As Bitcoin crawls steadily towards matching its all-time high, people are searching for innovative new ways to invest. Unfortunately, many of these traders wind up finding scams instead of legitimate investment opportunities. Scammers promise unique trading methods and automated trading systems that could make anybody rich. They back these claims with fake celebrity endorsements, putting a familiar face to their absurd assertions.
Many of these fake celebrity endorsement ads feature Martin Lewis. So many that his financial advice website now features a section devoted to refuting these ads. Lewis makes it clear that he does not endorse any Bitcoin or other cryptocurrency brokers in any way.
Financial Fraud with Immediate Edge
The scammers behind the phony advertisements say they’re offering contracts for differences on Bitcoin, a type of asset that follows Bitcoins price without requiring the actual ownership of any Bitcoin. Even when legitimate, these assets aren’t suitable for new traders. Scam brokers use CFDs as bait but are just as likely to steal your money and make withdrawals impossible.
In addition to the falsified endorsements, scam brokers draw in clients with automated trading such as Immediate Edge. The brokers claim to have developed a computerized trading system that will make trading decisions for their clients. They say that these decisions will always be right, making investing with them virtually free money. These claims are unilaterally false. These brokers are no more than scammers and cannot deliver what they are promising.
Martin Lewis’ Name Plastered on Fake Advertisements
Martin Lewis is a British finance expert that millions of people have come to trust. He’s well known for his website, Money Saving Expert where he provides free financial advice to the general public. His years of giving sound financial advice have made him the perfect target for fake celebrity endorsements. Lewis says he’s been fighting against scammers who use his name since 2016, with little success.
There have been thousands of ads featuring phony endorsements from Martin Lewis, leading to many different scams. Many of these have lead to a highly publicized legal confrontation with Facebook which allowed fake celebrity-based ads on its platform.
How to Stay Safe Investing Online
Martin Lewis has stated outright that any Bitcoin ads featuring his name are fake, don’t click on them, don’t invest with them. Most celebrity endorsement ads for cryptocurrencies you see online are fake. They keep changing the celebrity name until they find one that works. Only invest through a registered and respected broker, not some offshore firm without a solid reputation.