Velvet Autoinvest’s algorithms are said to be based on artificial intelligence and automatically increase investors’ money.
(Photo: Getty Images/Caiaimage)
Dusseldorf The man, who only calls himself “finance understanding” online, is satisfied with his experiment. About five weeks ago he invested 750 euros with Velvet Autoinvest, he wrote on Instagram on October 13, so that customers could “invest automatically” with ease. He made a good profit himself. The result: more than 20 percent return.
Understanding finance is just one of thousands of financial influencers, in short: influencers. They give their followers on social networks like Instagram or Tiktok tips on money issues.
finanzverständigen alone is followed by almost 90,000 accounts on Instagram. But the Velvet case shows how dangerous it is to believe such self-proclaimed investment gurus: they repeatedly advertise products with which investors can lose a lot of money.
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