SelectedBank Investment Project Review: Conditions Analysis, Reviews
When working with online investment platforms, extreme caution is necessary. An important rule for investors is risk diversification. Otherwise, you may face a significant loss of money if the project turns out to be fraudulent. One such unscrupulous financial structure is SelectedBank – a company that has managed to deceive many trusting clients. According to user reviews, recently scammers from selectedbank.com carried out a “restart” and continued their deception.
Information about SelectedBank Company
According to the official legend, the company SelectedBank is engaged in operations in the cryptocurrency sphere, monitoring the situation on various exchanges daily. According to their claims, thanks to the experience of their specialists, any investor, including beginners, can make a profit without risk, as their experts know how to earn money both in the growth and fall of digital currencies. However, such statements no longer inspire trust, and reviews from deceived investors only confirm that trusting the SelectedBank company is not advisable.
The “SelectedBank” project has caused negative emotions and evaluations in our reviews of brokers, cryptocurrency exchanges, and investment companies. It is hard to imagine entrusting your funds to an organization about which there is practically no information.
On the official selectedbank.com website, only promises are presented, along with modest reviews of marketing plans. It is known that there is no information about the company owner, project team members, or even the organization’s jurisdiction. Investors who decide to invest money in this suspicious project are essentially entrusting their funds to unknown individuals, which naturally often leads to capital loss.
When reviewing the SelectedBank firm, we decided to check the registration date of the selectedbank.com domain to understand when the scammers started their activities. It turned out that the site was launched on April 28, 2020. Based on IP addresses, the company’s servers are located in France. The first reviews appeared on May 12, stating that the project stopped paying profits, although users were withdrawing some profit before that.
After a short break, scammers conducted a “restart” of SelectedBank after 10 days. Obviously, they are counting on an even greater number of naive investors who will want to engage with them. Customer reviews about “SelectedBank” regarding minor payouts have reappeared on thematic forums. However, there is a possibility that these are written by the company’s employees as part of an aggressive advertising campaign.
Considering the previous project’s work experience (which lasted only 14 days), its collapse can be expected soon. Since the restart of SelectedBank on May 23, 12 days have already passed, making investments in this platform risky, as the financial pyramid may soon collapse.
Disappointed investors will have nothing to complain about, as the company has no registration certificates, licenses for financial activities. No one controls or regulates their activities. Even the office address on the official selectedbank.com website is not provided.
Regarding means of communication with support, only a feedback form and a link to the Telegram channel (t.me/selectedbank) are available. Scammers don’t even bother to provide phone numbers and email addresses. Such a practice is standard for pseudo-investment online platforms that do not aim for long-term market presence.
Procedure for creating a personal account on selectedbank.com
The creators of the “SelectedBank” project claim that starting cooperation is very simple. This is confirmed by user reviews. To become a full-fledged client, it is enough to go through registration. The following data is required in the electronic form:
- Login and password for entering the personal account,
- Name,
- Email address (twice).
Under the form, you need to tick that you agree to the rules of the “SelectedBank” platform. The user agreement of this “solid” investment project is limited to one page. It contains empty phrases devoid of meaning. Nevertheless, several points should be taken into account:
Translation:
“We reserve the right to change the rules, fees, and program rates at any time and at our discretion without prior notice. You agree that you are fully responsible for reviewing the current terms.”
This is a blatant display of audacity on the part of “SelectedBank”! The company essentially leaves clients unprotected.
Translation:
“SelectedBank is not responsible for any losses and expenses incurred as a result of violating the terms, provisions, and/or use of our website by one of the participants.”
Scammers do not even attempt to compensate losses for investors. In case of loss of funds, users can only leave negative reviews about the “SelectedBank” project.
Review of tariff plans of the pseudo-investment platform “SelectedBank”
The company’s legend does not stand out among many other investment projects. Users are offered a choice of 8 tariff plans and an expected profit.
When preparing the SelectedBank review, we studied the proposed tariff plans. The entry threshold amount for the first tariff is $10, and for the rest, it is from $250. Project creators promise break-even in 10 days. Therefore, there are practically no chances of withdrawing funds from the platform, considering that “SelectedBank” is a scam.
To attract new users, scammers use a profit calculator. By choosing a tariff plan and investment amount, investors can see the projected profit. Seeing pleasant numbers on the screen, many beginners invest money without hesitation, although they later regret it, judging by the abundance of negative reviews.
Ways to deposit/withdraw funds on selectedbank.com
According to reviews, depositing funds is not a problem. Scammers from “SelectedBank” have provided numerous options for depositing funds. Payment system overview:
- Payeer,
- Perfect Money.
Cryptocurrency wallets for Bitcoin, Ethereum, Litecoin, Dogecoin are also available.
While depositing funds poses no problem, withdrawing funds may prove impossible. Only those who managed to do so at the initial stages were able to withdraw funds. Considering that the life cycle of the financial pyramid “SelectedBank” is nearing its end, profits should not be expected. Scammers will walk away with other people’s money and likely launch a new project under a different brand.
Customer Reviews: Review of Opinions on SelectedBank
Since the SelectedBank project restart occurred recently, the company is currently paying profits. According to forum reviews, the amounts are minimal (averaging around $10-20). However, it should be remembered that this project has already shown itself in a negative light, and the situation is likely to repeat. It is difficult to predict how much time this pyramid has left before its collapse.
Experienced investors also try to warn others in their reviews:
Detailed Review of the Fraud Scheme on selectedbank.com
SelectedBank is a pseudo-investment online platform that uses a banal scheme to deceive users. New participants are attracted through a referral program. Generous rewards are promised for bringing in new clients. The essence of partnership is simple: the more people you attract, the more you earn.
As noted, this project targets novice investors actively sought on forums and monitoring resources. Simple registration on the platform and numerous tariff plans attract the attention of beginners. However, many ignore the lack of contact information, licenses, and registration documents. Investors invest funds and expect profits within 10 days, which is typical of financial pyramids operating on the MMM principle.
Summary of the SelectedBank Company Review
SelectedBank is the most detestable pseudo-investment online platform we have encountered. Scammers rely on the fact that people will simply believe in empty promises and hand over their funds to them. Unfortunately, scammers are currently succeeding in this. Users invest in the project. Based on our expert review, the only advice we can give is: do not trust “SelectedBank,” or you risk ending up with an empty wallet.