What is Torque Bot
Torque Bot is a cryptocurrency trading platform that trades on behalf of its members and supposedly makes them money.
The company allegedly uses artificial intelligence as well as manual trading to achieve daily returns that range between 0.15% and 0.45%.
The main strategies revolve around arbitrage trading and scalping.
The Torque Bot company allegedly is based in Singapore and its CEO is Bernard Ong. It also is supposed to have offices in four other countries in Asia.
The minimum deposit to start investing with Torque Bot is 0.02 BTC, or 1 ETH, or 5 LTC, or 250 USDT, which basically means the equivalent of 250 USD.
Deposits are made in mainstream cryptocurrencies and converted to the Torque Token (TORQ). Profits are paid in TORQ and the minimum withdrawal amount is the equivalent of 2 USD (2 USDT, or 0.0005 BTC, or 0.01 ETH, or 0.001 LTC).
You can use a mobile app called Torque Super Wallet to do all your business with Torque Bot.
Is Torque Bot legit?
No, Torque Bot is not legit. First of all, it is a completely anonymous operation. On its website we found no contact information at all. Claims about offices in Singapore and other countries are extremely likely false.
A legit company would provide real contact information and proof of registration and regulation.
Let’s get this straight: Torque Bot is providing investment services, because it offers returns on investment. This means that its activities are subject to financial regulation.
This also means that Torque Bot needs a license from a financial regulator valid in every country it wants to have users in.
But in reality, Torque Bot is not registered nor licensed in any country in the world, therefore it is an illegal investment service. It is not legit!
The Torque Bot scam
The truth is that Torque Bot is a scam. We needed just a few minutes to see that it is the old Bitconnect scam recipe recycled again.
It works like this: You create a Ponzi scheme that is doing nothing but redistributing deposits made into the system. You make up a story about how you generate profits in crypto trading, while in reality you don’t do any real trading.
To rip off your victims twice, you sell them your own worthless scam coin (TORQ) and take their real cryptos, so that they are left completely empty- handed when your house of cards collapses.
We have seen many scams using this recipe, like Netfix for example, and Torque Bot is one of them.
To be clear, Torque Bot is not doing any real cryptocurrency trading, at least not profitable. It’s a Ponzi scheme that relies solely on deposits, it uses them to pay out profits. Which means that sooner or later it has to collapse.
One of the giveaways of investment scams is the promise of daily (more or less) stable profits. Because it is not possible to have daily profits in financial trading, let alone in crypto trading.
Every real financial trader will tell you that it is impossible to be profitable every day. Heck, even every week in green is close to a miracle. That’s just how financial markets work.
Moreover, Torque Bot is promising up to 13.5% monthly returns just from trading. Then they promise 97% of you referrals’ deposits across seven levels. This means that in total their trading would have to generate a lot more than 13.5% monthly on a constant basis, which is ridiculous. One of the reasons is that arbitrage trading is not scalable.
Not to mention that Torque Bot claims that it is completely risk free, which is another total nonsense in the world of trading. Financial trading always is risky!
All in all, the investment plan of Torque Bot is a big proof that the whole operation is a scam.
TORQ scam coin
As we have already mentioned, the Torque Bot runs on its native Torque token (TORQ). This is a scam element that should make look the project legit, but it is not.
The TORQ token is an absolutely worthless piece of garbage. No reputable cryptocurrency exchange is trading with it. It is listed only on Yobit, where the TORQ liquidity and daily volume are practically zero.
What does it mean? It means that TORQ has no value and you can’t exchange it for real money, it is worthless. Therefore, being paid in TORQ is equal to not being paid.
You are dependent on scammers who run the Torque Bot if they will be willing to exchange your TORQs for a real cryptocurrency and let you withdraw.
How Torque Bot works
We have already touched this subject, Torque Bot works as a Ponzi scheme. It depends on people depositing money into the system.
All deposits are gathered in a pool and this money is then used to payout daily profits. You can probably guess that total deposits need to be higher than total withdrawals, otherwise it won’t work.
And this is precisely what Ponzi schemes rely on. At the beginning new members are rushing in and the velocity of deposits exceed withdrawals. More and more money is coming in and withdrawals are delayed relatively to the deposits.
But with every Ponzi scheme there always comes the day when there are not enough deposits to cover the withdrawals, which brings the inevitable collapse. Torque Bot is going to collapse, the only question is when.
Don’t join it, because it can collapse right after your first deposit. Even if you manage to pull out some profits out of Torque Bot before it collapses, it would be somebody else’s loss. Because remember, Torque Bot is not doing any real trading, it just takes money from some people and gives it to others. Don’t play this game of the greater fool, it always kicks back.
Torque Bot review – the conclusion
Torque Bot is a scam, a Ponzi scheme that is destined to collapse. The Torque coin is a worthless piece of garbage that is not tradeable on any reputable exchange. Stay away from it as far as you can!
If you are interested in legit cryptocurrency trading, you can start on a free demo account with a regulated company and see how it really works.
If you decide to invest real money, please be sure to understand the risks and have a good strategy.
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