Audit for 03/05/2018
We would like to introduce to you one of the most telling examples of actively fraudulent channels present in the cryptocurrency market. Here come Palm Beach Signals and Palm Beach VIP. These guys are the touchstone of fraud. One could write articles, textbooks, and even novels about their schemes.
Administrators of the channel
Thanks to these guys, I came up with an idea for a safetrading.today project that aims to help people avoid scams and instead connect only with profitable traders. I’m thankful for these guys, in a way. However, because of them, we lost a major part of our active assets, and a part of our assets is still simply blocked from any hope of obtaining profit, according to the coins of the Palm Beach team. You can read more about this in my article here, but let’s get back to the topic at hand.
Let’s take a closer look at Palm Beach.
The Palm Beach Signals channel consists of about 66,000users in a free Telegram group and 500 paid users in a different Telegram group called Palm Beach VIP. You can see both the old and new channel icons below.
Old Icon: New Icon:
PB Signals look like the following:
Be careful when you see signals in a similar format!!
The creators of the Palm Beach channel also own the Cryptoland Elite channel, which gives them countless cross-promotion opportunities. They tempt users from one channel to another, obtaining more and more profit and deceiving more and more users at the same time. The creators of these channels get a lot of dirty money this way. We assume that they may change the name of their channel soon, so we’ll keep an eye on them in order to warn you about it.
Let’s get to prices now. Some time ago, a subscription to this channel cost 0.06 BTC/Lifetime and 0.035/Monthly. Later on, the creators of the channel lowered their prices several times, and, the last time we checked, it was 0.03/Lifetime and 0.02/Monthly. One more wake-up call - if a channel does not have a consistent pricing model. Would you believe that a trustworthy channel would fluctuate their prices just because they felt like doing so?
Let us provide you with one more reason why this channel is so popular. There is fake information and a phony audit from an anonymous user in a top blog, smartoptions.io. This audit contains a very believable description of profitable trading according to the Palm Beach VIP signals. However, this audit is nothing but a fabrication. There are many signs that prove this fact. Firstly, the audit analyzes the signals over just one week, which is a surprisingly short period for a thorough analysis. What’s even more suspicious, there is no real information in the article, just an advertisement. It is dirty advertisement because the owners of smartoptions.io did not even respond to our emails, or to the emails of users who became the victims of this fraud. There are always users claiming the fraudulent channels, but the website administration does not react to this situation, nor does it respond to emails from users asking for help daily.
So far, nearly twenty users have contacted us to report that they wrote to smartoptons.io support and were shocked to find that they were ignored. We advise that you double-check any information you get from any external sources, even if it seems reliable. We have an article about this, and after reading it, you will be able to check the quality of trader signals and uncover scammers on your own. You can find the article here. Don’t forget that in the world of cryptocurrencies, you can rely only on yourself for sure! Fake reports, chat bans, 80% of coins reaching the stop loss order, commonplace TA - you can read about all of this in detail here. As well, of course, a piece of definitive proof against the trustworthiness of the Palm Beach VIP channel is a report of their signals for January and February.
Below you can find examples of the emails from users who became victims of this scam, some of whom turned to us for support regularly.
If you need more proof, you can find it in discussions on the external resources.
Be careful, because these guys own about ten different channels. Don’t get caught in their net! If you have faced other scammers, or have any additional information about the Palm Beach fraudsters, please contact our support and tell them about it.
Safetrading.today - don't trade with scammers, earn with traders.
Palm Beach Signals Telegram group provides its audience with detailed trade recommendations, thorough background information, special information, and fundamental data based on the accurate technical analysis. In the Palm Beach Signals crypto group, a member has an account manager assigned to them. As a result, they receive answers to any questions they may have in a timely manner. Account managers stabilize their members when the price drops after the signal and motivate them to hold the trade. They also provide psychological and mental coaching to their traders. As well, a member can request a review of their portfolio, which account managers will perform, as well as help members adjust and rebalance their holdings.
Typically, Palm Beach Signals Telegram channel provides their members with three to five signals for Bittrex altcoins a day. These signals can range between a couple of hours and a couple of days. Sometimes they post mid and long-term signals as well. The variation in targets can be between 5-50%, and most of the signals originate from the efforts of the group. However, Palm Beach Signals crypto experts also pay attention to other popular groups to reach the same entry points. They have trade breakouts quite often, giving signals when the price has already increased, as the resistance has been broken and the price is very likely to grow even more. Beginners are usually afraid that trades like this can make leave them with nothing, but Palm Beach Signals is a channel with a good reputation, and they only speak about prices that are not easy to manipulate. If you decide to join the channel, you can choose either a free or paid subscription. Signals for Exchanges: Bittrex / Binance.