Without a doubt, oil is the most crucial commodity across the globe. If price fluctuations reveal the current state of the economy, it is evident that such changes predict what’s likely to happen in the future. While there has been a global recession that made oil prices plummet by more than $40, we cannot deny that hundreds of people are making ventures from these fluctuations.
Simultaneously, the web is flooded with dozens of trading platforms that promise to give you a steady flow of passive income. Some platforms are legitimate ways of giving you constant liquidity through monitoring oil prices and trading at the comfort of your home. Still, some are “legalized scams” meant to puncture your pockets.
So the Question Is: Is Oil Profit System Legitimate or Another Scam?
- 1 So the Question Is: Is Oil Profit System Legitimate or Another Scam?
- 2 What is Oil Profit?
- 3 Oil Profit stats
- 4 Introduction Video
- 5 How to Register
- 6 Oil Profit Plans
- 7 Oil Profit Settings
- 8 Risk Management
- 9 Demo Trading
- 10 Oil Profit Duration
- 11 Safety Protocols
- 12 App Cost
- 13 Apparent Benefits?
- 14 Is Oil Profit a Duplicate of Another Robot Bitcoin Scam?
- 15 Social Media Pages
- 16 Final Thoughts – Oil Profit System – Legitimate or A Scam?
Oil Profit is a mining company located in the UK and having affiliates in 13 countries worldwide. This company has been running its operations since 18th February 2019 and recently launched a trading software that promises to deliver overwhelming benefits to traders.
Whether you’re a newbie or experienced, Oil Profit says that they give you the necessary information coupled with a broker who’ll help you make optimum decisions to succeed in this field. The Oil Profit app also claims to provide real-time broker news and information to direct your choices and help you avoid some common trading pitfalls.
However, Oil Profit has some drawbacks associated with other securities. While some traders have reported mining ounces of gold from the platform, some people have lost hundreds of dollars.
To clear all doubts, I decided to give Oil Profit a shot, and here’s what I found out.
What is Oil Profit?
It’s natural to dig through the deepest corners of the web before investing in stocks. However, one thing that shocked me about Oil Profit is its claims to provide you with a seamless way to make a haul from the stock even if you’re utterly unversed with online trading. Besides, the owner of the platform remains anonymous, and they claim that they quite literally perform everything for you – as long as you register and deposit money.
He claims that oil reserves are depleting, and the fact that oil prices are spiking means you’ll be more likely to rack up hundreds of dollars in profit, but that’s not true at all. While several consumers believe that Covid-19 has mainly been responsible for the plunging oil prices, the truth is that not even the economic feud between Russia and Saudi Arabia affected it in any way.
Like any other product, oil prices are driven by demand and supply. Since much economic activity was grounded during this period, oil prices certainly had to plummet.
In other words, the owner is less knowledgeable about events transpiring in the oil market. Additionally, the person behind the company keeps altering their name, which is likely to raise a red flag to anyone looking for a legitimate platform.
Oil Profit stats
The mammoth of investment options permeated in Oil Profit could quickly get you trapped. If you, for instance, invest $500,000 with a daily return of 3% for 100 days, you’ll get $150,000 daily throughout this period – a 90% passive income.
When you compare these metrics against what’s happening in the entrepreneurial landscape, you’ll realize that it sounds too good to be true. Simply said, who wouldn’t want a platform that racks in 90% passive income without moving a finger? At the same time, Forex Traders claim they hardly make 50% profit after a year of endless toil, yet here you get paid for doing absolutely nothing.
Oil trading companies are perpetual for trying to make investors believe that they can magically get colossal sums of money for doing nothing, but if it were so straightforward, why isn’t everyone in the business? Well, the reason is that either people are oblivious, or it’s another magnified Ponzi scheme.
Besides, Oil Profit has a considerable number of plans, starting with an investment of $100 with a daily ROI of 2% and going up to an upper threshold of $100,000 with a daily ROI of 3%. While these investment plans look incredibly appealing, a plunge in oil prices could make you suffer.
The company’s landing page welcomes you to an introductory video whose owner is anonymous.
The fact that he conceals his identity and that the video does not show the company’s logo right from the beginning raises a red flag. Besides, the video features the supposed director “Aaron Morris,” who happens to be reading from a script – probably prewritten by someone else.
Keeping in mind that Aaron has featured in other videos uploaded earlier this year, there’s no doubt that he is someone hired by the owner who remains anonymous.
How to Register
Essentially, registering for Oil Profit is a stepwise process consisting of three steps – registration, investment, and trading.
It starts with visiting their website where you find an option to sign up. That is applicable only if you’re visiting the website for the first time, and you’ll be prompted to create a username and password for your trading account.
Once you’ve filled out your name, contact details, address and verified your identity, your account will be ready for use. You’ll now be asked to make an initial minimum deposit of $250, after which you explore various trading options with the help of automated trading robots. Again, though, this all comes through from a phone call. I won’t get into the call, as it is a lot like the other reviews I have done here.
The Cryptorobot claims to use a collation of advanced trading algorithms based on artificial intelligence, natural language processing, and machine learning. Along with several international brokers who handle transactions and operate the oil market, the fully-automated robots offer success rates of approximately 90%.
One notable element about the Oil Profit app is that it’s not a financial institution; hence it does not accept transactions. Instead, these brokers accept deposits of a minimum of $250, which is possible to make through wire transfer, credit card, and electronic wallets.
Oil Profit Plans
At a glance, Oil Profit promises investors to deposit $100 to $100,000 with a daily ROI as follows:
- Investing $100 to $100,000 earns you 2% ROI for 150 days
- Investing $20,000 to $40,000 earns you 2.5% ROI for 120 days
- Investing $50,000 to $100,000 earns you a 3% ROI for 100 days
However, you’ll incur a 10% admin fee for all withdrawal requests.
The packages come with referral and residual commissions where you earn 5% on money invested by your first and second affiliates. For the third person in the line-up, you’ll earn 10% of the amount they invest.
Well, this program shows some disparity from other pyramid schemes. Typically, the amount you earn from referrals decreases with the order you invite people. Still, the Oil Profit system works by increasing the amount from 5% to 10%, probably because few people hardly reach that stage of inviting three people in a row.
To qualify for the residual program, you need to have invited at least two affiliates. Essentially, the residual program works through a binary compensation structure where every affiliate branches into two positions. Subsequently, the two classes further subdivide into two other parts, resulting in level propagation.
Subsequent levels have twice the number of units as the previous level, and there’s no limit to how deep the binary can grow. At the end of the day, the company calculates the cumulative investment of every “tree,” after which affiliates get paid 10% of the matched funds.
Oil Profit Settings
When selecting an oil trading platform, the preliminary step is to choose a licensed broker and the provision to control your risk through software settings.
The oil Profit system has six risk management settings meant to adjust your control size and reduce losses from incorrect predictions. It’s always wise to set the maximum daily trades and maximum concurrent trades incredibly low; if you choose to do so. Although, in my personal opinion, it is a risk to use Oil Profit at all!
Every first-time trader will want to scour through the software to access its legitimacy. Unlike real trading, demo trading only shows the features of the software and not actual trading results. The issue is, creating a platform to look like MT4 is not going to be the hardest thing in the world, as the data is available to everyone.
Oil Profit Duration
Oil Profit gives you real-time updates of what’s transpiring every minute. It tries to make you feel like it helps you make tailored, informed decisions on where to place your investment and withdraw.
This app has no limit to the maximum number of times you can use it; hence you can use it daily to maximize your profits.
One major perk that Oil Profit tries to sell you on is its incredible level of security. Since the app collects and handles your capital and data, the company says to have invested a lot in security where multiple layers of security are placed to ensure no breach can penetrate – either through data miners or hackers. But, with it not being a regulated company, can you really rest assured that your data and money are safe?
While there is an initial minimum deposit of $250 and a 10% admin fee on your withdrawals, they say the app comes completely free of charge. This provision is meant to give you the freedom from brokers who can take away colossal sums of money from your profit. They also say that once you’ve deposited the money, the app will start trading with the help of your assigned brokers. However, as this is seeming very similar to the other cryptorobots we have seen, I was very reluctant to put up my money.
Every company needs to provide benefits. The question is, are they real? Here is what they say they offer:
- The app is incredibly user-friendly and provides a seamless interface that helps you understand what’s going on in the oil market to make optimum decisions.
- You get real-time updates taking place in global securities markets.
- You get an assigned broker who not only helps you navigate the system but also gives you stepwise instructions on how to make incredible gains from the business.
- The app has full-time access and is entirely free for you to use, for the minimum deposit of $250.
- Access to 24-hour seamless customer support.
So, can you really expect these? Well, maybe you can, but honestly, I doubt it. Given the track record of companies who do not even have an about us page, I doubt it.
Is Oil Profit a Duplicate of Another Robot Bitcoin Scam?
Oil Profit has tried to portray itself as one of the most incredible and straightforward trading software globally. Like other platforms like Bitcoin Code, Oil Profit has a seamless onboarding process that requires an investor to enter their name and contact information, after which, they deposit their first capital of a minimum of $250.
Additionally, the Cryptorobot says that they have a completely automated algorithm consisting of bots that help you make significant trading decisions. While it works closely similar to other platforms like Bitcoin Miner, I have not seen any proof that Oil Profit has proven to work for anyone. However, they do have one of those lovely tickers at the top of their pages, touting how much people have earned.
Social Media Pages
Its typical for any oil trading company to have professional social media accounts where investors connect with the company to collate their ideas. However, there is a Facebook profile related to Oil Profit, where they’ve posted random stock photos of oil mines. It’s quite difficult to tell whether this profile belongs to the company or if it is an attempt at someone else is managing it.
When you check their main website, you only find a phone number and email address but no social media page. When I tried contacting them using the email and mobile number, I waited for as long as I could but received no response.
As if that’s not enough, the leading website has a Live Chat button that doesn’t seem to work. Even when the bar clears out and it’s your time to chat with an agent, you suddenly see that someone else has taken your position.
Final Thoughts – Oil Profit System – Legitimate or A Scam?
I doubt Oil Profit has helped anyone make money from oil trading. However, some inconsistencies such as the anonymity of the owner and the absence of professional social media pages are sufficient to raise a red flag. The sad truth is that such programs promise to help you rake in hundreds of dollars in profit, but that’s not looking like it is true.
You end up scathed, after which a nadir of financial problems accompany you. The great news, however, is that some good programs can genuinely help you make money online, and Babypips seems to be the best we have seen, even if it is more of a course than a cryptorobot. On a concluding note, oil profit is just another scam from which you should stay away.