CoinZinc (coinzinc.com) is supposedly an unique investment firm which focuses on trading cryptocurrency and investing in ICO’s.
Their platform is as simple as it can get where everything is self-explanatory. Everything seemed normal until we took a look at the type of returns offered which are outright lies. By the time we finished our investigation of this service, we were convinced that we are dealing with a ponzi scheme.
Before you jump into any sort of conclusion about this firm, read our review to find all the information about them in one place.
License and Contact Details
Scams like this platform are like an incurable cancer present in the investment sector.
CoinZinc represents an ICO where they raise capital from general public and depending upon their contribution and time period of the contract, they promise the investors certain amount of returns. As always when we proceeded to check the legitimacy of their service, we couldn’t find any licenses they must lawfully possess.
We have confirmed through FCA this firm has never been licensed thereby operating illegally.
This platform has put up some sort of document on their website which is just a trick used by scams to earn the trust of the investor. They do not have any authorization to take money from the retail investors.
Here are some of the contact details of this firm:
Address – 61 Tudor Road, London, United kingdom, E9 7SN.
Email – [email protected]
How does CoinZinc Work?
This firm states that they are operational from 2013. They are said to be involved in cryptocurrency trading and ICO ventures. There is no information about their trading plan and they have not briefed about how the investment funds are handled and utilized.
We have no idea about the win rate of their trading system. Since this platform does not offer a demo account or any type of trial periods, you cannot test their platform without putting your money at risk.
As far as ICO’s are considered they haven’t disclosed any of the previous projects they are involved with, so we don’t know if they were profitable in that venture.
This firm claims to earn its users returns ranging from 1.45% to 18% hourly. The users just have to deposit funds and click few buttons to earn but unfortunately it is not that simple. These kind of returns are just fabricated stories used to catch the attention of newbie traders and investors.
Here are the full details about the investment plan this firm has to offer:
Returns – 1.45% to 1.6% Hourly
Duration – 72 Hours
Minimum Deposit – $5
Returns – 2.8% to 3.3% Hourly
Duration – 40 Hours
Minimum Deposit – $300
Returns – 13% to 18% Hourly
Duration – 20 Hours
Minimum Deposit – $3000
The revenue of a ponzi scheme is axiomatic to the number of investors involved. This firm encourages individuals to refer people to their platform and provides them high commissions for doing so.
The affiliates are also given a wide range of promotional and marketing tools which makes their campaigns much effective. It is not compulsory for affiliates to be an active investor in order to get paid.
There are a number of testimonies put up on this website wherein the early users brag about their earnings and explain how this platform proved to be one of the most profitable investments of their life.
Don’t believe any of that because they are all from fake user profiles along with stock photos. Now the only question you must ask yourself is, why would they put up fake testimonies unless there is some shady business going on?
We were surprised when this service stated that they have more than 21,000 clients, they surely are viral but that exact number might be a bit exaggerated. According to whois.com this domain was registered on 25/02/2018 and it expires on 25/02/2018.
This website has a global rank of 127,348 and it ranks 56,789 in Russia according to alexa.com.
The majority of the traffic coming to this site are from Russia, India, Iran, Singapore and Brazil.
Deposit and Withdrawal
The minimum spend is $5 and the minimum withdrawal is $0.10. The e-currencies accepted by this platform are Bitcoin, Litecoin, Ethereum, PerfectMoney, Payeer and advcash.
There is no transaction fees associated with deposits and withdrawals. They state that the withdrawals are processed instantly.
Can I Trust CoinZinc?
The financial markets are filled with opportunities all day long but that does not mean anyone can make huge amount of money by trading it. Don’t join the mass delusion which thinks cryptos are a royal way to the riches instead start analysing and develop a trading plan.
CoinZinc Review Conclusion
Companies like CoinZinc are not at all involved with trading in any way. They will be operational as long as they are making enough money but eventually they will reach a point wherein they will not be capable of finding new investors for their scheme and then they will disappear along with all the investors funds.
Whenever a company promises you to literally triple your money on a daily basis, don’t get greedy instead walk away from those sort of sleazy platforms.
Got scammed by CoinZinc.com? Let us know your experience and opinion by leaving a comment below.
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