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CoinXL Review: Basic Scam Model For Bitcoin Mining/Trading

CoinXL Review: Basic Scam Model For Bitcoin Mining/Trading

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This review discusses a recently launched Cryptocurrency trading service called CoinXL. The reason why CoinXL comes across as a suspicious platform is because they are promising 150% returns in 150 days. That is an outstanding but ridiculous amount of money to earn in 150 days.

This site has links with a couple of other fraudulent sites called BitcoinXLPro.com and BitcoinXL.org. The two sites have nothing to do with each other. However, they all belong to the same network of potentially harmful sites that are related to CoinXL platform.

We have looked at Coin XL form all angles. Unfortunately, no information can be found about this site on the internet. This forced us to check it out on BitcoinTalk just to see if people were discussing it (since this is the most likely place to discuss a phony site like Coin XL).

Even after going through the forum and threads therein, we were not able to find any useful information regarding whether or not CoinXL is a scam.

For that reason, we’ve decided to do a review of the site to help you make an informed decision. Overall, we strongly believe that this platform is not honest, transparent and reliable. Those 3 things should immediately sound bells in your head because there is no way an investment platform with these 3 characteristics will ever make you any profits and actually pay you.

CoinXL Review – Are they legit?

According to the site, Coin XL is the first completely transparently Cryptocurrency trading platform in the entire market place.

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That assertion can’t be true in any case. We have not seen proof yet that they are 100% trustworthy. Who knows? A site admin can as well make these claims even if there is no truth in their statement. So that should not be used to make any judgement with regards to the legitimacy of this site.

The other claim that this site is making is that their ”expert traders” have been secretly building this infrastructure and that now they are ready to roll it out.

coinxl review

Besides, they have also created a special trading robot that is patent-pending. This robot too has been rolled out.

The site also claims that when you send Bitcoins, they will pool your coins together into a fund with other members Bitcoins. By doing so, the so-called expert traders will have more power of liquidity in the marketplace since they are handling a large amount of money.

They actually want more Bitcoins from you and any other person who is willing to invest with them because this will allegedly give them more purchase power, hence more profits for their members.

We came across a video promoting Coin XL in one of the affiliated sites. In that video, the promoter was saying that CoinXL has a ”proven wealth building system”. That means this opportunity is supposed to generate money through Bitcoin arbitrage and Cryptocurrency mining as well.

Just in case you are a beginner, arbitrage is basically the act of buying and selling in different markets while taking advantage of price fluctuations across those markets.

What Coin XL is trying to say is that they will buy Bitcoin in one exchange and wait for another exchange to hike the price so that they can sell the Bitcoins there.

The other claim is that these traders are taking real, verifiable trades whose records will be listed on each members’ back office. This is supposed to make the entire process of trading transparent.

We think that this is funny, utterly ridiculous. A practice that is only synonymous with scams. Trading records should be transparent. That, we agree. But this transparency should be seen from the way this site is making its presentations. Instead of telling us that trading records will be sent to registered members, those records must be made readily available on the website for public scrutiny. There is no question about this.

So far, Coin XL has not done this yet. But of course they are busy making false claims and promoting their platform in such a way that you’d think they are legit.

One thing that caught our attention is that this platform is promising and even guarantying 1% interest every day, 7 days a week.

There are two plans to join. These are basic and premium plans respectively. Of course the higher you’re willing to invest, the more you will earn.

Clearly there are several issues with the operations of CoinXL. Let us discuss them in the following paragraph because things are getting hotter.

Red flags

Before you jump into this bogus Bitcoin investment opportunity, we’d like you to think and reflect on Coin XL. After all, Bitcoin is precious and it’s worth a lot of money. It is simply something you do not want to mess around with.

The first red flag is the promised return on investment. The site is making guarantees here when the daily ROI is really not sustainable in the long run.

1% a day would be 30% a month. That is unheard of. It is something you cannot achieve anywhere except when you rob a bank.

The greatest red flag has to be the association of this site with a series of other malicious and suspicious domains. These include TeamCoinXL.com, BitcoinXLPro.com, Icoinspro.com and many more.

These sites were all registered in the same month, and are associated with CoinXL. One thing you should take note of is that all these domains were privately registered. You cannot send your money to someone who is not willing to disclose their identity. It would be disastrous financially.

Looking at the above sites, we realize that all of them are identical, and are almost giving the same exact information. We wonder how Google has not been able to catch up with these spammy sites.

Most importantly, you will also see that none of these phony sites will feature an owner or member except stock photos. These sites have deliberately refused to disclose names of people who are in charge of their operations. This is the same thing that is happening with Coin XL platform.

Basically, we are dealing with anonymous people who claim that they will trade and mine Bitcoins on our behalf. They want us to have blind faith towards them. Unfortunately, this is a foolish mistake to commit.

Despite Coin XL telling us that they trade and mine Bitcoins, no concrete evidence of these activities going on were actually provided.

Sure, each member is supposed to have access to these trading records in their feeds. But what exactly are you viewing as ”trading records”? You see, the owner of this site can program whatever he wants to show you in those results. There is no verifiable way to prove that what you will see in your back office is the real thing.

This leaves us with one possibility. That Coin XL is a ponzi scheme. But why?

The reason is that the site owner has refused to disclose their name and two, they have proved that their system is not transparent and honest. Since there is no proof of any trading or mining activity, we can conclude that CoinXL is another ponzi scheme.

Our best advice for you

What you’ve just read above describes what Coin XL really is. It’s up to you to choose whether or not you want to get scammed. Otherwise, just choose these companies listed here in case you’re intending to mine Bitcoins.

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