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This review is concerned with Swis Coin, a site whose domain can be found at Swiscoin.com. They are outright scam. Our browser detected major security issues which are usually found on websites belonging to hackers or simply malicious people. Our computer actually warned us that by opening the website of Swis Coin, we were risking our passwords, banking information and many other things. We immediately knew that we were dealing with a sophisticated scam.
The site has been around for some time, and it is our belief that they have since scammed so many people along the way.
Therefore, in this review, we will be mentioning certain things that must concern you if you were thinking of wasting your hard earned money on Swis Coin website.
The first thing you should notice is that there is no information on this site to indicate who owns or runs the operations of the site. This is creepy and weird. It is a big red flag. You can’t ignore this because the scammers have designed it by intention.
Looking at the registration details of this domain, we were able to establish that Swis Coin’s website was registered in 2015. Someone called Kathrine Harbor is listed as the owner of the domain alongside an alleged physical address which mentions Dublin, Ireland as the physical location of this business.
When we conducted further research into the matter to try establishing the real owner of this address, we discovered that it was owned by someone called Regus. Regus is responsible for selling virtual space physical address. That could also mean that Swis Coin doesn’t have any physical address in Ireland. It is just a lie, which is why they had to make use of a rented physical address.
The name Kathrine Harbor is only associated with the domain on who.is. But it does not appear to be linked to the Swis Coin website outside who.is. It is difficult to tell who owns this site.
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This is actually very suspicious. It is a red flag which you should detect and take very seriously. See, we are not even sure whether Habor really exists. It could be just another lie.
As of 30th July, 2016, Swis Coin website claimed that their operations are overseen by their mother company, CN SERVICES LTD, which they claim is based out of Dubai.
Now, we already know the Chief Executive of this company. He is called Mr. Dmitrii Zubarenko. He is the expert person in whose work is specialized in administrating big corporations.
Please note that Zubarenko does not appear to be having any MLM background at all. So that makes us flag these details because they are highly controversial.
Swis Coin does not have any products or services apart from their affiliate membership plans which people must purchase in order to become members.
For you to become a member, you must first ”invest in their tokens” and recruit others too. Beginners are supposed to pay $100 which will give them 1000 tokens. Sellers part with $500 which gives them 5000 tokens. Pro sellers are required to part with $1000 in order to earn 10,000 tokens. An Express Seller is required to part with a whooping $3,000 in order to get 35,000 tokens. Platinum Seller is required to invest $5000 in order to get 70,000 tokens. Finally, premium sellers are required to part with 11k in order to make 150k tokens.
Now, as an affiliate, you should be converting these tokens into Swis coins (a Cryptocurrency which has no value outside the SwisCoin network). That means it is not accepted anywhere since it does not any value attached to it.
At the time of writing this review, we could not find a way of converting Swis Coins into tokens and ultimately cash. The reason is because this coin does not have any value attached to it. But of course the scam will make you pay for it and then lock your investments into the system because you can’t convert the acquired tokens into real cash. This is awful.
From the description above, you can clearly see that Swis Coin is a ponzi scheme. The compensation structure heavily depends on new affiliates getting recruited by existing members. Please note that for you to start earning any money, you should at least come with two other affiliates.
The reason why Swis Coin is a ponzi scheme is that when someone joins under you, they will be placed directly under you, suggesting that this project is only interested in building a pyramid scheme which will soon collapse with people’s money anyway.
The reason why SwisCoin is a scam is because in order to receive any commissions, 2 people must join under your referral link. This is a way to discourage making payouts. They want you to get discouraged and abandon ship because there are no refunds anyway. When you realize that this is a ponzi scheme and opt to get out, it will be too late given that you have already sent them money. You can’t retrieve it unfortunately.
You can rest assured that this website isn’t unique at all. We have seen this kind of thing in the Cryptocurrency niche. This is the MLM of cryptocurrencies.
In the case of this scam, you will see mentions of Bitcoin, an internal trading exchange where Swiscoin can be converted to fiat currency as well as guarantees that as long as people continue to invest in this website, the value of this coin will go up.
The concept of referral and commissions add a pyramid layer to the scam, encouraging more people to join so that the owner of this program can make more money.
The fake Irish physical address is obviously meaningless. The people who run this ponzi scheme scam are not native English speakers.
The website is characterized by poor translations and sentences which make us feel bad because this is not professional at all.
Moreover, the fact that our computer is warning us of the potential for these guys to steal personal details is something that should alert you.
Our guess is that this project is operated out of Asia or Eastern Europe. Either way, it is still a scam.
The reason why problems will ultimately surface is because ponzi schemes are not a sustainable way of doing business. Once monthly withdrawal requests have exceeded what the website owner is willing to pay, he can just close shop and disappear with the rest of the balance. It is that simple for them. And since they are anonymous, you shouldn’t expect that recovering your money will be a possibility.
Regulators might even step in to shut down the latest iteration of MLM fraud involving Cryptocurrencies. Unfortunately, the industry never learns. Scammers are less bothered by regulators. Therefore, more scams in this niche will continue to show up even if Swis Coin comes on its knees.
There is no hope of making money with this site at all. Swis Coin is a run of the mill scam. Spend your money on this useless site at your own risk. Otherwise, use these platforms to genuinely invest in Cryptocurrencies. They are 100% safe.
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