In this unbiased Openways review, we take an in-depth look at the controversial entity known as “Openways.” Discover the elaborate web of deceit established by this flagged entity as it exploits unsuspecting investors through multiple dubious means. From pyramid schemes, and network marketing frauds, to cryptocurrency scams and stock market deception, Openways targets unsuspecting investors from all angles.
Openways Review: A Brief About the Entity
Operating under the domain openways.tech or openways.me, OpenWays is a suspected scam entity you should definitely keep away from.
When it comes to the background of the company, Openways isn’t forthcoming about the details. The worst part is that this information isn’t available online either, at least as far as credible sources go. Shrouded by a high level of opaqueness like in the case of Blue Holdings, the firm has failed to disclose its background information, raising serious concerns about its legitimacy and trustworthiness.
As far as the charges go, Openways supposedly comes with a free plan(Freemium) and a paid one(Performance Fee). The company claims that the Freemium plan is free and comes with limited functionality.
Regarding the paid plan, it asserts that you only have to pay a one-off set-up fee of 59 euros after which you won’t be charged anything until you hit 10% profit. The moment this happens, apparently Openways will deduct 15% out of the realized gains in the name of “Performance Fee.”
Openways Review and Scam Signals
Here are critical issues indicating that openways.tech isn’t a trustworthy investment platform:
1. Openway’s False Claims
To begin with, Openways makes unverifiable claims, such as being trusted by over 500k users from around the world and having received praise from world-leading media platforms. However, our search found nothing about the company on the Bloomberg, the Guardian, Reuters, Market Watch, and CNBC websites. The company that has been mentioned by these brands is “Openway,” a global digital payments solutions brand.
Please note the difference between “Openways” and “Openway”, suggesting brand spoofing.
Brand spoofing is when a fraudulent firm uses a name that is almost similar to that of a legitimate firm to confuse people and gain their trust. It’s one of the classic tactics used by scam entities like Openways to lure unsuspecting investors.
2. Openways Does Not Quite Disclose Its Business Model
Notably, openways.tech introduces its services in quite a vague manner, raising serious doubts about the legitimacy of its services and trustworthiness in general. For instance, it claims to provide, in quotes, a range of services revolving around intricate derivative products. This leaves one wondering as to what exactly those services and products are.
Of course, we know that derivative products are futures contracts, options, swaps, forwards, and other financial instruments whose values are derived from the performance of an underlying asset, index, or security like stocks, bonds, commodities, or currencies.
However, Openways fails to provide clear details or transparency about its offerings, a clear indication of a lack of transparency. You don’t want to invest with an opaque company that isn’t willing to provide clear details about its services.
3. Openways Review : The Netherlands Authority for the Financial Markets (AFM) Warning
Third, the Netherlands Authority for the Financial Markets (AFM) has warned investors not to respond to offers from Openways. This came after the regulator established that the entity doesn’t have an AFM license or a European Passport and that it has been approaching potential investors with unsolicited investment proposals.
In fact, the AFM refers to the firm as a “boiler room”. According to the regulator, a boiler room is a collective term for scammers that use clever salespeople to call potential investors, pressuring them into purchasing shares while promising high returns. But, in reality, the shares are either non-existent or of zero value.
4. Openway’s Suspicious Referral Commission Structure
According to the product website, the minimum deposit amount, the maximum amount per transaction, and the minimum withdrawal amount are $10,250, $950,000, and $5000, respectively.
The suspicious part here is the company’s business model, which entails a referral commission structure with a multi-referral plan. Investors supposedly earn commissions for directly referring others and also for the referrals made by those they’ve recruited.
Further, the firm’s referral commission structure supposedly entails 2 levels whereby those on the first level receive a 20% commission whereas those on the second level earn a 10% commission. This is very similar to a pyramid scheme.
Pyramid Schemes?
In case you didn’t know, pyramid schemes are dubious investment programs where participants are promised high profits for recruiting others into the programs, as opposed to from the sale of actual products or services.
5. Openways Payment Policy
The fifth red flag lies around the Openways payment policy, which compels clients to deposit funds only through blockchain. The company doesn’t accept any payment method other than cryptocurrency. This payment policy suggests that openways.tech aims to obscure transactions and evade regulatory scrutiny. It’s a typical characteristic of many scam investment platforms.
Report A Scammer!!!
To do so, go to this page or email scamread@scamreader.info to seek help.
Openways Review and My Final Verdict
To sum up this unbiased Openways review, Openways, which operates under the domain “openways.tech” is a fraudulent firm that engages in all manner of scams. From being a dubious pyramid scheme and a network marketing system to involving itself in cryptocurrency scams and stock market frauds, the company preys on unsuspecting investors from all angles. You should avoid it at all costs.
Openways FAQs
1. Why are there positive Openways reviews on Google?
Answer: Those are false reviews written by unscrupulous authors probably paid by the guy(s) behind this scam system.
2. What is the biggest indication that Openways is a scam?
Answer: The most surefire indicator that openways.tech is a scam is the Netherlands Authority for the Financial Markets (AFM) warning.
3. Why not just report openways.tech to authorities to pursue the scammer(s)?
Answer: When it comes to pursuing dubious brokers, it’s better to work with a private scam recovery service as opposed to the authorities.
First, unlike private recovery firms, authorities usually deal with an overwhelming number of cases, similar to yours.
Consequently, it may take quite long before your case is arrived at.
Even so, there’s no guarantee that you’ll recover your money. Secondly, police will agree to pursue cases where large sums(probably tens of thousands and higher) of funds were lost.
Unfortunately, they may not take your case if you lost a lesser amount.
4. How do I know that I am not possibly being targeted by a supposed scam recovery service?
Answer: A trustworthy company will not ask you to pay a recovery fee in advance. Working on a “no-win, no-fee” policy, we’ll only bill you for a successful recovery service. The amount is usually a small percentage of the recovered funds.