Coincrest is a rather peculiar crypto currency trading destination. While it does dangle the possibility of profits to its potential customers, it doesn’t go all the way in this regard and it doesn’t actually publish any exact figures. This is incidentally the first factor we consider when doing our investigations and writing up these reviews: is there a “too good to be true” offer floated? In the case of Coincrest, the answer to that is both yes and no, partly for the above stated reasons and partly because they do seem to be making some rather far-out promises after all.
Coincrest is popular in the US, Argentina, Mexico, Peru and Israel among other countries.
According to some bitcointalk chatter, the annualized return percentages they have floated are indeed in the 125%-774% range, which is ridiculous to say the least. If this is indeed what they promise, then we can safely say that they have flunked the first hurdle we posed in this review, with flying colors. That there is the true definition of “too good to be true.”
Let us not rush to judgment though and take a closer look at what we’re dealing with in Coincrest. Coincrest.com, the official page of the operation, does in fact feature an About page, which draws a pretty accurate picture of the corporate background of the service, as well as of exactly what its services entail.
It turns out the company behind Coincrest is Patrim Ltd. based somewhere in London (there is no exact address provided). As far as contacting the operator is concerned, we have an email form at our disposal, as well as several phone- and fax numbers. The UK number is 442037694907. In the US, there’s a toll-free number (18887044459), as well as a NY number (+ 1 (718) 5093026) and a fax number (1 (718) 744-2305). What seems a little alarming in this regard is that they would not provide the exact address of Patrim Ltd, not even after we contacted live chat support about it. We were told that they did not have any information on that. Clearly, this way, it’s quite impossible to tell who the people behind the service are.
After some additional digging, we eventually found out that Patrimoine Partners LLC is based at 32 Grosvenor Gardens, London, SW1W 0DH. They apparently have an office in Singapore too, at Blk 618A Punggol Drive, Punggol Breeze #08-703, Singapore 821618. What’s even more interesting though is that there is no mention of Coincrest at the Patrimoine site, so Patrim Ltd – as mentioned in the Company section of the Coincrest website – may not in fact be Patrimoine Partners LLC.
So how exactly is Coincrest supposed to work? The services offered by the site cover hands-on virtual currency trading, managed accounts, educational trading (when clients get an in-house trader to guide their moves), exchange services as well as ancillary liquidation services and cross-border payments.
The explanation offered in regards to the actual trading algorithms used by the trading bots of the operator, as well as by its expert human traders, amounts to nothing but the usual vague garbage. We’re fed the standard text about experienced traders and constant updates which make sure the magic under the hood keeps on ticking. To someone versed in crypto currency scams, all this sounds way too familiar.
The site takes pride in the top-level security and wallet encryption they feature, although according to some of their clients, there’s serious room left for improvement in this regard. Apparently, according to some complaints, user passwords aren’t masked on the account creation page, and no TLS is used when the said passwords are transferred. It may well be that the “top-notch security” extolled on Coincrest’s pages is nothing more than empty hype.
Taking a look at the Bitcointalk forum pages which deal with Coincrest, is quite an interesting experience. Some of the posters there don’t shy away from calling the operation a Ponzi scheme, and there may actually have been an instance of Mark Getz, a poster who seems to be affiliated with Coincrest, creating another account for the sole purpose of providing some positive feedback in the sea of negative posts. To make a long story short, there’s nothing posted in the Bitcointalk thread that would lend any sort of legitimacy to Coincrest in any way.
As far as third-party reviews are concerned, there are hardly any of this type available about Coincrest. That is hardly surprising in light of the fact that – launched in February, 2015 – coincrest.com has only been online for a little over two years, and it isn’t a particularly popular destination to begin with (its Alexa rank is way past the 700,000 mark). Needless to say, information pertaining to the domain registrant is kept private, in a clear sign that nobody is willing to slap their name on this dubious product.
The authority score the domain has managed to build up over its two-year existence is an unimpressive 11/100. Apparently, a single root domain links to the site. There aren’t really many fellow industry participants who have deemed Coincrest worth linking to for whatever reason, and since the operation doesn’t seem to support an affiliate scheme, there aren’t any incentives for other webmasters to link to them either.
Coincrest Review Conclusion
Coincrest have done a good job skirting blacklisted status thus far. Despite the fact that many people suspect they may in fact be running a Ponzi scheme, there’s little actual proof in this regard. People aren’t really keen on investing with these guys and thus there’s little to no feedback resulting.
A lack of corporate background (Patrimoine LLC may in fact have nothing to do with the Patrim Ltd. listed at the site), and the complete lack of a transparent business model speak volumes against the legitimacy of this operation. The community chatter out there isn’t particularly encouraging in this regard either. The person promoting the site at Bitcointalk has been shunned and hit with negative trust rating by the moderators there, and the consensus seems to be that Coincrest is indeed nothing more than a Ponzi scheme.
To be on the safe side, I would not even use Coincrest as an exchange, let alone for any account management services.
Read other Bitcoin and Crypto Currency Exchange Reviews.
Thanks for reading our Coincrest Review! If you have any first-hand information – positive or negative – about Coincrest, please share it with us as a comment below.
Didn’t find information you were looking for? Please let us know!
You’re also welcome to contact us if you would like to consult with us about your bitcoin investment strategy.
To join our member list and receive additional scam warnings from us directly to your inbox, please subscribe to ScamBitcoin.com!