Coinwallet.biz Review – Passive Aggressive Scam

Coinwallet.biz is a crypto trading firm which promises a fixed amount of interest each and every day to the investors. This firm is anonymously being led by a group of people and their legal status is not as clear as it should be. Their strategy is unknown and their performance is not verifiable. In short, everything about them is like a cloud of smoke and that is not a trait which is welcomed in today’s world.

Many people have lost a major portion of their capital to this firm and some of them were even blocked without any reason. So, to understand the real agenda of this so called institution, go through our review and make a well informed decision.

Regulatory Status and Contact Details

More than 60% of the firms out there which has a narrative around cryptocurrency investments are scams. Despite all the attempts made by government organisation, the customers vastly are still uninformed about the mechanisms and that is the root cause of the problem. Scammers as always use the lack of knowledge exhibited by people and make boatloads of money by taking their hard earned funds. This platform features an incorporation certificate on their platform.

For most people, this certificate might be convincing enough to deposit. However, you need to understand that they are bluffing and are not recognised by the FCA. So, do not let a document fool you and remember to double check everything you see online. As far as customer support goes, the only way to reach them is through email. In short, they have made it too difficult to trace them and haven’t left any clue about their identity so far. Here are their contact details.

Address – 36 Wigmore Street, London, England, W1U 2BP

Email – support@coinwallet.biz

How does Coinwallet.biz Function?

Coinwallet.biz portrays itself as a reputable crypto trading firm. They talk about the benefits of cryptocurrency over fiat currency and highlight the benefits of the blockchain technology. However, they have not mentioned any narrative about their trading approach or parameters. We do not know what makes their approach so unique and one of a kind. Moreover, there are no performance stats reported on their website and we couldn’t find any trading history.

In short, they have nothing to back up their claims and given the flaws on their platform, the fact that they are lying is undeniable. Cryptocurrency trading brings a whole new type of opportunity to traders and investors. The volatility and the number of derivatives available makes it appealing, but do not let the fancy things blind you. To succeed in this sector, you will need a proven strategy and without it, the markets will drain your account very quickly.

Account Types and Profits

There are two types of investment plans available on this platform. On average they promise investors 3.6% per day. Though the advertised amount might seem small at first, it certainly adds up pretty quickly. If anyone can sustain this kind of returns, then they will be doubling the funds on a monthly basis through compounding.

Do you really think those numbers are sustainable in reality? If it was possible to double the capital, wouldn’t everyone be investing through their platform instead of working?

Referral Program

To boost their customer base and market themselves effectively firms like this one use the partner program. In simple words, they just provide high incentives to the promoters to bring investors on board. Moreover, the affiliates are not even required to deposit their own money into the scheme.

Shady group of marketers who have access to traffic or run fake review sites take advantage of this program to make quick money by misleading the public. This conflict of interest explains all the positive reviews out there and hopefully now you understand why you should always check the source of the information online.

Domain Information

Using the data from alexa.com and whois.com, we gained a pretty good picture about the demographics of this website which are as follows.

Domain – Coinwallet.biz

Registered On – 24/09/2019

Expiry – 24/09/2020

Alexa Global Rank – 103,762

Rank in Venezuela – 1,685

Target Audience – Venezuela, Brazil and Russia

Coinwallet.biz Review Conclusion

Coinwallet.biz advertises unsustainable returns and are bound to flee away in the near future. The participants might be getting few payments now, but you need to understand that, they are just receiving  portion of their deposit back and nothing else.

Once their marketing results fade away, they will be forced to cease the operation and that will leave a nasty dent on the bank account of all the participants except the creators. Protect yourself and never even try to take risks with these sort of fake investment firms.

Have you lost money to Coinwallet.biz Ponzi Scheme? Do you like to share your opinion about them with us? Use the comments section to express your views.