ArBinance – Review (English)

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ArBinance – Review

So today I’m going to review our finance now this is an arbitrage trading platform I’ve been looking at it for about four days I put in 13 trades I’ve been in contact with their team asked them lots of questions didn’t get full answers and I don’t know if I ever will but I’m going to do this review based upon the information I have at this time all right let’s get to it now we’ll just show you a quick look at the platform you can see there’s a lot of fancy graphics here it’s visually very appealing quite a lot of information so here’s the trading volume and our profit on the right and then these are the offers so they offer roughly five offers at a time Daniel search isn’t working coming soon or Never but we have these best offers here so you click on an offer tells you that the return here and pure profit is going to be 0.77% processing time 267 minutes in this case it fluctuates between three and a half and four and a half hours now I’ve got an order active here at the moment on the right hand side so this pure profit here that’s the main figure we’re interested in this order is percent profit and it’s got one hour eleven minutes remaining on it and you got this nice graphic here showing you the progress of that order and then down here on the left and available balance it shows you your different cryptocurrencies that you have and the other main thing if I look on trade history so shows I have 13 trades made and it lists all the trades here on the right and so quite a nice interface very simple to use so what is our finance well their company out of Hong Kong and they went live on the 9th of September 2019 so very very new at the making of this video anyway they claim to be doing arbitrage trading and I emphasize the word claim now as you saw on the other screen they give you five up to five offers to pick from it isn’t always five and that’s it so the only visibility of what trades may or may not be happening in the background is those five offers now in other platforms you might be given the option to choose which exchanges your arbitrage in between now they did have that manual option I just briefly clicked on where it said coming soon but to me coming soon could also be read as never to be seen yeah it might come in the future but it’s not there now so when they say they’re trading there’s so little information to prove that they’re trading that I don’t think they are now they have a quite nice feature where you can put in Bitcoin say $100 a Bitcoin and then one of these offers might be stellar or aetherium or a cryptocurrency that you don’t have any assets in on the platform but you can still trade on them because what they’re doing is they convert your asset into US dollars and then they trade from there so it’s very flexible in that regard now because some of the trades can be done in three and a half hours and because there’s only a five to ten minute waiting time between each trades you can potentially squeeze six trades in a day then that’s a lot and if you say you’re getting an average of percent profit per trade you know that’s potentially five and a half percent roughly per day which is a lot but to do that you wouldn’t be getting any sleep or you’d be setting an alarm or waking up in the middle of the night to place trades and most of us have a life and can’t do that so wouldn’t it be nice if they had an automatic function well unfortunately they don’t everything is manual now one thing that’s very very suspicious with this platform is once a trade is placed the profit is immediately assigned to you now what happens if the price changes during the order well you’ve already got the profit it’s already being assigned now I’ve only done 13 trades I haven’t seen any cancellations the way it seems to work here I don’t think he ever would see a cancellation because they’re assigning that profit immediately that is a red flag to me now they have monthly membership fees which you know I don’t like I don’t think anyone would like if these guys are actually trading then they’re making profits off the trades why would you additionally have a monthly membership now the monthly membership fees open up extra things like at the high level you can have more than one trade at the same time more than one withdrawal per day well yeah that’s nice but why would I have to pay for that so I don’t like that at all now it’s nice that we can withdraw our funds after each trade so that’s good liquidity but the withdrawal fee is an eye-watering ten percent so let’s look at a negative scenario you put in $1,000 you do one trade let’s say you get 1% so you’ve now got a thousand and ten dollars you think okay I tried the platform out I want to withdraw you’re now gonna get a hundred and one dollar withdrawal fee I mean how outrageous is that then when I contacted them about this I said look I said that’s gonna be a deal-breaker for most people a 10% withdrawal fee they said well we don’t have any plans to change that so anyway I think that really sucks now the owners are not currently known so when I contacted them about this and I said you know who’s behind this like to see some evidence of who they are give me some you know digital footprints for them etc they said yes we will share our story with you but then after a couple of days I didn’t hear anything like chase them and they said oh oh look we’re so busy our launch has gone so well we will get back to you just give us some what well if you look at this whole slice their site has obviously taken a lot of money to put together it’s a beautiful interface they’ve had some really nice designers here it’s quite unique I haven’t seen anything like that before so I don’t think it’s a template they have this beautiful presentation at the beginning on the homepage a video of two grown men running around acting like kids and the quality of that video is Hollywood level so it must have cost them quite a bit to have that done so they’ve really gone for visual aesthetics they want people to be drawn in by the look of this site and I think that’s because there’s not a lot of substance behind it I think what we’re seeing here is a lot of smoke and mirrors now if you go to all that effort to make a site like this and don’t put down who the company is who the people are behind it that’s a very deliberate action you don’t just accidentally not put that in there they’ve deliberately withheld that information and that tells me they want to remain anonymous and I don’t like that lack of transparency so what is my verdict on this platform well I like to always start with the negative first get that out of the way and unfortunately there’s quite a lot of negative points about this platform the first thing no transparency that means we have to assume that this is a ponzi now I’ve seen other platforms similar to this where there is certain evidence even though there’s a lack of transparency with this I don’t see any evidence at all the 10% withdrawal fee is a major major no from me that means that you could be trading for three full days in order to pay the withdrawal fee so it impacts the liquidity your ability to draw out your money whenever you want because if you withdraw within the first three days of full trading you’ve lost money and that’s not okay I don’t like that you can trade only one coin at a time and I don’t like that you can only withdraw once a day why I don’t understand why they would even put that restriction and even the membership fees only mildly enhance those restrictions so I think that’s stupid I don’t like the monthly membership fee it doesn’t actually add a lot of value all they’re doing is controlling the volume that which you can trade at per day and you can end up paying up to $500 a month to be able to trade as much as you want now if this was a transparent platform and it was fully legit I’d actually consider that monthly membership fee but because it’s not transparent and because I don’t think they’re actually trading it’s just a another way of extracting money from us in my view the whole operation is a scam it just looks like smoke and mirrors to me and it’s easy to get distracted by you know something glitzy something beautiful but I’m very very dubious that there’s any substance at all behind this so that’s the negative side now there are some positives so trying to be balanced here the site looks good and it’s easy to use and for something like arbitrage which can be quite complicated and it can be overwhelming for some P well I think they’ve done a good job on the site I like that we can withdraw our capital after a trade so that’s good liquidity overall and support is pretty good because they reply I don’t have the full answers the things I’ve asked for but at least they replied and I like that we can trade on any currency even if we only have one coin like bitcoins we can still trade on any of the offers that are presented to us so taking all of those things into consideration I do not recommend this platform I have a few dollars in here I am gonna continue trading them for a little while I will withdraw at some point it is possible that in the future some new information will come to light some transparency or something that might change my mind about this platform but as it stands this is super high risk my view at the moment is that this is just a cash grab they’re just going to grab as much cash as they can and when they’ve reached a certain number we know whatever number of millions that happens to be they’re just gonna disappear with that money and we won’t know who they are that’ll be the end of it another scam so anyway sorry to be negative guys but that’s my view on at the moment all right take care

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