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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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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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5 Replies to “CoinFTX Review: A Disgraceful Crypto Platform”
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what heck are you talking about. Geeze thatz not even spanglish
MBNBitcoin Exchange is a CoinFtx subordinate. You’ll find the same c**p in trying to withdrawl funds. Ive been battling them since November with constant fees randomly popping up. The just upgraded the platform in January and I finally was able to get in touch with one of the Analysts I worked with. He helped me set up my new account and then told me I owed 1517 in upgrade fees in order to withdrawl. Mind you all fees were covered on December 20th. They held my depoait from entering my account preventing my withdraw from processing. I had an overpayment of 525.93 on fees which hasn’t been returned or added to my account. My daughter paid the upgrade fee because I was told my funds would come in about 1 hour. 2 days later my funds are still pending and I’m told I need to invite friends to join and begin trading or deposit anoter 1k of funds so I get transaction activity on my account then I’ll be able to withdrawl. I’m being evicted from my home due to the loans i took to pay all the fees in December taking all my disibilty payment to cover them leaving nothing to live on. I had been told that I’d get papers stating what my fees were and how much in about 2 weeks. Ive got nothing from them.
They are a scam! They find ways to ensure you can’t withdraw your money. I traded on icoxkd.com, which is also coinFTX. Stay away!
Hi, namit , how did you invest in this company, who approached you. Can we talk privately