It’s no secret that a lot of people are looking for efficient ways to trade cryptocurrencies online. Thanks to the evolution of the crypto market, there have been several trading tools created with the purpose of helping people dive deeper into this financial world.
Trading robots are one of those tools with the intention of helping traders be a bit more efficient with their trading strategies. The most remarkable thing about these trading robots is that each of them comes with particular features that some traders may find reliable.
Unfortunately, there are many crypto robots designed with the intention of stealing your information or money. While professionals may not have any problems identifying fake trading robots, beginners may have a harder time figuring that out. Our team at TrustPedia is committed to providing you with reliable and updated information so that you know which trading robots to avoid and which ones to use.
In this case, we’re going to talk about Oil Millionaire, which is a trading robot that many traders have talked about online. Sadly, we quickly discovered that Oil Millionaire isn’t reliable enough for you to place your money there, and there are several reasons why we believe that.
We’re going to provide you with an overview of what makes Oil Millionaire a scam in comparison to other trading robots. Moreover, we’re going to teach you how you can avoid similar scamming websites so that you don’t have to risk your money unnecessarily.
Contents
What Factors Do We Consider Reviewing a Trading Robot?
Our team at TrustPedia has developed a system that helps us to make these reviews you’re reading today. Overall, the system includes several factors that we must always investigate before giving our verdict. Keep in mind that most trading robots share similar patterns, so it’s not hard to keep these factors in mind at the time of writing a review.
Some of these factors include the following:
- Home Page
- “About Us” Page
- Trading Platform
- Payouts
- Brokers
- Accessibility
- Compatibility
We started getting some negative feedback about Oil Millionaire even before we started our investigations for this review, so we made sure to pay extra attention to any small details that could tell us additional information. If you want to know how our experience with Oil Millionaire was, keep reading!
What Makes Oil Millionaire a Scam?
Oil Millionaire’s home page was entirely cluttered with text, which is already a bad sign. Scammers tend to take as much information as possible from similar websites and paste them into theirs. You can notice these cases easily since the text often doesn’t make sense, has several typos, and many other details.
Legitimate trading robots tend to spend more time talking about how the software works instead of making a lot of random promises to potential clients. In the case of Oil Millionaire, the company spent more than half of the home page’s content explaining why you can make a lot of money with the app, which is already a red flag for everyone.
Remember that scammers mostly aim at beginners who don’t have much information about the topic, so they’re easier to convince than professionals. In those cases, the scammer is likely going to try to convince beginners with lies and unrealistic promises.
We didn’t see any section where the company talked about the trading platform itself. If you don’t know anything about the platform, how are you supposed to sign up for it? The Oil Millionaire team didn’t bother explaining how their software works, so there’s no reason why people would bother trying it out in the first place.
However, the primary scam indicator for trading robots are testimonials and profit promises. Legitimate trading robots never feature profit promises, and they don’t typically have user testimonials. Scammers, on the other hand, make sure to tell you how much money you can expect to get from the first couple of sentences of the home page.
Keep in mind that you can never make accurate predictions of how much money you can make with crypto trading. This trading type is highly volatile and risky, so it’s almost impossible to tell your potential profit margin. Any trading robot company that tries to convince you that you can make thousands of dollars by signing up to its trading platform is likely a scammer.
On the other hand, testimonials are hard to evaluate. While some trading robots do have real user testimonies on their website, others make them up so that the potential user feels encouraged to sign up. In the case of Oil Millionaire, we noticed a few testimonials that talked about how these users became millionaires under a couple of months, which is absurd if you think about it.
Additionally, we made a quick reverse Google search to determine whether the people in the testimonials were real or not, and we were not surprised to see that these people came from stock images on the internet; this means they’re not real.
Here are some other factors we considered at the time of making this Oil Millionaire review to decide whether it was a scam or not:
Regulations
Legitimate trading robots are often regulated by particular entities to prevent your information or money from getting stolen. In most cases, the company is responsible for telling its users which regulatory agents are working with it.
Unfortunately, Oil Millionaire didn’t provide us with any of the information requested above, leading us to believe the platform is not regulated by anyone. Keep in mind that unregulated trading platforms are often exposed to third-party institutions that could either steal or purchase your information from the trading company.
Trading Platform
As mentioned before, Oil Millionaire didn’t say anything about its trading platform on the home page, which is already a red flag for us. People need to have an idea of what they can expect from the trading platform before signing up. However, Oil Millionaire spent most of the home page talking about how the platform was one of the best ones on the market without specifying why.
If a company isn’t able to explain why its software is reliable or legitimate, the company may likely be composed of scammers who are out to steal your money. In most cases, the scammers don’t even know how a trading platform truly works, which is why they don’t bother explaining anything to the public. Some people fall for unrealistic profit promises, so scammers find it unnecessary to provide more information than that.
Brokers
One of the most important factors of any trading robot is the brokers. Brokers are the entities responsible for executing your trades successfully. In the case of Oil Millionaire, the company never states which brokers it’s working with. Instead, the company only talks about how it works with “reliable brokers” without specifying any additional information.
As you may have already concluded, a company’s claim that its brokers are reliable isn’t enough to gain your trust. If the company isn’t able to specify which brokers it’s working with, it’s likely not working with accredited professionals.
Remember that brokers work as an intermediary in trading transactions, meaning they’re going to handle your money at some point. Don’t let scammers trick you into believing that their anonymous brokers are legitimate when they aren’t.
Withdrawals
The Oil Millionaire company briefly mentions that you can withdraw your money at any point in your trading journey. However, we found it extremely challenging to withdraw our funds.
First, there’s no section in the trading platform itself that allows you to withdraw your funds. Additionally, we tried talking to the company directly to get our money, but it didn’t respond, meaning they kept the money.
We concluded that the scammers within the platform may share the funds deposited with the scam brokers, leaving nothing that you could potentially withdraw. Thankfully, we didn’t invest too much money in this platform since we wanted to be careful with it.
Withdrawals should be simple and straight to the point. If a company takes way too long to get your funds back into your account or doesn’t respond at all, you may be looking at scammers. Don’t trust your money with every company that claims your money is safe with it.
Encryption
As we suspected before entering the trading platform, Oil Millionaire doesn’t come with any encryption type for users. When it comes to crypto trading, having proper encryption is vital if you want your information and money to be safe at every moment.
Keep in mind that if you input your information into a platform like Oil Millionaire, it could be exposed to third parties who want to steal it. In essence, you could deal with identity theft, lost money, and many more problems.
Overall, you must look for encryption policies in the trading robots you decide to use. Thankfully, most legitimate trading robots disclose information about what encryption type they’re using, so you’re not going to have any problems in these cases. On the other hand, if you notice the company doesn’t tell you anything about its encryption policies, it’s better to run away from there.
Data Protection Policies
As with encryption policies, trading robot companies should disclose information about their data protection policies. If the company doesn’t have any of these policies, you may leave your information exposed to anyone who has access to the website.
Some of your private information, such as your phone number, email address, or even card information could be stolen promptly.
We didn’t find any type of data protection policies for Oil Millionaire, so we can safely conclude that your information is not safe with this trading company.
The People Behind Oil Millionaire
The “About Us” section of a company can give you a lot of insight into how it works and how the software was developed. Unfortunately, the Oil Millionaire team was extremely vague with the information shared on the “About Us” page.
In essence, the team doesn’t tell you anything about them, or where they’re based, or even how they made the platform. Instead, the team wrote a generic box of text saying that they were proud of Oil Millionaire and how you could use it to become a great trader.
Is Oil Millionaire a Scam? Our Verdict
As you may already suppose from everything you’ve read so far, Oil Millionaire is definitely a scam, and we recommend that you avoid it entirely. There isn’t any encryption type, you don’t know whether the platform is real or not, and it’s virtually impossible to withdraw your money. Overall, your money and information aren’t safe with this trading platform.
Sharing your information online is a delicate subject, so you must ensure you’re sharing it with reputable platforms and brokers only. Considering that the Oil Millionaire team didn’t even bother getting accredited professionals for their website, you can safely conclude that your funds are not going to be safe with this trading robot.
Thankfully, many other trading platforms work perfectly for helping you with your trades, and they don’t waste time trying to convince you that they can do something they cannot do. As long as you know where to look, you’re likely to find something that works.
How Can You Avoid a Scam Crypto Robot?
Identifying a scammer may be challenging at first, but there are several small things you can consider as “Red Flags.” If you notice one or more of the following when looking at a particular crypto robot, it may be fake:
- Unrealistic profit expectations
- Fake testimonials
- Fake/overwhelming trading platform
- Lack of information about the platform or the developers
- Lack of data protection policies
- Lack of encryption