Over the past few years, a growing number of people have started trading cryptocurrencies online. One of the new cryptocurrencies trading platforms in existence is Coins247. If you also consider investing in this form of trading, it would be wise to check first for Coins247 scam warning signs, in order not to fall to any trap by surprise. This is exactly what we’re about to cover here in our comprehensive Coins247 review. So, let’s dive in!
Table of Contents
What is Coins247?
Coins247 is a cryptocurrency trading broker who offers a platform to trade in many types of cryptocurrencies. According to its website, Coins247 is among the world’s most sophisticated trading platforms of its kind. In Addition, it states that it provides the best way to buy or sell leading cryptocurrencies online, such as Bitcoin, Ethereum, Ripple, and many others.
Among the things that attract traders to use Coins247.net is the platform’s user-friendly interface. As long as a user has a strong internet connection, he/she can easily access the platform’s interface from any device, whether it’s a desktop computer, mobile device, or even tablet. This may be one of the main reasons that its client base is gradually growing. Moreover, it helps to catch the attention of more and more cryptocurrency traders.
Is Coins247 legit, or is it a scam?
Even though the platform seems legit and highly attractive at first glance, it’s still important to look at things in depth. Let’s walk through a number of red signs that we found which may serve as valuable warning signs that you should know about before investing in Coins247:
Confusing information regarding ownership
The website’s domain was registered anonymously in September 2018. It means that there’s no easy way to trace the owners’ identity.
According to the website, it is owned by Sheffieland Limited company, which was incorporated in Dominica, a Caribbean island nation. Moreover, an in-depth examination reveals that Sheffieland company also operates as a payment handler for another company located in Bulgaria. This company is called TM Capital Limited.
It doesn’t end with that. If you’ll check the platform’s phone number, you would find that it’s a UK number. Given the above, would you invest your money in such a trading platform full of inconsistencies?!
Lack of transparency regarding funds
The combination of depositing your funds in a company that handles your funds in the Caribbean, its payment processor is a Bulgarian, and its support phone number is actually a UK one, does not coincide with the company’s statement that your deposited funds are safely kept in an Australian bank. Are the funds really handled in the Caribbean? Is the payment processor really a Bulgarian company? Is your money kept in an Australian bank? We don’t know for sure, but what we do know is that something in this above-mentioned information (or claims) is false.
Lack of regulation
Coins247 is definitely an unregulated trading broker. This broker cannot be found on any regulated brokers database, such as FCA. In addition, unlink other sophisticated similar scams, this company even doesn’t try to pretend it is regulated by some financial institution in Australia, United Kingdom, or in any other country. Trading with an unregulated broker can be very dangerous as it doesn’t follow any guidelines and its actions are not enforced by any authority, so this broker can do whatever he wants with your money.
Perhaps the best way to gauge the legitimacy of this cryptocurrency trading platform is to check out a few Coins247 reviews posted by people who’ve actually used the broker’s services. What we found during our research is more than a little worrisome. For example, look at this complaint posted by a user called anith1957:
“I asked to withdraw my money from www.coins247.io, a cryptocurrency trading website, amounting to USD966 back to my bank account in Laos. I made a request more than 10 days ago…but still no transfer until now.”
To make things even worse, check out Fred1966‘s complains about having been talked into depositing a total of €750, and then running into major problems when he wanted to stop trading and withdraw his money:
“A manager…would help to withdraw my money. But first, he told me to do another trading and then the withdrawal. He did the trading for me and then…they told me it was a bad trade and all my money was lost… this smells for me like a big scam.”
Coins247 is Operated by PROFTIT company
While doing our research we found evidence that Coins247 uses PROFTIT CRM system. Moreover, we found more evidence that proves Coins247 is actually being operated by PROFTIT company itself. This means that Coins247 is just another piece of PROFTIT’s scam method. i.e, a method used to launder the money that is being stolen by illegal Coins247.
In conclusion, we have no doubts that Coins247 is a scam crypto broker. We recommend you find a real genuine trading platform to trade cryptocurrencies with, i.e., a real trusted trading broker that’s regulated and has many positive reviews (unlike this one) all over the internet. So stay safe and invest smartly!
Coins247 Scam – Cut The Crap
|PROFTIT LTD||2 David Ben-Gurion st., B.S.R 4, 38th Floor, Ramat Gan, Tel Aviv, Israel||515263879|
|Sheffieland Limited||8 Copthall, Roseau Valley 00152, The Commonwealth of Dominica|
48 Queen Mary Street, Roseau, The Commonwealth of Dominica
(Israeli | November 1988)
|Owner of PROFTIT LTD|
|PROFTIT (Read our PROFTIT review)||https://www.proftit.com/|
Got Scammed? How To Get Your Money Back?
We know the frustration you feel after being scammed. At a certain point, you feel lost, and you have no idea what to do next. Of course, it’s a traumatic experience. What you’re feeling is valid and understandable. However, you don’t have to dwell in that dark place for a long time.
All hope is not lost as there are various ways to get your stolen money back. Yes, you read that right. So, if you have been scammed, you can apply these tips to increase your chances to retrieve your money from those shameless scammers.
If you paid using a credit card, you can use chargeback to request a refund from your bank card provider. In addition, you can also use chargeback if you paid using a debit card. A word of caution, though, there are requirements before this applies, so know them first.
You can also file a complaint about the PSP (Payment service provider) and demand for reimbursement. If you’ve been scammed and the banks involved are not doing what they are supposed to do, you should be refunded after the fraud happens.
But if nothing still works at your advantage, and you need further assistance, you can contact us through our email, [email protected]. We will help you in any way we can. Don’t worry. We’ve got you covered!