Estimated reading time: 6 minutes
Lending programs such as LendConnect.io are the latest craze on the internet. Every day, you will come across a new lending program. Most of these websites offer vague information which can actually mislead investors due to the fact that marketing hype is used to obfuscate the real deal.
In the case of Lend Connect, you can go and and try borrowing or lending for that matter? But one question that comes into our mind is the person you are supposed to lend to. Who exactly are you lending?
LendConnect is definitely one of those ventures we have to question before getting involved with. This is how they work:
You sign up and purchase any of their plans. The funds are supposed to be used to finance aggressive and speculative trading on various Cryptocurrency assets. They mostly prefer Cryptocurrency trading.
A part of that fund is used to finance trading bots which they claim will also help boost the amount of returns that members can enjoy every month.
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Note: If your language is not English, you should use the language dropdown menu at the top right hand side of their page to select your language.
In fact, Lend Connect claims that they have a trading robot and that if they make a 7% return on investment, they are willing to give you 5% of that return so they can remain with 2%.
That’s ridiculousness, don’t you think?
The way we see it is that LendConnect is working like a traditional asset management venture. The problem is that this nature of business is suffering from less oversight and regulation as well. It’s not like in Forex or stock trading where legitimate fund managers are well regulated and licensed to do what they do.
The reason why investing in Lend Connect and similar other website is dangerous is because instead of asking investors to make deposits, they disguise it using an ICO where members buy coins rather than making deposits.
If you purchase tokens, it is supposed to serve the same function as someone who places money in an investment account.
LendConnect is promising abnormal amounts of monthly returns. We had to check the fine print to see if there was a disclaimer because the kind of returns they were promising were not practical or even realistic to achieve in the long run.
These factors make LendConnect one of the most suspicious Cryptocurrency lending projects on the internet. Let’s see whether or not they will scam you.
Lend Connect is just another altcoin lending program with promises of quick riches. 160% monthly return on investment is not possible anywhere.
Legitimate investment ventures won’t promise such high returns because these promises can be misleading. Only scams can speak that language.
Also, the design of the website is less slick compared to its competitors in this industry. However, the promises which they are making are typically the same as what is found in other lending programs.
You don’t need to be a blockchain expert to pick up the cues. They are everywhere on the site. This makes Lend Connect a less than ideal program for investing your money. Unless you want to lose that money, there is no reason whatsoever as to why someone would want to be involved with this website’s activities.
The first red flag that you shouldn’t take fore granted is the fact that the creators or operators in charge don’t want to disclose any details about who they are and where they are based at.
If you do a quick check on who.is, you will see that the domain name is guarded from public scrutiny. You cannot see the owner of the website. You cannot even establish their real physical address.
Considering that Lend Connect is operating in a niche that involves money, it can be dangerous to get involved with them, especially now that they are anonymous.
Also, scams never like the idea of exposing their operators or the people in charge of their operation.
In addition to this, the owners of Lend Connect have not done anything to prove that they are here not to scam but conduct a legitimate lending operation.
The second red flag is the whitepaper itself. LendConnect has a whitepaper that is poorly written. The grammar is extremely poor. Content is disorganized. One may wonder how on earth such a group of people can generate profits for you if you invest your hard-earned money with them.
It is not likely that they will make any profit for you. Even if they don’t come from an English speaking country, they should have hired someone to put together a professional whitepaper for the sake of caring for their image and reputation.
So far, that has not happened. It makes us wonder what the real intention of having this website online is.
And finally, we cannot ignore the fact that LendConnect has not explained to us the investment strategy that is going to be used to generate massive return on investment in a short time.
Even if you send them your coins, you will not be told how those funds will be utilized to ensure that they can multiply for profits.
It is quite possible that after you send your funds to their bank accounts, your money will simply go down the shit-hole. There is no doubt about it.
There are no investor feedback whatsoever despite this platform being very popular on Alexa. Why is that so?
Well, our guess is that their reputation has taken a huge hit. They are not able to confirm that their operations are legitimate.
They are not able to tell us how investor funds will be invested in the Cryptocurrency market. Everything is vaguely presented and covered with hype instead.
When you come across a site that does not want to disclose any information regarding their activities or operations, you should never bother considering the act of investing in their coins and so on.
We really wonder whether these coins have any value that would prompt serious investors to buy them.
What is the purpose of the integrated LendConnect exchange?
We are quite sure that nobody will be purchasing these coins for the stated reason above. This is going to create issues within their ecosystem as the coin will not have any demand.
If it doesn’t have any demand, then we could as well consider their so-called ICO an effort in vain.
We do not want to speculate any further than this. But the truth has to be said like it is. When you invest with this website, you will lose your money.
We hate to consider the fact that this website isn’t backed by any corporation yet. This is a red flag and one of the things you should look at before letting money leave your wallet.
If LendConnect was a legitimate business, they would have formalized things long time ago. Apparently, this is not the case. They just want investors to participate without any form of security to guarantee that at least their seed capital will be safe.
We ask you to avoid this website at all cost. It is not worth wasting resources on such a project. If you want to invest in Bitcoin and other altcoins, you can do so using these legitimate companies instead.
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