A Washington resident filed a complaint with the Securities Division of the Washington State Department of Financial Institutions (DFI) regarding Eucoinotrade.com, which advertises itself as a private, legally registered online investment company with the aim of making the most money from Binary Options trading.

The report suggests that at least one person may have fallen victim to advanced fee fraud. In this confidence fraud, large quantities of money are demanded as fees on the grounds that they are necessary to release fictitious gains.

A acquaintance who claimed to have made a ton of money trading on the platform recommended #Eucoinotrade to the investor. George Alexanderal was introduced to the investor via Facebook.

Alexanderal claimed to be an Account Manager at Eucoinotrade and to be knowledgeable about trading Binary Options, IQoptions, Forex, and cryptocurrency investing. Alexanderal claims that Eucoinotrade uses a variety of binary algorithms to produce significant returns. Alexanderal requested that the investor mostly use WhatsApp for communication.

He helped the investor set up an account with Eucoinotrade and gave them advice on how to purchase #bitcoin (BTC) using their Coinbase account and send it to Eucoinotrade to conduct trading. After each investment, Alexanderal would advise the investor to increase their investment.

According to the report, the Eucoinotrade website advertises that users can make "150% daily profit" when trading binary options.

Customer service initially demanded $40,000 in software upgrade fees from the investor and claimed that the investor's earnings needed them to upgrade their account to elite status.

The investor allegedly made five or six investments totaling about $50,000 before seeing their Eucoinotrade account climb to almost $414,000 in value. But according to reports, problems started when the investor wanted to cash out.

Customer service subsequently agreed to waive the $40,000 cost but asked that the investor pay a $14,000 processing fee before they could get their money back. After that expense had been covered, the investor was asked for a further $9,400 fee known as an IRS mandated fee.

When responding to any solicitation for investments or financial services, #DFI encourages clients to approach cautiously. Investment professionals must hold a DFI license in order to offer investments to residents of Washington.

This news is republished from https://coinaquarium.io/