Was berry.im legit in South Africa? berry.im Trading Platform offered a user-friendly platform for individuals to invest in the digital asset market. Here’s everything you need to know about Berry Crypto Trading Platform in South Africa.
ALSO READ: Berry.im Login South Africa Guide
What was berry.im?
berry.im catered to those interested in venturing into the world of digital assets. Its user-friendly interface allows for easy buying, selling, and trading of popular cryptocurrencies like Bitcoin and Ethereum. Beyond simply placing trades, berry.im offers tools to analyze market trends and manage your crypto portfolio, empowering you to make informed investment decisions within a secure environment.
What happened to berry.im?
According to various sources, Berry.im was a Ponzi scheme that offered a cryptocurrency and claimed users could earn passive returns. In reality, it appears Berry tricked people into clicking buttons at specific times to make it seem like they were trading. Various news sources also detail several exit scams Berry offered to try and recoup money from investors. These included recovery fees, an acquisition by a fake company, and a new token. Ultimately, Berry locked users’ tokens and disappeared.
Known website domains associated with Berry include:
- berry.im – privately registered in or around June 2022
- berry.band – privately registered on June 11th, 2022
- berry.tips – privately registered on June 11th, 2022
Was berry.im legit in South Africa?
There are strong indications that berry.im was not legit in South Africa. Here’s why:
- Negative Reviews: Many users report difficulty withdrawing funds and believe it to be a scam. Reviews on platforms like Trustpilot and YouTube are overwhelmingly negative, citing issues with withdrawals and questioning its legitimacy.
- Low Trust Scores: Independent review sites like Scam Advisor give berry.im very low trust scores. This suggests a high risk of being a scam.
- Recruitment Focus: Berry.im appears to heavily focus on recruiting new members, a common tactic of pyramid schemes.
How did berry.im work?
Berry.im likely functioned similarly to most cryptocurrency exchanges. Users would create accounts, deposit funds (either fiat currency or existing crypto holdings), and then use those funds to buy, sell, and trade various digital assets.
The extent of Berry.im’s features is uncertain. While it might have offered basic trading functionalities, details about margin trading, supported fiat currencies, and even trading fees are unclear.
South African Resources
South Africa has regulations for financial institutions, including cryptocurrency platforms. Here are some resources to help you identify legitimate options:
- The Financial Sector Conduct Authority (FSCA): The FSCA regulates financial institutions in South Africa, including some cryptocurrency platforms. You can check their website to see if a platform is registered: https://www.fsca.co.za/
- Reviews from Reputable Sources: Look for reviews of cryptocurrency platforms on established financial news websites or trusted review platforms.
Conclusion
In conclusion, due to the lack of transparency and red flags, it’s highly advisable to avoid Berry.im. Always exercise caution and conduct thorough research before using any cryptocurrency platform in South Africa. Look for platforms registered with the FSCA and with positive reviews from reliable sources.
Image Courtesy: Reviews