug and shutting shop with everyone’s funds sat in their wallet. Don’t get me wrong, there are a very small amount of platforms out there that might run a scheme like this with good intentions, but the reality is that probably 99% of platforms running something like this are scams.
Secretive fees and statistics
If you find yourself having to click through about ten pages just to fine some sort of fee structure and it’s still a bit cloudy, chances are you will also be paying more fees behind the scenes. Same with statistics. Mutual funds that don’t share their trades or statistics must have something to hide, surely? Why would people invest in something that doesn’t give them all the details like minty does?
These are just a few of our thoughts behind some of the red flags to watch out for in the world of crypto, we could write a book on this if we wanted to but we have better things to do like work on our automated crypto trading platform!
If you are unsure about a particular project, feel free to ask in our Discord – we and our community will happily scope it out for you and let you know if it’s dodgy/a scam or not!
Or get started and become a smarter investor with minty today! Our algorithm-led, automated, simple and emotionless (not to mention scamless!) platform.