Cryptocurrency enthusiasts of all kinds will have come across the name Palm Beach Confidential in the past few weeks. A lot of altcoin traders and speculators associate this group with having made some good calls on which coins to buy at opportune times. Now would be a good time to take a closer look at what this group actually does and why it should – or shouldn’t – be trusted. Always do your own research, though.

What is the Deal With Palm Beach Confidential?

Most cryptocurrency users will be all too familiar with the concept of “groups” advising people to buy or sell specific cryptocurrencies at predetermined values. A lot of people are actively looking for a reliable trade group in order to make a profit. In most cases, finding such a group comes at a price, as membership costs can be quite expensive. Cryptocurrency-oriented groups often charge up to one Bitcoin in annual membership fees.

However, it seems that groups outside of the cryptocurrency world are also starting to make their presence known as of late. One of these groups goes by the name Palm Beach Confidential. Over the past few weeks, the group has been advising traders to buy specific cryptocurrencies. So far, most of their calls have worked out quite well, as they predicted price increases for NEO, OMG, XLM, and a few other coins. While that is potentially a case of beginner’s luck, plenty of people have put their faith in this particular group.

To be more specific, Palm Beach Confidential advises members to buy specific cryptocurrencies through a newsletter system. According to its website, this newsletter costs US$200 on its own, or can be accessed as part of the Palm Beach Confidential subscription service for US$3,000. The latter option is very expensive, but the cost can be earned back pretty quickly with one or two smart altcoin investments at an opportune time. In fact, it may pay itself back in just one day, depending on how the market evolves.

While some people might classify this newsletter as a classic pump-and-dump device, it remains to be seen if that is the case. Most of the recommended coins are evidently being held by its members for the time being, even though the newsletter will supposedly advise people on when to sell as well. There doesn’t appear to be any “dump” action taking place whatsoever, but rather profit-taking at the best possible moment. As more people hop on this bandwagon, an interesting situation is created, though.

Rest assured there will be a lot more people paying close attention to what Palm Beach Confidential is doing in this regard. Cryptocurrency is a booming market where profits and losses can occur at any given moment. Money can be earned and lost in the blink of an eye without the proper knowledge. Not every call made by these “advisory” groups will be the correct one, mind you, but so far, it seems this entity has a solid track record.

That doesn’t mean everyone should pay lots of money for this newsletter and blindly follow its advice. It only takes one horribly wrong call to lose everything. Trust takes ages to build but can be taken away in mere minutes. Always conduct your own research before making any investments in cryptocurrency or other financial instruments. Taking other people’s advice is not the best course of action by any means, although it may yield some nice profits at certain times.