Torque Bot review – a HUGE scam [Bitconnect clone!]

Torque Bot review

This review of Torque Bot is a warning against a cryptocurrency scam that is destined to end very badly.

What is Torque Bot

Torque Bot is a cryptocurrency trading platform that trades on behalf of its members and supposedly makes them money.

The company allegedly uses artificial intelligence as well as manual trading to achieve daily returns that range between 0.15% and 0.45%.

The main strategies revolve around arbitrage trading and scalping.

The Torque Bot company allegedly is based in Singapore and its CEO is Bernard Ong. It also is supposed to have offices in four other countries in Asia.

The minimum deposit to start investing with Torque Bot is 0.02 BTC, or 1 ETH, or 5 LTC, or 250 USDT, which basically means the equivalent of 250 USD.

Deposits are made in mainstream cryptocurrencies and converted to the Torque Token (TORQ). Profits are paid in TORQ and the minimum withdrawal amount is the equivalent of 2 USD (2 USDT, or 0.0005 BTC, or 0.01 ETH, or 0.001 LTC).

You can use a mobile app called Torque Super Wallet to do all your business with Torque Bot.

Features

Is Torque Bot legit?

No, Torque Bot is not legit. First of all, it is a completely anonymous operation. On its website we found no contact information at all. Claims about offices in Singapore and other countries are extremely likely false.

A legit company would provide real contact information and proof of registration and regulation.

Let’s get this straight: Torque Bot is providing investment services, because it offers returns on investment. This means that its activities are subject to financial regulation.

This also means that Torque Bot needs a license from a financial regulator valid in every country it wants to have users in.

But in reality, Torque Bot is not registered nor licensed in any country in the world, therefore it is an illegal investment service. It is not legit!

Torque Bot Holdings

The Torque Bot scam

The truth is that Torque Bot is a scam. We needed just a few minutes to see that it is the old Bitconnect scam recipe recycled again.

It works like this: You create a Ponzi scheme that is doing nothing but redistributing deposits made into the system. You make up a story about how you generate profits in crypto trading, while in reality you don’t do any real trading.

To rip off your victims twice, you sell them your own worthless scam coin (TORQ) and take their real cryptos, so that they are left completely empty- handed when your house of cards collapses.

We have seen many scams using this recipe, like Netfix for example, and Torque Bot is one of them.

To be clear, Torque Bot is not doing any real cryptocurrency trading, at least not profitable. It’s a Ponzi scheme that relies solely on deposits, it uses them to pay out profits. Which means that sooner or later it has to collapse.

Referral system

Irrational returns

One of the giveaways of investment scams is the promise of daily (more or less) stable profits. Because it is not possible to have daily profits in financial trading, let alone in crypto trading.

Every real financial trader will tell you that it is impossible to be profitable every day. Heck, even every week in green is close to a miracle. That’s just how financial markets work.

Moreover, Torque Bot is promising up to 13.5% monthly returns just from trading. Then they promise 97% of you referrals’ deposits across seven levels. This means that in total their trading would have to generate a lot more than 13.5% monthly on a constant basis, which is ridiculous. One of the reasons is that arbitrage trading is not scalable.

Not to mention that Torque Bot claims that it is completely risk free, which is another total nonsense in the world of trading. Financial trading always is risky!

All in all, the investment plan of Torque Bot is a big proof that the whole operation is a scam.

No risk free trading

TORQ scam coin

As we have already mentioned, the Torque Bot runs on its native Torque token (TORQ). This is a scam element that should make look the project legit, but it is not.

The TORQ token is an absolutely worthless piece of garbage. No reputable cryptocurrency exchange is trading with it. It is listed only on Yobit, where the TORQ liquidity and daily volume are practically zero.

What does it mean? It means that TORQ has no value and you can’t exchange it for real money, it is worthless. Therefore, being paid in TORQ is equal to not being paid.

You are dependent on scammers who run the Torque Bot if they will be willing to exchange your TORQs for a real cryptocurrency and let you withdraw.

How Torque Bot works

We have already touched this subject, Torque Bot works as a Ponzi scheme. It depends on people depositing money into the system.

All deposits are gathered in a pool and this money is then used to payout daily profits. You can probably guess that total deposits need to be higher than total withdrawals, otherwise it won’t work.

And this is precisely what Ponzi schemes rely on. At the beginning new members are rushing in and the velocity of deposits exceed withdrawals. More and more money is coming in and withdrawals are delayed relatively to the deposits.

But with every Ponzi scheme there always comes the day when there are not enough deposits to cover the withdrawals, which brings the inevitable collapse. Torque Bot is going to collapse, the only question is when.

Don’t join it, because it can collapse right after your first deposit. Even if you manage to pull out some profits out of Torque Bot before it collapses, it would be somebody else’s loss. Because remember, Torque Bot is not doing any real trading, it just takes money from some people and gives it to others. Don’t play this game of the greater fool, it always kicks back.

Torque Bot scam

Torque Bot review – the conclusion

Torque Bot is a scam, a Ponzi scheme that is destined to collapse. The Torque coin is a worthless piece of garbage that is not tradeable on any reputable exchange. Stay away from it as far as you can!

If you are interested in legit cryptocurrency trading, you can start on a free demo account with a regulated company and see how it really works.

If you decide to invest real money, please be sure to understand the risks and have a good strategy.

If you want to support our work against scams, please consider getting a Detective Tiger TBBOB NFT.

Comments 104

  • I DEPOSITED BITCOIN IN A TRADING WEBSITE ,THEN I WANTED TO SELL AND
    WITHDRAW MY FUNDS AND PROFIT FROM THEM, I HAVE MAILED AND MESSAGED
    THEM, BUT NO RESPONSE.. I SEARCH FOR HELP, GOT SCAM BY ONE RECOVERY
    COMPANY, WAS SO SAD…

    • Not enjoying reading stories about people who lost money in this, but yeah, that’s why I try to warn them with my reviews.

  • They already ran off with the money. I can’t believe you all actually believed the stories they cooked up giving them time to withdraw and escape. Now everything is gone now and you wont be able to find them. Hope you all learnt a lesson. Anything that promises you 10% per annum returns be prepared to lose it all.

  • Hello all!

    This is an action item list we came up with on the Zoom call last night –

    please commit to doing these within the next week in order to keep up pressure and momentum, and, in the case of #2, ASAP

    1. Contact your country’s embassy in Singapore to report Torque. You can try to file a police report with the Singaporean Police, but as a foreign citizen, we’ve been advised a more effective strategy may be to file a report locally and then contact your embassy to have them bring the local police report to the Singaporean authorities.

    – getting as many of these police filings as possible is important to pressure the police to open an investigation! –

    (for the US: website – https://sg.usembassy.gov/u-s-citizen-services/victims-of-crime/

    email: [email protected])

    2. If you want to explore the possibility of a civil suit against Bernard and the Torque Team to recoup loses, PM John in the channel with your name, email and how much you lost. He is taking point on working with a law firm named Drew & Napier in Singapore. We are just looking to set up an initial meeting to see what our options are, so you wouldn’t be committing to a lawsuit. The more of us there are, the better chance we have. Please do this ASAP.

    3. Contact to file a complaint: https://www.acra.gov.sg/compliance/enforcement-policy-statement/filing-a-complaint-on-alleged-offences

    4. Dive deep into your networks to see if anyone in there can help us – journalists, private investigators, lawyers, social media gurus with large followings, etc. We want to leverage as many skills and areas of expertise as possible.

    5. If you have large social media followings or expertise and in that domain, let us know – we want to come up with a strategy to try to make what Torque did go viral. It will probably make sense to create an active working group around this.

    Thank you all so much for being involved in these efforts. Torque is counting on us not coming together and standing up to them. They are wrong and we can show them just how wrong they were to steal from us. It only takes one path of action to work.

  • My buddy lost 10 eth recently in February because of the scam. Torque ceo must be making new accounts and writing these comments. Its a SCAM. My friend lost 10 eth i told him not to use it!!

  • You are fu*kin right mate. Well done.

  • Ppl said it’s not a scam should slap their faces.LOL

  • So Where’s the apology owed to James?

    • Haha, there’s no apology because the ones bashing him are Toque employees. Like he said, 4 “personalities” from the same IP address.

  • The absurdly high number of comments bashing this post is itself a red flag. Obviously the ones running the scams came in here to do damage control. Well, the scam has been proven, well done to the author.

    https://torquesuperwallet.asia/2021/02/09/letter-from-torque-ceo/

  • I tryed to get may capital out 3 days ago and instead got a letter from CEO stating that withdraws are not possible due to great loses..! defenitly a scam.

  • Yeah I saw the letter. I had quite a bit in there. Only time will tell if its a legitimate loss or these guys are scammers.

    Hopefully in a week we know….Worried about how much the loss is…

    • Stay strong. Heard loss is upwards of 60%. It is increasingly apparent that it was a scam from the start. How could it be that crypto are generally rising yet they purport to make a big loss?!? More likely that they couldn’t make good on the withdrawal, hence the letter.. I have 6 digits value in it…

  • I hope nobody got burnt.. I just received a letter from torque purporting a steep drop in value of my holdings.. Hope it is not true..

  • This person either doesn’t give a crap about researching proper information. Or he’s just dumb.

  • you are shilling on torque and recommending e-toro ya bro ?
    let me think, wouldnt that have some kind of referral link so that u can earn from writing this blog. u are writer with a hidden motive.

  • Just changed my mind opening a Torque wallet. Thanks! Had enough of scams. People keep defending scams that are even doomed by regulators. Burned my fingers 3x in one month. Not investing when there is even a remote chance of a scam. These other scams came highly recommended and some people made lots of money, but others lost lots of money and lost their entire life savings. They were running for good time periods, just to lure more people.

  • lol. loser promoting other project say that the most legitimate project is a scam.

    Uninformed Article.
    Useless and rubbish facts.

    Just a loser trying to promote his own project and just envious and jealous of torque.

    Next better writer pls, what a waste of my time.

    • Can you please tell me what is my project? Because I am not aware of any project that would be mine. Would be cool, though, to have one.

  • Wow, after your thorough review of Torque you can’t even provide proof that Torque’s trading system is not real. The least you can do is do some digging since you’re a BIG SHOT critic, right? Why not get in touch with binance and get some verification about Torque’s VIP 9 status? Or setup a zoom meeting with Bernard Ong. Ask all the questions you want. Ask for some proofs. You say it’s your opinion that Torque is a scam. But all you did in your review is just discrediting Torque’s claim WITHOUT PROOF. Come on bro, you can do better than that.

    • Without proof? How can I prove that something does not exist? The cryptocurrency TORQ does not exist in a public form, it is not traded anywhere. Prove me wrong.

      • it exist… but u just cant be bothered to go and arrange a session with the ceo or check with binance. easier to say the whole thing doesnt exist.

        • The thing is that legit cryptocurrencies are decentralized and open, they run on public blockchains that can bee seen and verified by anyone on the internet. So show me the TORQ blockchain, the transactions and everything. Right, you can’t…

  • Torque has VIP 9 status at binance, I’ve been to the Singapore office physically. You make statements based on your own opinions. Have you actually fell victim to this so called scam or are you talking out of your ass? This site itself smells like a scam.

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