HYIP platforms offering get-rich-quick scheme became popular in the crypto space. However, what most people somehow missed is that in most cases, these companies are just a scam trying to get money from reckless investors.
One of such company’s that recently showed up in the crypto market is Novo Star. It’s a HYIP platform founded in July 2019, and it specializes in bitcoin trading.
Throughout its website, Novo Star points out that it’s a legit company registered in the UK. The platform uses a scalping trading strategy to bring massive profit to its investors.
In today’s article, we’re going to review this company and show you why we consider it to be a scam. Let’s get started.
Signs that Novo Star is a scam
When researching on Novo Star, we found some disturbing signs showing that the company is a scam. Here are some of them.
Unreal promises of profit
The company claims that it can increase the initial deposit 100 times in one month. And all that is just a beginning.
They also guarantee profits within a day or couple of days. To achieve all this, Novo Star uses a scalping trading strategy and bitcoin’s high volatility. Using small intraday fluctuations, the company makes a huge profit for its customers.
This is enough to raise a red flag. Anyone involved with cryptocurrency trading knows that there is no guarantee for profit since that space is highly volatile and risky.
Novo Star investments plans raise the alarm
According to the website, Novo Star offers several investment plans. These includes standart and VIP investment plans.
Standard investment plans will increase your investment by 150% in one day, 350% after five days, and 580% after ten days. Or that’s what Novo Star claims.
VIP investment plans are even better. For example, if you decide to invest $20,000, after three days, you can expect your investment to increase by 300%. Moreover, after five days, this will increase to 1000%.
If you think this is too good to be true, you’re right. Unreal promises about the increase in your investment are one of the main signs of crypto scams.
Information about the people behind the company lacks on the official website
On the official About page, there is no information about the team. Nothing about the CEO and other employees. The contact form is generic [email protected], again, without any names.
You’re probably aware that this isn’t very promising. Hiding the team members and their names is often a sign of a scam.
As you can see in the review above, Novo Star shows some serious signs of HYIP scam. The sad truth is that HYIP companies are usually Ponzi schemes, so popular on the crypto market.
However, if you decide to invest anyway, don’t forget to do thorough research about the company. See if you can find any sign that raises the alarm.
And one more thing. Remember, investing in the crypto market is highly risky, so never invest more than you can afford to lose.