Opinion Disclaimer: the content in this review is ultimately a reflection of my own opinions and is not intended to malign any religion, ethnic group, club, organization, company, individual, anyone, or anything.
Are you thinking about getting involved with The News Spy?
Please don’t.
Because as I’m about to reveal in this genuine News Spy review.
The whole thing is just a rehash of the classic binary options and crypto scams.
What is The News Spy?
The News Spy is marketed as a piece of ‘high-tech’ trading software.
That’s supposedly able to scan ‘hundreds of relevant news sources 24/7’ to give you an edge over the markets and allow you to make ‘£1,500 daily’.
But that’s not how The News Spy works at all.
The true purpose of The News Spy’s website is to trick you into depositing £250 (or more) with an unregulated broker.
And for reasons that I’ll reveal in just a moment.
There’s an exceptionally high probability that you’ll NEVER see that money again.
Who’s Behind The News Spy?
Although this scam has its variations.
It’s likely that the people behind The News Spy website are affiliated with the scam broker.
Which means that The News Spy will make money when they refer a new ‘victim’ to the broker.
And they may also take a percentage cut of the money lost by the ‘trader’ to the broker.
The broker will make money simply by enticing you to deposit more and more cash.
And then do everything they can to prevent you from withdrawing it.
Can You Make Money With The News Spy?
Absolutely not.
I’ve seen this type of scam more times than I can remember.
And I’ve never heard of a single person making any money.
How Much Does The News Spy Cost?
You can ‘join up’ for free.
But that’s part of the scam.
Because once you’ve done that.
You’ll be called and emailed relentlessly by a ‘trader’ who will try to pressure you into making a minimum deposit of £250 to their ‘recommended’ broker.
Do NOT deposit any money.
Or give away any of your personal information for that matter.
Fake Reviews of The News Spy
There are some ‘positive’ reviews of The News Spy online.
They are fake and not to be trusted.
Because they have been fabricated by biased affiliates that stand to make money if you ‘join up’ through their links.
Watch Out For ‘Recovery Room’ Scams Too!
If someone contacts you offering to ‘recover’ the money that you’ve lost to an investment scam.
IGNORE IT!
Because this is what’s known as a ‘recovery room’ scam.
Where fraudsters target ‘sucker lists’ of people who’ve been the victim of known scams in the past.
In a secondary effort to syphon even more money from them.
They’ll typically ask for an upfront payment for their ‘services’.
And then you’ll never hear from them ever again.
These scumbags aren’t against randomly spamming inboxes in an attempt to get lucky either.
For example, I keep getting emails from scammers offering to help get my money back from the ‘Golden Markets’ fraud.
Despite the fact that I’ve never been affected by that known broker scam.
Here’s How The News Spy Will Scam You in 3 Steps
As I said.
This is basically a copycat of the classic binary options scam.
Watch this video to see how it works:
I always like to test things out first-hand to make sure that I’m not missing anything.
So…
I actually went ahead and joined The News Spy.
And I can confirm that the whole thing is a complete scam as I expected.
Here’s how The News Spy scam works.
1: Deceptive Website to Gain Trust
I have to hand it to these pieces of dirt.
They really do know how to throw together a legitimate looking website.
However, everything that you see on The News Spy’s website is completely fake.
From the carefully edited ‘above-the-fold’ video.
To the phoney endorsements from reputable sources like ‘CNBC’.
And even going as far as paying actors for their video ‘testimonials’:
The real aim here is to capture your email address and your phone number using the form.
So they can pressure you into making a deposit with the scam broker.
And there’s also the added risk that your details will be sold on to other criminals.
Who may add you to a ‘sucker list’.
So that you can be retargeted with recovery room, phishing, and other nasty scams.
2: Tricked Into Depositing With Scam Broker
This is what the whole scam boils down to.
Getting you to deposit money to an unlicensed broker that’s going to do everything they can to take your cash.
When I joined up, I was redirected to the Kruger Exchange broker.
And right away I was asked to deposit 220 Euros to begin trading.
Because in addition to my mobile phone exploding with pressure calls from this outfit.
I even had one of their ‘agents’ hounding me in the chat-box:
Kruger Exchange Reviews – FCA Scam Warning
I looked for some Kruger Exchange reviews online.
And not only did I discover a slew of negative reports from customers.
I also found an official warning from the FCA:
‘Marketing Essentials t/a Kruger Exchange Ltd: ‘We believe this firm has been providing financial services or products in the UK without our authorisation… ‘Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us. ‘However, some firms act without our authorisation and some knowingly run investment scams. ‘This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation’.
Source: FCA – Warnings: Marketing Essentials t/a Kruger Exchange Ltd
Note the Address to Avoid Similar Scams
It’s quite common for multiple scam brokers to all share the same ‘business’ address.
This can quickly help you link dodgy brokers and stay out of trouble.
The same FCA report cites that the contact details for Marketing Essentials t/a Kruger Exchange Ltd are as follows:
Address:
1111 Sofia, Shipchensky St. 43 A, Bulgaria.
Telephone:
07418442870; 07520644243; 07520644248; 07520643986; 07520665812; 07520665867; 07520643578.
Email:
compliance@krugerexchange.com
Website:
https://www.krugerexchange.com
Don’t Be Fooled By The Fancy Software
You’d be forgiven for thinking that the trading interface provided by the Kruger Exchange is legit.
However, my research strongly indicated that the platform they are using is so widely used by shady brokers that it’s been dubbed ‘Scamex’.
3: Your Money is Taken
I went in search of some concrete proof that Kruger Exchange is a scam broker.
And I found plenty of it.
This forum post on Forex Peace Army reveals that Kruger Exchange withdrew more money from a user’s bank account than requested.
With further posts stating that one user had their £5,000 withdrawal repeatedly stalled.
The Kruger Exchange also appears to use the ‘in-and-in’ technique.
Where they claim to match your deposit with ‘real’ money.
The only problem is that you’re never allow to withdraw it.
And it looks like they’re not against changing their domain name and ignoring emails either:
Image source: FPA – Forex Scam Warnings and Traders Court: ‘Scammed by KrugerExchange’.
Conclusion: Avoid This Malicious Scam
The Kruger Exchange is almost certainly a scam broker.
To which The News Spy website is clearly connected to.
As a result?
I can conclude with almost 100% certainty that The News Spy is a scam.
You’ll almost certainly lose money.
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