Singapore Formula Review
Automatic trading software have been around the market for a while now. Their main purpose is to help both beginner and experienced traders conduct trades easier and quicker, which lets them develop better skills and become more knowledgeable about their exchanges.
Most of these trading bots use complex algorithms that help their users identify the right moment to conduct trades according to their set presets. Of course, the success of these apps comes as an opportunity for unethical individuals. These people develop fake websites and try to get newcomers to Bitcoin trading to invest with them.
It’s important to note that trading is a significantly risky business. People should always do proper research before registering with these sites, regardless of how legitimate they seem. If you don’t take appropriate measures, you might end up depositing and losing your hard-earned money on one of these websites.
Recently, we came upon the auto-trading bot Singapore Formula. We decided to give it a thorough examination to determine how trustworthy it is.
In short, Singapore Formula isn’t a legitimate trading software. There isn’t a single redeeming factor on the website of Singapore Formula. Every feature or claim it has is dubious at best, and when you consider other characteristics, it becomes apparent that it’s a scam site. Nonetheless, if you want an in-depth look, continue reading our full review.
- 1 Singapore Formula Review
- 1.1 Is Singapore Formula a Legitimate Trading Software?
- 1.2 What Is Singapore Formula?
- 1.3 Singapore Formula Review – Why Is It a Scam?
- 1.4 Unrealistic Sales Pitch
- 1.5 Fake Reviews
- 1.6 No Details on Partner Brokers
- 1.7 No Details About Developers or Founding Team
- 1.9 Lack of Support Team
- 1.10 Deposit and Withdrawal Process
- 1.11 “Profit Guarantees”
- 1.12 Our Verdict – Is Singapore Formula a Scam?
Is Singapore Formula a Legitimate Trading Software?
Singapore Formula is not a legitimate trading software. Even people with little experience with trading software should be able to tell that it isn’t legitimate from a cursory glance. Sure, the website is significantly well-made, but it raises red flags for anyone conscious of the cryptocurrency market’s volatility.
We don’t recommend anyone to register and invest money into this website, as you’re certainly dealing with scammers. The website is full of unrealistic claims, promises of wealth, and fake testimonials meant to deceive you.
It doesn’t list any regulatory agency, nor does it provide information about its developers. The only thing it says is that several experienced and respected individuals from FinTech, a financial news site, developed it. However, if you search the website, it doesn’t have a single article about it, and if you head to Singapore Formula’s About Us page, it becomes even vaguer.
We came upon considerably more negative points when reviewing this trading software. If you want to know how this site works and why it’s a scam, keep reading.
What Is Singapore Formula?
Sure, legitimate robots have some of these features, but they also explain how they work and never claim that your investment is safe. This robot claims that their software makes accurate trading decisions by interpreting data with numerous analysis tools and ensures you can turn a profit with almost absolute certainty, which is something no trading robot can do.
Singapore Formula Review – Why Is It a Scam?
Even traders who have almost no experience should be able to tell that it isn’t a trustworthy trade robot, but newcomers might be deceived into registering.
Singapore Formula claims to use leading technologies and unique coded algorithms to find high probability and high-quality trading opportunities. It also declares that people don’t need experience in trading to use this software.
Both of these statements are close to what legitimate websites offer but still somewhat misleading. If people only read those, it might make them slip up and believe that it works. Fortunately, you only have to keep reading to start feeling suspicious about Singapore Formula.
The website doesn’t offer details about the trading software. It also doesn’t list brokers other than mentioning that it works with “reputable” brokerage firms. Experienced traders can quickly tell that the purpose of Singapore Formula is to drive people into registering.
There are even a couple of positive reviews with repeated generic content that doesn’t elaborate on anything, which is expected of new scam sites. Remember, anything that sounds too good to be true probably isn’t. Here are more reasons why it’s clear that Singapore Formula is a scam.
Unrealistic Sales Pitch
However, no website, robot, or broker can tell you how much money you can make as cryptocurrencies are a highly volatile market. There isn’t a single tool nor professional trader that can even predict how it moves, let alone their earnings. Most trusted crypto bot trading even go as far as to warn you that you may lose your entire investment. That isn’t the case with Singapore Formula.
This website welcomes you with a big headline saying that you can earn “big profits” passively. It’s even bold enough to claim that users make $1000 on average with the help of its “leading” platform. Of course, it doesn’t do anything to prove it, as if it wasn’t already suspicious enough.
The website itself also lists a couple of fake testimonials. While the content might seem genuine to someone who hasn’t noticed the red flags scattered throughout the site, a simple reverse search proves they’re fake. All of the profile photos come from free business stock photos such as Shutterstock and Stockvault.
The most reliable way to encounter honest reviews is to find independent review sites. However, Singapore Formula is a relatively new trading robot, so it hasn’t gained too much traction yet, thankfully.
No Details on Partner Brokers
Unfortunately, there’s no such information anywhere on Singapore Formula’s website. As mentioned, almost all of the content on their home page is significantly vague, with no single piece of evidence that can prove whether it’s true.
Since it’s impossible to know with which exchange Singapore Formula works, the safe assumption is that there isn’t one involved. In that case, any deposit you make goes directly into whoever runs their website without any regulation whatsoever, putting your money at significant risk of being stolen.
No Details About Developers or Founding Team
Nonetheless, the About Us page of Singapore Formula is significantly vague. It doesn’t give off any details about the founders nor the platform. The page repeatedly mentions “an experienced team,” but it doesn’t offer any members’ information.
If anything, the landing page has more information, saying that the team comes from a financial news site called FinTech. However, this site doesn’t say anything about Singapore Formula, so it’s hard to believe that statement.
Of course, not having information about the founders doesn’t necessarily imply that it’s a scam. However, when you pair it up with the other fake claims listed here, it just becomes more evidence of the site’s wrongdoing.
These facts may make you wonder: where exactly is Singapore Formula located? Unfortunately, there’s also no information regarding this subject. You shouldn’t trust a platform that doesn’t offer information about itself.
Lack of Support Team
Singapore Formula’s support team is almost non-existent. The platform doesn’t include any helpful contact information, and no one answers the live chat. We suspect that it simply collects all the information you enter as it asks for an e-mail which is unnecessary for live chats.
Customer support is necessary for any trading robot. It’s hard to encounter a perfect platform, so there should be someone ready to help whenever there’s an issue with it.
Placing your investment in a trading robot that doesn’t provide you any help whatsoever isn’t the best idea. Even if Singapore Formula turns out to be legitimate somehow, it’s significantly discouraging to have no one to talk to in case of problems, especially if they turn out to be related to withdrawals.
Deposit and Withdrawal Process
Of course, the deposit process itself seems pretty straightforward. You put your credit card information, choose the amount you wish to put in, and you’re done. The website encourages everyone to always start with the minimum investment, which is $250. It doesn’t even mention if an upper limit exists.
The problem starts when you want to withdraw. This page doesn’t mention which banks their supposed “partners” work with, nor does it mention any specifics. The withdrawal process is an entire blank. Odds are you can’t get your money back once you deposit it.
Singapore Formula claims its algorithm has a high success rate thanks to its almost impeccable accuracy, unique algorithms, and leading technologies. It also ensures that each of its users can win big profits of $1000 every day on average. The only thing that helps this argument is the significantly vague explanation about the trading platform on their page, which one can hardly consider trustworthy.
Our Verdict – Is Singapore Formula a Scam?
This website has numerous unrealistic claims and several falsehoods woven into the content. No platform can claim to generate large daily profits for its users. The cryptocurrency market is significantly volatile, so it’s easy to lose your investment if you’re not careful.
The only thing crypto bot trading can do to help in this regard is provide measures that can safeguard your investment in particular situations and make it easier to trade. That is more than enough in most cases, as it allows newcomers to delve into the cryptocurrency world more safely.
There’s no information on the team or founders behind the platform other than mentioning an “experienced team.” It doesn’t list any of its partnered brokers. The awards Singapore Formula claimed to win were from a non-existent company, and so on.
There’s almost nothing positive about this page other than it seems well-made for a scam. Avoid falling for its trap and use another legitimate trading robot.