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Is Cotps.com Legit

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Is Cotps.com Legit: COTPS exhibits the characteristics of a typical HYIP (high-yield investment program) scam, which lures investors with the promise of high passive returns.

Operating under various names such as COTP and Cryptos OTC Trading Platform, COTPS emerged in 2019 as a global over-the-counter trading platform. They boasted of attracting over 100,000 customers within a year.

However, the website has recently become inactive, leaving many individuals in search of alternative methods to recover their investments. In an effort to aid the victims in seeking justice, we have conducted a comprehensive review of COTPS.

Is Cotp Legit?

In addition to the evident disappearance of the platform following its exposure on various social media platforms, there are several more alarming facts to consider.

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The COTPS broker purported to be headquartered in the US and regulated by FinCEN and MSB. However, it is important to note that FinCEN, the Financial Crimes Enforcement Network, is responsible for combatting financial crimes and does not serve as a regulatory body that grants financial licenses.

Similarly, MSB, which stands for Money Services Business, is a register maintained by FinCEN that contains information about registered businesses. It is not an entity that provides financial regulation.

For a platform to offer financial services in the US, it would typically need regulation from authorities such as FDIC, FRB, or SEC.

Additionally, COTPS claimed that every customer would be covered by FDIC insurance for up to $250,000 per customer, which was another false statement designed to deceive.

In reality, COTPS operated as a HYIP scam, enticing investors with promises of high passive income and misleading claims of FDIC insurance coverage. It falsely represented itself as being US-based and regulated by MSB and FinCEN.

Ultimately, these were all deceitful tactics employed by the company, and once they had accumulated enough funds, they disappeared without a trace.

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Is Cotps.com Legit

What Is The Cotp Trading Platform?

COTP, also known as COTPS, stands for Cryptos OTC Trading Platform. It is an internet-based platform that purports to offer investors a source of passive income.

As per a TimesNewsWire report, the platform was established in November 2021 by Mars Brown. Its primary objective is to enhance the efficiency and transparency of digital currency trading. This is achieved through the provision of various services catering to blockchain enthusiasts worldwide.

These services encompass over-the-counter (OTC) trading, arbitrage trading, and wallet functionality. The platform asserts the utilization of artificial intelligence and algorithms to automatically trade digital currencies and generate profits for investors.

Allegedly, investing in the platform can result in a 100% profit within a 30-day period.

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Is Cotps.com Legit

Is The COTPS Trading Scam Presently In Operation?

According to the provided timeline, the COTPS brokerage asserted that it was functioning between March 2019 and February 2022.. It is worth noting that the domain registration extends until 2028, leaving a possibility for COTPS to resurface under a new name while perpetuating the same Ponzi scheme.

The COTPS trading scam primarily targeted individuals in the following regions:

United States
Canada
Australia
Germany
Switzerland
France

The Role of COTPS Support Team in the Scam

Support teams play a crucial role in Ponzi schemes as they establish personal connections and convince potential victims to join. COTPS employed various tactics, including posting photographs of individuals claiming to be in charge and creating TikTok, YouTube, and other social media content.

However, it was discovered that all the images used were stock photos, and the videos were produced by paid actors. As a result, the true identities of those running the scam remain unknown.

Moreover, the support team consistently engaged with customers, intensifying the deceptive storyline. Nevertheless, in February of this year, the investment company abruptly ceased its online presence and disappeared, leaving behind a trail of victims.

Is Cotps.com Legit

COTPS Reviews Reflecting the Experiences of Scam Victims

Numerous COTPS reviews provide a glimpse into the experiences of those who fell victim to the scam. Some individuals have shared their accounts through YouTube videos, documenting their firsthand encounters. Others have posted reviews on platforms such as Reddit, Trustpilot, and other reputable websites, detailing their encounters with the fraudulent scheme.

How The COTPS.com Scam Works?

Customers were encouraged to invest their funds through a cryptocurrency wallet and the USDT coin, which is pegged to the USD and maintains a stable value against the currency.

COTPS promoted its services through the website cotps-otp.com, guaranteeing a potential return of up to 100% within 30 days by utilizing their automated trading system and executing trades every 2 hours.

Upon making an initial deposit, clients gained the ability to engage in cryptocurrency trading, while the broker’s staff promised them significant profits and bonuses for referring friends and family.

A referral system was implemented, allowing users to progress from level 3 and earn a 5% commission to level 1 and earn a 15% commission. The company assured returns of up to 3.6% per day or 0.3% every 2 hours.

After the initial scheme failed, the company introduced a new venture called COTP Safe Miner under the domain cotp.finance.

Customers were encouraged to connect their wallets, enable USDT trading, transfer funds, and earn passive income. Similar returns were promised, with the possibility of earning up to 12% through a referral link.

This follows the typical model of a multi-level marketing (MLM) scheme, which should be avoided.

Is Cotps.com Legit

COTPS.com Review 

COTPS.com Review 

COTPS, a trading platform operating as COTP exchange, utilized a standard WebTrader interface. It encouraged users to participate in trades every two hours by leveraging an automated trading system that claimed to employ advanced algorithms for identifying profitable opportunities.

The platform justified its impressive returns by highlighting its proficiency in high-frequency transactions, implying its ability to control the market and predict advantageous situations for traders.

However, the subsequent COTP Safe Miner, introduced after the initial scam failed, proved to be a weak imitation.

Which Assets Can I Trade with COTPS?

COTPS exclusively supported cryptocurrency as the sole tradable asset. Clients were encouraged to enter the realm of digital coins and engage in currency exchanges based on the company’s purported predictions. This approach may have been effective in earlier stages when individuals had limited familiarity with the cryptocurrency market, prior to the proliferation of similar scams.

According to an FTC report, crypto scammers managed to pilfer over $1 billion in 2021, and people are now more attuned to their tactics. As a result, COTPS faced difficulties and is now attempting to resurface through new fraudulent methods.

Is There a Free Trial Option for COTPS?

The company never offered a Demo account option. To engage with COTPS, users were required to make a minimum deposit of 9 USDT for the lowest package, meaning that testing the system required entering the market with this amount.

COTPS Affiliate Program Scam

Similar to MLM Based on the provided information, it is evident that the COTPS scam resembles a typical multi-level marketing (MLM) model. The broker’s primary focus lies not in the success or sustainability of investors but in recruiting more individuals into the scheme.

Once it became apparent that customers’ profits were derived from the deposits made by their friends and family, the scheme unraveled, exposing the firm as a fraudulent operation.

What Can Victims of COTPS Fraud Do? – Persistence is Crucial

If you have fallen victim to COTPS or a similar MLM scam, taking action is crucial. Inform us of your situation, and our chargeback specialists will be eager to assist you in pursuing a refund.

Time is of the essence, as the firm has already disappeared. Acting swiftly is necessary to trace your funds and maximize the likelihood of obtaining a refund. Contact us via online chat to arrange a free consultation and initiate the process before it is too late.

When did Cotps crypto start?

According to the information provided, traders can supposedly earn a daily interest rate of up to 3.6% on their capital by engaging in daily trading activities on the platform.

It is stated that the platform was introduced in 2019, and Cotps asserts that it operates under regulation in Canada and the USA.

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