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CoinFTX Review: A Disgraceful Crypto Platform

CoinFTX Review: A Disgraceful Crypto Platform

With a growing complaint list, CoinFTX (coinftx.io) is the crypto exchange platform to avoid. Doubling up as an exchange and investment platform, Coin FTX is a dubious crypto entity. Hundreds of complaints from investors have lost funds with the store. And this has led to several users losing over $1,000,000 in total investments with the platform. So we have to stop the lack of adequate investment opportunities. Learn more in our detailed COINFTX REVIEW.

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A Brief Analysis of CoinFTX

From the about us page, we learn that CoinFTX was registered in 2018. Furthermore, the platform claims to have received its registration in Singapore. That said, the platform fails to provide any information on the documents to prove compliance.

CoinFTX Pros and Cons

The platform continues to claim to have received a license from U.S. regulators. But, unfortunately, that, too, can’t be the case as there are no documents from any state regulator. And that’s why we have to expose the store’s dubious claims.

Another issue with the platform is the homepage itself. Navigating through the platform is a hard sell for us. Users won’t have an easy time getting the information needed regarding investing. It seems the platform wants users to buy whatever’s sold.

As an investor, there are some questions you have to ask yourself regarding any investment position. That includes having to check the probability of the platform’s success rate. Unfortunately, coin FTX doesn’t show any evidence regarding this information.

And that’s one of the red flags that should be the pointer to investors to stay away. There’s no credible evidence that the platform helps grow any crypto investments. So your portfolio won’t grow with coinftx.io.

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Without a transparent background and history, we have some issues to face with the platform. One of them has to be the hiding of relevant information from members. After all, the only time members get to know the truth is when hell breaks loose.

Before you invest in any platform, experts recommend doing due diligence. First, try and find out what makes a platform tick. That includes checking with other investors about their experience with the platform.

Advantages and Drawbacks of CoinFTX

There are several drawbacks to face with the platform. And that means you won’t get any profit since the platform blocks any withdrawal attempts. We have seen this happen before with other crypto exit scams.

It’s no lie that CoinFTX is a scam. The platform ought to refund members their investments. Soon, an investigation led by U.S. regulators will come to the same conclusion. Sadly, we believe it will be too late then.

That’s why we must expose the red flags in this review. It will help show you what you need to do before investing in any platform. Go through the entire coinftx.io review to discover the glaring red flags naïve investors miss.

Accounts CoinFTX

There are no accounts, to begin with. CoinFTX fails to segregate accounts or funds from investors. Instead, the platform offers one account for all types of investing and trading. And that’s a huge mistake.

The platform should have differentiated between trading and investment accounts. Even the dashboard doesn’t have such information. All the platform does is take your funds and claim to invest them in other ventures.

Account opening CoinFTX

What these ventures remain to be seen. The platform doesn’t even give details as to the compensation or discounts of these investments. Members are to sit and wait for the profits to soar. That’s not going to happen.

Account opening with Coinftx.io

Opening an account with Coin FTX remains easy as the platform wants a high sign-up number. After that, you only have to fill in your details, just as on any other platform. However, the red flags start popping up once you deposit funds and want to withdraw.

With the platform knowing what’s at stake, it will try and hold your withdrawal. The problems start when the platform demands you send your documents. These include a copy of your ID, credit card information, and bank statements.

We don’t understand why the platform would take such measures in verifying accounts. There are other ways of ascertaining accounts that don’t need these documents. For example, the platform could as well use a two-factor authentication process.

There’s reason to believe the platform wants to use your information to create a new persona. Think about it, and the platform doesn’t need these documents to begin with, why ask for them? It would be best if you were careful with offshore-based investment platforms.

Affiliate and partnership

There’s an affiliate and partnership program available once you open an account. The platform claims you can earn commission by referring other investors to the platform. You get a promise of earning a 12 percent commission on every deposit the referred party makes.

That seems like a perfect plan to earn passive income with the platform. But unfortunately, it’s not the case, as the platform’s only looking to take advantage of your connections. As a result, you won’t get any commissions, and the referred party will lose their investments.

The person you refer to will blame you for their losses. Unfortunately, that’s how most affiliates lose their online credibility and reputation. As a result, you won’t find any professional or seasoned affiliate wanting to partner with such platforms.

Are funds safe with Coin FTX?

Assets available on the platform coinftx.io

Only ten crypto-assets exist since the platform claims to indulge in crypto investment. These include Bitcoin, Doge, Ethereum, Litecoin, Polkadot, Ripple, and USDT. In addition, there are a few mentions, including BCH, FTX, and LINK.

The platform seems to pair these ten coins against one altcoin, USDT. There’s a TradeView chart that helps describe prices. With the chart, members can buy or sell their crypto assets. It all sounds straightforward until you hit the withdrawal tab.

Business holder

There’s little information pointing to who owns or runs the platform. And that means we have to escape the platform’s obvious feature, anonymity. That’s one of the many glaring risks of crypto investment.

If the platform were transparent, team members would have a profile page. But unfortunately, none of that is available on the platform. And that leads us to believe this is a short-term crypto exchange and investment platform.

Client testimony

Hundreds of clients have lost funds with Coin FTX. And this creates a problem for investors looking to exchange or invest with the platform. Others have also started coming out with withdrawal as the main issue.

Avoid coinftx.io

Contracts on offer on coinftx.io

Despite claiming to offer profitable and high rates contracts, it remains to be seen. No investor has managed to withdraw funds for the past few weeks. And that’s another reason to stay away from the platform.

Deposit and withdrawal issues

Making deposits seems convenient and fast as the platform accepts crypto and Fiat. However, withdrawing funds from the platform will be your biggest challenge yet. Here’s what makes investing with the platform a challenge.

Final remarks

Please stay away from CoinFTX.

PS: You can go for proven crypto investments that generate realistic profit margins.

Feel free to drop a comment or email us with any queries.

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