Neobux Review – The $0.60 per HOUR massive Waste of Time
❓ Is NEOBUX A Scam❓ Nah, but you WON’T be earning $40, $60, or $100 per day as some say. Read my review to find out the FULL TRUTH and WHY I DON’T Recommend It.
Hey Folks, Jeff Lenney here and thanks for stopping by to check out my NeoBox Review. Neobux, much like other paid survey type sites, is a huge waste of time in my opinion.
So far, I’ve reviewed quite a few sites like this and NONE have been able to generate money anywhere CLOSE to creating a full-time income. They pay PENNIES at best, and you’ll be putting A LOT of time in for a few bucks here and there.
Table of Contents
Paid Survey/Work From Home Programs I’ve Reviewed Recently:
So far NONE of these have been worth much of anything, and half of them were (legitimately) flat out scams just out to steal your money.
Don’t worry, I’ll show you what actually DOES work at the end of this review, but first I want to give you my full NeoBux Review.
I want you to know upfront, I am NOT saying that Neobux is a scam. YES you can really earn money with it, but the time you put in is NOT worth it in my opinion, which is why I strongly discourage you from joining.
Anyways, let’s get started! But first of all..
What IS NeoBux and how does it work?
Basically, you sign up for a free account over at https://www.neobux.com/ – then ss a member you can earn simply by viewing all the advertisements they display.
Anyways, NeoBux has been around since 2008, and is owned by a man only known as “Fernando”.
In the program, you’re able to earn money for simply clicking on ads in their network.
Sounds easy right?
But the pay is ONLY $0.001 to $0.01 per ad click. (Yes, that’s 1/10th of a penny).
They, naturally, also say you can earn more money by sending referrals to their website, but there are definitely much more lucrative ways to making money online. (FYI – you have to click on 100 ads AND wait 15 days before you’re able to refer people to their website, and you’re limited to only 30 referrals at first).
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Anyways, after your first 30 people and as you grow as a member, they’ll allow you to refer more people under you.
You also get paid for the clicks your REFERRALS make, and if they upgrade their memberships you can get paid even more. (FYI> the cost to upgrade your membership is $90.00 per year..so you’re literally PAYING money to make a tiny bit more, not at all worth it)
SO – if you refer a ton of people under you (like a pyramid scheme?) it’s possible to make a LITTLE money, but it’s a ton of work to get the referrals, and becomes almost like a full time job.
There are a few more ways to make money too, such as playing ad prize games which gives you the CHANCE to win points or money – but it’s not worth it as you need to play MANY times in order to have a chance at ‘winning’.
Neobux Adprize Games
“Neobux COIN Offers” (that don’t hit your acct for 60 days)
There are other ways to make money as well, such as Paid Surveys, Mini Jobs, etc – but half of them require you to sign up for a NEW site of one of it’s advertisers, and in many cases give them your credit card information as well to become a paid member.
My NeoBux Review: I signed up to show you
So, once you sign up it’s pretty easy to get started – you just click on ‘view advertisements’ on top and get a full chart of ads you’re able to click on.
They’ve got a pretty good anti-cheat program in place, so if you think you’re going to find some software that magically clicks on and views the ads for you, think again.
So far, in my testing, it takes about 10-12 SECONDS to view one advertisement as you have to click it, click a red dot to prove you’re a human (and not a bot), then ‘wait for the advertisement to load’ before you get your credit.
This is what it says once the ad has fully loaded and you earn your credit.
At this rate, you’d be able to view about 5-6 ads per minute – keep in mind many of these pay $0.001 – which is 1/10th of ONE-CENT.
In simple terms, you’ll need to click on 10 of these, taking 10-12 seconds EACH , to earn 1 PENNY.
Let’s break down the potential earnings from NeoBux:
$0.005 Cents (1/2 of a penny) per ad click
32 seconds to watch the ad
64 Seconds (just over 1 minute) to earn 1 CENT
$0.60 (60 cents) per HOUR
Yes, there are other ad clicks that pay a little more – some pay $0.005 (1/2 a Penny) per click, but I was not able to find any paying higher then that.
My Advice, stay the heck away, don’t get drawn into this or any OTHER paid survey sites. NO – Neobux is NOT a scam, as they really do pay out – BUT the amount of income you earn vs the time you put into it is less than many people in 3rd world countries earn.
Anyways, if you want to find out how you can actually make LEGIT money online, i’ll show you!
My Hourly Earnings
$0.60 Per Hour
What I’m going to show you next really works!
I have good news, making money online is a real thing! AND – the best part? It’s MUCH more lucrative and for many (including myself) is a real, full time, online business!
You see this blog here? (The one you’re reading this review on)? I run it, and make money with it daily as an AFFILIATE for many programs that teach people, like you, how to REALLY make money online.
I try to be 100% upfront and honest about everything I do on it. (Which is why I warn you to avoid these types of programs, instead of giving them glowing recomendations)
Feel free to google me, Jeff Lenney, you’ll find tons of good things about me and the success people have had following my advice & recommendations!
Anyways, There’s an amazing program I know of, it’s 100% legit and you can make MUCH more than these silly surveys or ad click websites pay you.
Here’s the Link To Sign Up:
Don’t mind the flashiness of the video, it may seem too good to be true, he’s the real deal and I would not recommend him otherwise.
I’ve seen people BRAND NEW to the internet make money with it. Are you next?
P.S. Have you tried Neobux? Shout out below and tell me about YOUR results!
September 15, 2020
My Name is Jeff Lenney. I’m an Affiliate Marketer, and Search Engine Optimization Expert. Read my Other Posts Here: Jeff Lenney’s Articles
guys it is really good
LOL – Found the Neobux Employee!
Please guys don’t depend on others comment try yourself then you realize what’s true yesterday I just sign up for neobux within 20 minutes I earned $1.80
Big Baller in the house!!
I have never had a problem with Neobux. I am a gold member, and I have been with neobux around 8-9 years. It used to be good, I mean there would be over 100 ads every day, so I could make 20-30 dollars a week. No, not a lot, but it was a good deal for me. Now, it’s not nearly as good. Sometimes there aren’t even 20 ads to click. I have 780 referrals, and lately, they haven’t been doing very well. I was going to cancel my membership last year, but I decided to give it another try, and if it was the same thing, I would quit. I think that’s what’s going to happen here.
I had 4 accounts with over 45,000 rented referrals across the 4 accounts that took me 3 years to accumulate at a cost of approximately $18,000 out of pocket between 2020 to 2020. I had a decent amount of monthly income of about $1,500 to $1,800 which I was able to cash out to paypal every so often.
From 2020 to 2020, they slowly killed my accounts. The rented referral averages dropped from .70’s to Jeff Lenney says:
Wow, that’s crazy – thanks for sharing, Mike!
yes they pay..but nothing to earn
So how I exactly make money…? Can you give me suggestions.?
Did you read the article at all? I gave a nice suggestion at the very end….
Stay away from Neobux!! Its the biggest hoax on the internet. Their rented referals are a mix of bots and real people and admin controll how much click you get from them. Years ago Neobux implemented some thing they called a referal filter. That means a rented referal must go through a filter before he can be avalaible for rent, but that is nonsens and a big lie. If that was true the click average of rented referals would be about the same, but as the years goes by the average dropped. Nowadays the average is about 50% of what it was 8 years ago. New members sign up with Neobux thinking they found something that gonna work, they rent a few referrals and they work pretty well in the beginning, and they rent some more.. Then they do their first BIG mistake and pay 90 USD for a Golden membership because they think the benefit will increase – instead of having 0.005 USD from referral clicks you will get 0.01 after you have paid 90 USD and become a Goldem member. But guess what? In a week or two the referral average have dropped so much you barely earn anything. This has happened to MANY people, internet are filled with complaints and questions why the average dropped when they upgraded to Golden. I’ve been a Neobux member in the past so I know what I am talking about. Dont let this asshole Jose Fernando Teixeira Rato scam you. He talks well, and have a honey-tongue but if I ever goes to Porto I will find this little prick and we’ll have a nice conversation. I wonder if he will be as sarcastick and rude eye to eye as he is on the neobux forum hiding behind the screen.
Even me too . I was there since 4 years . partially invested around 3500 dollars excluding re-investing out of profit. The way I cashed out after 3.5 yrs , (just to check) amount like 5 something dollar, I received the money but, they lowered the average. First I thought it was nothing to worry about. But, day by day decreasing?? I can’t post in forums . Don’t know what to do I”m running in loss each and every months… Filed ticket, they responded that the average in not under their responsible. Closed. Massive Waste OF Time . and money . They even blamed PayPal. Truth is PayPal left them. Forever. Who Knows for what. Readers please, just secure your money . Learn from others and move with caution.
Theres this very annoying fake site I think you should do a review on up1line.com I have been trying to warn people on how fake they are but don’t know how to get it done. Gave them more thank the clicks and referral they asked for at first but they keep increasing the target.
Neobux is a complete scam, I was an ultimate member with 20000 rented referrals and they manipulated my average down to 0.1. My direct refs which all came from ptc advertising had either an average of 4 or zero, none of this nonsensical 1, 2, or 3 clicks like you see on rented refs. The rented refs are all bots, period. If you have rented refs, try to get as much money out as you can and be aware that your rented ref average will be manipulated down with every cashout. Don’t be as naive as I was and learn from my mistake, do not rent referrals. They silenced me on their forums too so I couldn’t post my stats.
I also was in your position. Had been a member of Neobux for almost 9 years, having Ultimate membership and they manipulate my referal click below my Break Even Point. I ‘ve paid more than $6000 USD to buy referrals, but after PayPal left something happened. Referral clicks stars to fall, for everyone showing their stats on the forum and if you complain about it the post will be deleted, or maybe your whole account will be terminated. Admin on that site is a dictator who would make Kim Jong Un jealous. The most silly thing is I thought that I could always let my referals expire and I would get my money. Wrong! If you let referals expire you have to pay a fee, which will rise the more you let expire. On top of that you also have to wait 30 days if you let more than 200 expire before you can make a payment request again (if you have any funds left on your neoBux account). Stay away from this fraud!
Sites like these are obviously made to be automated by bots. No sane human being will click these ads every day for fractions of pennies. The trick is to sign up to a 100 or so PTC sites and automate them all. Then you write a blog talking about how great they are and leave referral links for direct referrals to sign up under you so you gain even more money.
Yes, it’s a scam. And you have accept your part of that scam. In the end, you’re ripping off advertisers, so I wouldn’t feel too bad about it. It’s not illegal. I’m not even convinced it’s unethical. Even the advertisers know they’re getting bot views.
They do a pretty good job at keeping bots from clicking the ads – and believe me, people will click all day if they think they can make an easy buck.
As for bot traffic, I don’t know of a single advertiser (and I know many) that want fake views to their site – brings zero benefits.
They closed my account without sending notification.
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Reading time: 14 minutes
Did you know the forex market is the largest financial market in the world, with over $5 trillion traded every single day? Not only does it allow central banks and corporations to trade with each other, or holidaymakers visit new destinations, it also also allows speculators to take advantage of a market that trades 24 hours a day, 5 days a week.
There has never been an easier time to access the world’s forex market either. At the click of a button you could be trading on the direction of the Euro, British pound, Japanese Yen, US dollar or even the Russian Ruble! There are hundreds of currency pairings to trade from, so you’re free to find the ones that interest you most.
However, while the financial gains of trading the forex market seem lucrative, it’s not considered easy. Having a sound trading education, a properly funded trading account and understanding of risk management techniques are essential. Unfortunately, there are many unscrupulous individuals who will try to scam individuals through forex trading scams.
Forex scams will be around for as long as the Forex market exists. As schemes are evolving, scammers are always somewhere nearby, trying to extort your money away. But could there be a solution to this problem?
Investment scams take many different forms. Some of the scams are even named after their creators – such as a Ponzi scheme, after the infamous scammer Charles Ponzi. Forex scammers tend to target beginners or uneducated traders. The best way to combat this, and avoid getting scammed, is by getting a good Forex trading education, so you are aware of everything before you enter the markets.
Once you master the markets, you are no longer an easy target. Forex scams often use phrases like “a too-good-to-be-true investment opportunity” as a way of convincing you to part ways with your money. When you lack trading experience, swindlers will try to exploit your optimism and fears. Here’s where Forex scammers step in and make you exciting offers.
How To Spot A Forex Trading Scam
The most important giveaway of a Forex scammer is the guarantee of unusually large profits with little or no financial risk. First of all: there’s no such thing as a 100% guarantee. If there was, there’s no way traders would share it with other market players. Some of these offers may sound very attractive, especially to beginning traders. But as the saying goes, the only free cheese is in the mouse trap. The bottom line is this: if something sounds too good to be true, it probably is.
For some more insight into the trading ‘dream’ that a lot of scammers sell, and the trading reality that most traders experience day-to-day, check out this video from professional trader Paul Wallace.
Here a few simple rules to follow in order to avoid scammers:
Remain safe and don’t run after empty promises
Be especially wary of software that claims to have found a ‘secret formula’
Do not install any programs until you are certain they won’t damage your computer
Another giveaway is that scammers never register with any regulatory authority. Remember – true brokers always provide proof of their legitimacy. If you suspect that a Forex brokeris lying about their regulation, you can contact a regulatory authority who may be able to provide a list of regulated companies, and a list of cases opened against regulated companies. This will help you understand which Forex brokers to avoid.
Three Major Types of Forex Scams to Avoid
Those involved in forex scams, money scams and general trading scams are always trying to find new and innovative ways to take advantage of new traders. However, there are three major types of forex scams that people commonly fall victim to. Understanding them is the first step in trying to avoid them.
#1 Forex Robot Scams
A forex robot is a trading program which uses algorithms, or lines of computer code, as technical signals to enter and exit trades. Typically forex robots are built using expert advisors, or EAs, within the popular MetaTrader suite of trading platforms.
Of course, not all forex robots are scams. Searching online for forex robot scams list may help you avoid some of the known scammers. However, here are a few things to watch out for to avoid any forex robot scams you may come across:
Marketing messages that are unrealistic: If the author of a forex robot has to ‘sell’ you on it the dream of what it could do for you, then it’s unlikely they’ll have the results to back it up. After all, numbers don’t lie, or do they?
Very high percentage growth returns: There are some forex robots that are advertising systems that should over 4,000% return in just a few years. This may seem fantastic, but it’s important to look at the statistics. The return could just be closed trades, the system may have open trades that if the stop losses were hit could wipe out any gains.
Undiversified scalping strategies: Many forex robots employ a scalping system which means they trade for very small profits. This then shows a high win rate and can inflate the results in a supportive market condition. Yet, market conditions change, and if the system loses more per trade than it wins, it will only take a few losing trades to wipe out any accrued profit.
Using unregulated brokers: There are some forex robots that show extremely good results using unregulated brokers no one has ever heard of. In this instance, the results might be good on their own interbank spreads but if you open an account with them your spreads and commissions will be wider, thereby eating into much of the profit.
At the end of the day, if you are considering using a forex robot, then treat it like a business rather than make an emotional decision. Start with an online search for a forex robot scams list and then do your own due diligence. As the saying goes, ‘if it looks too good to be true it usually is’.
#2 Forex Signal Seller Scams
Forex signal sellers are individuals who send out trade ideas which usually include a currency pair, direction, entry price, stop loss and target levels. There are multiple things to look out for so you don’t fall victim to these kinds of forex trading scams and money scams:
Subscription fees: Individuals may market you amazing results without any verification. To get access to the trades, you often need to pay high subscription fees, or they start out low and use credit or banking details for other kinds of money scams. If their trade calls were so good, why sell them at all?
Broker-tied signals: Some signal sellers offer you trading signals, but only if you sign up with a specific broker. This means they may be getting a kickback from the broker, so are motivated to send you any trades for you to take regardless if they win or lose. Having said this, there are some that will want to keep you profitable so they can continue to receive their kickbacks from the broker, which acts as their payment for the service.
Unverified results: It’s all well and good saying your forex signals have made a high percentage return but if they can’t show a verified track record it means they’re not trading the signals themselves – which is clearly a red flag in itself.
The key to avoiding any type of currency exchange scams, money scams or trading scams is to, again, think like a business and do your due diligence, rather than act on an emotional decision of inflated promises and dreams.
#3 Phony Forex Trading Investment Scams
There are many adverts nowadays promoting phony forex trading investments scams and phony forex investment funds. In essence, a slick marketing message or salesperson will sell you on the phantom, or unverified results, of their forex fund. All you need to do is send them your investment, and you can sit back and enjoy the returns.
Of course, many people who send their money over often never see it again. The company says they’ve never heard of you and have not received any funds from you. What started as a forex trading investment scam now turns into one of those money scams.
Another outcome, is that they open an account for you, usually with an unregulated shady broker. However, after one or two trades, they wipe out your account. While they blame it on the market, it’s all gone to their brokerage company. And, because it is unregulated, it’s very difficult to get your money back – just another type of currency scam.
Why You Should Educate Yourself To Avoid Trading Scams
As Forex trading carries exceptionally high risk, losses are inevitable. Retail speculators are almost always trading undercapitalised, and are subject to the problem of gambling addiction and improper use of leverage. Any speculator who trades without skill is essentially playing against the market as a whole, which has nearly infinite capital, and they will almost certainly go bankrupt as a result.
In all fairness, a large number of the reports of money being stolen by brokers is a result of weak trading, and not scam brokers. If unskilled traders spent time developing a proper trading methodology they would become better traders much quicker, and would likely avoid Forex scammers altogether, as they would suitably informed about the potential risks and what to avoid.
Most retail traders should be able to use almost any trading platform with any broker, and see very little difference in their results – it’s that simple. Once you accept your losses, trade with a trading system, and master your market, it will be much harder for you to fall for a scam.
Three Signs of Forex Trading Investment Scams
1. Trading Systems and Education Without Any Proof
There are a lot of scammers selling trading systems and education. When you ask them to provide any proof of their trading history, they evade the answer. There are also many traders who would offer their systems without a trading room or any services. These types of scammers are sometimes referred to as “snake oil merchants”. “Snake oil” is the term traders use for false traders and trading systems that have no valid proof of their trading history.
2. Email Spam Asking for Personal Info
Scammers may also ask you for personal information, such as:
Your full name
Your phone number
Your home address
Don’t give away your personal details to someone you don’t fully trust. Be suspicious of brokers who don’t provide you with a written risk disclosure statement. Even if they do, read the statements thoroughly, because the devil is in the details. Remember, data may become currency soon.
3. No Background
Never work with someone who refuses to provide you with their background information. Be it a broker, a trader, an educator, or a money manager. Always do a quick check online to see if the person or company is legit.
According to New York Magazine, a kid from Queens, New York City in the USA made tens of millions of dollars by trading stocks on his lunch breaks at Stuyvesant High School. What happened in reality, is that it turned out he never made any money, and all his profits were made in a paper trading account.
How to Avoid Forex Scams
The best way to avoid investment scams is to take your time. Don’t rush your decisions – and make sure to assess all the pros and cons first. Finding a reliable Forex broker is not an easy task, but you’ll benefit in the long run from investing your time. The first step you should take when you come across a Forex broker or agency is to google their business name.
Look for customer reviews on reputable websites. If there are none or they are sound fake, you should stay away from that service provider. Additionally, you can browse through scam reviews and see if a Forex broker is as reliable as claimed. Also, make sure to find out if there are any outstanding legal actions against the broker.
For example, you can:
Visit Forex forums and see whether there are any complaints about fund withdrawals, and if so:
Contact the user who posted the complaint and ask for more details.
Perhaps the user was mistaken or confused, but it never hurts to ask. A proper background check will also minimise your risks.
Keep Away From Opportunities That Seem Too Good to Be True
Easy money? No way! Don’t believe anyone who tells you it’s easy to make money with something like ”20% gain per month”. It’s pure nonsense, because Forex & CFD (contract for difference) trading requires a lot of screening time, education, patience, and quick wits to become profitable. There is no easy money achieved here. If you dedicate your time and learn how to trade properly, you might achieve an additional source of income.
Further Steps You Can Take To Protect Yourself
Make sure to compare the regulations of the regulatory authority with the terms on the broker’s website to find inconsistencies and anomalies in their terms. If you don’t trust your own judgement, or you simply don’t have time, ask the advice of a licensed financial advisor. Additionally, you can ask for business registration proof before registering with a broker. Make sure to read through all the fine print when opening an account. Sometimes scammers use account incentives against the trader, when it comes to withdrawing funds.
If you receive bonus funds and wish to withdraw them, a Forex scammer may deny you that right due its terms and conditions.
Don’t forget that when you start live trading – always trade a small volume for a short period initially, and then attempt a withdrawal. If everything goes smoothly, it’s safe to deposit more funds. The availability of a Demo account is another indicator of a good or bad broker. If you don’t get offered this option, or are discouraged from demo trading, this is a strong indication of a Forex scammer.
Questions To Ask To Avoid Forex Trading Investment Scams
Remember that you have every right to ask questions. A few proper questions, can determine whether you are dealing with a trustworthy broker or a Forex scam artist. Make sure know your rights, research the contacts, and check the company’s registration and business background. Keep in mind that all the information you receive from a potential new broker must be in written form. Never rely on phone conversations or oral statements.
Ask yourself these questions:
What can you do when you realise a broker’s offer is not for you?
How binding is the contract?
How easy is it to reach customer service?
Can you contact the broker by phone, Skype or email?
Do they list a physical address?
Do they use actual names?
Are they a registered company?
Can they provide performance history?
To ensure you’re not a victim of a scam, always use a regulated broker that is well established, has favourable online reviews, and is 100% transparent in their fees and compliance policies. The allure of quick money and easy cash will always be omnipresent, which is why you should make sure that you fully understand what it truly takes to become successful at currency trading, without using quick-fix schemes that put you at risk.
Trading With A Demo Account
Trader’s also have the ability to trade risk-free with a demo trading account. This means that traders can avoid putting their capital at risk, and they can choose when they wish to move to the live markets. For instance, Admiral Markets’ demo trading account enables traders to gain access to the latest real-time market data, the ability to trade with virtual currency, and access to the latest trading insights from expert traders.
To open your FREE demo trading account, click the banner below!
About Admiral Markets
Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world’s most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Oinvest Review – 5 things you should know about oinvests.co.za
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Oinvest is a South African forex and CFD broker, offering 49 currency pairs and a good selection of CFDs, covering a wide variety of asset classes form commodities, indices and stocks to crypto coins and precious metals.
Among the forex pairs some are with exotic currencies like Honk Kong Dollar, Singapore Dollar, Danish Krone, Hungarian Forint, Norwegian Krone, Polish Zloty, Swedish Krona, Turkish Lira, Mexican Peso, Russian Rubble, South African Rand and Israeli Shekel.
We also counted CFDs with nearly 20 indices, over 170 stocks, a number of energy and agricultural commodities like oil, natural gas, cocoa, coffee, copper, corn, cotton, orange juice, soy beans, sugar and wheat, precious metals including gold, silver, platinum and palladium and even crypto coins, most notably Bitcoin, Ether, Ripple Dash, Bitcoin Cash, Bitcoin Gold, Monero and Litecoin.
Oinvest trading conditions
The benchmark EURUSD spread is as low as 0,7 pips, which is quite tight as the broker does not take a commission on the trade.
In the same time the maximum leverage offered by Oinvest is as high as 1:500 and can easily accommodate even the most aggressive trading strategies.
Since the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex trade in the European Union to 1:30 in the beginning of August and since similar restrictions are already in place in the US and Japan, the only reliable regulators, still allowing more generous leverage remain the Australian Securities and Investments Commission (ASIC) and the South African Financial Sector Conduct Authority (FSCA), where Oinvest is licensed.
Still, have in mind that while higher leverage may help you score good profit with a relatively small deposit, it also makes your investment much more vulnerable to market fluctuations.
Oinvest trading platforms
At Oinvest you can choose between an internet based Web Trader platform and the MetaTrader4.
MetaTrader4 has always been a good solution for professional and beginner traders alike. The well known platform features multiple market indicators, various charting tools and an option to run automated trading sessions with the help of specially designed trading bots or Expert Advisors.
Oinvest regulation & safety of funds
Oinvest is owned and operated by BASFOUR 3773 (PROPRIETARY) LIMITED, a company based in Cape Town, South Africa and regulated by the local Financial Sector Conduct Authority (FSCA).
FSCA, along with respected financial watchdogs like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) enforces a strict and yet balance regulatory regime.
FSCA licensed brokers for example are required to keep all clients’ money in a segregated, protected form creditors account.
Also, all brokers under the jurisdiction of the South African regulators are obliged to maintain a certain minimum capital adequacy ratio, which gives traders additional security.
Oinvest deposit/withdrawal methods and fees
As most other brokers Oinvest accepts payments with major credit or debit cards like VISA and MasterCard, bank wire and popular e-wallets like Neteller, Skrill and VPay.
And while Oinvest does not specify a minimum deposit requirement, it is generally advisable to invest at least 250 USD so that you can support a sufficient margin to sustain any significant moves against your position.
10 Online Scams You Need to Be Aware of—And How to Avoid Them
Swindlers may be following your every tweet and post, looking for a chance to fleece you. Here’s how to confound 10 major online cons.
Free trial offer! (Just pay forever)
How it works: You see an Internet offer for a free one-month trial of some amazing product—often a teeth whitener or a weight-loss program. All you pay is $5.95 for shipping and handling.
What’s really going on: Buried in fine print, often in a color that washes into the background, are terms that obligate you to pay $79 to $99 a month in fees, forever.
The big picture: “These guys are really shrewd,” says Christine Durst, an Internet fraud expert who has consulted for the FBI and the FTC. “They know that most people don’t read all the fine print before clicking on ‘I agree,’ and even people who glance at it just look for numbers. So the companies spell out the numbers, with no dollar signs; anything that has to do with money or a time frame gets washed into the text.” That’s exactly what you’ll see in the terms for Xtreme Cleanse, a weight-loss pill that ends up costing “seventy-nine dollars ninety-five cents plus five dollars and ninety-five cents shipping and handling” every month once the 14-day free trial period ends or until you cancel.
Avoidance maneuver: Read the fine print on offers, and don’t believe every testimonial. Check TinEye.com, a search engine that scours the Web for identical photos. If that woman with perfect teeth shows up everywhere promoting different products, you can be fairly certain her “testimonial” is bogus. Reputable companies will allow you to cancel, but if you can’t get out of a “contract,” cancel your card immediately, then negotiate a refund; if that doesn’t work, appeal to your credit card company. Not all websites will lose you money–Youtube can make you a fortune.
The hot spot imposter (He’s close, real close)
How it works: You’re sitting in an airport or a coffee shop and you log into the local Wi-Fi zone. It could be free, or it could resemble a pay service like Boingo Wireless. You get connected, and everything seems fine.
What’s really going on: The site only looks legitimate. It’s actually run by a nearby criminal from a laptop. If it’s a “free” site, the crook is mining your computer for banking, credit card, and other password information. If it’s a fake pay site, he gets your purchase payment, then sells your card number to other crooks.
The big picture: Fake Wi-Fi hot spots are cropping up everywhere, and it can be difficult to tell them from the real thing. “It’s lucrative and easy to do,” says Brian Yoder, vice president of engineering at CyberDefender, a manufacturer of antivirus software. “Criminals duplicate the legitimate Web page of a Wi-Fi provider like Verizon or AT&T and tweak it so it sends your information to their laptop.”
Avoidance maneuver: Make sure you’re not set up to automatically connect to nonpreferred networks. (For PCs, go to the Network and Sharing Center in the Control Panel. Click on the link for the Wi-Fi network you’re currently using. A box with a “General” tab should pop up. Click “Wireless Properties.” Then, uncheck the box next to “Connect automatically when this network is in range,” and click OK to enable. For Macs, click on the Wifi button in the upper right, click “Open Network Preferences,” and check “Ask to join new networks.”) Before traveling, buy a $20 Visa or MasterCard gift card to purchase airport Wi-Fi access (enough for two days) so you won’t broadcast your credit or debit card information. Or set up an advance account with providers at airports you’ll be visiting. And don’t do any banking or Internet shopping from public hot spots unless you’re certain the network is secure. (Look for https in the URL, or check the lower right-hand corner of your browser for a small padlock icon.) Finally, always be on the lookout for these red flags someone is spying on your computer, whether you’re in public or not.
The not-so-sweet tweet (It’s a real long shot)
How it works: You get a “tweet” from a Twitter follower, raving about a contest for a free iPad or some other expensive prize: “Just click on the link to learn more.”
What’s really going on: The link downloads a “bot” (software robot), adding your computer to a botnet of “zombies” that scammers use to send spam email.
The big picture: Scammers are taking advantage of URL-shortening services that allow Twitter users to share links that would otherwise be longer than the 140-character maximum for a tweet. These legitimate services break down a huge URL to ten or 15 characters. But when users can’t see the actual URL, it’s easy for bad guys to post malicious links.
Avoidance maneuver: Before clicking on a Twitter link from a follower you don’t know, check out his profile, says Josh George, a website entrepreneur in Vancouver, Washington, who follows online scams. “If he’s following hundreds of thousands of people and nobody is following him, it’s a bot,” he says—a good tip to keep in mind for how to protect yourself online and avoid being scammed.
Your computer is infected! (And we can help)
How it works: A window pops up about a legitimate-sounding antivirus software program like “Antivirus XP 2020” or “SecurityTool,” alerting you that your machine has been infected with a dangerous bug. You’re prompted to click on a link that will run a scan. Of course, the virus is found—and for a fee, typically about $50, the company promises to clean up your computer.
What’s really going on: When you click on the link, the bogus company installs malware—malicious software—on your computer. No surprise, there will be no cleanup. But the thieves have your credit card number, you’re out the money, and your computer is left on life support. Scams are everywhere–you can even become a “doctor” online with just $99.
The big picture: “Scareware” like this is predicted to be the most costly Internet scam of 2020, with over a million users affected daily, according to Dave Marcus, director of security and research for McAfee Labs, a producer of antivirus software. “This is a very clever trick,” says Marcus, “because people have been told for the past 20 years to watch out for computer viruses.” Even computer veterans fall prey. Stevie Wilson, a blogger and social-media business consultant in Los Angeles, got a pop-up from a company called Personal Antivirus. “It looked very Microsoft-ish, and it said I had downloaded a virus,” she recalls. “It did a scan and said it found 40 Trojan horses, worms, and viruses. I was concerned that they were infecting emails I was sending to clients, so I paid to upgrade my anti-virus software. Right after I rebooted, my computer stopped working.” Wilson had to wipe her computer hard drive clean and reinstall every-thing. Although most of her files were backed up, she lost personal photos and hundreds of iTunes files. “I felt powerless,” she says.
Avoidance maneuver: If you get a pop-up virus warning, close the window without clicking on any links. Then run a full system scan using legitimate, updated antivirus software like free editions of AVG Anti-Virus or ThreatFire AntiVirus. Tip: Your “private” browser may not be so private.
Dialing for dollars (With a ring of fraud)
How it works: You get a text message on your cell phone from your bank or credit card issuer: There’s been a problem, and you need to call right away with some account information. Or the message says you’ve won a gift certificate to a chain store—just call the toll-free number to get yours now.
What’s really going on: The “bank” is a scammer hoping you’ll reveal your account information. The gift certificate is equally bogus; when you call the number, you’ll be told you need to subscribe to magazines or pay shipping fees to collect your prize. If you bite, you will have surrendered your credit card information to “black hat” marketers who will ring up phony charges.
The big picture: Welcome to “smishing,” which stands for “SMS phishing,” the text-message version of the lucrative email scam. In this ploy, scammers take advantage of the smart-phone revolution—hoping that a text message to your cell will make it less likely you’ll investigate the source, as you might do while sitting at your desk. Since many banks and businesses do offer text-message notifications, the scam has the air of legitimacy. Shirena Parker, a 20-year-old newlywed in Sacramento, California, was thrilled when she got a text message announcing she’d won a $250 Wal-Mart gift card. When she called the number, a representative explained there would be a $2 shipping charge (later upped to $4 by another “representative”). Parker gave the scammer her debit card number and started getting round-the-clock calls from him, asking for the phone numbers and emails of friends and family. “It was turning into harassment,” she says. After two days, she contacted the Better Business Bureau, which told her that Wal-Mart was not giving away gift cards. Hearing that, Parker’s husband canceled their debit card before the con could empty the account but not before he had helped himself to the $4 “shipping” charge. “I don’t know how they got my name and phone number,” says Parker. “But I learned my lesson.” Scammers can even reach you by mail–beware of this new trick that targets pregnant women.
Avoidance maneuver: Real banks and stores might send you notices via text message (if you’ve signed up for the service), but they never ask for account information. If you’re unsure, call the bank or store directly. You can also try the Better Business Bureau, or Google the phone number to see if any scam reports turn up. Had Parker checked out the phone number, she would have learned this was a scam, and probably could avoid these phone call scams that can steal your money, too.
We are the world (The world of charity scams, that is)
How it works: You get an email with an image of a malnourished orphan—from Haiti or another developing nation. “Please give what you can today,” goes the charity’s plea, followed by a request for cash. To speed relief efforts, the email recommends you send a Western Union wire transfer as well as detailed personal information—your address and your Social Security and checking account numbers.
What’s really going on: The charity is a scam designed to harvest your cash and banking information. Nothing goes to helping disaster victims.
The big picture: The Internet, email, and text messaging have given new life to age-old charity scams. “These cons watch the headlines very closely,” says Durst, and they quickly set up websites and PayPal accounts to take advantage of people’s kindness and sympathy. Durst recalls seeing fake donation websites within days of Michael Jackson’s death, urging fans to contribute to his favorite charities. Natural disasters, too, tend to spawn all sorts of fake charities.
Avoidance maneuver: Donate to real charities on their own websites. Find the sites yourself instead of clicking on links in email solicitations; in the wake of the Haiti earthquake, scammers even set up fake Red Cross sites that looked real. Genuine aid organizations will accept donations by credit card or check; they won’t ask for wire transfers, bank account information, or Social Security numbers. Donations via text message are okay as long as you confirm the number with the organization.
Love for sale (The cruelest con)
How it works: You meet someone on a dating site, on Facebook, in a chat room, or while playing a virtual game. You exchange pictures, talk on the phone. It soon becomes obvious that you were meant for each other. But the love of your life lives in a foreign country and needs money to get away from a cruel father or to get medical care or to buy a plane ticket so you can finally be together.
What’s really going on: Your new love is a scam artist. There will be no tearful hug at the airport, no happily-ever-after. You will lose your money and possibly your faith in humankind.
The big picture: Online social networking has opened up bold new avenues for heartless scammers who specialize in luring lonely people into bogus friendships and love affairs, only to steal their money.
Cindy Dawson, a 39-year-old customer service representative for a manufacturing firm, fell for a Nigerian named Simon Peters whom she met on a dating site. “We started talking on the phone,” the divorced mother of three recalls. “He said his father lived in Bolingbrook, Illinois, not far from me.” They exchanged photos; Peters was a handsome man. Dawson sent him pictures of her kids, who also talked to him on the phone. “He kept saying how much he cared about me,” says Dawson, fighting back tears at the memory. “I was in love with him.”
Soon enough, Peters started asking for money—small amounts at first, to buy food. He always wanted the money wired by Western Union to someone named Adelwale Mazu. Peters said he couldn’t use his own name because he didn’t have the right documentation. “It started progressing to higher amounts of money,” says Dawson. “I sent him money for airfare from Nigeria. I drove to the airport, but he never showed.”
Peters continued working the scam, explaining that authorities in Lagos wouldn’t let him board the plane. Then he needed money for school. Then he was stuck in London. “Everybody told me he was scamming me,” says Dawson, “but I didn’t want to believe it. Finally my 12-year-old daughter said, ‘Stop sending him money; he’s never coming.’” After reading about these types of online scams, Dawson searched for the fake name and figured out that Peters’s photo was a stock image of a male model repurposed from the Web. “He got about $15,000 out of me,” she says. “I was angry, and I felt stupid.”
Avoidance maneuver: “On the Internet, it is almost impossible to be too paranoid,” says Durst. “But don’t be paralyzed; be smart.” Dating and social-networking sites can be a great way to meet new friends, even from foreign countries. But if someone you know only from the Web asks for money, sign off quickly and follow these other tips for keeping yourself safe from online dating scams.
A terrible scam-azon (Yes, that deal really is too good to be true)
How it works: You’re doing some online shopping, as one does. You see what looks like a great deal on Amazon, a site you totally trust, and place an order.
What’s really going on: The seller’s a scammer; they’re going to send you a counterfeit product, or nothing at all, and they’ll still get your money.
The big picture: These scammers take advantage of Amazon’s policies to profit. They post delivery dates that are three or four weeks from the date of purchase. Since Amazon pays its sellers every two weeks, the scammers will receive payment long before you discover that it was a scam. This scam technique hurts not just buyers, but other sellers as well. Rob Ridgeway, who sells board games through Amazon, complains that fake sellers are stealing his business. He’s reported many of the scammers to Amazon, but more just keep coming. “I continue to play ‘whack-a-mole,’ trying to remove fake sellers,” Ridgeway told BuzzFeed News.
Avoidance maneuver: Watch out for new sellers (also known as “just launched” sellers), and take a careful look at the seller’s reviews before you buy from him or her. If you do fall victim to a scam, contact Amazon; their A-to-Z guarantee says that they have to refund you if you received a fake product (or none at all).
Hitman scam (This one’s killer)
How it works: You get an email (or a text) from someone saying he’s been hired to kill you, or to kidnap a family member. He’ll insist you send a large amount of money to a certain email address in exchange for your safety. Usually, the email will also warn you against contacting the authorities.
What’s really going on: There is no assassin. Somebody found your email address randomly (along with hundreds of others) and just wants your money.
The big picture: Your first thought might be to wonder how anyone could possibly fall for this. But keep in mind that the first response of anyone who’s just been threatened with murder online is, most likely, to panic. Even scarier, many of these scams include the victim’s personal information, which is all too easy to access through social media.
Avoidance maneuver: If you get one of these scary messages, the best thing to do is to ignore it. Responding to the scammer clues them in that they have reached a live account, and they’ll probably respond with more aggressive threats. No one wants that. Also, go ahead and contact the authorities; the better to stop the scammer in his tracks. To avoid being scammed, be careful about what you share on social media—there are some pieces of information you should definitely not be posting.
Travel scams (Don’t get wander-lost)
How it works: You get an email advertising an amazing deal on airline tickets to some exotic destination. Or, you see such a deal on the social media account of what appears to be a legitimate airline.
What’s really going on: Like the “free trial” scam, these travel scams often have all sorts of extra costs hidden in the fine print behind that alluring cheap price. Most likely, you’ll end up with a lighter wallet and no plane ticket.
The big picture: The peak time for these kinds of online scams is summertime, when people have vacation on the brain. They’re also common right before holidays such as Christmas and New Years. Scammers intentionally choose exotic, remote places that would be difficult to get to without their “amazing offer.” Finally, they throw in an expiration date, saying that you’ve only got so many weeks or months to take advantage of this offer, hoping that a sense of urgency will rope you in.
Avoidance maneuver: Scour the details of the offer before clicking any sort of confirmation button, and certainly before giving any payment information. Make sure that what you see really is what you get. And, even if you crave a solo trip, it can’t hurt to get a second pair of eyes as well. Another good tip is just to stick to travel agencies you trust; there are plenty of legitimate sites that still offer good deals. Finally, learning these cyber security secrets hackers don’t want you to know will help you stay one step ahead of scammers.
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