In as much as Ethconnect looks and sounds like a legitimate crypto-currency investment opportunity, there are many red flags all over the website. This is the reason why some people have even labeled it a monstrous scam. We are not sure whether or not these people have used this service before, and are simply expressing their displeasure. All we know at this point in time is that Ethconnect is more like a crypto investment scam, and there is serious danger of losing your money if you invest a big capital with them.
Note: if you want to mine crypto currency, click here.
It’s important to know that Ethconnect is doing what is known as initial coin offering (ICO), meaning that they are selling their new crypto-currency to members of the public who would like to participate in their investment program.
In a statement, they claimed that Ethconnect (ECH) was going to release 31 million coins worldwide. This model is supposed to create an economic system where currencies are affected by inflation and the laws of demand and supply.
Ethconnect (ECH) claims that they have already collaborated with a number of financial institutions to help with remittance services on a variety of conditions without the need for an intermediary between countries.
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According to this website, this new coin will also provide businesses with a new way of accepting payments by extending modes through which clients can make payments.
For individuals, the website claims that the problem of inflation in relation to saving will not exist anymore as Ethconnect will self correct in line with inflation.
The bottom line is that Ethconnect (ECH) is looking to operate like the dollar, only that it is an electronic currency. The concept which this website is touting is similar to that of established monetary systems like Bitcoin, Ethereum and many others.
There is also a count down timer on the website which is purporting that investors may lose the opportunity if they don’t act within a stipulated length of time.
Now, this new crypto currency is the basis of a new investment project on this website.
There are 4 ways in which the company is claiming to make money for its members. The first method is called Ethconnect lending, which basically means that you are lending money to others in order to get interest at the end of the day.
The website claims that if you lend on their platform, it can earn you interest of up to 52%.
The other method is to buy their ICO now and sell your coins later to make instant profits. Who knows whether this ICO will succeed? Already we have a couple of digital coins out there which investors trust and are familiar with. But with this one, it may not even take off because of uncertainty and low trust among investors in general.
Last but not least, Ethconnect is giving the option of using their trading bot and volatility software to make money. Under this option, you can allegedly generate profits based on the investment option which you have chosen.
These investment plans have various expiry terms and when a particular term which you have chosen comes to an end, you should be getting your capital back plus interest. You can choose to re-invest the money to make more or opt to withdraw it instead.
The last option is called staking. With staking, you basically hold Ethconnect coins in your wallet so that they can earn interest. Why are they earning interest when you’re just keeping them instead of trading or mining additional coins?
Well, according to Ethconnect, you are entitled to receive interest because you’re maintaining the security of the network.
In terms of investment plans being offered here, we can say that they have a wide range. We are only wishing that this was real and that people could make money out of it. We currently do not have the slightest proof that anyone is or has made money with this crypto investment website before.
And you see, Ethconnect is not doing enough to build our trust on their service. It basically looks more like a scam that wants to take our money and disappear in the name of running an ICO.
This website sounds appealing because it is promising what many opportunity seekers have been looking for. But first, this website is running a business model which already has a lot of problems associated with it. Some of those problems will be covered in this review.
The first problem that we have in this case is that Ethconnect is a blatant copycat of another get rich quick scam known as Bitconnect. The reason why Bitconnect has been discredited is because the kind of business model which they implemented is similar to that of a ponzi scheme. It is doomed to fail regardless of how you want to look at it.
Now, let’s go straight to the fact. Ethconnect is promising a 52% monthly return on investment. This is not possible to achieve on a consistent basis.
However, this does not mean that Ethconnect will not pay you this amount. If they are fair enough, they may even pay you the first and second month just to gain your trust.
But then, you might be wondering how this is going to be possible if this website is already a scam that is only interested in collecting revenue and not paying out any profit.
Well, the answer to this question is so simple. You see, ponzi schemes basically depend on new deposits to pay out profits. Are they going to pay all the profits and remain with zero balance? No way. That would be a big loss to them.
Let’s assume that this website is going to pay you the promised 52% in the first month. If that will be the case, then that payout will form a very small percentage of total revenue paid out to members. They’d rather make 30% in cumulative payouts and remain with 70% to keep you trusting them. This is typically a zero sum financial game. If they win your trust in the first month, they know that you will be encouraged to deposit more.
When you commit the foolish mistake of depositing more money, they will eventually stop the payouts. This is because no real business is going on here. There’s no trading, investing or anything like that.
We already know that this is a financial game. Now, we only need to remind you of the fact that this business is similar to what Bitconnect has been doing.
In the beginning, the price of this coin might rise just because most people are buying. The higher the demand, the higher the price. Remember that in order to participate here, you must purchase ECH coins first.
But remember that your greatest undoing will be when you purchase coins that have no real value or use. They will be worth it for an extremely short time before the entire project collapses. You will remain with nothing afterwards.
Ethconnect is just an illegal scheme. While they purport that they are providing financial services, that is not the case. There is no mining of ECH coins, no trading, investing or anything. Avoid.
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