Yesterday the £190 I put on a managed crypto trading platform jumped to over £155000. It's a scam isn't it?

07 June 2022

Question by Jayne

I put £190 on a managed crypto trading platform. (I did not choose the Crypto). It had increaced to over £400 in 2 months, feeling really pleased with this, then yesterday it jumped to over £155000. Wow I thought, but cautiously. They are asking for £2000 up front to transfer my gains to me. Something about money laundering. It's a scam isn't it?

I would appreciate your thoughts.

Thank you.

Jayne


Answered by Boring Money

Hi Jayne,

Thank you for your question.

Unlike the financial instruments we advise on, Crypto is unregulated. This inevitably leads to people taking advantage of investors and more scams being present.

I cannot say for sure, but everything you have said sounds like a scam. Please do your own research on any investments before proceeding. Alternatively, use a regulated financial planner for more rounded advice. If it looks like a scam, sounds like a scam, and feels like a scam... it's probably a scam.

I would also just ask yourself why you're investing in cryptocurrencies. This is a highly volatile 'asset'. It should generally be used only with money you're prepared to lose. Maximising your pension and ISA contributions should be your first point of call.

Many thanks

Oliver

Answered by

Boring Money