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Coin Link NZ Review: Is Coinlinknz.co.nz a Scam?

Coin Link NZ Review: Is Coinlinknz.co.nz a Scam?

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Coin Link NZ is a purported Crypto currency exchange website based in New Zealand. They are citing the address 5/105 Blakes Rd Christchurch, 7604, New Zealand on their site, and we believe that this is the supposed visiting address of the entity. To contact support, an email address has been provided at the bottom of the homepage. There is no phone number anywhere on the site, which makes it quite tricky to get a quick response since email communication generally takes longer.

The reason we are reviewing Coin Link NZ is because it has been mentioned by the New Zealand Financial Markets Authority which says that Coin Link NZ is providing an illegal service to the general public. The site operates like a full blown Crypto currency exchange on the web where people can exchange Bitcoin into Ethereum, Dash coin, Monero, Dash coin and vice versa.

The method of operation emulates the way Crypto currency exchanges work. The difference is that Coin Link NZ is purporting to offer this service independently instead of connecting traders who either have supply or are demanding coins from other traders. So this method of operation makes Coin Link NZ questionable because we have no assurance that they will be able to send us funds when we attempt to exchange our Bitcoins into other Crypto currencies on the platform. There is no sense of security at all.

If you are based in New Zealand or elsewhere and have encountered this service, don’t exchange with them until you have read this review. If you’re into Crypto trading, consider using these Crypto trading bots.

Coin Link NZ Review

First of all, we want to bring to your attention that Coin Link NZ is quite different from the company Coin Link NZ Limited. These two are not owned and operated by the same people. The FMA has warned that Coin Link NZ is a potential scam, and anybody who does any kind of business with them should expect to lose their funds.

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Note: If your language is not English, you should use the language dropdown menu at the top of their page to select your language.

This warning should not be taken lightly given the anonymous nature of the Crypto currency and also the fact that the site is operating anonymously, only claiming to be based out of New Zealand but with no sufficient proof of their business address. To exchange coins with them, the site requires that you transfer coins to their wallet so they can exchange them into your chosen Crypto currencies before sending them back to you. It looks simple on the surface. However, the challenge sets in when the site gives you no assurance that when you send them funds, they will send them back to you in another form. That kind of assurance is missing.

The other thing that makes Coin Link NZ fully resemble a scam is because they claim that they are not charging any fees for this kind of activity. The question becomes: how exactly do they gain or make money if they cannot charge fees on transactions? Is there any benefit exchanging coins and charging zero fees?

Absolutely not. So this is too good to be true. If you think logically about it, you will come to the realization that the site is actually promising the impossible. And they are claiming that it is easy, fast and safe. But you see, they don’t tell us how fast and safe the process is. There is no way to prove that they will send us funds. We also don’t know how long it will take for the site to send the funds to the user.

Red flags to watch out for

The first red flags would be the warning that the FMA has issued concerning the site and its operations. Traders should learn to take these warnings seriously if they want to safeguard their funds. A genuine Crypto currency exchange functions like a social exchange where traders are connected to one another. One trader will sell Crypto currencies while another one will buy Crypto currencies. This does not involve one trader. It involves many traders who have signed up in the platform to meet the demands of other consumers.

But with Coin Link NZ, their method of operation is quite different, and this is something very worrying. We do not know if Coin Link NZ will be able to meet the demands that come in from the side of the consumer. We also have no assurance since there is no escrow in place to hold coins until we have received the funds in order to release the exchange order. There are just too many risks to consider before plunging into using this service.

Thirdly, by using the same name as CoinLink, the site is intending to full traders who are not careful so they may fall for their tricks. If you do not do your due diligence, the most likely thing will happen. You will end up sending coins to this entity thinking that you are dealing with the genuine Coin Link only to discover that you are dealing with the wrong website. By then, this will be too late, and you will have lost your funds. So the fact that this site is a copy cat means that it should be avoided before it’s too late.

The other thing is that the owners are anonymous, and there are no reviews to back their services. The fact that there are zero client feedback means that this service is quite new which is why they do not have endorsement yet. We generally trust sites that have enough feedback concerning their services. This one has zero feedback. This should be a concern.

Our best advice for you

There are different forms of trading when dealing in Crypto currencies business. You can either use traditional form of trading which involves directly exchanging Bitcoin for another Crypto currency or the online kind of trading which involves using bots. The choice is yours to make mostly. If you are looking for a decent exchange, Local Bitcoins would be a good choice here.

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