In the world of cryptocurrency, it is very easy to pass off a multi-level marketing (MLM) scheme or a Ponzi scheme as a helpful utility. Since people are looking for a gateway to invest and multiply their money, it is quite natural for them to fall into such traps. Some companies take the disguise of a trading platform while others claim to be a mining software, but in the end, turn out to be Ponzi schemes.
In this Crypto World Evolution review, we aim to dissect a similar company under the name of ‘Crypto https://gladage.com/bitcoin/trading/best-crypto-trading-bots/World Evolution(CWE)’ which is a software that claims to help you generate profits. Although started as a company that promises to deliver a multi-hybrid trading algorithm via API using a trading bot, there has been evidence that point towards it being an MLM scam. Let us look at it in detail.
What is Crypto World Evolution?
CWE is a “plug-and-play automated software bot” that makes transactions on your behalf. All you need to do is have a crypto exchange account. Once you decide upon a strategy and grant the necessary permission, the bot is pretty much on its own. Since a bot does not face the same limitations as humans, it can function for 24 hours a day, all round the year.
It has all the features of a trading bot like buying or selling of coins, customization of strategy, cancelling trades, kill-switch safety support, stop lost, and order bots. However, what really bothers us is the attached MLM referral program. It provides you with an opportunity to earn when you trade using their API or refer their services to others.
The company has always claimed to be a safe place to invest as the bot does not have any access to your login details and F2A password and does not have the ability to withdraw or get into your exchange without your permission. Despite being adamant on the fact that the cryptocurrency market is unpredictable, the company ascertains that the CWE bot can help you generate profits 1-3 % by making micro trades.
What makes the CWE trading bot interesting? What are the factors that are leading to people falling into this trap? Let us move forward in this Crypto World Evolution review and look at the features of the trading bot.
Crypto World Evolution Review: Features of CWE
1) Easy to use interface
The trading bot has one of the simplest and easy-to-use interfaces when compared to the other platforms. The initial screen contains a list of all the necessary functions that you need to access the trading bot. It features a step-by-step guide regarding how you can use the trading bot to perform transactions using your exchange account.
It has also ensured that the desired consistency is maintained over all three platforms: Desktop, mobile, and tablets as the content is well-optimized for it. It does not matter if you’re a beginner or an amateur as the interface is designed to help users at every stage.
2) Expert Advice
CWE has one of the most unique features in the form of ‘Expert Advice.’ Since there are experts in the field of cryptocurrency with diversified experiences and a thorough understanding of the market on the panel of the company behind the bot, they advise people regarding the trading strategies that can help generate profits.
Some of the trading recommendations are also provided through the bot’s algorithm which the user may find useful. However, these recommendations are generally low-risk trades with lower profits.
3) Live Tracking
Since the platform is designed in a manner which inhibits delay, you can work in perfect synchronization with the cryptocurrency market. It means that your bot can perform trades without any lag or delay as it is updated in real time.
4) Bitcoin Education
It is of one the rare platforms that provides its users with Bitcoin education. It has an education program in development along with the various other learning tools. The company conducts web-based seminars and contains learning videos that can help new users get acquainted with the cryptocurrency market. Some of the most commonly discussed subjects in these webinars are the how-tos of using a trading platform, or the latest updates and knowledge regarding various cryptocurrencies.
5) Strong Customer Support
CWE offers support throughout the day as bots functions for 24-hours. The general consensus regarding the support staff has been positive as they are polite and well-trained.
Why do we Feel CWE is a Scam?
There have been various warning signs which have been pointed out by multiple users. CWE acquires customers through Facebook advertising and other social media platforms where its existing clients posts ads like ‘I got 39% profit in 24 hours’, join me by commenting on this post. Many such similar posts are to be found on Facebook which sounds too good to be true.
A few people who commented instead received a message regarding the ‘affiliate program.’ This is quite similar to any other MLM schemes, referral bonuses, and other similar programs that rely on giving you money for getting other people onboard instead of the actual product.
One of the most popular reviews which highlighted this fact was written by Craig MacGregor, the founder of Navcoin and one of the most distinguished professionals in this field. He mentioned this in simple words that the profits generated by the bot are quite low and the only way of earning money is through its multi-level marketing scheme.
There are also multiple other red signals such as no clear transparency regarding the team behind it. There is also no information regarding the working of the bot, the legal compliances and the promise of generating a profit on every deal. One interesting fact about the platform is the marketing advisers of this company are people with no experience in the cryptocurrency domain.
Alternatives to CWE
Since the platform is replete with red flags, it is best to switch to other trading bots if your primary purpose is cryptocurrency trades. These platforms are safer, the code has been peer-reviewed, and has genuine traders endorsing it. A few alternative trading bots would be:
- 3 Commas: Often regarded as one of the best trading bots, it offers a comprehensive platform for making automated transactions. The interface is very easy to use and useful for beginners and experts alike.You can configure your bot as you like using the multiple options as well as the instructional videos. There are a large number of features such as portfolio creation and tracking, social trading, and the dashboard which makes it an ideal choice.
- Cryptohopper: Cryptohopper is one of the technically proficient platforms which has a mix of technical indicators, third-party trading experts, as well as strong backtesting features. It is based on an algorithm which is quite easy to configure plus has extensive resources created by the community. It supports over 75 cryptocurrencies and is compatible with nine major exchange platforms making it highly useful for users.
Advantages of CWE
Setting up a CWE account is very simple. The entire process hardly takes a few minutes. Once you set up your account, you can simply sync it with the exchange platform of your choice and begin trading.
Supports Multiple Cryptocurrencies
If one buys the Pro version of the trading bot, one can perform any trade worth $10,000, on the cryptocurrency of their liking.
One of the best things about CWE is its extensive database containing resources which can help you polish your skills as a trader. The web seminars and video tutorials are particularly beneficial for beginners and users looking to enhance their skills.
Disadvantages of CWE
There are multiple disadvantages when it comes to using CWE and most of it stems from its lack of transparency. They are as follows:
Lack of Actual Profit
CWE users have been boasting unrealistic figures such as 72% gain in 48 hours even in hostile market conditions. Achieving this seems highly unrealistic. There has been no actual verified account of people generating such a high profit.
Shoddy Business Practices
Most users feel that rather than the actual trading bot, CWE has been relying more on its affiliate program. Plus there are no technical details regarding the working of the bot, the team behind its development, and the legal terms and conditions.
Depending upon your usage, you can select a trading bot on its website. The Beginner package costs $250, while you will have to shell out $2000 for the Pro pack. These are annual subscriptions valid for a period of one year only and renewal will further cost you more.
Depending upon the cost, the features that you get differs as well. For instance, the Pro pack guarantees an income of 15% of the direct commission on referral while the Young Membership pack gives you only 10% of the direct commission.
CWE seems to be a Ponzi scheme operating under the pretext of a trading bot. The profits obtained seem to be very low and most of your earning will stem from referrals. If you’re looking to make money through Multi-level marketing (MLM) from a company with a lack of transparency, you can give it a shot. If cryptocurrency trading is your primary purpose, you can always rely on other trading bots which are known to offer better returns.