You want to know if Trade Coins (Tradecoins.com) is a reliable trading destination for Cryptocurrencies? Read this review till the end.
At first, you might think that Trade Coins is a good Cryptocurrency exchange where we can just buy and sell our Bitcoins with no worries. But upon close investigations, we realize that this is not the case.
So, what exactly is Trade Coins then? It’s your typical run-of-the-mill binary options trading destination where all deposits and withdrawals must be done in Bitcoins only.
Whereas Trade Coins claims to be an altcoins exchange platform, you won’t be trading Bitcoin in the classic sense of buying low and selling high above the line. What you will be doing is supposed to be a slightly different activity which involves Cryptocurrencies.
For that reason, we have decided to present our assessment of the site here in form of a review. Feel welcomed to read our thoughts and opinion on this matter.
P.S: You can mine altcoins through these legitimate companies.
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We feel that Tradecoins.com is a big deception and fraud because it masquarades as a Cryptocurrency exchange when that is far from the truth.
Why exactly does Trade Coins pursue this path? Maybe you have already guessed it. Chances are that the platform is based in the US where binary options have been outlawed.
So the reason why this site exists in its original shape or form is because US financial regulators still don’t consider Bitcoins or any other Crytocurrency as actual currency.
By law, this is supposed to mean that trading on this platform does not involve actual money. But that also tells us why this site cannot accept any other form of currency for their deposits except when you’re carrying out transactions in form of Bitcoin.
Now, if you want to trade at TradeCoins, you are supposed to buy Bitcoins directly from the operator of this site. For those who want to cash out, it must be done in Bitcoins only.
To this end, you must realize that for you to carry out this transaction at Trade Coins, you must possess a Bitcoin wallet.
What we don’t understand is the reason why this site is insisting that Bitcoins should only be purchased from the operator and nowhere else. It’s worrying, which is why we felt encouraged to assess other elements of this site to truly understand what is going on here.
We managed to gain access to their trading platform and felt that it was smooth and self explanatory.
Once you’re here, all you should do is chose the asset which you want to trade, set expiry time, direction and wait for the trade to end in profits or losses.
The site claims that all trades that end up in profits will be awarded a payout rate of 81%. That is not very impressive.
Basically, this is the same kind of thing that we usually see with Binary Options brokers. However, the fact that Trade Coins is circumventing laws that have been instituted by US financial regulators means that this is an illegal business. It does not matter whether or not they are giving you a smooth trading platform. The fact still remains that they are conducting an illegal activity by first misleading authorities into believing and considering that no actual money is exchanging hands.
We have checked major Cryptocurrency platforms for user feedback and found that no reviews about this site had been posted yet.
This is for obvious reasons. If TradeCoins does not deal in virtual currency trading, then there is no need to discuss it on these internet forums.
The platform still has many virtual and fiat currency assets on their interface. This also includes assets such as commodities, indices, Silver, Gold and Platinum.
We’ve checked details of ownership and confirmed that the site is owned and operated by Titan Marketers Ltd. Their address is a Florida-based location identified as 7950 NW 53rd Street, Suite 337.
The site has done a great job to include both their email and phone contacts. There are at least 2 phone numbers on their site which can be used to contact them directly.
When we visit their about us section, we don’t find any meaningful background information about them.
Also, the homepage of Trade Coins has a few testimonials which are supposedly coming from those who have used this platform. These testimonials are not exactly trust inspiring. We wonder if we will ever be able to believe these things.
The domain is said to have been registered in 2001. That’s a very long time ago, which explains why the site is quite popular. Now, the domain registrant is not available or rather we were not able to establish who this domain is registered to.
The site claims that they have since opened more than half a million user accounts, and that 20,000 Bitcoin volume is traded on their platform on a monthly basis.
Customer payout a month totals 220 Bitcoins. Processing time of withdrawal requests is 47 minutes on average.
One thing we can say is that there is no single way to verify these claims or figures. If they are true, we could be reading a number of testimonials about Trade Coins. Those testimonials would be giving us clues as to whether or not these numbers are authentic.
We do not believe numbers for the sake of believing. There must be a way of verifying them in order for us to believe them.
So far, this is not the case. At the same time, we cannot say whether or not these numbers represent the truth. But since we are always careful with anything that talks about Bitcoin, we are advising that you should probably do more due diligence to assess the site.
Most visitors who come here are from the US, Poland, Germany, Iran and many other countries. But according to Similar Web reports, this site’s visitors are mostly from referrals, which could give us another useful insights into their activities.
You see, this means that Trade Coins has a very active referral program which encourages people to share their platform with others.
Could this mean that they also have another line of business involving ponzi scheming?
We may never know. But we can certainly advice that you stay away from sites where most of the traffic is coming from referrals. These sites mostly use traffic that does not convert. In a very short time, these sites will look like they are popular when they are not, organically. So this is clearly one deception that corny sites will use to attract investors.
It is sickening to realize that Trade Coins is just a binary options website masquerading as a Cryptocurrency exchange. We find it misleading enough not to trust them anymore. Although it appears as if they are misleading investors for the sake of protecting themselves from US financial regulators, we still feel that most clients would feel cheated if they discover that this is not a true Virtual currency exchange platform. As we speak, we do not have any evidence yet that this is a scam. But keep in mind that many fraudulent brokers have surfaced on the internet. Beware.
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