EffectCoin (effectcoin.io) is a viral HYIP scam which allegedly yields 1% return on investment per day. Their website is very simple and extremely convincing which is the reason why many amateur investors have fallen for this fake investment platform.
This service has been active for around 2 months as of writing this article. Within this short time it has already scammed a lot of people.
Read our full Effect Coin review to find out why you should avoid interacting with this firm in any way.
Creator, company and contact details
There is no About Us section on this website. No information is provided about the person running this firm.
We are always taught not to interact with the strangers, but are you willing to invest with one?
Regardless of where an investment firm is located, they have to be regulated by certain authorities as they raise funds from investors and general public. If these type of activities are left unchecked, they pose a very big risk to the financial well being of the citizens.
When we were trying to find whether this company was authorized or not, we couldn’t find any certificates they should have lawfully. We have confirmed through FCA, this firm has never been licensed, thereby are operating illegally.
Every business puts a lot of emphasis on the customer care because without them no business can survive for long. This investment firm does not provide telephone assistance to their users. The only way to reach the support team is through email.
Returns promised by EffectCoin
The main motive behind every participant in the financial market is to make money. At any given time it is estimated that 90% of the retail traders always lose money. In this type of situation to make consistent returns requires a lot of risk.
The scam artists behind EffectCoin promise returns of 1% per day. This number might seem very small and easily achievable but if you do the math the returns add up to 30% per month and 365% per year.
These type of returns are not only difficult to achieve but also highly unlikely.
Hedge fund managers work for more than 8 hours a way and do you really think you can outwit them by clicking few buttons on a computer?
Question marks and Red flags
After going through every bit of information provided on their website, we still did not get any idea about how the funds are allocated and utilized. We are not briefed about the market approach taken by this firm.
We don’t know what kind of events trigger a trading opportunity and they do not disclose any risk management measures they may have in place.
Do they expect us to simply send funds to them and hope to make a profit?
Forget about verifiable trading history, they do not even offer a demo account.
How are we supposed to know the efficiency of their so called expert traders and automated passive trading strategies?
Ultimately, there is no way to test out this platform without risking your money.
According to whois.com, EffectCoin.io is registered on 07/04/2018 and it expires on 07/04/2019.
The majority of the site traffic comes from Turkey and Indonesia which put together adds up to 25% of the total traffic.
According to Alexa.com
This website has a ranking of 116,246 in Turkey. The other countries where this website has noticeable popularity are Vietnam, Brazil, Venezuela and Russia.
Deposit and Withdrawal
The only mode of payment accepted by this platform is Bitcoin.
They state that the withdrawals are processed within 72 hours.
Like most of the fraudulent investments, the main goal of this firm is to make money before they get shutdown.
In order to reach more people, this firm provides huge incentives to anyone who promotes their platform.
The affiliates are even provided with banners and other e-mail marketing tools.
Note that the affiliates need not have to be active investors to get their commissions.
Is EffectCoin.io a scam?
Absolutely. This whole firm is just an overblown HYIP scam which can disappear with all of the investors money as and when they like.
EffectCoin.io Review Conclusion
The whole idea behind this Bitcoin investment firm is unrealistic.
Don’t feed these scammers with your hard earned money.
Have you been scammed by EffectCoin.io? Share your story by commenting below this review.
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