Looking for a Cloud Token review? Don’t buy or join the Cloud Token network until you read our detailed report on Cloud Token. We have no agenda and we are not promoters of Cloud Token. We are simply sharing our findings and we believe anyone looking at Cloud Token will want to know what we discovered.
Cloud Token Review
One of the many reasons for creating this site was to educate people on cryptocurrency but also make them aware of the cons and frauds that are coming up with new schemes to take your money and Bitcoin. We have seen so many people hurt by this industry that we wanted to further examine the Cloud Token business opportunity and see if it’s safe for you.
We are not members of Cloud Token, nor are we members of any other competing products so our opinions are completely unbiased.
What is Cloud Token
We have heard a lot of chatter about Cloud Token lately so we wanted to learn more about this company and emerging business out of Asia. From the surface, Cloud Token seems to offer a variety of different products that endorse it’s cross-chain blockchain.
You have the Cloud Token itself but there is a list of supporting technologies that will be launched with it to help increase adoption.
On the site, this is what they state… “Cloud 2.0 is the world’s first social wealth wallet to integrate all blockchain cryptographic assets into one platform.”
The mission is to become a global payment system where they are the de facto token all other cryptos are exchanged through at point of purchase.
But it doesn’t stop there.
They will also include secure storage solutions with the ability to trade cryptos using the Jarvis wallet, which we will discuss in more detail below.
Is Cloud Token a Scam?
We want to know if Cloud Token is a scam or not. This revolutionary idea and concept sounds good and all but there are so many red flags here we can’t ignore.
We understand how excited you are about joining Cloud Token and you just want to do a little research on the program. Or, maybe you are skeptical and you need to hear what I am about to tell you next in order to confirm your suspicions.
It’s hard to tell at first because this topic of crypto is so new to most people but after you examine dozens of home business opportunities in the crypto space, you can immediately identify the pin or pins in the haystack.
If you want to learn more about Cloud Token you are welcome to keep reading but in this section we want to point out some glaring signs of this program being an illegal ponzi scheme.
- The CT has been referred to as an Erc20 token which utilizes the Ethereum blockchain, an environment already designed with apps and cross-chain functionality, rendering the CT coin redundant and not necessary.
- They claim you can earn 6% to 12% every month when you invest but the problem is they are making a guarantee of income claim and that is illegal. Any time someone promises you can earn a certain amount, that is a sign you should look for the exit.
- Potentially not operating on a blockchain, using services like AWS and Microsoft Azure, completely defeats the purpose of promoting cutting edge blockchain technology.
- The Whitepaper seems to be full of false information, misrepresenting people as an adviser of the CT project. (See image)
and another instance here, where this guy by the name of Bryan unwittingly became the founder of Cloud Token.
- No real proof of trading has been demonstrated even though they claim to be transparent with their trading activity.
- The app seems to have many issues and several reviews point out the bugs in the app, the horrible customer support and the difficulty of withdrawing funds.
- Stolen funds from customers has been widely reported starting in November of 2019.
This was just a few of the issues we saw which made us immediately displeased.
10 Reasons Why Cloud Token is a Scam Video
Cloud Token to Cloud 2.0
There seems to be a transition of the company business model where it went from paying you from the profits it collects from Bitcoin trading to using a Cloud Sim card.
During this switch, they stopped the ability to withdraw your funds through the company and started using a third party vendor called “Ribbons”, which to this day doesn’t exist.
Many are speculating this is a shell company created by Ronald Aai, tech developer for CT.
Instead of being able to directly withdraw, now you need to convert your tokens to be sold OTC (over the counter), where you place a sell order in the market to purchased.
The problem with this, which we have seen time-and-time again, the only orders that will occur will be sell orders, perpetually driving the value of the coin down.
What is Jarvis
The Jarvis app is an automated, artificial intelligence wallet system designed to trade your crypto and programmed to earn you a monthly profit of 6% – 12%. Minimum investment of $500 is required with crypto of your choice they have on the list to get started. Guaranteed incomes are huge red flags.
Unlike most trading robots who hide their activity, the Jarvis app claims to be transparent with all it’s trading and will continue to share more of what is happening behind the scenes. We can find no videos or reports showing any type of trading happening and multiple people are saying the trading is being faked.
How to get paid with Cloud Token?
There are 3 ways to earn with Cloud Token/Jarvis.
The main way most people will earn money with Cloud Token is by using the Jarvis trading app and using it’s arbitrage features to gain a monthly percentage.
You spend a minimum of $500 per coin you want to trade and you earn your profits in CT which can be converted to ETH.
We have found it’s easy to deposit money to start trading but that’s when the app stops working correctly apparently. We found hundreds of comments from people saying the app is glitchy and won’t allow trading, or worse, has completely stolen all the funds from certain users.
The second way to earn with Cloud Token is by sharing the system and earning a matching bonus. You can refer as many people as you want and get paid a 100% matching bonus on every person you refer.
The website says you do not earn based on the packages your members buy but based on the profits accumulated via trading. We can’t tell if this is true or not.
The third way to earn is by building a team. Earn a percentage of every member on your team 21 levels deep. This is how most companies make their money. It’s all about the recruiting.
If you find the company doesn’t deliver on what it promises but continues to focus on recruiting, this is a sign that the company will not last and you should do everything you can to retrieve your funds.
What backs the value of Cloud Token?
One major concern with most cryptos launched is the potential increase in value and what will sustain the value? In other words, what is backing the value of a coin and in this case, the Cloud Token claims their coin is backed by the amount of coins they have available currently trading.
As more and more people join, this adds more funds to the pool that is used for trading and going into supporting the Cloud Token.
How do you get Cloud Tokens?
One thing we have seen time and time again with crypto company launches, is developers and owners being rewarded with a ton of coins before anyone else can get their hands on them. It appears that nobody receives any free tokens with Cloud. You can buy tokens but no tokens are allocated for free. Everyone is required to buy the tokens or earn them through a referral business model.
Cloud Branded Payment Card
Another feature being offered is the crypto Mastercards, where you can spend multiple currencies anywhere Mastercard is accepted and pay from using only one card.
Legal and Compliance
This is where we see most crypto companies fail to adhere to important regulatory policies and financial services licensing and certification requirements. We watched hours of videos and read almost every document we could find on the topic and they claim to be fully cooperating and doing everything necessary to remain compliant and above board. We just need to see what happens here because a scammer promising you they aren’t scamming you is nothing new.
Who is behind Cloud Token?
When you review Cloud Token, it’s important to take note of the key people behind the scenes. Impressive presentations and cunning word-smithery is not enough these days to convince people to part with their money. You have likely seen enough scams to make you think twice and be skeptical and that is a good thing.
The Co-Founder of World Blockchain Forum, Sheng Zhao, is a strategic marketing partner with Cloud Token which was comforting to see but also makes me extra curious about why we are seeing all these red flags. According to the WBF, prior to CT, they recognized a smartwallet token and assisted it’s growth from $.40 to $16.00 over 10 months time so there is a history of success with this organization.
We have also watched a few videos with Lead Tech, Ronald Aai, and he seems to have a strong background in blockchain and has been awarded for his contributions to the space.
One other name we have found frequently associated with Cloud 2.0 and Cloud Token is Faith Sloan. Doing a simple Google search and you immediately find out Faith had a recent judgement against her for taking part in TelexFREE, another ponzi scheme, duping $3 billion from their victims. She has been ordered to pay $778,455.
It’s reported she is continuing to commit multiple acts of securities fraud while dealing with this judgement.
Should you buy Cloud Token?
It’s good you are doing your research on Cloud Token. There are lots of scams that exist in the space and because this industry is still new, it has been easy to prey on people that lack the education on the topic.
We have to believe Cloud Token is a scam, as we can identify many areas of concern that you may also be curious about and have been key indicators of other more notorious scams.
This could be a case of the owners not understanding what they are walking into and being in over their head or they were blatantly attempting to scam people from the beginning but either way they are starting to be transparent with the challenges they have.
Ronald Aai recently addressed withdraw issues and why they switched to using Sim data tokens, which has nothing to do with why people joined Cloud Token in the first place.
In our opinion, we would avoid Cloud Token as we are seeing many signs this company might not be around very long. The cons far outweigh the pros in this scenario. More people lose than win in these cases every single time and there are far better ways to diversify your money and grow it than gambling on a Erc20 token.
Cloud Token Alternatives
The Cloud 2.0 company is promising many features under one umbrella but there is really only one feature I am looking for and that is a credit card payment processing platform that allows me to spend my crypto anwhere a credit card is accepted. We have seen crypto credit or payment cards come and go over the years but none of the big ones are around. The common problem I see with most of these companies attempting to offer a crypto payment card is they were not legitimately backed by a financial institution, so it was difficult for them to maneuver through the volatile regulatory parties and most have had to shut down.
As crypto becomes more mainstream and people opt to spend their crypto vs having cash in a bank, we will see more and more banks offer solutions such as crypto.com card, the cards that allows you to spend your crypto anywhere Visa is accepted, without risking it on future software being released.
You don’t need to gamble on a system and deposit $500 hoping they will eventually be able to launch the payment systems you want right now.
You can sign up for a free crypto.com account with this link and earn $10 after registering and depositing funds.
As someone that has been involved in launching cryptocurrency businesses and participating in other opportunities, I fully understand what it feels like to wholeheartedly believe in something and have it blow up in your face.
Most people writing reviews about Cloud Token are promoters of the product and they have no idea what they are promoting. They were told something, believed it, and passed it on because they had no reason to doubt it.
The unfortunate reality is 99% of the crypto investments or home business opportunities in the crypto space have been scams.
And I have fallen for it myself. That’s why I created this blog, to educate people not only about cryptocurrency but the many traps you find in the industry.
As someone that has walked in those shoes as not only a distributor, but a country manager for a crypto company that traveled around with the executive team, running meetings and orchestrating the expansion of our products and services, I deeply know the pain and suffering that occurs when you find it was all for nothing.
Because we have seen so many scams in the crypto space, you will find we hardly ever recommend or suggest any type of crypto business opportunity.
Anything we recommend has been tested and used and generated real results.
There are lots of ways to make money with crypto, you just need to find the right vehicle. Hopefully you learned enough in this article where you can at least spot the red flags of crypto opportunties you come across down the road.
Check out this cryptocurrency trading course to learn from some of the best crypto traders that have a history of success.