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Is Manyways LLC (Trading) a scam? – yes; absolutely!

In a nutshell, Manyways LLC (Trading) requires you to commit to an investment amount (minimum $1,000) for a period of 7 days. Over this week, you can’t withdraw or anything and they say that there will always be a minimum return. The returns are banded as:

  • 20% return with investment of between $1,000 and $4,999
  • 25% return with investment of between $5,000 and £19.999
  • 30% return with investment of between £20,000 and $49,999
  • 35% return with investment of between $50k and $1m.

Deposits and withdrawal are via a selection of Cryptocurrencies.

Top reasons why Manyways LLC (Trading) is a scam

Here are my top reasons why:

  1. Returns are too good to be true
  2. Website content is vague and lacks any proof other then links to Trustpilot
  3. Trustpilot reviews are suspicious
  4. Domain is new and no contact details
  5. Pressure from team to make an investment and offers of tempting returns

We’ll look at these in a bit more detail below:

1. Returns are too good to be true

Even on their entry level “Bronze” package, the returns are shown as 20% weekly, which is over 1,000% annually! That’s a totally unrealistic return and that’s only on the Bronze package! On their top “Diamond” package, that’s 35% weekly or 1,820% annually. There’s simply no way returns like that are possible – and if there were, there would be no point in selling the service as they’re printing money as it is.

It’s all so far fetched and clearly too good to be true so even if there’s the temptation (or desperation) it can only be a scam so stay clear!

Additionally, there’s a reason they only accept payments in Crypto currencies – absolutely no regulation or risk of chargebacks to the scammers. They’re completely unaccountable for with essentially no risk (to them) of comeback as they’re hiding behind anonymity.

2. Website content is vague

The copy on the website is almost hilariously vague:

I wouldn’t be surprised if that was totally Chat GPT generated anyway (along with the content throughout the site). There’s no indication at all as to how the “meticulously designed, time proved, risk-free inter-exchange arbitrage trading system” actually works – it’s just words! Where they then state it’s “low risk” but you don’t get high returns on low risk. In a way, the site has been well constructed to funnel the user through to signing up, logging in and making a deposit. Which is the scammers goal in the end!

3. Trustpilot reviews are suspicious

At time of writing (26th November 2024), there’s a lot of very good reviews and a score of 4.7 out of 5. However, these reviews look really suspicious as they very much look like they’re all written by the same person in the same style. Also, the reviewers all only have one review. Note the spacing around the commas and the lack of full stop at the end and the fact they’ve all been added on the same day! This isn’t consistent with genuine sites.

4. Domain is new and no contact details

This review is interesting because it says about being a customer for 9 months.

However, the domain was only registered on 24/07/2024. Also, there’s absolutely no personal contact details anywhere on the site and the domain registrant has had all their names and details redacted for privacy.

Other reviews include:

5. Pressure from team to make an investment

Will do a follow-up post on this as they’re smart people with a good use of psychology – and it’s worth sharing to spot the signs. Although smart, they are also scammers though!

Summary of Manyways LLC scammers

So, are Manyways LLC (Trading) scammers – absolutely! After a few requests, I engaged with them as further research (which I’ll share shortly) but in the meantime, stay away and stay safe out there. The old adage, if it sounds too good to be true then it is absolutely applies here!

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Budget 2024 – Capital Gains Tax

An increase in CGT was inevitable with Labour’s first Budget since 2010; however, the increase from 20% to 24% (10% to 18% for the lower rate) is smaller than a lot of people seemed to expect, which is a bit of a relief.

As a small investor this won’t be a huge impact although still the rise is frustrating but we’ll just have to work harder! Not turning political – it is what it is!

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Alchemist Summary October 2024

As a very brief summary; started well (back over a year ago), proceeded to be excellent, went downhill and then was essentially disastrous!

In the current form it is not a viable EA as simply cannot handle a currency having continued strength and in October 2024 has had massive drawdowns and triggered the 40% stop-out seemingly across all clients.

When the rewards were quite high, as they have previously been, it was worth the risk. However, with the monthly returns being between 2 and 3% over the last six months it’s just not viable or worth the risk.

One of my accounts hit the 40% stop-out; but cleared the other one with minimal losses, by manually trading and stopping the rather ridiculous strategy the algorithm seems to use. The continually placing of larger and larger trades in the opposite direction to the trends just adds up to a significant (and totally unnecessary) capital exposure. They talk about risk management but seem to have overlooked this programmatically!

Will add more in the future, but essentially – would absolutely advise against Alchemist in the current form. Johannes Pichler and the team claim to be working on a new version, but this was initially shared on Instagram on July 21st and then there have been no further updates until 24th of October when a series of Telegram posts visualised the alleged improvements but no exact launch date has been provided – currently “aiming to have everything ready by the beginning of the new year”.

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Alchemist: Open positions finally closed

The USDCAD positions have finally closed. Although with a loss which does go against what Alchemist claim. Looking at the details, it looks like it’s the swap which has added up and not been taken into account for closing the positions.

However, just glad to see the massive drawdown and all the positions closed is a massive relief.

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Alchemist: Significant drawdown

Some pretty big figures on drawdown. Really tests resilience and confidence in their strategy. Hopefully all the positions will be settled positively, although it’s definitely getting a lot worse than usual.

It can definitely start to pray on minds, but historically positions have been resolved although it’s definitely becoming more and more frequent.

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How it all started

Over some Christmas drinks with some friends the idea came about to start publishing my experiences with trading and investing having spent the last few years with stocks and shares (which won’t be the primary focus of this) and then more recently over the last months experimenting with forex, copy trading and the use of a range of automated trading tools.

Having lost a bit of money and making a bit of money, a strategy and plan has evolved which I’ll document here and keep updated with progress, successes and failures. As with most things in life, it won’t be finished as technologies change and peoples appetite for risk change.

There are some ideas here which may work for you and there might be some short cuts you can take without making the same mistakes (both in terms of time and money) and also always happy to hear suggestions, recommendations and thoughts as to other things to try.