Dear Scam option,
I would like to know if Toga Capital Limited is a scam, my parents are giving up everything and inviting their friends too for this company, and I would like to know if they’re genuine.
What they do is employ a sort of multi-level marketing strategy, embedded in a an app (trading software sortof) that makes you invest stocks using “toga points”.
Here’s their scheme:
- Vision – They want to be the best messaging app they made called “Toga Chat”, by reaching 500M users by 2019 and being listed in NASDQ where they said they will gain $2Billion
- To catalyze this- They recruit “agents”– each agent invests $100-$3000 in a multi-level marketing scheme, and recruits others (they get half of their recruit’s investment as commission) this “investment” is converted into “TOGA points”
- The “Toga points” can be used to buy “STOCKS” shares in their created Binary Options platform (trading software) called “TOGA Options”
- They promise that if they are able to buy 100 shares using the “TOGA points”, they just sit back and it will become $820,000 by 2019 (once they become listed in NASDAQ as IPO)
- They have legitimate looking websites: https://www.togacapital.com/ and is in bloomberg https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=207422249
This is very critical since they’re recruiting a lot of people to invest in their promise. When they buy stocks using the “toga points” they dont get any certificate, but the company says that they will have the certificate once it’s in IPO in NASDAQ by 2019.
Please please let us know if this is legitimate, we know nothing about this field, and I dont want my parents to risk everything they worked hard for.
Any legal binary options broker will have a license in your local country. If they are not licensed locally, then do not deal with them.
The easiest way to see if the broker you are dealing with is legal, is try withdrawing your money. If they don’t process your withdrawal that day, then call you banks fraud department.