Afriq JM Arbitrage Review: Too Good to be True?
Author: Adam Collins
There are many investment platforms out there with the explicit intention to dupe investors. Thus, when a site appears under the most searched list on ScamAdviser, we are compelled to take a look. In this review, we will look at Afriq JM Arbitrage, analyze it, and give as much information as possible to help investors make an informed decision.
Afriq JM Arbitrage claims to be a “digital currency trading platform that uses high-frequency trading and algorithms to automatically buy digital currencies at low prices and sell them at higher prices to generate returns.” But is it a legit investment platform or a scam? Let’s find out, shall we?
How does it work?
Afriq JM Arbitrage, or AAS, claims to use cutting-edge technology to create a wealth space for investors. They turn to algorithms that analyze and place a trade on behalf of the users who only get returns.
Once you sign up, you are expected to make a minimum deposit of $20. The promised returns are 1.65% Daily, which is way higher than what other platforms offer. They also proclaim things such as “no losses”, which is not something any company can guarantee.
If you refer a friend, you will supposedly get a 5% commission as well. This suggests a likelihood that Afriq JM Arbitrage may be a pyramid scheme.
When I tried registering, I was informed that the registration is closed for now and that I was to check back later. This is quite confusing, considering the site is very new and one can only assume that younger companies need as many new customers as possible. In some of the spam comments promoting this platform on ScamAdviser.com, it is mentioned that the platform is not live yet
Where are they located?
On the About us page, the site claims to be registered in Colorado and with a good standing certificate.
Interestingly, on the contact us page, they list 1372 Springfield Avenue Irvington, New Jersey, the USA as their location.
This is a common trick with scammers who give conflicting locations just to make it harder for someone to trace them. Why would Colorado company list New Jersey as their office address?
Again, when I checked the address on Google Maps, I was surprised to see the listed address shows a hair salon. This is another common trick used by scammers who randomly list addresses hoping that people will not bother to cross-check.
The reviews
We must admit, when a site gets a lot of positive reviews on ScamAdviser in a very short time, it raises a few eyebrows. Don’t get us wrong, there is nothing wrong with getting positive reviews on ScamAdviser, but when many positive reviews are written during the same period, it gets suspicious.
On paper, Afriq JM Arbitrage looks like a decent site with a 5-star rating from 17 reviews. The same is replicated with the site getting an overall rating of 4.3 stars on Trustpilot.
However, we noticed a pattern. Most of the reviews did not give an insight into the site, how it works or if they made any returns. The reviews are generic and only focus on things like Ponzi and poverty killers. The reviews look very generic, as though they are copying from the same script.
Upon further research, we found out that the reviews, most of them, have been posted in the last month which is highly suspicious.
On Trustpilot, it was surprising to see a site that was registered in July 2022 having over 3,000 reviews. This is highly unusual and very suspicious.
Again, most of the positive reviews seem to focus on the site being a Ponzi killer and thanking the CEO which is okay, but highly unusual.
It was not until we got to the negative reviews that we got to see a clearer picture. Most people are calling out the company for not releasing their money.
Upon taking a deeper look, we found that the reviews are manipulated as one user noted. They ask their users on Telegram to post positive reviews on both ScamAdviser and Trustpilot.
It was also interesting to note that they try to justify this by saying that even professionals ask for reviews. While there is nothing wrong with asking customers to leave you a review, asking for a review even before a project commences is dubious at best.
We also noticed that most of the reviews on Trustpilot were all done within a space of a few weeks.
Again, this is highly unusual and overlaps with what we see with many dubious sites which use strange tactics just to get positive reviews.
Social media
Afriq JM Arbitrage has an active social media presence. Their Facebook page, which was started on July 26th, 2022, has over 3k followers. Again, this number is very high for a very new company.
Interestingly, the page admins are from Nigeria and Italy and not the US where it’s registered. This is common among many scammers who only use the US address to mask their location.
This could indicate that Afriq JM Arbitrage is actually in Africa and is targeting the African market with the US address meant to trick people into thinking they are from the United States. This can also be backed by the fact that most of the reviews on Trustpilot are from Nigeria and Ghana.
We also noticed that on the contact we page Facebook, they have listed their address as “Irvington, NJ, United States, 07111-1360” while on their website, the address listed is “1372 Springfield Avenue Irvington, New Jersey, USA.”
Again, we noticed the same with the email given on Facebook; afriqarbitragesystem@gmail.com. As you can see, this is a Gmail account, which anybody can open, and does not help build the confidence of users.
On the Website, they have listed both support@afriqjmarbitrage.us and cs@afriqjmarbitrage.us as their email address.
This is yet another common trick we see with scammers who give multiple contact details just to confuse people. Otherwise, why would a legit company give conflicting information about their critical information like address and email?
Bottom line
There are a lot of red flags about Afriq JM Arbitrage that make us doubt the legitimacy of the company. Starting with unusually high ROI, conflicting information about where they are based, manipulated reviews, and the fact that they have not even started the project.
Afriq JM Arbitrage seems to have a lot of characteristics that overlap with what we see with many investment scams. Caution should be advised while investing here since there are many other reliable investment platforms out there.
This article has been written by a scam fighter volunteer. If you believe the article above contains inaccuracies or is missing relevant information, please contact ScamAdviser.com using this form.
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