Banker Quotes has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to COS App. We’ve received over 5 complaints against Banker Quotes.
Banker Quotes highlights issues about its lack of transparency, questionable registration, and reliance on unverified certifications. Operating in an uncertain jurisdiction and lacking regulatory compliance, it carries substantial risks as a potential scam. Affiliates can only sell memberships; they cannot offer tangible things. The investment tiers and affiliate ranks, along with potential exit-scam strategies, create a high-risk profile. The lack of regulatory supervision and bad customer service heighten suspicions. When dealing with such firms in the financial sphere, use caution and conduct thorough due diligence.
Get Your Money Back From These Scammers!
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Key Takeaways
Is Banker Quotes Regulated? Do They Have a License?
The internet financial sphere is full of potential, but it also has its share of uncertainties. Banker Quotes’ website lacks ownership or executive information, leaving potential clients in the dark about who is directing the ship. To add to the intrigue, the website domain, “bnkquotes.com,” was secretly registered on January 18th, 2023, further concealing the platform’s identity.
In an apparent effort to create legitimacy, Banker Quotes provides incorporation information for BQ Technologies LTD on its website. However, a deeper look reveals that this apparently registered corporation is based in the Marshall Islands. In the field of due diligence, the credibility of such certifications is called into doubt, as scammers frequently take advantage of the convenience of forming shell corporations with bogus information.
When it comes to determining jurisdiction, the situation gets even more ambiguous. Offshore tax havens are infamous for harboring questionable financial activity, making certifications from these countries even less trustworthy. In contrast to its declared registration in the Marshall Islands, a study of Banker Quotes’ official Facebook page reveals that operations are performed from Colombia.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Banker Quotes is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Banker Quotes, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at Banker Quotes
Banker Quotes, a financial platform, raises concerns with its lack of retailable products or services. As a result, affiliates are limited to selling Banker Quotes’ affiliate membership and have no concrete products to offer potential clients.
Investment Tiers: Consultant ($50): Allows access to referral and residual commissions, but not direct investment.
- Standard ($150): Allows for investments ranging from $250 to $999.
- Golden ($500): Allows investments between $1000 and $2999.
- Titanium ($1000): Accepts investments ranging from $3000 to $9999.
- Platinum ($2000): Accepts investments of $10,000 to $49,999.
- Banker License ($5000): Designed for large investors, with investments ranging from $50,000 to $99,999.
The pay structure for Banker Quotes Affiliate Ranks consists of six levels. The following are the criteria for attaining each rank:
- Consultant: Enroll in one of the associate memberships offered by Banker Quotes.
- Expert consultant: Employ two consultants, one for the binary team’s opposing side.
- Hire: Acquire a minimum of two Qualified Consultants (one for each side of the binary team) and generate a downline charge volume of $75,000.
- Ruby: Recruit at least two Sapphires (one from each side of the binary team) and generate a downline fee volume of $200,000 (with a maximum of $100,000 coming from a single recruiting leg).
- Emerald: Recruit a minimum of two Rubys (one from each side of the binary team) and generate $1,000,000 in downline fee volume (with a maximum of $350,000 per recruitment leg).
- Diamond: Recruit three Emeralds (one on each side of the binary team and two on the other) and generate a downline fee volume of $2,500,000 (maximum of $850,000 per recruitment leg).
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
Affiliates of Banker Quotes are entitled to a 15% commission on referral fees paid by affiliates whom they have personally enrolled.
Banker Quotes allocates residual commissions in accordance with a binary compensation framework. Affiliates are positioned atop a binary team, which is divided into left and right portions, in this configuration.
Apprehensions Regarding Broker and Trading Methods: Banker Quotes asserts that it employs WhizFX as its broker and adheres to the prevalent MT5 + myfxbook strategy. Nevertheless, the lack of audited financial statements gives rise to apprehensions regarding possible fraudulent undertakings.
Consumer Protection and Regulatory Compliance: Although Forex trading is lawful in the United States, adherence to regulatory authorities is critical for the protection of consumers. Contravening regulations pertaining to trading bot information and neglecting to register with the relevant authorities may amount to violations of securities and commodities fraud.
The principal source of revenue for Banker Quotes is new investments. It could be considered a Ponzi scheme if these funds are used to provide daily returns to affiliate investors without marketing or selling products to retail customers. Furthermore, the MLM component of Banker Quotes implements a pyramid structure, which is maintained through ongoing affiliate recruitment.
Consistent with the customary course of MLM Ponzi schemes, new investment ceases as soon as affiliate recruitment declines. This scenario would result in the loss of ROI revenue for Banker Quotes, ultimately culminating in its demise. Broker trading bot MLM schemes frequently employ exit scams, which consist of the bots’ complete dismantling or complete disappearance.
Banker Quotes Customer Service: Do They Handle Complaints Well?
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
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Banker Quotes Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like Banker Quotes tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust Banker Quotes reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Banker Quotes, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Banker Quotes enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Banker Quotes reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Banker Quotes.
You should always look out for consumer complaints. In the case of Banker Quotes, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Banker Quotes? You can share your complaint in the comment section or submit an anonymous tip.
Is Banker Quotes Legit Or Scam?
Banker Quotes is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Banker Quotes can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Banker Quotes?
All the evidence suggests that Banker Quotes is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
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How The Banker Quotes Online Scam Works
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
