In this post, I exposed COTP, a scam project that is posing as a crypto trading platform.
COTP has been trending because it promises to pay users 100% return on their investments monthly.
Also, it assures customers of a stable revenue using a High-Frequency Trading (HFT) technology.
Sadly, some folks are convinced and are already putting in their money.
Before you join the bandwagon, read this post to understand what COTP is all about.
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1. What Is COTP?
COTP a.k.a COTPS is short for Cryptos OTC Trading Platform.
It is an online platform that claims to provide its investors with passive income.
According to a report by TimesNewsWire, Mars Brown founded the platform in November 2021.
The goal is to make digital currency trading more efficient and transparent.
It tries to achieve this by providing relevant services for blockchain enthusiasts around the world.
Such services include over-the-counter (OTC) trading, arbitrage trading, and wallet.
Also, they claim to use artificial intelligence and algorithms to automatically trade digital currencies and yield profits for investors.
Apparently, if you invest in the platform, you will receive a 100% profit in 30 days. Amazing!
Let’s talk more about how the platform works in the next section.
Read on!
2. How Does COTP Work?
Basically, the platform helps users to complete trades and make profits.
It employs artificial intelligence and algorithms to process trade orders automatically.
Also, the system is set to execute orders every two hours.
Thus, 12 trade orders are completed for each user daily.
Additionally, COTP uses High-Frequency Trading (HFT) to make a profit from every trade irrespective of the market trends.
High-frequency trading is a method of trading that uses powerful computer programs to transact a large number of orders in fractions of a second. It uses complex algorithms to analyze multiple markets and execute orders based on market conditions. HFT is also characterized by high turnover rates and order-to-trade ratios.
https://www.investopedia.com/terms/h/high-frequency-trading.asp
This is how it goes down at COTP:
First, you’ll register an account using the link on the official site – cotps-otc.com.
Next, you recharge the account with a minimum of 9 USDT (you will send it to a given wallet address)
Then you set up a trade order. The system takes it up from there and returns your funds + profit after 2 hours.
Now, you will set up another trade. And you’ll do that every 2 hours.
By the end of the day, you should expect to receive a 3.6% profit of the amount you started with.
Moving on, let’s talk about how much you can earn from COTP.
3. How Much Can I Earn From COTP?
Two core ways to earn from this platform are:
a. Regular investment
Here, you just need to deposit some USDT and place trades, the platform will complete the trades for you.
The expected profit here is 3.6% daily or 100% at the end of the month.
Obviously, the more you invest, the higher your returns.
b. Referral
Secondly, you can earn from COTP when you refer people to the platform.
You earn some commission from the profits of your referrals and from their referrals too.
Find more details below:
Why do I think this platform is a scam? Find out in the next section.
4. Why COTP Is A Scam
I have a list of reasons:
a. No proof of trades and unrealistic returns
Let’s start with the obvious – the outrageous ROI promised to investors.
COTP guarantees users a daily profit of 3.6% which is not feasible.
The worse part is that it does not show how this profit is realized.
Just deposit any amount, trades happen without your supervision, and you’ll receive rewards after 2 hours.
Also, it claims that it trades digital currencies but it did mention any particular one neither did it mention any trading pairs nor trading platforms where the trades are performed.
Investors can only deposit and withdraw USDT, whatever happens in between is not relevant.
When you factor in the referral scheme, it looks like old investors are rewarded from new investors’ funds and not necessarily the outcome of any trading.
Again, COTP claims to be the first to efficiently use HFT yet it is not among the top 20 HFT firms.
b. Unknown founder
Secondly, I couldn’t find the owner of the platform anywhere apart from the news site I mentioned earlier.
Moreover, I saw mainly results for a color type when I searched for that name, “Mars Brown”.
When the founder is not known, it’s only a matter of time before the company folds, and investors’ funds are lost without any trace.
c. Possibility of a rug pull
Another red flag is that users are expected to send funds to a given wallet address.
This means that they have to buy USDT from an external platform.
Shouldn’t a trading platform that deals in digital currencies have a variety of options for users to buy from?
Also, users cannot withdraw their funds until the supposed 2 hours trading session is completed.
Who knows? Whenever the ghost founders have enough funds in the wallet, they could just disappear with the funds.
If that happens, users will wait forever to withdraw their funds.
d. Bad reputation
I searched for COTPS on Trustpilot and there was no review of the platform.
So, nobody has benefited enough from this platform to review it online?
Then on SCAMADVISER, the website was identified as suspicious with a 51% trust score.
Moreover, I sent a query to the email provided on the COTP contact page and I never got a reply.
e. Contradicting company information
COTP claims to have provided rewards to its customers since 2019 but its MSB registration shows that the platform was registered in October 2021.
Meanwhile, having an MSB registration number does not make a platform legit, anyone can get that by simply completing a form online.
Check out the images below:
Initially, it was stated on the website that all digital assets are FDIC insured for up to 250,000 USD per customer.
This is not true because the FDIC insures only regulated companies.
Guess they got the memo and removed it from their site. 😂
According to Whois.com, the company was registered in March 2022.
And if you remember, TimesNewsWire reported that the platform launched in November 2021.
Then I searched on Google for the company address displayed on the contact page and I didn’t see COTP there.
Something fishy is goin’ on!
f. Weak community engagement
I found COTP on Twitter (@CotpEx) and it had few followers for a platform claiming to have existed since 2019.
Plus, the Twitter account was created in January 2022. Oops!
Again, the website advertised on this account – “cotps.net” is not secure.
This website used to have stock photos of the supposed COTP “team” but they are no longer there.
Also, the video of their COO is now just an image and does not play on the website.
g. Multiple websites
You should also be wary of COTPS because its website (cotps-otc.com) is poorly designed.
All the information (some repeated) is jampacked with awkward images in-between.
Also, I noticed some grammatical errors in some sentences.
Then I checked two other websites (cotps.com and cotps.net) linked to this platform and the knots were not tieing.
“cotps.com” was registered in March 2019 while “cotps.net” was registered in October 2021.
Need I say more?
COTP is a typical scam, running multiple websites to lure as many investors as possible.
It is a trading platform yet there’s no evidence of completed trades or platforms where the arbitrage trade occurs.
How about the fake company addresses and ghost founders?
No one will be held accountable when something goes wrong with the platform and investors will lose their funds.
Please stay clear of this platform and save your money.
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5. Conclusion
We have now come to the end of our discussion on COTP. I hope it was worth your time.
This platform will likely fold up once new investments stop or founders garner enough cash.
If you must trade with it, invest only what you can afford to lose and withdraw your profits as quickly as possible.
Do you still have questions about this platform or have thoughts to share?
Please type them in the comments section below.
Also, share this post with your friends before you go, thank you!
Hello..what Arbitrage global trading system (AGT) is it legit?
Hello Lawrence,
We will check the platform out and have a review out soon.
Do you have a recommendation, i want to start with reliable mining platform, please advise me
Hello Aliu, we do not offer financial advice.
Always do your own research before embarking on any crypto venture.
I have account with them and was about to start buy someone said it’s a scam and I should avoid them. Thanks for this article
Wonderful information. Keep it coming.
Great information. Thank you for sharing.
Please dear contact for serious information. I will be kind to here from you
Hello Ferdinand,
Kindly reach out to info@nigeriabitcoincommunity.com to give the information.
Thank you
A friend showed this to me around March and I joined in. I made like a 125% return but pulled it literally two weeks before the site shutdown, simply because I felt like it. I was lucky, but I haven’t heard from him since and I fear he may not be well, as he had a great amount of money invested into it.
It has crashed anyway,I invested my money in there ..if I had gotten this information earlier I wouldn’t had proceeded
Can we connect more I have a content coming up and I will be glad to have your inputs pls… venusfilms4@yahoo.com
Sure!
You can reach out to us at info@nigeriabitcoincommunity.com
Wow.
This is really an in depth analysis as to how to know these scammers.
There is one called tether-coin.vip that’s actually fooling people with trx mining that can be converted to usdt. It has a lot of errors on its page. A closed telegram group and a pure scam site.
Hello Johnson, thank you for pointing that out.
We will check it out and share our findings.
News update… This COTP website has shutdown and members funds are completely trapped. They’re giving their investors hopes with big lies that the website was hacked by Chinese and that funds are safely kept somewhere. Thank God I didn’t fall to the pressure to invest.
At the end of the days u were 100% accurate. The platform has packed up. Please keeping helping with you good reviews & save us from these fraudsters. Thank you
Espero que nadie se registre porque ya no deja retirar los fondos…
Thank you so much for this Ẹye open informations
A friend just told me about it and I decided to check it online to know about it before I came across this your scam alert.do u have any prefer and legit app to trade?
You can check out Binance.
Please how can I learn to trade on Cryptocurrency please get me connected!
Check out http://www.ctmastery.com to start up.
I was introduced to COTP few days ago by a friend, I have signed up but yet to fund my wallet, after reading this, I got stocked.
You have prove your point, can you please give me a similar platform that is genuine and better than cotp. Please
No platform that operates like COTPS is ever known to be legit.
Thanks for this piece
You tried lady, you said the truth.
Aside from all the front-end investigation, I checked their transactions on USDT explorer and found out what they actually do in reality.
After a person registers, he/she is given an address to find with, then after funding, if you check the explorer, you will find out that the fund is moved to another wallet address (that has a lot of USDT in it) entirely, so you will find double transaction for a single deposit you made, first, the one that hits your wallet address and the second is how it is forwarded to the other address, then your wallet balance will read 0USDT even though you have funds in the account, meaning they have a pull of funds collected from people. Then whenever you initiate withdrawal, if you check the txid, you will see that the address from which the money is sent is not your COTP address, it’s from another wallet entirely. So they have a reserved address which is their own, for paying out people who wants to withdraw.
If you monitor the movement of funds, you will see that people are depositing every second so there’s always money if you want to withdraw, the essence of trading every two hours is to make members not withdraw, in reality those numbers in account are just fake figures, they make you click button every two hours to compound the number then you think you traded… After you want to withdraw, they find you from the reserve wallet you’re not trading anything.
So COTP in all aspects is fake, they lied about their website, check it with wayback machine, you will see the original meaning of COTPS which was “Cooley’s Olde Tyme Piano Shoppe” hence COTPS.COM the man was late, so his website was sold and they bought it last year and developed it, it was this year it started functioning fully.
Those fake offices are members who invested in it trying to make people think it’s real, anybody could set up designed shirts m, cup and wood and write COTP on it in a single room with computers. Check their smile, it’s all written on their face they’re strange to the platform.
But greedy Nigerians won’t like to hear these, they will start to rain insult soon. But the truth has been told. Before you say a word, check out all these facts.
It’s well
I’m about to register because someone introduce this cotp to me then I decided to browse about it and know More about it