Last Updated on December 1, 2022 by Stephan Lindburg
Welcome to our Qumas AI review and scam investigation. Qumas AI is advertised as a beginner-friendly trading app. This signals platform reportedly utilizes machine learning AI to process and prioritize buy and sell order types on auto pilot. However, we know that these are lies designed to bait new and uninformed opportunity-seekers.
Here’s an interesting plot twist you should be made aware of. Qumas AI was previously a quality process management software for corporate clients. It was managed by Kevin O’Leary, who is an Adjunct Professor in University College Cork in Ireland. Qumas (also known as Qumas AI) was originally owned by Dassault systems, which is a French corporation specializing in software development for various niches. At some point Qumas was sold to a company named Biovia, but someone forgot to renew the company’s domain name with the registrar.
Crypto scammers purchased the domain and rebranded it under the name “Qumas AI”. The new website boasts pictures from an old conference, however Qumas AI is most definitely not a SaaS (software as a service company). It’s also interesting that there is an entire community of scammers and fake review websites who believe that stealing an old domain name and rebranding it is a good idea. Personally, we are appalled by this type of unethical business practice but there’s not much we can do about it. There will always be someone out there looking to make money by deceiving other people and preying on victims.
Qumas AI Review – Broker Check: When we registered to conduct our £250 deposit test the broker which was integrated with the Qumas AI software was named Investlux. Investlux has a registered business address in Seychelles, which happens to be a very dodgy legal jurisdiction. This broker is not licensed to manage customer portfolios by any legal financial entity. In other words, this broker is operating illegally and most likely managed by criminals.
So, if you are still in the mood to try out the Qumas AI scam app then its probably best to read our revealing review. The ScamCryptoRobots.com investigation team has really put together a convincing dossier packed full of incriminating evidence. We urge you to take a few minutes and see what we have to say about this latest hoax. A bit of research never hurts and will most likely save you a pretty penny.
Official Qumas AI Website, Registration Form and Members Area: There are already 5 (Five) websites claiming to be “official”. None of them are legitimate.
- 1 Scam Evidence
- 2 Fake Qumas AI Reviews
- 3 Qumas AI: Fake Celebrity Endorsements
- 4 What Is Qumas AI And How Does It Work?
- 5 Qumas AI Review: Smart New Trading App Or Scam Signals?
- 6 Our £250 Deposit Test: Experience And Opinion
- 7 Testing Methodology: How Do We Investigate New App?
- 8 What Other Websites Are Saying
- 9 No Backtesting Or Performance Monitoring
- 10 Pros And Cons
- 11 Patenting and Legal Perspectives
- 12 Privacy, Safety, And Security
- 13 Qumas Ai Scam: A Nightmare Come True!
- 14 Leverage
- 15 Is Qumas AI Compatible With The Various Coin Exchanges?
- 16 Is This An Arbitrage Bot?
- 17 Qumas AI: Deposits and Withdrawals
- 18 Qumas AI Scam On Trustpilot, Social Media, Reddit, and Other Forums
- 19 Bonuses and Incentives
- 20 Qumas AI FAQ
- 21 Taxes: What Do I Need To Declare?
- 22 Verdict: Our Opinion And Conclusions
Check out the Qumas AI main website and account creation form. At first glance it may seem impressive, but after taking a closer look our researchers immediately understood that it is merely a façade intended to deceive unwitting opportunity-seekers.
So here is that proof we were talking about. Please look at the image below, it is taken directly from the Qumas AI website. The first arrow at the top points to a Dassault systems logo, and the second one points to a presentation board which specifically mentions that the company deals with document and process management. Feel free to enlarge the image and see for yourself.
But what does that really mean when you think about it? It means that Qumas AKA Qumas AI is “born of sin” so to say. Some very creative scammers got the idea to purchase a domain with a reputable history and use it to promote crypto scams as we have mentioned in our opening remarks. Needless to say, we are on to their little scheme and now all our readers and subscribers can see the truth for themselves.
Fake Qumas AI Reviews
The entire first page of Google is packed full of fake Qumas AI Reviews. It’s more than disturbing and quite honestly the websites promoting these schemes should somehow be held accountable for their actions. But there is not much we can do about it! It’s up to you to conduct proper research and avoid websites that endorse all trading apps they review. It’s simply not logical that all systems perform well, and anyone claiming otherwise definitely has an alternative agenda.
Particularly deceptive are review websites that don’t even refer customers to external URL’s. Above is an example of a website which advises users to register directly through the review page. This does not make any sense to us, and anyone reading a review should be referred from the actual review page to another site which is usually named the “official” one.
In marketing terms what you see above is called a “squeeze page” or lead generation form. Once you register you will be called numerous times and asked to invest with an unlicensed CFD broker. You will not know who the person is on the other end of the line, and in many cases that person will try to ask you for more money than you originally intended to invest.
Qumas AI: Fake Celebrity Endorsements
Media agencies are using celebrities such as Tesla CEO Elon Musk and Amazon Chairman Jeff Bezos for fake endorsements. Additional fake news campaigns include the likes of Martin Lewis, Jeremy Clarkson, Kim Kardashian, Holly Willoughby, and Sir Richard Branson.
What Is Qumas AI And How Does It Work?
Qumas AI is supposedly an AI-powered cryptocurrency trading robot. One version of the Qumas AI claims that a person by the name of “Robert” created the software so beginners could have a “step-by-step blueprint for building wealth”. However, “Robert” is really Jim Ottinger who is absolutely livid about what the scammers have done with his picture.
Qumas AI Review: Smart New Trading App Or Scam Signals?
The Qumas AI scam trading app has nothing to do with “advanced trading terminals” or stop-loss mechanisms. Additionally, this fraudulent trading platform does not offer trading indicators like the relative strength index, “moving average convergence divergence and average true range indicators”. The scammers are putting on a very convincing show, but at the end of the day Qumas AI is just another scam.
In fact, Qumas AI is even more deceptive and manipulative then the usual crypto scheme. That’s because it actually projects a sense of sincerity, something which is quite lacking these days. Still, this scheme has become quite viral and we spotted several versions and cloned websites which are trending on Google searches these days (see below).
This is happening because there are multiple affiliate networks competing for more exposure on search engines. That is also the reason why you will see so many Qumas AI websites claiming to be “official”. Each website is integrated with different CFD brokers and different deals are set accordingly.
Our £250 Deposit Test: Experience And Opinion
When we enrolled through the Qumas AI registration form the first thing that struck us was the lack of trading tools. This is due to the fact that there is a lot of “nothingness” which is clearly present. This is in direct contradiction to what the sales pitch is all about. These charlatans are specifically saying that their bots deploy a “back-tested GRID and DCA strategy” which are operational minutes after the account is set up.
Despite the claims Qumas AI does not offer any strategies. We checked this very thoroughly so make sure to make a note of this!
The second alarm bell that started to ring had to do with how we were approached over the phone. The person who was on the other end of the line was named Mark Evans. Mark seemed to have a strange accent and was extremely pushy. He kept mumbling about making money and getting us to invest thousands of pounds. Needless to say we were not willing to risk additional funds without seeing some type of return on our original investment. When Evans understood that we were not about to change our minds he just accepted our £250 deposit and referred us to one of his colleagues.
Finally, the last part of the puzzle we pieced together helped us understand that we were getting scammed. It had to do with the fact that one of the URL’s we checked came back as a possible virus threat. That sealed the lid on it for us from a customer experience perspective. Now we shall move forward with the rest of our Qumas AI review.
Testing Methodology: How Do We Investigate New App?
Our research staff has very strict protocols about how to investigate new trading apps. In fact, the process is very scientific. We have drafted the table below for you so you can see what key performance parameters we check and how our rating system works.
|Legal/Regulation Check||Is the app licensed and patented?|
|Follow the money||Who are the people that are truly making the money here?|
|Check The Facts!||Cross-check the information.|
|Performance Testing||Stats and data check.|
|Check the cashier||Available deposit and withdrawal methods|
What Other Websites Are Saying
After sniffing around and checking out what other review websites have to say about Qumas AI we ended up with these four excerpts. Please note that in no way shape or form do these opinions conform with our own.
➤ A “legitimate platform” which is integrated with FCA, ASIC, and CySec brokers (blatant lie).
➤ Here’s a unique Forex app that exploits price gaps in contract rates and has an “amazing success rate”.
➤ One of the most “secure trading platforms” which offers a diverse assets index to choose from.
➤ Qumas AI is without a doubt “the top trading platform on the market” these days.
If you feel these guys are laying it on a bit thick then you are not mistaken. These con artists are competing against each other and fighting to see who is better at deceiving potential new victims by getting them to lose their money.
No Backtesting Or Performance Monitoring
Legitimate apps will usually offer some form of back testing or access to historical data. Qumas AI does not offer any of that! Neither does this atrocious piece of rubbish allow new members to use or deploy and type of indicator for technical analysis. Indicators like stochastics, moving averages, pivot point, or Parabolic SAR are just some of what we’d expect a new system to offer. None of these or any other indicators could be found after registering with Qumas AI.
Pros And Cons
Our staff put together a small yet easy-to-understand chart which explains in broad strokes the pros and cons associated with the Qumas AI trading software.
Here it is above, feel free to browse through it.
Patenting and Legal Perspectives
Qumas AI is neither legal nor legit. We looked for licensing-related information and checked with CySec, BaFin, ConSob, as well as the AMF in France. The staff tried to find a license number associated with Qumas AI or a holdings company associated with it to no avail. We also checked for patenting but came up empty-handed once more.
Privacy, Safety, And Security
We looked for references regarding PCI compliance, which are the security protocols regarding credit card data theft. None were to be found. The same goes for ISO certification for development companies. Our tech person also checked firewall settings and it seems Qumas AI uses the most basic encryption protocols. This also goes for the https certificate which is the cheapest to be found.
Qumas Ai Scam: A Nightmare Come True!
There are a lot of very polished looking and branded websites spreading lies these days. One of our subscribers told us that the only reason he joined this program was because of a positive Qumas AI review she happened to be reading online. Someone we know told us that we are the only ones badmouthing this new software and wanted to know why.
We told him to try it out and tell us if this software is up to par. Unfortunately for him he actually went through the process and ended up losing his money. A few days later that person wrote back to us and told us that he should have listened to our advise. Sadly, for him it was too late. However, if you are reading this review then you are in a much better position and can actually avert this financial disaster.
New investors wanting to start out trading with Qumas AI will be offered significant leverage options. Leverage can even be as much as 6000:1. This is an enormous amount considering that the average leverage granted on regulated retail Forex accounts are 30:1. For those of you who are not familiar with the concept of leverage allow us to explain how it works.
Leverage is like a loan which is provided by brokers. It is designed in order to top up accounts with little balance in order to enable more trading possibilities. However, loans have to be paid back, and if the leverage is lost then you stand to lose more money then you originally intended to invest.
Is Qumas AI Compatible With The Various Coin Exchanges?
Absolutely not! This bogus trading app is not an arbitrage bot and for that reason not compatible with any of the exchanges. Some review websites are claiming the opposite, but that is not consistent with the facts. We encourage you to take a few minutes and contact the various coin exchanges directly about Qumas AI. We did, and were advised to avoid the software.
Is This An Arbitrage Bot?
No. Arbitrage bots exploit contract margins in the various coin Exchanges. As we have already mentioned Qumas AI is not compatible with the various exchanges such as Binance, Coinbase, or Kraken. For that reason it is not an arbitrage bot.
Qumas AI: Deposits and Withdrawals
As is usually the case, making a deposit with Qumas AI is super easy! However, cashing out is quite an endeavor. We tried it and ended up getting deferred and deflected in so many ways that our head started to spin.
Qumas AI Scam On Trustpilot, Social Media, Reddit, and Other Forums
We have seen quite a few fake testimonials on Truspilot. There are also some fake profiles on Reddit and other forums. Scammers are particularly skilled at using social media to promote their schemes. We encourage you to be vigilant and make sure to get your information from professional review websites in the finance or crypto niche.
Bonuses and Incentives
Qumas AI account representatives will offer you an impressive bonus package designed to keep you engaged and glued to the screen. But don’t think for a minute that these bonuses are free. When we inquired we were told that there is a trading requirement of 30 times our initial deposit including the bonus. That means we had to trade an amount equal to or greater than 250*30 or £7,500 in order to be able to cash out. This is quite simply not a feasible scenario and anyone claiming otherwise is just lying to you.
Qumas AI FAQ
Qumas AI is a trading robot which as the name suggests uses artificial intelligence to execute trades. However, that is just the sales pitch. In reality there is no software. It's just a fancy sales page with inflated claims.
No. Qumas AI is a losing app hence it is not possible to generate money using it.
It's a question of priorities and how other review websites choose to finance their operations. They are referring clients to receive affiliate commissions. We believe in a more long-term relationship and refuse to endorse every system.
The minimum deposit is $/£/€250
No. That money is gone and we don't recommend recovery services since they demand money upfront and never guarantee results.
Taxes: What Do I Need To Declare?
Taxes are the last thing you should be concerned about since taxes are only levied on profits. As we have already demonstrated, Qumas AI is a losing app hence you will not need to declare any type of income to your local government tax authorities.
If you have made it this far then it’s fair to assume that you are in the market for a genuine trading app. If that’s the case then we have you covered. Our recommended section features a short list of highly accurate robotic trading systems. Before we recommend any software we test it ourselves by investing our own money. If the app generates consistent profits it is added and monitored on a daily basis.
Verdict: Our Opinion And Conclusions
If you have read our review in its entirety and are still asking yourself if Qumas AI is a legit trading app then we shall make it very clear. Qumas AI is a scam. It is being promoted by some very clever affiliate marketers who know exactly how to trick and deceive innocent victims. We are officially blacklisting this get-rich-quick scheme and advising our viewers and subscribers to avoid it. Should you need additional information or have any questions or feedback regarding our professional assessment, please write to us via our contact page.