So you want to know how the long running high yield investment program Forex Paradise scam managed to fool people for almost 3 years? Welcome to my honest review of this program.
Verdict : Scam and NOT Paying
UPDATE: www.forexparadise.biz site is offline! Here is a proof!
Summary: UPDATE: All the fears were founded, Forex Paradise really is a scam, www.forexparadise.biz is offline since 12h by the time of this update. Forex Paradise is a forex trading company, or rather claims to be one. In reality it’s just one of the HYIP scams floating around the Internet recent years as the latest development shows. The idea is pretty simple, you choose one of their investment schemes, deposit money and sit back waiting for them to do Forex trading in your behalf and return a sure profit for you after predetermined time.
The Company: What makes them different from many other HYIP scams, is that they are actually legally registered. Forex Paradise Ltd is registered as a limited personal liability financial services company in Hong Kong and it’s European counterpart Forex Paradise UK Ltd in London, United Kingdom.
Both address checks out, but the London office is only virtual work place and not one time I during my unannounced visits this office int he middle of London business district the last months have had any Forex Paradise employees actually been found on the premises. Funny eh?
The second thing that bothers me is their CEO, Stephan Hendriks, is supposedly a Swedish guy. There are several pictures of him around, unfortunately all of them are actors who offer their services for companies such as Forex Paradise. Nobody has ever actually met this guy and all the interviews are either voice conversations, mostly in Spanish which is funny considering Stephan’s background, or just Q&A by email. In other words, I believe all these interviews are made up.
A Hong Kong investment company
The Website: www.forexparadise.biz is hosted by …wait, there is no actual information available, as their whois entry is protected by WhoisGuard, a company registered in Panama. Dodgy, eh? OK, let’s dig deeper. OK, so I was able figure out quit easily that Dancom hosts this website and by using geolocation I am able to conclude their servers are located in Belize, Central America of all places…this is where the Spanish connection comes to play 😉
However safe browsing reports that the website has no malware of phishing and has no reports of ever having any. Besides the site being frustratingly slow, which the company explains with growing success, I can actually not find any problems with the security aspects, the servers are DDOS guarded and it also seem to have no PhP vulnerabilities, which is a very good sign these guys are taking the website security seriously!
The website has an extended validation certificate, which just means that the company registrations check out. On the other hand it’s actually possible to open a company in HongKong without ever visiting there, so this is not really not such a watertight alibi. The website has been by the time of writing this review been online for 983 uninterrupted days.
The Program: As mentioned in my summary Forex Paradise claims to be a forex investment company, who maintains an insurance fund which always guarantees the initial investment. The company explains that 7% of all the investments made are protected by investing 3% into corporate and 2% into each of the Hong Kong and UK based insurance funds. There is however no information which insurance funds they are using 😉
You select a scheme and the minimum amount you need to invest depends on your chosen program. Next you make an investment, which the company uses to speculate on your behalf on the Forex market, in so called High Yield Interest Scheme. Except that you never get to see any of their trades, not before or after they are made.
So many people have been asking for this as proof trading actually happens, you would think they would comply if they actually had some proof? The company claims their traders are working from home, but of course in reality it’s more likely that there is no trading taking place, but instead it’s a typical Sponzi scheme, where the new members are paying for the selected members profits while the owners are pulling out as much money as possible while the scam lasts.
As part of their program Forex Paradise also announced Bitcoin credit cards with a choice of either VISA or Master Card. Besides being able to transfer your balance to these cards and use them to pay in the shops and online or withdraw money from the ATM. The cards come in different categories randing from Popular to Royal with different daily withdrawals and one time payment limits.
All the cards, which of course cost a 50USD-2K USD, are available either anonymous or with personal information and come with online access to their bank in Gibraltar. Sounds amazing, right? But wait, there is more, they come with refund scheme as well ranging from 5% to 30% depending your type of purchase! Honestly people, when something is just too good to be true, it always is.
Yes, you heard me, 100% of the time. I would LOVE to have one of these credit cards to use it anonymously to pay for my expense and shopping…no trail, right? *sighs* Score 2/10
The Compensation Plan: Pretty straight forward. You get compensation for referring new affiliates from 5%-0%-0%-0%-0% to 22%-4%-2%-1.5%-1.1% upto 5 levels down depending on your ranking. How does the ranking work? In order to become accepted as an agent, you have to reveal who you really are, upload a picture or avatar and give at least one of your social media or chat tool accounts.
It’s entirely dependant on the money you and your downline invest into the plan. An example of the compensation for an rank 5 agent, whos organisation has invested 20.000USD into the various plans is 10%-2.4%-0.9%-0.6%-0.4%. Besides this the company is offering cash rewards for video testimonials, as many users have noticed the existing ones are by hired actors.
Additionally they have just announced a Forex conference in Hong Kong in attempt to get people either to become VIP members by investing at least 10.000USD, members who invested at least 50K USD can take 2 additional people with them for this all included event with impressive schedule consisting of conference and cruise. But hey, if you cannot invest this much, you can still attend if you pay a fee of 1000USD for the participation 😉 Sounds scammy, right? I bet there will be no real conference.
The Payouts: Forex Paradise was considered an exception largely due to their ability to actually pay out. At first glance anyway. Countless of proofs of payment is floating around on the Internet in all sorts of payment systems. So lets take a closed look at these batch numbers. The first problem I see is that all of them are really small. I mean who is actually really interested in being able to turn 10USD to 30USD or 40USD on 2 weeks time? Not any serious investor for sure. So I am not overly impressed with the payout proofs for 2USD or 3USD.
But since there are so many of them, most people seem to take this as a proof of actual payments taking place. Hardly any large payouts proofs are available and I am pretty convinced most of these are payouts to admins who protect this site by keeping the status to legit and paying. Second problem is that you have no idea if you are looking for a proof of payment from the affiliate program or a payout from the HYIP itself. As any good scam they do pay the earnings from the affiliate program. Why? Simply because as long as they do it, the members keep referring others to join them. More new members, more money to the scammers.
I have made 5 investments in this company, on the different programs and although my 20USD investment eventually paid itself off without interest before mysteriously stopping without any explanations, none of the larger investments 200-1000USD did not. My latest investment was 1000USD equivalent of Bitcoins into the BTC only investment called Cryptonite. Everything seemed to be running well, my money grew by 30% every 3 days, until the payday that is. I received a nice email titled Accomplishment of your investment period:
Congratulations on the accomplishment of your investment period! We appreciate your contribution and we are happy to generate profits for you and other program members. Your profit is being processed by the bank and is to be paid in 20 business days at most. This is a rough estimate, normally bank transfers are delivered faster. Throughout this period of waiting you will get DAILY accruals as a recompense which you will be able to withdraw once it is credited. As an additional bonus you will receive a Forex Paradise Debit Card absolutely for free. You can use this card for profit withdrawal at any ATM. If you haven’t ordered this card yet, please submit the information required at this page https://forexparadise.biz/
Thank you for choosing our company. We are looking for a long term cooperation with you. Please contact us anytime for assistance.
Forex Paradise Team
WOW! Bank payment plan? For a Bitcoin investment? Seriously, this simply means they are unable to pay and actually trying to delay a herd of very angry people heading for them. They have around 10 working days left before the first recipients of these letters should receive their investment with investment…that’s if the website lasts that long as there are tons of emails like this sent out and several people have posted them along with warnings about this site.
What comes to the conference, I know several people who have invested more than 1000USD into this HYIP and none of the have received an invitation to this event. They have just received an email to give their personal details including a passport number(!), so this might indicate that they are joining an other scam for identity theft or selling this information. In order to receive the Bitcoin credit card, you of course need to supply Forex Paradise with your address…this along should make you think twice about the safety of this site!
What comes to my 1K USD investment, it’s still pending payout 7 days later, and has accumulated *gasp* 6.6USD of interest. I am rather sure they want people to withdraw this money and post it as a proof of payment 😉 Score 2/10
Update, 20 days are gone and Forex Paradise of course did not deliver in their promise to give me back my money.
The Support: Any affiliate program needs a strong support. Forex Paradise used to have an online chat, but since the bank processing plan emails scam started, they have taken it offline. When the support was working, it was clearly not run by native English speakers as the messages appeared translated.
The grammar used by the support people was, you guessed it, Spanish. I had several discussions with the support, some friendly, some pretending to be dump and others threatening them with legal action. All were stone walled with the explanations ranging from the site experiencing severe performance problems due to large amount of plans expiring and the system experiencing difficulties making all the payments for the same reason 🙂
The payouts of the plans were moved to bank processing in order to keep our investment safe. *laughter* I have never heard of such a thing, still many people are calmed down by these messages and patiently waiting for their 20 days to expire for the large payout 😀
Now only way to receive support from them is by sending an email. The support doesn’t answer or when they do, it is only in order to get more money out of you. I sent an email to ask about possibility to attend the conference without having invested 10.000USD and got the following answer:
Yes, in order to get a free ticket to the convention y have to invest $10.000 initial deposit or pay $1000 membership fee for participation (made deposit $1000 to Bitcoin Debit Card plan)
So yeah, give us 10000USD more and we will invite you to the conference 🙂 Based on these experiences I would say Forex Paradise has one of the worst supports I have experienced in a long time; slow, incompetent, non-English speaking and inconsistent with their answers. Score 2/10
The Marketing: Besides the mandatory banners to place on social media, this company offers no others tools to promote the business. There are no webinars, although the support claims they will start to offer them by the end of this year, so they better hurry 😉 They also have none existent presence on the social media.
Everything you find about their program is promotion done by members. You can find many testimonials on the Youtube, but most of them are executed by actors which you can hire for this purpose. They recently started a competition on their website for filming an testimonial against payment of an unknown amount, but I am not really convinced that any of these videos are real, although some people might be desperate enough to recover some of their funds to sell out even for small compensation.
The conference, the ultimate marketing event for their HYIP, of course should it actually take place, is suppose to be broadcasted live on their website. I wonder how they are going to do this as their website is too slow to even login. Score 6/10
The Grapevine: So what has allowed this scam to operated undisturbed for more than 2.5 years and maintain generally a good reputation among their investors, which is rare for a HYIP? Even the skeptics were starting to believe in their steadily growing reputation among the investors looking for a paying HYIP scheme.
Well, the site has done it’s best to maintain their reputation for actually paying out on the investments as explained above. Also know at least 20 HYIP monitor admins who openly admit getting paid by Forex Paradise for keeping the status to paying and suppress or invalidate bad votes and forum posts.
But lately there are just too many and they can no longer be drowned. The website have launches new much shorter and higher yield plans, which normally indicates the beginning of the end and the high rollers are fleeing, which means Forex Paradise will not be able to keep it up much longer. This for one makes me very happy as I want them gone! Score 4/10
My Honest Thoughts: There is always one exception to the rule. The one website that tries to convince the skeptics about the profitability of the HYIP schemes. Until few months ago the Forex Paradise was exactly this. They have managed to stay online for a record time even with dodgy ownership record.
They built a great follow up among people who wanted to try out HYIP scheme allowing very small investments and actually paying them out, this means that people behind are actually rather clever. The thing that made people gasping for air, it even received some mainstream media attention, was the launch of the Bitcoin credit cards.
Most people are still struggling with the concept of virtual money and the thought of being able to easily convert the BTC to USD appeals to most people. For most high rollers this offers an excellent way to avoid taxes and leave no money trails. This for sure is not the first company to offer BTC credit cards, but definitely the first HYIP and affiliate program.
Great, right? Except that nobody has actually received these credit cards. I have my connections and know at least 50 people who order one to test out the system, the cards have not arrived and neither did they receive any explanation for the delay.
My advice is, this HYIP, like all the others have turned sour. It is definitely a scam, although a rather clever one. Please do yourself a favor and stay clear! If you are looking for safe investments for your money or how to learn to make money online, take a look at some of my legit program reviews. Score 4/20
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