Who Is Auto Money Maker?
Auto Money Maker was an online automated crypto broker that claimed its members could expect to make a return of nearly $3000 a day. The platform declared that it used a complex and highly advanced algorithm to complete automatic trades on the crypto markets to generate these spectacular profits - the website claimed that this algorithm had an accuracy rate of 97.2%. The site also claimed that members required no knowledge of or previous experience in market trading to make these consistent returns.
This broker’s website has now been shut down. In the Auto Money Maker review below, we take a look at the likelihood that this was a scam organization and, if it is deemed to be so, what options are available for former traders to recoup their lost funds.
Is Auto Money Maker a Licensed Broker?
Auto Money Maker was operating without licensing in place and was an unregulated broker. This means that there was no overseeing financial body ensuring that it was acting within the law and that best practice was being followed in all of its practices and processes.
It is vital to ensure that any broker you are thinking about placing funds with is fully licensed and regulated. This is one of the best ways to be confident that you’re not dealing with a scam broker and also means that you will have some recourse in terms of recouping your funds if the broker runs into trouble or acts unethically.
So, the answer to the question, ‘is Auto Money Maker regulated?’ is no, it was not.
Is Auto Money Maker a Scam or Legit?
It is almost certain that an Auto Money Maker scam was being perpetrated. As well as the lack of licensing and regulation, a major red flag is the platform’s promises of unrealistic profits and its claims regarding the level of accuracy of its algorithm. This is a simple case of something that sounds too good to be true turning out to be exactly that.
A further warning is the lack of information given on the website when it was still operational. There were no details on the owners or founders of the company and their background and experience in the forex markets and investment. There was no explanation given on how the algorithm worked to allow these consistent profits to flow in, either. Even more worrying, the site failed to offer any contact details for the company or give information on customer service provision, so investors would have no way of getting in touch should they have a problem with their account, for example.
Finally, the design of the platform’s website itself was poor and unprofessional-looking, another red flag that Auto Money Maker was not legit.
Biggest Complaints Against Auto Money Maker
The most frequent Auto Money Maker complaints regard the scam nature of the broker and the claims made on its website. Many reviews of this organization point to the fact that the alleged Auto Money Maker traders who’d been raking in the cash were actually hired, actors:
“Like many other dishonest operations on the web, Auto Money Maker website quickly relies on fake testimonials of purported current investors.
This is to lure in more victims who will feel encouraged as a result of seeing these people speaking in front of the camera.
You should never believe anything. The man called ‘Nicholas’ was clearly poached from Fiver and paid a few bucks to lie.
In fact, these guys seem to be more than willing to spin a yarn for a few bucks which, I believe, is the ”riches” they are talking about.” From Valforex
There have also been concerns raised over the veracity of all the information provided on the website, with the figure of ‘Arthur McCool’ coming under particular scrutiny. This figure, on the website, was presented as the genius behind the profit-generating algorithm but is widely believed to be a totally fake individual.
Can I Get My Money Back From Auto Money Maker?
Yes, it is possible to get an Auto Money Maker refund. You could choose to pursue the matter yourself, or you may prefer to enlist the services of a professional chargeback company. The latter option tends to have the highest chance of success, as the chargeback team will have the experience, industry knowledge, and expertise to effectively and efficiently fight the case on your behalf.
What Is the Chargeback Process?
Start by deciding on the chargeback company you wish to work with - check online reviews from past clients and the firm’s success rates in terms of recovering scammed funds. Once you’ve made contact with your chosen team, a representative will discuss your case fully with you. If it’s one that’s deemed to have a high chance of success, then the case will be taken on, and the team will begin the process of document and evidence gathering.
You will likely be asked to provide proof of the scammed funds, including the dates on which the relevant transactions took place. Next, the chargeback company will track down your funds and confront all of the entities - both individual figures and organizations - that have played any role in the scam. In the very likely event that this results in an Auto Money Maker refund, then these recovered funds will be deposited directly into your bank account. The entire process can take approximately six months, depending on the complexity of the case.
If you’ve been the victim of an Auto Money Maker scam, then it’s really important to get in touch with a reputable cashback company at your earliest convenience to take the first step in recovering your lost funds.
