Insiders Circle – Scam or Not

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For those with busy lives, automated binary options trading systems can be a huge help. However, so many of these robot trading programs turn out to be frauds so it is imperative that one take some time to read online reviews to see if a system is reliable before they use it for trading.

Insiders Circle is one of the many trading bots that has appeared online in the last year. The system claims it can make as much as 2 grand a day with its automated signals. Can this be the real deal or is it another fake trading system? Read our Insider’s Circle Review for more information.

Basic information:

Cost: Free
Software: 100% Automated
Max Returns: Up to 88%
Minimum Deposit: $250
Countries: All nations

  • Trading software is automated
  • Website is professionally designed and easy to use

  • Customer service
  • Brokers are not regulated by a governing body
  • Lack of company details on the website
  • Inability to choose your own broker

7BO Verdict:

Not Reliable Service

What Is Insiders Circle?

Insiders Circle was created by Matt Warren and claims to be the leading binary options robot trading system. Warren promises his investors huge profits with minimal investment, time and effort on the behalf of the trader. Like every other system, Insiders Circle claims that it runs on a system of algorithms designed to predict trades based on market trends. Warren claims that he has extensive knowledge of insider trading and that he used this knowledge to create Insiders Circle.

However, contrary to his claims of success, we have found that Insiders Circle is not a reliable trading system. Far too many users have lost their investment and not earned any profit whatsoever with this system. Many have stated that they are still awaiting a formal response from Insiders Circles customer service regarding their complaints against the software and its failure to yield a profit as initially promised.


How Does It Work?

To get started with Insiders Circle, you must enter your information on their sales page and then create an account. You will then be paired up with a broker of their choice. They do not offer the ability to choose any broker and the majority of their brokers are not even regulated. We do not feel that this bodes well for this system. Also, there is some confusion as to their withdrawal process.

There is no cost for Insiders Circle software itself, however, as with any other automated trading system, you must deposit at least $250 to begin trading. As we stated previously, there have been numerous complaints that once traders made this deposit, they were unable to access their funds. We do not trust this trading system one bit as of this writing as we have yet to see positive results.

Conclusion: Is Insiders Circle a Scam?

We cannot say with 100% assurance as of this time that Insiders Circle is, in fact, a scam, but we cannot recommend it based on the number of negative complaints and reviews. Too many traders have lost their money so we do not feel this system is the least bit reliable. We advise that you make use of another system that has received positive reviews and proven trading results.

Insiders Circle Scam Review – Don’t Get Cheated!

Matt Warren, the alleged owner of Insiders Circle scam promises you a free system that brings you $2,000 profit every single day. Sounds too good to be true? Let’s find out the ugly truth behind the system in our Insiders Circle review.

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Name: Insiders Circle
Owner: Matt Warren
Price: $250 min. deposit

Legitimate? NO, IT’S A SCAM
( full list of all reviewed scams)

Insiders Circle Review

Insiders Circle feeding your imaginations

Insiders Circle scam found at has a simple homepage. Apart from the false claim at the top of the page, there is only an auto-play sales video that tries to lure you into the trap.

In the sales video, the alleged owner of Insiders Circle scam, Matt Warren spent a good 5 minutes trying to feed your imaginations. He keeps asking you to imagine scenarios where you don’t have any money problems, being able to afford anything your family wants, and the day where you finally kiss goodbye to your boss.

Matt Warren then proceeds to tell you that you can achieve all these without much work at all, because his binary trading system will help you make $2,000 per day guaranteed. And he’ll give away his system for free!

Are these are big red flags of a typical online scam. Someone is giving you an automated system for free, and you can make $2,000 per day without much work and any trading experience? If it sounds too good to be true, it probably is.

There are a lot of money to be made online, but not through shady systems like Insiders Circle scam. Read on to find out what Insiders Circle scam is trying to hide from you.

What is Binary Trading?

If you don’t have any experience with binary trading, allow me a moment to explain how it works. If you have been trading binary options, you may skip this segment.

Binary trading is basically a much simpler form of trading. Instead of analyzing financial news and charts, you only need to guess if the price of an asset will rise or fall after a short period of time, usually between 30 seconds to minutes.

This is how it works – let’s say I feel that the price of gold market will rise 4 minutes from now, and I bet $50 on a 4-minutes contract. When the contract expires, and the price is indeed higher, I win a certain percentage of what I bet, usually between 60% to 80% ($30 to $40). But if I’m wrong, I lose the entire $50 that I bet.

Does it sound a lot like gambling? Much like guessing the outcome of a coin toss, there’s no way to predict the market’s movements in such a short period of time. You are pretty much doing it blindly, depending on pure luck and gut feelings.

Even if you manage a decent 50% win rate, you will still lose money due to the uneven winning vs losing payout in binary options. The difference in payouts is how the brokers make big money off the traders.

How Does Insiders Circle Work?

Insiders Circle claims that you’ll be assigned a personal coach.

Back to Insiders Circle scam.

Matt Warren claims that you’ll be assigned a personal “insider” coach when you sign up for his free Insiders Circle membership. You will receive trading signals from the coach and he will guide you to $2,000 profits per day.

But is there really a private coach? Let’s see what the victims of Insiders Circle scam have to say about the system.

Instead of a private coach, Insiders Circle scam connects you to a trading bot.

No response from customer support.

There are plenty of similar complaints out there, so don’t keep your hopes high with Insiders Circle system. Don’t be fooled by the trade results and their sales presentation, because nothing is real when it comes to Insiders Circle scam.

You may read some positive reviews on websites encouraging you to join Insiders Circle, but it is simply because there is a $250 commission to be made every time the affiliate successfully refer a new victim to the scam.

What Insiders Circle Doesn’t Want You to Know

Disclaimer of Insiders Circle is purposely made difficult to read.
(Click to enlarge)

If you take some time to read the disclaimer of Insiders Circle (which no one does), you’ll realize that Matt Warren has some dirty secrets to hide about Insiders Circle scam.

You can click on the image above to enlarge the text, and allow me to list down the critical terms below:

  1. Do not invest money you cannot afford to lose. You can lose more than your initial deposit and stake.
  2. Insiders Circle and everyone related to it are not responsible for any losses related to use of its services or software.
  3. Simulated results do not represent actual trading. No trades have been executed.
  4. Insiders Circle is only sharing information in good faith and is not making any recommendations to invest.

From the disclaimer, we can understand a number of facts about Insiders Circle scam:

  1. Even though they did not mention a single word about the risks in their sales materials, Insiders Circle scam admits that trading binary options is very risky. You can lose more than what you deposit due to leveraging.
  2. Despite promising you $2,000 profits a day, Insiders Circle and everyone related to it are not responsible for your losses.
  3. NO TRADES have been executed using Insiders Circle signals. All results shown are hypothetical.
  4. Despite coercing you to use their signals, Insiders Circle claims that they are only sharing information, and they are not making any recommendations to invest.

Fact #3 alone should be enough to alert you to steer clear of the scam. Can you really trust a system that base their entire sales claims on speculations? Unfortunately, almost no one reads the disclaimer.

Why does Insiders Circle include such terms in their disclaimer? If you think they want to give you a fair warning, you are wrong. It’s simply to protect themselves from legal actions when you lose all your money using Matt Warren’s Insiders Circle signals.

How Does Insiders Circle Make Money Off You?

I was assigned to BinaryBook, one of Insiders Circle’s affiliated brokers.

You may wonder why Matt Warren makes so much effort to promote Insiders Circle just to give it away for free.

Firstly, if you decide to use his software and sign up for a broker account through their sales page, the scammers behind Insiders Circle will earn a sum of referral fees as soon as you bank in your first deposit.

The minimum deposit for BinaryBook is $250, and you need to fund your account before you can activate Insiders Circle auto-trading software.

Keep in mind that you cannot use the software on any other brokers, or even on your existing account with their affiliated broker (such as BinaryBook). You need to sign up for a brand new account, because the scammers cannot get their referral fees if you don’t sign up through their affiliate link.

Not only that, Insiders Circle will continue to make money off you over the long term. The team behind the scam will earn a commission for every trade that the software makes for you.

To put it simply, the scammers will earn a profit regardless of whether you make or lose money, as long as you still have balance in your account.

Is Insiders Circle a Scam?

YES, INSIDERS CIRCLE IS A SCAM. As we’ve said in the review earlier, we don’t recommend binary options trading as a way to make money online, at all. It’s not that different from gambling, and using an automated trading software is no different. You are essentially putting your hopes and entire investment in a piece of software that gambles on your behalf.

You are more likely to end up losing all your money than making any significant profit. If you have some cash to spare for entertainment, you may go ahead and try it out. But you’ll be better off spending it on a nice dinner with your loved ones.

If you are determined to make money online, you must use a legitimate program that will provide you proper trainings and help you build your own business. We have tried out many programs, and there is only one program we recommend to our readers:

Have you encountered any online scams before? Personally I’ve fallen for a few before coming across the legitimate one, so let us know in the comments below if you have any personal experience to share!

7 of the worst scams people fall for when renting an apartment

Not long ago while apartment hunting, writer Bridgette Nardo found what seemed almost too good to be true: a quaint, gorgeous home in the heart of a chic West LA neighborhood — and it was listed for a surprisingly low price.

The online ad was detailed and packed with gorgeous photos. She responded immediately, and the listing agent asked for her to complete some forms and send a deposit to lock in her place at the head of the line.

But before she did, Nardo drove across town to see the location for herself, and discovered the bad news: It was not for rent at all. The house was for sale, and had, in fact, just closed — the happy new owners were, through sheer coincidence, on the premises scouting out how to arrange their furniture.

The “listing agent” Nardo had been chatting with online was a fraud who had likely scraped the information off the legitimate listing. If she had wired any cash, it would have been gone without a trace.

And that wasn’t even the worst possible outcome. We spoke to experts and found out some of the worst apartment-hunting scams that are taking place right now.

Here are seven of the worst apartment scams, and some tips to make sure you’re not on the wrong end of one during your apartment hunt.

Don’t fall for fake listings

Nardo’s story is not uncommon. Fake listings pop up disturbingly frequently both on Craigslist and on traditional rental sites, and according to Apartment List , an estimated 5.2 million renters have lost money to rental scams.

Ryan Coon, CEO of online property management platform Avail , has seen it happen numerous times.

“Scammers place fraudulent listings, and when someone reaches out to them, they’re instructed to wire money in order for them to hold it or take it off the market,” he told Business Insider.

Seeing a listing online isn’t enough in an age when anyone can copy and paste photos and a description. Insist on seeing the property in person. It’s especially dangerous to try to rent an apartment remotely, from out of state, but if you’re willing to take that risk, insist on a tour of the location via FaceTime.

But even that may not be enough. You should vet the listing agent before handing over any money to be sure that he or she is, at the very least, an actual agent or the landlord with the legal authority to rent the apartment. That can mean looking up the person online and calling the office to make sure you’re dealing with a legitimate agent.

“Never wire money to someone if you aren’t confident they’re who they say they are, because once you do, the money is gone. You probably won’t ever get it back,” Coon said.

Applications can lead to identity theft

The risk of identity theft is significant, and can happen in much the same way as the wired money scam. It just depends upon whether your scammer wants cash, your personal information, or both.

It’s especially critical to never submit a lease application or credit check for a property you’ve only seen online and to a listing agent whom you’ve only talked to remotely.

While meeting the listing agent in person and walking through the apartment in real life are critical, you can do more to keep your personal information safe. A third-party property management site like Avail can serve as an intermediary, performing your credit check on your and the listing agent’s behalf.

The landlord (or potential scammer) can’t run off with your personal information, because they never see it. They only get the information they need to approve your rental.

Beware of bait-and-switch scams

Bait-and-switch tactics — offering one thing but actually selling another — are a common trick in lots of retail businesses. It’s no surprise that it happens in real estate as well.

“This happens a lot in the short-term space,” Coon said, referring to Airbnb-style rentals. “But apartment hunters can see this as well.”

Bait-and-switching can take various forms. In one version, an agent lists an attractive-looking apartment to lure clients, and then scams the apartment hunter when they arrive to see it.

“When they meet to view said apartment, it is no longer available, and other apartments are shown as an alternative that don’t usually fit the original criteria,” New York real estate agent James Wan told Business Insider.

Alternately, there might never have been a great property to begin with — just a terrible apartment with good PR.

“They’ll only show you one of the rooms, or not disclose it’s right next to train tracks that’ll keep you up all night,” Coon said.

Simple awareness is the key here.

“If a landlord is willing to bait and switch, they might not be someone you want to rent from,” Edward Mermelstein, a real estate attorney at One & Only Realty in New York, told Business Insider.

Background checks don’t need to be expensive

In the rush and anxiety of finding a new apartment, you might be willing to pay whatever it takes to take the apartment you want off the market.

Less scrupulous landlords know this and capitalize on it to extract extra cash from you up front on fees like background checks. The reality is that background checks are fairly standardized and shouldn’t cost more than about $50 or $75. If a listing agent wants you to write a check for $100 or more, you may be getting taken advantage of.

Be alert when you sign the lease and take the keys

“If it doesn’t feel right, it probably isn’t right,” Mermelstein said.

That’s good advice at every step of the process, from when you evaluate the online listing to when you sign for the keys. And while a lease isn’t essential — some landlords and renters are comfortable with a month-to-month agreement — without one, you have no protection from being thrown out two months after carrying the last box through the door.

Worse, fraudsters who don’t have legal authority to rent the apartment might try to get your first month’s rent and run, and they are less inclined to draw up paperwork to make the con convincing. This might sound paranoid, but remember that just being in the apartment isn’t always a guarantee that the agent is legitimate.

Case in point: Scammers might hand you keys that don’t even work. Baron Christopher Hanson, a consultant who helps relocate corporate clients, has seen this con before.

“The scam artist has two sets of keys — one they use to open the apartment, and another set that they give you,” he told Business Insider. “By the time you discover the keys don’t work, they’re long gone.”

That’s why it’s important to accept keys on-site and test them to make sure they open the locks they’re supposed to.

Beware of last-minute changes and mysteriously changing fees

Don’t assume that just because you’ve agreed in advance on the rent, fees, and other details, that it’s captured accurately in the final lease agreement.

“I brought my client to a lease signing for her apartment and the lease stated the rent was $50 more than initially agreed, as well as $500 extra in up-front building fees,” Elliott Sudwarts, a New York real estate agent, told Business Insider.

“Their excuse was that I must have not understood. However, they didn’t know I always get everything agreed in writing. I opened up the emails showing the price and fees we had prepared for and told the agent to either have it changed, or I will be renting my client her second-choice apartment. Ten minutes later, we signed the new updates lease.”

Prepare for move-out scams early

Just because you safely made it into an apartment unscathed doesn’t mean there won’t be unpleasantness waiting for you at the other end.

“When you move out, your landlord will try to recoup all of the money that they can for repairs, even if the property was damaged prior to you moving in,” Shawn Breyer, a real estate agent in Georgia, told Business Insider. “These charges could deplete your entire security deposit. Your landlord could even place a lien against you for compensation of the damages.”

You should prepare before moving the first piece of furniture through the door by photographing every room in detail to show existing damage and condition and email the photos to ensure there’s a date proving when they were taken.

Remember these tips next time you’re apartment hunting

Apartment hunting can feel like a virtual minefield of scams. Thankfully, the same precautions can help navigate you through most common apartment scams safely.

  • If it doesn’t feel right, walk away.
  • Always insist on seeing the property in person before proceeding with any additional apartment renting steps.
  • Never complete the rental application or background check information without making sure the property and landlord are legitimate.
  • Avoid wiring money to complete the transaction — and likewise, avoid paying in cash. Use a cashier’s check (which is easier to trace) or a credit card when possible.
  • Vet the listing agent, either by using an intermediary service or by sleuthing the web site and making some phone calls.
  • Get the lease or the terms of the rental in writing, and be sure it includes contact information for the landlord that includes a physical address and phone number (not just a PO Box).

16 books about the biggest business scams of our time — including Enron, Bernie Madoff, and Theranos

  • Greed and the desire for power often lead to unconscionable acts of fraud and deceit. This theme isn’t new, but the popular book “Bad Blood,” detailing the rise and fall of healthcare startup Theranos, certainly reminds us of its truth.
  • If you’re interested in similarly well-written and well-researched books about business scams and scandals, these 16 fascinating books tell you everything you need to know.
  • From the financial industry to cars to sports, they paint a picture of how business scams are built, how they subsequently crash, and how all the involved players are affected.

Like scores of other readers across America, I was recently enraptured by the Silicon Valley nightmare tale of Theranos, the healthcare startup that promised to revolutionize blood testing and seduced notable investors, large pharmacy partners, and hopeful customers alike. It never delivered on its promise, blew through hundreds of millions of dollars, and harmed countless livelihoods along the way.

Instances of corporate deceit and fraud like this aren’t new. When power and money are at stake, people often trade in their consciences for more immediately gratifying rewards — and face the consequences when their elaborate schemes spiral out of control.

Theranos now joins names like Bernie Madoff and Enron, cemented in history and the syllabi of business-ethics courses as lessons of questionable business practices that you don’t want to believe took place. You often hear only about the devastating result of these scandals, but these books bring you back to the beginning and weave fair, thoughtful tales about how they all transpired.

For a fascinating and often horrifying look into how not to run a business, read these 16 books about some of the biggest corporate scandals and scams of our time.

Book descriptions provided by Amazon and edited for length.

A new money-making scam, Loom Money Nigeria, is taking over social media and targeting young people

A signboard showing Naira notes

The scheme, which is even worse than the collapsed MMM, is luring young Nigerians to invest as low as N1000 and N13,000 and get as much as 8 times the value of the investment in 48 hours.

A screenshot of Loom WhatsApp group (Pulse)

Screenshot from WhatsApp group (Pulse)

According to the US Securities and Exchange Commission, a Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors.

In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier-stage investors to create the false appearance that investors are profiting from a legitimate business,” the SEC explains.

The Loom Pyramid Scheme is not new to the world. Last month, Daily Mail UK reported that the scheme has resurfaced online all over the world, with different names such as ‘loom circle’, ‘fractal mandala’ and ‘blessing loom’. In Nigeria, its central name is Loom Money Nigeria with individuals creating their own WhatsApp groups such as Preye Loom, Catherine Loom among others.

A screenshot of Whatsapp page for Loom Money Nigeria (Pulse)

How does the scam work?

The pyramid structure outside Nigeria (medium – delphinedelchambre)

According to one of the WhatsApp groups, the Loom scheme pyramid level is in four places and represented by colours – Purple, Blue, Orange and Red.

Each time 8 people join the group, the person in the centre (usually on the red spot) gets the target amount which is N16,000 and after investing N2,000 leaves the spot for the next person.

“The Loom would then be split into 2 groups, the top half and the bottom half each becomes new groups and everyone moves into the next level.

A typical pyramid structure of Loom Money Nigeria (Pulse)

Which means those people that were in purple move to blue, those in the blue move to orange, and those in the orange move to red (the final stage and the cashing out stage).

In a Facebook post seen by Business Insider SSA by Pulse, the promoter explained that “the more people you manage to add to the circle, the quicker the movement of it, and thus, the easier it will be for you to make your money.”

Loom Money Nigeria promises a staggering easy cash reward of N104,000 for paying N13,000 or N2,000 for N16,000,” the Facebook post reads with a link to a closed WhatsApp group.

Investigations across WhatsApp platforms show that one of the promoters of the scheme on Facebook opened his social media account late 2020 and turned a Facebook page opened for 2020 Nigerian Election into a Ponzi scheme.

Why Loom is more dangerous than MMM

Unlike MMM where there is a website, system information and key person – late Sergey Mavrodi as the major promoter, Loom has no major promoter and operate on the social media via closed groups on Facebook and WhatsApp. Its system is also porous as anybody can create a group either on Facebook or WhatsApp, lure people to pay and shut them out afterwards.

A screenshot of one of the LOOM Money Nigeria Facebook groups (Pulse)

In most instances, the Loom promoter is the only Admin and make judgement on the outcome of the pyramid structure.

Also there is clear cut defined terms and conditions – the only known condition is for people to bring in cash and well as eight other contributors before cash out.

How is it illegal?

Any organisation and financial scheme without necessary regulatory approval is illegal and can be sanctioned by the government. In Nigeria,

According to the SEC in Nigeria, Ponzi Scheme includes unregistered investments, unlicensed sellers, secretive and complex strategies.

A screenshot of LOOM Money Nigeria on social media (Pulse Nigeria)

LOOM Money Nigeria is totally different from traditional Esusu

Esusu is traditional forms of cooperative in African societies whereby groups of individuals contribute to informal savings and credit associations for their mutual benefit. It is not run in a pyramid scheme and always have a set of people running it at a particular time.

On most cases, groups of people numbering between 5 and 10 gather and agree to make periodic contributions of a specific amount to each member of the group on a rotational basis.

Nigerian naira banknotes are seen in this picture illustration

For instance, if there are 5 people involved and they have agreed to contribute N10,000 per month, they will take a number between 1 and 5 and the first contribution will go to number 1 till it gets to number 5.

It also offers interest-free lending loan to participants.

The Nigerian government’s position on Ponzi scheme

Despite warnings by the regulatory agency, Nigerian citizens, mostly young people on social media, still fall for the Ponzi scheme.

Last year, the Securities and Exchange Commission (SEC) cautioned the citizens to desist from investing their money in Ponzi schemes that are proposing return levels that are unreasonably high.

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