Cobalt Code is a binary trading software that claims to make an average of $12,875 a day, but don’t be fooled. Cobalt Code is a scam, just like many other binary auto-traders out there.
We’ve done the needful investigation and documented the evidence here, so make sure you go through this Cobalt Code review before you sign up for an obvious scam.
LEGITIMATE? NO, IT’S A SCAM
(full list of all reviewed scams)
The Cobalt Code Review
The Cobalt Code comes with ridiculous promises
The Cobalt Code by Grant Stone is said to be a binary trading software that specializes on cobalt trading using binary options.
Grant Stone claims that he worked in the mines for 20 years and has been monitoring the prices of cobalt very closely.
Once he was out of the job he created a trading software to share his knowledge and to help ordinary people make millions of dollars.
To the inexperienced traders, binary options is essentially a trading instrument that closely resembles gambling.
With binary options, you guess if the price of a certain asset will rise or fall after a short period of time (within minutes), and make a bet.
You gain a profit if your guess is correct, but you lose what you bet if you are wrong. The odds of winning each trade is at 50%, as good as a coin flip because market movement in such as short period of time is random.
The catch is, even if you achieve a 50% win rate, you’ll still lose money because the winning profits is always lower than what you bet for each trade.
It’s so risky that even Forbes warned us against gambling with binary options.
However, most victims of online scams are easily drawn to quick profits, and they fall into traps like Cobalt Code time and time again. The scams promises huge profits (which is fake) to lure its victims in.
Cobalt Code Uses Fake Member Testimonials
These members of Cobalt Code are fabricated
Our job here is to reveal the scam for what it is, and to prevent our readers from losing money to these scams. So here’s our first piece of evidence.
Below the sales video, you can see a series of member testimonials that seem to give highly positive reviews for the software. Each one of them seem to be making a major financial gain.
But how do we know if these members are real? The only way to trace them was to conduct a background check on the profile pictures provided.
Fortunately, this can be done relatively easily with search algorithm. We’ve identified the source of these member photos, and none of them are related to the scam.
The first fake member, “Robert Hatfield” is actually Dunedin Airport CEO called Richard Roberts, and the original photo can be found in Otago Daily News.
The second fake member, “Frank Lee” is actually Dr. Jack Ringer, a dentist from dentalcosmetics.com.
The third fake member, “Ruth Roush” was actually Tanja Pas from LinkedIn, but the picture has since been removed.
Interestingly, the same set of picture was found in another scam we have reviewed earlier – Disrupt Trading scam.
Same set of profile pictures found in Disrupt Trading scam
The scammers at Cobalt Code have flipped the pictures horizontally to make sure reviewers couldn’t trace them back to the previous scam.
You can see that the names given to these fabricated profiles are completely different, too. Needless to say, these members are fake and the profits quoted by them can’t be trusted at all.
The fake profiles are here to give victims a false impression that the software is working for other people out there, but in fact it’s not.
There are no real members of the software that they have to resort to using stolen pictures from the internet.
Cobalt Code Uses Standard Scam Template
Cobalt Code uses a very predictable format for online scams
After reviewing more than 100 binary trading software scams, it became apparent to us that many of these scams operate under a standard template.
For example, they always start with a highly exaggerated headline in the homepage to grab the victims’ attention. It’s almost certain to start with “Make $xxx,xxx a day easily!”, followed by an auto-play video that aims to brainwash you.
These scams usually put up fake guarantees of profits, and make fake promises to make it sound like it’s totally free to get started.
Once you are convinced that the software works, you are brought to a registration page where you need to register for a brand new broker account. In the process, you give up your phone number to the broker.
After that, you will be prompted to fund at least $250 to start trading. If you don’t, you will receive high pressured sales calls from the sales manager to make you deposit money into the account.
To get an idea of how victims are pressurized, read through the comments from our readers in Online Wealth Markets scam review.
Once you fund your account, the money is as good as lost. Your account will be depleted in a quick succession of losing trades, and this is how the scammers make money off you.
A good way to prevent yourself from falling into scam is to remember a rule of thumb – if it sounds too good to be true, it is probably a scam.
Is Cobalt Code a Scam?
YES, COBALT CODE IS A SCAM. We strongly advise you to stay away from the scam if you don’t want to lose your hard-earned money.
You’ll be better off spending that $250 deposit for a nice dinner with your family than wasting it on a scam like this.
If you want to make money online, there are much better alternatives than trying your luck with binary options:
Have you encountered any online scams before? Personally I’ve fallen for a few before coming across the legitimate one, so let us know in the comments below if you have any personal experience to share!