Market Savings review – Beware of this SCAM!

In this review we explain why we believe that you should stay away from Market Savings, the savings account.

What is Market Savings

Market Savings is presented as a unique consumer savings account that gives you a passive income. When you deposit money, it supposedly is „saved in UPI“ and then „internet merchants and venture capital firms get traffic and give rewards“. Whatever that means.

The important point is that Market Savings allegedly will earn you between 1.2 and 2.0% daily returns on your deposit. Weekly you can earn 11.2%, which is roughly 45% returns per month.

Deposits are processed in India, however Market Savings says it is run by a company called Marked Inc., that is based in Colorado, United States.

So, is Market Savings legit? No, it is not. In fact, it’s an outright scam that you have to avoid.

Market Savings scam

We made a deep research about Market Savings and the conclusion of our review must be that it is a scam. We explain all the details and red flags below.

Anonymous

Let’s kick off this Market Savings review by looking at the transparency of the company that runs this savings service.

The first red flag is that Market Savings does not provide any contact information on its official website. Which is not only extremely suspicious, but also against the law for a company that provides financial services.

If anything goes wrong, which it will, you won’t even know who to contact.

Unlicensed and illegal service

The identity of people running Market Savings is a little bit confusing. The official website states that your money denominated in rupees will be deposited via UPI, which stands for the Unified Payment System in India. It allegedly will be safe in a local government bank in India.

But then the website also show certificates of registration of the Market Inc. company in Colorado, with the company address: 6400 S Fiddlers Green Cir Ste 1300, Greenwood Village, Colorado.

On top of that, there is a registration with the FinCEN in the United States, but this time with a different address: 7535 East Hampden Avenue Suite 880, Denver, Colorado.

So which is it, is the company operating from the US or India?

The most important thing is that Market Savings via its Market Inc. company is not authorized to provide financial services in India nor the United States. Which makes it an illegal financial service.

You can check with the Reserve Bank of India and the FED in the US that Market Inc. is not allowed to provide savings account or any other financial service.

Funds are not safe with Market Savings!

FinCEN registration

As for the FinCEN registration in the United States, it means absolutely nothing. Scammers like to use this trick, because anyone can register with the FinCEN just by filling in an online form.

The FinCEN does not verify the submitted information, it clearly states on its website: „The inclusion of a business on the MSB Registrant Search Web page is not a recommendation,
certification of legitimacy, or endorsement of the business by any government agency.“

We have seen several scams abusing the FinCEN registration process to gain credibility with their victims, like Neumann Wallet and Esom.

Fake team

When reviewing Market Savings, we noticed a very suspicious team of people that allegedly stands behind this financial service. The team is blatantly fake.

Take Neo Lalum, who allegedly is a former Tesla executive, and Lee Wliame, who allegedly worked as head of Amazon marketing in Africa.

You can google those names and you will find nothing, these people don’t exist. Such high profile people always have an online presence, nowadays it’s impossible not to be mentioned anywhere on the web when you are a top manager working at Tesla or Amazon.

So this is another proof that Market Savings is just a fraud.

Fake company’s history

On its official website, Market Savings claims that it was founded by PhDs from Stanford University in 2019. Which is another blatant lie.

The reason is that the Marketsavings.shop domain was first registered at the end of April 2023!

So it’s only three months old, and not four years old.

Impossible returns

What should tell you that Market Savings is a scam even without reading this review, is the return rates promised by this financial platform.

Up to 2.0% daily and about 45% monthly is something that is simply impossible in the real world. At least in a legitimate way.

There is no way for a real company with a legit business to generate 45% returns on deposits for their clients. Nobody is able to achieve that. 45% would be a miracle for a yearly return, so forget about a monthly returns of this magnitude.

Yes, it really is that simple to spot most of online financial scams, they promise returns that are way beyond of what is possible in the real world.

When you see somebody promising you something impossible in the real world, you know it’s a scam.

How Market Savings really works

Market Saving is a scam, we have proved that in this review. Now, it is possible that some people are still getting paid by it.

If that’s the case, it is only because of the Ponzi scheme that it is based on. It means that when people deposit money, this money is used to pay profits of older members. As simple as that. And yes, that’s an illegal practice.

Every Ponzi scheme is destined to collapse, especially when monthly returns are as high as 45%. With these rates Market Savings is sure to go down fairly quickly. It all depends on how many people join it and how much they reinvest their profits, meaning how long they leave their money in the system.

That is why there is a pyramidal structure of rewards that incentivizes people to refer new depositors to the system. Don’t do it, stay away from it!

When Market Savings collapse, you won’t be able to get anything back because money will be gone and there is no way of reversing cryptocurrency transactions.

Market Savings review – Conclusion

Market Savings is a financial scam. It is an illegal financial product that runs as a Ponzi scheme. Which means that it is going to crash hard, it’s only a matter of time.

1 or 2% daily returns are impossible in the real world, any investment scheme advertising such returns is a scam. Use this knowledge to avoid other scams in the future.