Nowadays, there are tons of crypto trading bots on the crypto market. If you are new in this world, you will definitely need to put some effort into finding the right trading platform for your needs. As this is a huge industry, there are many new players on the market, so you will need to be careful and always think twice.
That’s why we are here for you. We are sure you asked yourself, at least once, Do crypto trading bots really work or they are just a scam? In this article, you will find out the 5 Things I Wish I’d Known Earlier when it comes to the Yuan Pay crypto trading bot. Here’s a brief review of this trading platform.
What is Yuan Pay crypto trading bot?
This crypto exchange network has piqued the interest of many investors, raising concerns about whether it is trustworthy. Like many other trading bots. this one is an automated bot that uses artificial intelligence along with multiple algorithms.
As developers of the Yuan Pay bot say, their robot utilizes mathematics and statistical information to trade currencies with brokers. If you want to use Yuan Pay, you need to be aware that you will need to use only the e-Yuan currency. Developers from this company claim that e-Yuan can become China’s government-backed cryptocurrency.
Be aware that red flags are everywhere
According to Yuan Pay Review on ScammerWatch, this trading platform seems to exhibit many red flags on its website and mobile app.
The first problem comes up when you type the trading bot’s name in Google Search. There are a lot of other websites with similar designs and interfaces.
Red flag number two is that people from Yuan Pay are claiming this trading robot is licensed, but there is no evidence of that on their website. They claim their bot is driven by cutting-edge AI capabilities, but provide no explanation for the underlying methodology. In addition to all of this, the company doesn’t provide any data protection for users.
Sweet Talk and Carefully Designed Language
Reading about the firm is when things start to become intriguing. You might be aware of the fact that China outright outlawed cryptocurrency in September last year. There has been speculation that the government is currently working on a national cryptocurrency, although it is not yet in circulation.
As we already mentioned in the previous paragraph, Yuan Pay made e-Yuan, and it seems to be a legit digital currency used in China. This digital currency is supposed to be controlled by China’s government and Central Bank.
But, there is one problem with the company. It looks like they are using misleading expressions to confuse users or deceive them. A digital currency is simply conventional money in digital form, however, cryptocurrencies are constructed on blockchain and are not controlled by one institution. While the digital Yuan does exist and is becoming more popular in China, it is not a cryptocurrency.
Multiple Mobile Apps
It’s rather interesting that the Yuan Pay group has multiple mobile apps. There are 3 mobile apps that you can download. The first one is Yuan Pay Trade, the second Yuan Pay Wallet, and the third one is just the regular Yuan Pay Group App.
Final words about this crypto trading bot
So, after investigating tons of websites with almost the same domain as Yuan Pay and seeing fake cover pages of the Asian Forbes magazine, among all other red flags, we can claim with great certainty that the crypto trading bot Yuan Pay is a scam. Please be careful when choosing a trading platform.