Coinplus Review: Dirty Scam It Is

Coinplus Review: Dirty Scam It Is

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Coinplus is the new crypto-currency scam in town which is obviously destined to fail. This investment project is  managed by a company known as CoinPlus Bitcoin Limited, and their operations are supposedly centered around cloud mining and trading major crypto-currencies.

The company also claims that it can offer daily return on investment of between 5-12%. To do business with Coinplus, you must fund your account either in Bitcoin or Ether for that matter.

If we do the math, we come to the realization that this revenue is an equivalent of 150% – 360% monthly ROI.

But those figures don’t make sense, do they? Something is clearly wrong. Someone must be trying to sell us a get rich quick scam, and that’s why we are concerned with what Coinplus claims to offer.

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coinplus review

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Coinplus Review is currently offering 3 investment plans which they claim will accrue profits of 0.21%, 0.33% and 0.50% every 1 minute, 24 hours a day. The minimum deposit that Coinplus is accepting is 0.005 Bitcoin while the maximum deposit which they are accepting is 1000 Bitcoin. Obviously no investor in their right mind would fund their Coinplus account with such a huge amount of money.

Generally, this website looks professional in terms of its presentation. It’s easy to mistake it for some kind of legitimate investment project.

Coinplus has a phone number on their website. This means that support is indeed offered through this method. On top of that, they have various social media profiles through which prospective participants can reach them.

This company is apparently registered under a UK address, and they are claiming that they are legitimate since they have a registration number that can be cross-checked for authentication purposes.

Indeed we checked this number in one of the UK directories and realized that Coinplus was registered with that number. Their physical address is stated as 30 Baguley Street, Droylsden, Manchester, M43 7BB.

coinplus reg in the uk

Please understand that anyone can register a company to operate business regardless of whether or not the activities of that company are legal.

You see, a registration number doesn’t have to be treated as evidence of credibility. Many times we have come across registered ponzi schemes operating in the United Kingdom. Despite being registered by the relevant bodies that keep records of companies in that country, this does not deter them from doing whatever they want to do.

In our opinion, Coinplus is just a ponzi scheme hiding behind crypto-currencies. We doubt claims that this company is involved in cloud mining and trading cryto-currency. This is because there is no proof that this company is engaging in such activities.

It’s always helpful for such companies to prove their operations with details highlighting their past trading activities as well as profits.

Are we asking too much when we request to see account statements of those who have been paid the supposed profits?

At this point in time, anyone claiming to run an investment project that gives 150% – 360% monthly returns is definitely being unrealistic.

In as much as crypto-currencies like Bitcoin are presenting lucrative investment opportunities for everyone, earning 360% monthly return on investment may not be the case no matter what.

Is there a guarantee that you will make money with Bitcoin, especially when you rely on Coinplus to mine on your behalf? We don’t think so. And if there was somehow a guarantee that investors will make profit, these individuals would be more than willing to provide us with trading history of their supposed participants who joined them from day 1.

But as far as this is concerned, we have not yet gained access to any records proving that investors have earned profits from Coinplus. It’s the reason we are highly suspecting that this is a ponzi scheme.

The rule of thumb is this: no legitimate business can earn such crazy return on investment. You do not expect to earn this amount of money from crypto-currency trading either.

So this is a paper company carrying out an illegal business activity?

We mentioned the fact that Coinplus Bitcoin Limited is registered in the UK. However, despite this registration, you have to first realize two things. This company was registered towards the end of September 2017. The company claims that they have since helped over 900 investors open an account.

If the date of registration is anything to go by, then we can comfortably say that this company does not have a reputation or history of operation.

Secondly, we want to state categorically that this is just a registration number which was awarded due to taxation purposes. It does not say anything concerning the legality of Coinplus operation. In short, this is just plain paper work that anyone can do as long as they are registering a company. It does not mean that their operation will be legitimate.

You can look at it from this perspective: That Coinplus is a company that is providing investment services. This is because people have to fund their accounts (the same way you do with any other investment company) with real money and afterwards, the company will mine crypto-currency on their behalf to make profit which is then distributed among members.

In other words, Coinplus is actively providing financial investment services, a jurisdiction of the FCA.

What they needed to do is seek licensing from the FCA to give us some confidence. In this case, the company is only registered for taxation purposes and does not subscribe to the rules of the FCA.

Therefore, the bottom line is that this company is operating illegally in the UK. And when that’s the fact, you risk losing your money to this illegal scheme.

Does this company really pay individuals?

When perusing their website, we noticed a very stupid mistake which we believe will cost them. We were mainly concerned with whether or not they pay. After all, this is the main goal for wanting to join such an investment project.

payment proof for coinplus

On the website of this company, we have a web page showing the supposed payouts that have been made by this company.

But when you click any of those elements to try and verify the blockchain, you will find that the alleged blockchain are fake. What exactly does this mean? It means that this company was set up online with the aim of collecting money from the unsuspecting members of the public. But it will never pay anyone in return.

How Coinplus works to steal money from you

The reason why scammers have started abusing crypto-currencies is because they offer people an anonymous means of making online payments.

It is therefore very strange that a company that is supposedly established to mine or create crypto-currencies on the web is only accepting payment in crypto-currencies.

The reason why they love this mode of payment is because it affords them the anonymity that all internet thieves desire. They are preparing for their getaway with your money.

Our best advice for you

This is how Coinplus and many others like Crypto Shield work: they simply collect money from members of the public to pay out ‘profits’. This ecosystem is entirely dependent on new deposits, not business that generates profits that is to be paid out to its members. Once they are happy with the amount collected over time, they will simply disappear. Avoid.

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