This review reveals that First Scrap is a horrible investment scam that has already been blacklisted by its home financial regulator.
What is First Scrap
First Scrap is presented as a recycling company that is focused on end-of-life metal scrap. It supposedly has several partners from all over the world and it processing, purchasing and selling materials such as copper, brass, ferrous and nonferrous scrap materials.
The company claims to be very profitable, and that is why it is offering investment plans to the public. The money you deposit allegedly will be invested in recycling and generate your profits.
There are four investment plans with daily returns from 1.55 to 2.45%. The plans have a duration from 140 to 170 days. You can also enhance your revenue by referring other people to the system.
First Scrap is a Canadian company based in New Westminster, British Columbia. But is it legit, can you trust it with your money?
First Scrap scam
We investigated First Scrap and found out that it is an investment scam that at least one financial regulator has already warned against. In this review we explain the main reasons why you should stay away from it.
Blacklisted at home
From a regulatory point of view the most important information about First Scrap is that it has been blacklisted at home, in British Columbia, by the British Columbia Securities Commission.
The regulator concluded that First Scrap is offering investment plans, which is a regulated activity, but has no authorization to do so in British Columbia.
This is a huge red flag, because the company has been blacklisted at home by its home financial regulator. This fact alone should make you stay away from it.
First Scrap’s official website provides one very tangible proof that it is a scam. You will find it in the testimonials, because they are clearly fake.
As you can see in our picture below, the photo of the supposed user belongs in reality to a person with a different name, which is well documented.
This is so typical for online scams, they steal photos all over the internet and use them in their fake testimonials together with fake success stories.
Lying about its history
On its official website, First Scrap claims that it is the largest scrap processing company in the world that started in 2000.
But on the other hand, its domain name was first registered in 2020. Will you believe that the largest company of its kind went 20 years without an online presence and started its website only in 2020?
Well, you should not, because First Scrap obviously is a fake company, it certainly is not the largest scrap processing company in the world.
No, it’s just a scam that started not so long ago, that is all. It has no real history, no real team, no real business activity, nothing.
It’s in the investment plans
It might seem unbelievable at first, but to spot an online investment scam is pretty easy. Because most of the times they offer daily returns that are impossible in the real world.
And that precisely is the case of the First Scrap scam. With daily returns from 1.55 to 2.45% it couldn’t more obvious that we are dealing with a fraudulent investment platform.
That offer equals to 46.5 to 73.5% monthly returns, which is absolutely ridiculous. The best investment companies in the world will be very lucky to do that in one year, and they certainly won’t repeat such returns every year.
So forget about a recycling company achieving such returns in one month. You have to realize that these returns are promised to the user, so the company would have to generate substantially more, because it would not do it for free.
All in all, in order to be able to honor these numbers, First Scrap would have to generate at least 100% monthly returns on the invested money.
Now think about it, they could borrow money from a bank for about 10% per year. But instead, they want you to believe that they would rather borrow that money from you for 882% per year. Does it make any sense to you?
Of course not! Do you see? You just need some common sense and basic math to understand that First Scrap is a total scam.
How First Scrap really works
Let’s not beat around the bush, First Scrap is a Ponzi scheme. It means that it still might be paying its users, but only thanks to an illegal financial scheme that is sure to collapse.
Ponzis just take money on deposits and use this very money to pay out profits to older users. They just redistribute money from newer to older members. And that is why they always fail in the end, it always is only a matter of time.
So it does not matter what phase the First Scrap Ponzi scheme is in, you don’t want to be part of it. It can go down any time, right after your first deposit. Plus, any potential profit you would withdraw would be dirty money taken from somebody else under a false promise.
First Scrap review – Conclusion
First Scrap is a Ponzi scam. It is not a real recycling company, it does no real business. It is just lying about its activities, taking money from new member and giving it to older members. It is sure to crash, and that is why you have to avoid it.
If you are interested in legit investing, you could try it on a free demo account on a regulated platform.
Before you start investing real money, you have to make sure that you understand the risks, that you have money that you can afford to lose and that you have a good strategy.
sorry to say that,…but I recover all my loss with them,..and still continue to make money. moreover,.this company is leagly registred in Canada and totaly regulated and approved by AMF wich is Autotirité des Marchés Financier…I have verified and validated all documents provided with gouv of Canada. .is is a real multinational company offering you a chance to make money while cleaning this planet,..
Why are you lying?
First Scrap is not authorized by the AMF in France: https://www.regafi.fr/spip.php?page=results&type=simple&id_secteur=1&lang=fr&denomination=First+Scrap
First Scrap is blacklisted in Canada: https://www.bcsc.bc.ca/enforcement/early-intervention/investment-caution-list/2022/first-scrap-global-inc
First, you must understand why FS is not registred in BC. And make good reaserch in good spot.
FS is canadian…that mean it must be registred legally in CANADA registrar.
Also…they are legally registred in many other countries..
I can show you lot more…
The fact is, that I was scammed by 21 platform before discovering FIRSTSCRAP..many scam investement website….
but FIRSTSCRAP is the only legit i’ve found.
Moreover,.. FIRSTSCRAP do not use investors money to play in cryptocurrency…they use money investors to buy scrap and import it for treatment.. so by recycling it…the money the company makes can guarranty a good profits for investor..
So that is why I invested in it.
Ponzi scheme ? You serious ??
As I know… they pay ! An they pay well for months and months..
So you can say whatever you want..
They save my life and family and friends..
Also, support is awesome.
You must try.
Registering a company for tax purposes is one thing. It’s basicially about filling in some forms online while nobody verifies the legitimacy of your business.
Offering returns on investments makes you a financial/investment service that has to be registered with financial regulators. First Scrap therefore has to be authorized by financial regulators, but it is not.
First Scrap says it is based in British Columbia, but it has already been blacklisted by its home financial regulator: https://www.bcsc.bc.ca/enforcement/early-intervention/investment-caution-list/2022/first-scrap-global-inc
That is all you need to know about legality and regulation.
Then there are the fake testimonials, etc.
Ponzi schemes can sometimes pay for years, but that never changes their true scam nature and the fact that they are going to crash.
FU*KING SCAMMERS!!! I LOST OVER 100K !!! TEAM NETHERLANDS
The First Scrap company is a complete scam and an organized gang. We “Algerian Team “, have blocked us from withdrawals since January 31, due to KYC verification, which has never been validated and the support and managers (perhaps false profile) do not respond to our messages. Be careful and stop investing your money, you will lose everything!!