Warning as Slovak influencers push trading platform

Finance experts have warned Slovaks not to get involved with pyramid schemes after several Slovak 'influencers' began promoting a subscription trading platform promising users they can get rich despite having no prior knowledge of trading on stock markets, reports the Index magazine.

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The Eaconomy platform offers educational courses on investing and sending "trading signals" via Telegram. Users can use the information on online investment platforms.

The platform claims artificial intelligence programmes are involved in analyzing foreign exchange markets and providing tips.

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Registration with the platform costs $149, and a package of courses and the signals cost a further $100 a month. If you are interested in cryptocurrencies, it will cost you an additional $50 per month.

But users can earn $50 if they bring a new subscriber to the platform.

Experts point out the latter resembles the practices of multilevel marketing or a pyramid scheme.

Influencers such as Petra Ďurkovská and Nikoleta Fridrichová are among those promoting Eaconomy.

In their Instagram stories they share positive reactions from users who supposedly earn hundreds of euros a week. However, negative reactions can also be found on the internet, with some saying they lost hundreds of euros and that they cannot unsubscribe from Eaconomy which continues to automatically take money from their account.

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When asked about the practices of Eaconomy, only Fridrichová reacted, but she avoided answering questions and said media should focus on influencers offering questionable products.

In one of her stories, she said that, "Pyramid [sic!] is the best thing that can happen to you as everyone involved earns money."

Experts that talked to Index stressed that in such schemes, money promised to users does not exist. "The best bet is to avoid such offers," said NBS spokesperson Peter Majer.

The platform is not on the list of financial agents supervised by the National Bank of Slovakia (NBS) and as such is not authorised to sell financial products in the country.

Eaconomy was created by British man Hassan Mahmoud in 2022. Its website changes domains frequently and its Instagram page is full of motivational posts, including a fake Forbes title page featuring Mahmoud. The magazine has never run a story about him.