A Ponzi Scheme for Crypto
Forrise is a trading company that promises to give profits upto 50% within a week. Their exorbitant claims caught my attention and that’s why I have written this Forrise review. You’ll find out why you should avoid such a shady trading company.
Forrise – Rebranded in August 2020
Forrise has changed its brand completely in the last few months. Before August 2020, Forrise used to operate from Forrise.com, which doesn’t exist anymore. Now, their website is Forrise.uk. They used to accept investments from people and claim to give them a source of passive income through a MLM scheme. However, they shut down randomly in August 2020 and all the people who had invested with them lost their funds.
Even though they ran away with other’s funds, they returned with a new URL and have started providing financial services similar to their past ones.
I believe it’s crucial that you know about their past before you start getting familiar with their current operations. A huge reason why I don’t recommend investing with Adam Schultz’s Forrise is because of their shady history.
About Forrise – Regulation and Ownership
Forrise is quite a shady enterprise. It has investment plans that resemble ponzi schemes under the guise of crypto trading. However, before we discuss their investment plans in detail, let’s look at their regulation and ownership information. Knowing the regulatory status and transparency in sharing ownership details can tell us a lot about the company’s reliability.
Forrise shows a certification of business registration in the UK as a form of regulation evidence. Apart from that, Forrise doesn’t show any other form of regulatory proof, which makes them very unreliable. As a financial services provider based in the UK, Forrise falls under the regulation of the Financial Conduct Authority, which is the primary regulator of the financial services industry there.
FCA is a reputed name as it has stringent rules and regulations. It ensures that financial service providers don’t work against the interests of their clients. However, Forrise is not regulated by the FCA. No, they don’t fall under the jurisdiction of FCA for some reason. Because if they did, they would have mentioned it on their website.
This is a huge red flag because the only regulation Forrise has shown so far, is their certification of being a company, that’s it. In other words, Forrise is an unregulated service provider.
The first thing you should check before investing with a broker or investment fund is its regulation information. Regulatory authorities ensure that such financial service work for the interest of their clients, not against them. Unregulated service providers tend to be scammers and fraudsters who steal funds from their clients through various measures. That’s why we don’t recommend working with unregulated companies at all.
The owner of Forrise is Adam Schultz. According to the company’s ‘About Us’ page, Adam started this company in 2009, when he was studying in High School. The page claims that Adam is an excellent trader and that’s why he was successful in running this company. There’s no information regarding Adam’s qualifications or professional experience on the website.
They don’t share which trades Adam performed that got him successful. It doesn’t even share the extent of his success, which puts the legitimacy of their claims in question.
The website has a video where Adam Schultz is showcasing his company’s staff. However, the staff in that video seem like paid actors. There’s no explanation of who does what when an employee is introduced in that video.
Moreover, considering how much Forrise wants people to invest with them, they shouldn’t hesitate in sharing their owner’s past successes. But they don’t share any. It’s obvious that the owner of Forrise, Adam Schultz doesn’t have any knowledge or experience in trading. Otherwise, they would have shared some information, which they didn’t.
Forrise Investment Options:
Forrise provides its customers with the following “investment plans”. These investment plans are the only way to participate in Forrise’s trading success, according to the company. Before we discuss the legitimacy of these plans, I think I should tell them what these plans are first. Forrise has divided its investment plans into two categories:
- Investment Plan
- Mining Plan
All the plans under this category last for seven days. The differences in these plans is in their minimum and maximum investments and their offered profits.
There are three plans under this category:
The luxury plan is the smallest plan with the minimum investment of $200. You can invest up to $19,999 in this plan. They claim to deliver a daily profit of 3% so by the end of a week you would get 21% profit on your investment.
The second plan is the excellent plan with the allowed investments ranging from $20,000 to $49,999. This plan claims to offer daily profits of 5% so by the end of the week you would get 35%.
The final plan in this category is the solid plan with investments ranging from $50,000 to $100,000. The daily profits in this plan are 7% so according to them, you’d get a total return of freaking 49% within a week.
The three plans under this category are:
- Premier Plan
The premier plan takes investments ranging from $500 to $19,999 and claims to offer a total profit of 31.5% within a week.
- Central Plan
The central plan requires a minimum investment of $20,000 and can take up to $49,999. They claim to offer a total profit of 42% within a week.
- A-List Plan
The A-list plan is the biggest plan on their site as it has no limit on the maximum investment. The minimum investment they demand for this plan is $50,000 and the promised profit is 53.5% within a week.
According to them, you’ll get your profit within a week and you can re-deposit again. There’s no limit on deposits. You can only deposit through Bitcoin here and no other currency is accepted.
Why These Plans Are Horrible
Now that I have shared the details about all of their investment plans, let me elaborate on why you shouldn’t invest in them.
Too Good To Be True Profits
First, the promised profits on these plans are too good to be true. If the owners of this company were able to get 53.5% returns per week, why would they need other people’s money at all. With their promised returns, they can double their funds twice in a month.
Considering this company was started in 2019, according to the About Us page, the owner of this firm should have been among the richest people on the planet.
But that’s not the case, is it?
In fact, the owner of this firm is running a company that accepts investments from people with no guarantees or assurances except claims of extraordinary profits.
Excessive Minimum Investment
The minimum amount you need to invest here to get started is $200. Legitimate traders and brokers start their minimum investment requirements with $5 or $10. This allows them to reach a wider audience.
Moreover, a small minimum investment allows you to test the results of that service provider with minimal risk.
Such a high minimum investment means that your risk is significantly high as well.
No Information On Profit Generation
The biggest reason why Forrise’s plans are untrustworthy is they don’t share how they generate such exceptional profits. They don’t tell you how they are able to generate such profits or where your money goes.
It makes one wonder if they invest your money or somewhere at all. Most probably, they would keep your money for themselves. And seeing how they have pulled that stunt before, it wouldn’t surprise anyone if they did it again.
More Reasons Why You Should Avoid Forrise
I noticed some more details that made me question the legitimacy of Forrise’s claims. That’s why I believe it was important to share them with you:
No Guarantee of Returns
Forrise doesn’t give you any guarantee of results. Because they aren’t under FCA’s regulation, there’s no assurance that they won’t steal your funds. I know it seems excessive, but it’s a valid concern. Moreover, when you consider that they pulled off something like this just a few months ago, the concern only gets graver.
Forrise’s website doesn’t mention how they make their extraordinary profits as well. All they say is they consolidate funds from their clients and use it in trading. However, they don’t specify what kind of trades they make and where their clients’ money goes. So trusting their profit claims is very difficult.
Only Accept Cryptocurrencies
Forrise only accepts payments in cryptocurrencies. You should note that it’s very challenging to trace payments made through Bitcoin and similar cryptocurrencies. Many people use them to avoid getting traced, ensuring that they can get away easily.
This is another reason why I don’t trust Forrise.
No Real Office
Forrise doesn’t have any real offices. They show an office address based in the UK on their website, but it’s an address of a virtual office. Here’s the address they share on their site:
In reality, that address belongs to MadeSimple and it’s a part of a virtual office program:
MadeSimple is a service provider that allows companies to set up virtual offices in the UK. So, if something happens, you can’t go to their office to meet with anyone, because no offices exist here.
Forrise Review: Conclusion
Forrise is a shady service provider with a twisted background and suspicious conditions. They don’t follow any regulations, promise returns that are good to be true, and have no brick and mortar offices.
All in all, you should avoid doing business with such a suspicious service provider. I hope you found my Forrise review helpful. If you have had any experiences with Forrise or similar shady businesses, feel free to share them below.This review has been syndicated from Gripeo To read the full review, go to – www.gripeo.com/forrise/