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Coin Credit Review Update 2023: The platform went under with the owner failing to return the investment balances the platform held from members.
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Today we are discussing Coin Credit, a platform that allegedly provides an opportunity to trade Cryptocurrencies on their website. Coin Credit says that you can purchase Bitcoins and many other altcoins on their platform using your own credit card. We do not know how this works since many credit card companies are not accepting this kind of thing.
Also, while looking at the stats on their homepage, we see that customers have allegedly made a profit of 3 million dollars cumulatively. There is not a single way we can verify this information. Also, we cannot say whether Coin Credit has been able to generate any profits for its users. Lastly, we can’t determine whether real users exist and are trading coins with this company as alleged on the website.
So, the question is, should you engage Coin Credit in any business as far as trading of Cryptocurrencies is concerned? The answer can be found in the next few paragraphs.
The first thing we notice with CoinCredit is that it is quite economical with its details. It is also impossible to sign up for the site at the moment. This means we can’t test the website yet. It is not possible to test them the usual way. However, all hint suggests that Coin Credit is a scam or is having a hidden agenda which investors might not know.
You want to know what this hint is? Well, consider that Coin Credit is offering an affiliate link which is supposed to be used to send new clients their way.
Such affiliate links suggest that this website is nothing but a ponzi scheme looking to recruit as many people as it can. Also, we have learned that the affiliate links that Coin Credit is using are managed by another platform called Clicks Money.
You must know that Clicks Money is infamous for managing exclusive scams like Automated Binary. That is already sufficient evidence suggesting that this website is a potential scam. There is no way they can work with a platform that manages other scams when they are clean themselves.
Although the game plan is not quite clear, our research and investigations reveal that investors may not be able to actually buy and own Cryptocurrencies which are allegedly obtained from this site. Instead, it appears that CoinCredit will be sending them to an unregulated broker that will allow them trade CFDs only. However, as you can see, this is not quite upfront. It is hard to detect this kind of thing by just looking at the website. It took us a while in order to get to the bottom of things.
CoinCredit is also not regulated. That means they are providing an illegal investment service. When you participate in such a project, the end outcome should be clear. You lose money while they gain from your ignorance. That should be crystal clear from the word go.
The reason why Coin Credit is unregulated is because they can’t qualify for a license even if they wanted it. For them to get a license, they must make their experience and qualifications known to the regulators. Regulators simply want an assurance that it is safe dealing with Coin Credit. But this is also where the problem begins since the scammers are not able to prove that they are safe to deal with.
Let’s just consider this fact. Coin Credit is providing information that is incomplete, especially when it comes to their physical address. This is yet another reason why we think that Coin Credit is a scam. There is just no way someone can intentionally provide an incomplete address.
According to this website, there are 500,000 registered users. We cannot trust this information because this website isn’t transparent with their details. We do not think that they will be revealing any truthful information concerning their operations.
Similarly, Coin Credit claims that monthly customer profits is 330 BTC. Again, we are not able to verify this data. We can’t just believe these figures when they are unverifiable. Let’s just say that this website is not transparent with information and anything else they tell you must not be trusted.
Well, we believe that this is a ploy to harvest user contact information. As you can see, they require your name, email address and phone contact. Most users are not comfortable giving out this kind of information to strangers whose identity is not know.
The purpose of collecting user information is to target those users in their promotion. Some users are potential leads who might decide to ”try the product” to see whether it works.
The point is, it isn’t worth signing up with your contact information especially now that you are aware of the fact that Coin Credit is a suspicious platform with a possible intention of scamming you in one way or the other.
Coin Credit says that 500,000 customers are using their platform. What you should know is that this data is not based on any verifiable information. Also, given the high risk that this website is to your investment, we do not think that these numbers reflect the truth.
Payment is only in Cryptocurrencies. This adds a layer of insecurity considering that this website has already exhibited dozens of red flags and question marks which lead us into thinking that they are a scam.
Cryptocurrency payments are not reversible. That means any transaction that happens in Bitcoin, Ethereum or any one of those Cryptos which they are accepting will not have any assurance.
Our best advice is that you should avoid this site at all cost. We do not believe that this site is undertaking any legit business activity since they have failed to convince us and are exhibiting a lot of red flags. With those red flags, you can’t be certain that this website will be safe for your investments. We advice Cryptocurrency investors to use these companies for their profitable investment in Cryptocurrencies.
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