Estimated reading time: 6 minutes
This review of the XRPconnect website is highlighting some concerns which should naturally make you cautious or even suspicious of their operation.
XRPconnect is basically a Cryptocurrency project where investors are supposed to buy Tokens to make money. The token in question is called XRPC token, and investors are being talked into acquiring these tokens with the promise that their money will grow over time.
The operators of this project claim that they have a maximum of 10 million coins in supply as opposed to 10 billion. According to them, generating too much tokens isn’t a solution to profitable mid-term investment.
This is why they have limited it to 10 million XRPC tokens only. In addition to this, XRPconnect claims that they are currently building a blockchain era bank that will be used like the regular banking system for issuing financial services to its members who want to transact in Cryptocurrencies.
In addition to this, the project has designed an XRPC Exchange where members can buy or sell XRPC in exchange for Ethereum.
As opposed to having a ERC20 token wallet, the website claims that they’ve decided to develop their own wallet that is dedicated to the XRPC currency. This is supposed to facilitate transactions for faster and convenient exchanging of XRPC into Ethereum and vice versa.
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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.
Now, many investors are wondering whether XRPconnect is a good place to invest in.
But that’s the reason we have decided to write this review about the XRPconnect website to enlighten and give as much information as possible.
Now that investors have been welcomed to join the project through an ICO, they have to actually purchase the token so that they can make money by trading it on the exchange, lending it or coin staking it.
In addition to that, an investor will also be able to make money through the affiliate program which is supposed to pay handsomely.
Now, the lending program seems to be very lucrative as it is generating a monthly return on investment of up to 45%. This return can easily be increased if members deposit more money. There is a daily interest of 0.35%.
If you still want to earn more, there is also a referral program which is offering 20% up to 5 levels deep.
On the other hand, if you decide to stake your coins, you will earn an interest rate of 10% per month.
But that is not all you can earn. In fact, XRPconnect has put in place their earning structure to enable you see what you can earn.
People who decide to stake their coins will earn 10% per month in the first year. In the second year, this amount is going to drop to 8%. In the third year, it will drop further to 5% per month.
So the question is this: can we trust XRPconnect with its promises?
Well, XRPconnect might be a scam. We are advising people to take precautions here. Nothing that is too good to be true is actually real.
The way we see it is that XRPconnect is just another ICO project with no clearly defined roadmap into the future.
The project is very similar to Ethconnect which we reviewed here some time ago. The problem with such projects is that they follow a Ponzi scheme like program where investors actually have to purchase token in order to participate.
Why are you buying a coin whose value is still unknown? That’s the first question we need to ask you. You see, there are too many coins on the internet. Buying every coin that you come across will never make you a rich person. In fact, the more you invest into coins that have no value, the more you will most likely lose your money.
Apparently, this is something that XRPconnect or any of its Ponzi scheme cousins will not tell you. The idea is to make you believe that the token in question will rise in value.
In fact, when you visit the XRPconnect website, you will realize that they are promising that the price of their token will go up by a certain margin every week.
The rationale is that when many people buy the token, price will go up because of the demand.
Our take is that this is the wrong approach. There is no guarantee that many people will buy the coin. In fact, modern investors are very cautious these days. They don’t just spend money aimlessly, and that’s a good thing.
Theoretical, if demand increases, prices are driven upwards temporarily. However, there is no guarantee that this will happen with the token that XRPconnect is offering.
We have stated that when you join as an investor, you are supposed to purchase tokens and sell them for profit in their integrated exchange platform.
And how does this website operator make money? They plan to sell their own token in the integrated exchange, and secondly, they are already selling tokens to you which should give them sufficient profit if more people show up to purchase the token.
The aim of collecting this money is to pay themselves and also pay members, just like what happens in a ponzi scheme setup.
Now, the risk is that one day, they will run out of money to pay out to new investors. What exactly will happen in this case? They will end up collapsing just like several ponzi schemes have done in the past. When they collapse, it means your coins will be valueless. No one wants to own coins that are not backed by anything.
So this is the biggest risk you should be aware of when it comes to investing in XRPconnect.
Their registration status is casting a shadow of doubt in us. They claim that their company is registered in Singapore as a corporation.
When we check these details, we see that no such company has ever been registered in Singapore. What exactly is going on here?
Also, you need to realize that since this website is providing an investment service, there needs to be some sort of regulation that is controlling their activities in this market, right?
Even if they are dealing with decentralized coins like Ethereum, the simple fact that they are taking money from members of the public and promising to pay profits later on should make them a financial service.
All legitimate financial services in this niche are incorporated and regulated. So if a website is operating in this space yet they are not incorporated or regulated, it makes them an illegal service in most countries (if not all).
Now, we are already doubting if XRPconnect is based out of Singapore. Also, the fact that there is no name of a person associated with this project on their site or elsewhere on the internet is something that is making us very curious.
If you look at their who.is data, you won’t find the name of a person or corporation listed alongside this domain. So why exactly do ponzi scheme operators have to hide?
You are better off investing with these companies if you want to make money off Cryptocurrencies. Avoid XRPconnect as nothing is certain about them.
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