Last Updated on February 16, 2023 by Stephan Lindburg
Welcome to our long awaited Oil Profit review and scam investigation. Oil Profit is an old get-rich-quick scheme and cloned website. This fraudulent signals app and fake trading platform is advertised as an automated stock trading software which is used to trade oil stocks such as Crude or Brent oil. But once again, things are not as they seem to appear! Our research staff immediately suspected deceptive activity, and apparently our suspicions were not unfounded. The Oil Profit trading platform and fraudulent investment app is part of a fraudulent network of websites which have been duplicated, recycled, and rebranded for marketing purposes.
The con artists behind the Oil Profit scam are affiliate marketers and media companies with a particular knack for defrauding unsuspecting victims. We know this because they messaged us and made a veiled threat about how they will destroy our website if we blacklist Oil Profit. But, as luck would have it we don’t respond well to threats and decided to expose this thieving auto-trading software so everyone could see the type of scheme we are dealing with here.
Oil Profit Review: Our £250 Deposit Test: When we tested Oil Profit the broker which was assigned to us was named “Invest Central”, and it has a registered business address in Tallinn Estonia. We checked, this broker is not licensed to manage investor portfolios or provide ancillary services of any kind. That’s why it came as no surprise to use to hear about all the complaints associated with Oil Profit. Most grievances have to do with inability to withdraw existing funds, however we also received a complaint about a user who was locked out of their account after asking too many questions regarding regulation.
It’s for these reasons and more that we made a decision to blacklist the Oil Profit scam trading software. Our staff of seasoned researchers has exposed this fake app, and shed light on how these scammers operate. If you have read a fake news article or fake review advising you that Oil Profit is a legitimate platform, then we recommend you take a second look and do some more research.
Official Website, Login Page, and Members Area: There Are At Least 7 Oil Profit Websites and They All Claim To Be “Official”
Below we can see the Oil Profit main registration area. Our records indicate that this is a template which is used for at least 5 other get-rich-quick schemes like Golden Profit and Market Master.
Here are the two copied websites we mentioned, and you can see the registration form, layout, and fonts are the same. The only thing which has changed is the color scheme, name, and logo.
And here we have the Oil Profit “Famous Names in The Trade” section. We have taken the same section of another old auto-trader named “Bitcoin Compass” and placed it in a side-by-side format. It is quite plain to see that we are dealing with a template or copied website and everything which is presented to us is basically a lie or half-truth.
Fake Oil Profit Reviews
There are about 17 fake Oil Profit reviews according to our last count, and it seems more are constantly added. We don’t understand why there are so many of these fake reviews, but we do know that there is one UK-based affiliate network that specializes in search engine promotions which is especially active. That’s not to say that there are other devious affiliates out there gunning for your wallet, but this specific network is really “a cut above” the rest and have very deep pockets as well.
Above we have provided an image for you of how one of these fake review websites looks like so you know how to avoid it.
Oil Profit Fake News
This time we spotted a fake news article which is targeting Singapore residents. It says that “Heng Swee Keat” found a financial “wealth loophole” and thousands of Singapore residents are using it to make residual income trading with the Oil Profit software.
Fake news campaigns are also very active in Australia, United Kingdom, Sweden, Netherlands, Norway, Finland, Denmark Spain, and Canada. There are also additional campaigns using Tesla CEO Elon Musk for promotional purposes.
What Is Oil Profit and How Does It Work?
Oil Profit is advertised as a kind of automated trading software (AKA Robot) which uses digital currencies such as Bitcoin and Ethereum to buy and sell commodity-based contracts (in this case Oil). The platform supposedly uses programmatic trading protocols to calculate price movements “on the fly”, and in that way execute profitable arbitrage trades whilst at the same time minimize risks. But this is just a fancy sales pitch and has nothing to do with what Oil Profit really is.
Oil Profit Review, Legitimate Stock Trading Platform or Scam?
The Oil Profit scam app has nothing to do with CFD oil contracts. In fact, it’s not even a trading system. Despite what you may read about in other reviews, there is no technology which powers anything. That’s because there is no trading software, no signals dashboard, no indicators, and obviously no way to manage or control your risk.
We have inspected Oil Profit and tested it in different ways. Initially we ran something called a “sanity test”, which is a product testing procedure designed to poke and prod the app by having customers register from a variety of locations at once. Oil Profit has massive lag or delays in loading the post registration page and redirecting new members to the cashier or main broker website.
The next test involved messaging the customer support. If the mail doesn’t bounce we measure response times and levels of professionalism regarding our questions. We were not surprised when no one answered our questions and to add insult to injury, we started getting spammed by 3 different CFD brokers. Once of them offered us a 400% welcome bonus on our first deposit, as well as no-risk trades if we use their inhouse trading app.
If you add up these factors as well as the ratings we gave after going though our checklist below, you will see that you have no logical reason to join the Oil Profit scam. Keep reading to see additional facts we were able to uncover.
Oil Profit Review, Our Extensive Checklist
There are a few key parameters which we always check when inspecting a new trading software. We have them listed below for you.
- Safety and Security: This really depends how you define safety. Does Oil Profit have an HTTPS certificate, yes all versions of the website use a 256-bit encryption key. Does that mean it is a safe and secure trading app? No it doesn’t, because the service you are registering for is fraudulent and the people who you are paying are scammers.
- Oil Profit Regulation Check: Don’t believe the fake reviews! Any website claiming the brokers associated with Oil Profit are licensed is deliberately trying to mislead you and obviously has a hidden agenda. Oil Profit does not hold any patents and does not conform to any regulatory guidelines from the FCA in the UK, AFM in the Netherlands, or ASIC in Australia (not to mention CySec).
- Leverage and Positions: Leverage is an extremely problematic concept in Forex and CFD’s. In essence, you are borrowing money to increase your capital. But the risks are immense since there are margins involved and the more you borrow the more exposure you have since the money is not yours. In essence, you can lose much more than you initially intended to invest. Oil Profit brokers allow a leverage of up to 1:1000, and that is very high. Traders who use that much leverage usually end up in massive debts and that is not something we wish on anyone, least of all our viewers.
- Cashier FAQ, With Emphasis On Withdrawals and Withdrawal Times: The scammers who are responsible for this farce will let you deposit. By all means, deposit as much as you want; the more the better. However, customers wanting to make a withdrawal request will be met by heavy resistance until they eventually give up and move on to something else. That is the whole purpose of this scheme, to try and get as much money out of the victims.
- Anonymity Versus Transparency: Oil Profit is a completely anonymous website. There is no about us section or anything remotely resembling a product roadmap. All versions of the Oil Profit website are hidden on “whois” searches, so there is no way to know who owns them.
Duplicate Oil Profit Websites
We spotted seven (7) duplicate Oil Profit websites (see below), and that is just on the first page of Google. We are sure that there are more, but when you have so many websites claiming to be “official”, you can be sure that there are many people searching for Oil Profit and that there are multiple media campaigns and a lot of hype around this old piece of rubbish.
Oil Profit Review: Signals, Indicators, and Strategies
No need to stress if you can’t find the signals panel or strategies! That’s because they don’t exist, and this is not about to change any time soon. There is one software provider named “Algo Machine” which does provide trading dashboards as turnkey solutions for unethical affiliate marketers, so there is one exception. However, this is a dirty software that shows profits on demo mode, but when it comes to investing real money the app is set to lose.
How Much Are Affiliate Networks Offering For New Oil Profit Members?
It seems networks are offering as much as $700 for new depositing members registering through the Oil Profit scam. That means the brokers are paying at least $900 for new paying clients, so you need to ask yourself where is all this money coming from? The answer is you! The scamming brokers are stealing it from you, and after paying the promoters their cut they keep the rest for themselves.
Oil Profit Regulation Check (Continued)
Oil Profit is an illegal get-rich-quick scheme. But don’t believe us, the German regulator BaFin has placed Oil Profit on its warning list, and this is a fact not some gossip or supposition.
Trading Commodities Is No Simple Task!
Commodity indices such as the S&P or Dow Jones are the real thing and thousands of people follow them as they are legitimate market sources. However it takes careful planning, skilled execution, and a deep understanding of the financial markets in order to be a successful commodities trader. Fake bots like Oil Profit will not help you achieve your goals, in fact they are designed to do exactly the opposite.
What Are CFDs?
CFDs or contracts for difference are types of financial instruments that behave very similarly to Forex currency pairs. The main difference between the two has to do with the diversity of assets which are available for CFD traders. These include commodities, indices, currencies, shares, stocks and of course cryptocurrencies. Forex is restricted to currency pairs such as USD/EUR or EUR/CAD. The problem with schemes like Oil Profit has to do with the fact that there is no mention of the risks which are involved, only the potential benefits.
Alternative Systems That Work
Most systems that are launched these days are absolute rubbish designed to fail from the start. However, once in a while a new software is released and if we recognize it has potential we start testing it by investing our own money. If the app generates money consistently we add it to our recommended section on a provisional basis where our members and subscribers and use them at no cost.
Oil Profit Review, Summary, and Conclusions
The Oil Profit scam is just another hoax designed to entice victims and inexperienced opportunity-seekers by offering them an easy way to make a quick profit. It is for that reason that we decided to blacklist this bogus auto-trader and fake signals app. We are advising our members and viewers to avoid this software and don’t listen to any phony snake-oil salesmen with an alternative agenda who is trying to convince you otherwise. Should you need any additional information or clarifications, please reach out and message us through our contact page or social media.