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Coinsext Review: Coin Extraction is a Serious Scam

Coinsext Review: Coin Extraction is a Serious Scam

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Estimated reading time: 5 minutes

Coinsext.com is an alleged Bitcoin mining operation whose activities are overseen by an anonymous company called Coinsext LTD. The reason why this company is anonymous is because it cannot be found anywhere on the internet. A brief search on the internet reveals that no such company has ever been registered anywhere.

Coinsext claims to have employed ”first class specialists” in matters related to Bitcoin mining and trading in various exchanges. The alleged company has operated for ”many years” and has demonstrated both theoretical and practical experience to their ”many loyal followers”.

The platform is now inviting everyone who wants to mine or trade Cryptocurrencies to sign up because they have diversified investment strategies that ensure feasibility in their operations.

Coinsext also claims that their anonymous team members are from Tencent and other ”top-tier” European companies. A brief search on the internet reveals that Tencent is a Chinese company and not a European company as stated on Coinsext website. Moreover, Tencent does not approve of their association with Coinsext. In other words, Coinsext is trying to build credibility by associating themselves with established companies that have nothing to do with them.

Other companies which are allegedly associated or whose former employees are now allegedly working for Coinsext have not been revealed. We treat this as just another claim made by this fake Cryptocurrency investment platform.

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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.

Coinsext Review

Coinsext is a very new platform which recently joined the Crypto currency mining industry sometimes in May 2018. It does not have a reputation because it’s still a new platform. User feedback is also hard to come by. However, based on the characteristics of the website itself, we can tell that it is more of a ponzi scam than a genuine Bitcoin mining operation.

coinsext

Like any other Cryptocurrency mining operation looking to build credibility, Coinsext claims to have an innovative platform with a comprehensive infrastructure for generating revenue on behalf of their alleged investors. So far, we have not seen any proof or evidence of the existence of this mining infrastructure. Instead, the site is relying on these claims to persuade new investors to sign up.

The company’s affiliate reward structure is based on recruitment commissions up to 3 levels deep. The first level pays 5% while the second and third pays 2% and 1% respectively. If a member joins and manages to persuade others to join under them, they will earn commissions in the same way pyramid scheme members do earn their commissions.

Considering this style of operation, we see that Coinsext is an integration of fake bitcoin mining operation into a ponzi scheme structure. The platform is providing daily of between 10% to 15% which is impossible to make in mining.

10-15% is simply ridiculous. There is no efficiency level that can help you achieve these returns in Bitcoin mining. If we were to go with the basic plan which allegedly offers 10% daily returns, we would make 300% monthly return. That is definitely something different from mining. In mining of Bitcoin and other altcoin, the difficulty keeps rising as many people are seeking to mine Bitcoins. The most efficient Cryptocurrency mining operations on the internet cannot triple your investments in one month. And definitely you can’t realize a daily ROI of 15% because this would be 450% monthly ROI. This is like multiplying your investment by a factor of 4. This cannot happen in any economic setting.

Based on the alleged daily return, we can deduce that Coinsext is not mining Crypto currencies but using existing deposits to pay out members – that is, if at all it is paying.

This website has not proved that it is participating in any activity that can generate ROIs from external sources. They claim to trade the markets at different exchanges. But there is no concrete proof to show that this website has employed the so-called specialists who are trading client funds and yielding these profits.

Based on the ridiculous returns which are obviously too good to be true, we strongly believe that this is a typical Cryptocurrency ponzi operation.

The site does not yield any profits. In fact, it is only a few days old. The company in question does not exist. Instead, Coinsext exists as a website with no legal entity backing. As we have said before, even testimonials about this platform do not exist. Even if they were to convince us, they face a rough time doing so because they lack a track record in the industry and yet they claim their anonymous company has been existing for a while now.

Fake achievement

As at the time of writing this review, Coinsext was claiming that they have collected over 8 BTC and processed over 0.7 BTC. The website is allegedly receiving at least 900 visitors on average. There are 3300 active members as well.

Clearly these numbers are made up because a website that is only a few days old cannot be this popular. And if these numbers are real, we should see a few user testimonials elsewhere on the internet.

These numbers represent people and if these people are not giving their input elsewhere, we can assume that these numbers are fake, just the same way the company behind Coin Extract is fake.

Can this site be trusted?

While Coinsext claims to be a professional Cryptocurrency trading company, there is zero proof that this is the truth. Instead, all we can see is nothing more than evidence of a ponzi scheme operation. Even if they combined mining with trading, they would never realize a daily return of 10%.

So this is definitely a ploy to persuade gullible internet users to sign up.

Also, just like many other anonymous scams dealing in Bitcoin mining, the domain is privately registered meaning that the owner cannot be identified.

Our best advice for you

Since this platform is operated by people who claim to be professional traders, they should publish their licensing details on the site. So far, no such license exists and yet the site is offering investment advice that could potentially result in a loss. Stay away.

Summary
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Product Name
Coinsext
Author Rating
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