Is ProfitCoins a Scam? Learn about this slowly evolving Ponzi scheme!
ProfitCoins, featured at ProfitCoins.io, is a cryptocurrency investment company that provides cryptocurrency investment options.
During the time of writing this review, there was quite a few unknown variables in play regarding the operational parameters in work at ProfitCoins.io.
To find out what the cryptocurrency community and the facts regarding ProfitCoins.io reveal, we invite you to read our unbiased and factual review.
How does ProfitCoins.io Work?
ProfitCoins included a promotional video on their platform that explained that ProfitCoins generated profits from exchanging the price differences of Bitcoin across separate exchanges.
According to their Terms and Conditions, “Profitcoins is a Fintech company, providing an automated day-trading platform. Profitcoins uses its intelligent software system to identify price fluctuations amongst available cryptocurrency providers to provide its the Customers with the possibility to achieve fast and secure profits.”
Whether these online exchanges are based in different geological locations we are uncertain.
However, ProfitCoins explanation on how they generate income is not really a consistent or substantial method to generating long-term profits.
To add, the price deviations from one cryptocurrency exchange to another exchange is NOT that different, overall.
Which exchanges, online brokerages or platforms that ProfitCoins is allegedly utilizing to generate these profits are not disclosed at ProfitCoins.io.
No mention or reference to any investment or trading approaches are mentioned anywhere at ProfitCoins.io.
Who is Behind ProfitCoins?
When you visit the Contact page of ProfitCoins you are confronted with a contact submission form and the following email addresses: legal@profitcoins.io, press@profitcoins.io and headquarter@profitcoins.io.
Social Media Portals
- Facebook (No Longer Active)
- Rocio Knight (Founder & Director)
- Tony Mahony (Chief Financial Officer)
- Scott Yates (Project Manager)
- Helen Long (Operational Manager)
Shared above are a few of the main operators behind ProfitCoins.io.
When investigating the legitimacy of the operators behind ProfitCoins, we did not encounter any red flags to indicate that these entities are fictitious or fake.
All social media platforms appear to be relatively new, something to note.
Disclosed in the footer would be the corporate entity ProfitCoins Trading Ltd.
According to the International Business Company Registry, ProfitCoins Trading Ltd is an active company filed under company number 172071.
Must Know: ProfitCoins Trading Ltd does not appear to be a licensed or regulated investment company.
This means that ProfitCoins Trading Ltd may be rendering illegal investment advice or services.
Domain Insight
ProfitCoins.io was privately registered on December 18th, 2017 through a Lithuanian privacy company.
According to SimilarWeb, ProfitCoins.io reflects a global rank of 1,041,522 with a US rank of 542,408 as of February 18th, 2019.
Social media outlets and referral based traffic account for 10.08% of the sites total traffic while an additional 10.00% are funneled through e-mail based sources.
Given ProfitCoins.io rather poor web-rankings we do not believe them to be a popular investment platform.
ProfitCoins.io Reviews
The feedback surrounding the cryptocurrency venture known as ProfitCoins has not been positive.
While ProfitCoins.io does an excellent job as coming off as a legitimate investment opportunity, as we have made known to you things aren’t always as they seem.
ProfitCoins Trading Ltd is not licensed or regulated to provide investment advice or services (to our knowledge) while the following negative experiences may sway any motion of joining ProfitCoins swiftly from your consciousness.
“For all of you who are believing all the fake reviews, I have 2.8 BTC in Profitcoins after they took it from 11.78 and made loss charges. Well it has been 4 months and still they will not let me withdraw what I have left.”
“Profitcoins is a SCAM, I invested .5 BTC the site seemed to be working for a few months as it showed my balance growing slowly. Then one day I logged in and it showed a negative balance. Multiple times reaching out to customer service provide no resolution. I believe this site steals your crypto and your KYC verification data.”
“Deposited BTC ran it for a month, completed all KYC as requested, tried to submit a withdrawal at the beginning of December, had nothing and all contact has been ignored…Avoid these scammers like the plague!”
These consumer experiences can be viewed at TrustPilot, which also issued the following warning:
ProfitCoins Complaints
More investor experiences can be found at the following review portals:
BitcoinTalk – Consensus is pursue at own risk
BeerMoneyForum – Reports of fraudulent activities
BitcoinTalk – Generalized user warning and indication ProfitCoins is a Ponzi Scheme
“100% scam. They stole my money. a lot of it!”
“…I don’t recommend investing in it because of bad reviews, a guy lost $10,000 with this ponzi scheme…”
“I have invested during the end of September 400 Euros and made a withdrawal request a few days later. The withdrawal indeed came through to my wallet with the promised profit…This made me gain confidence that I could invest a larger sum of money. I then invested 2 BTC to be able to enjoy the 1% daily profit for over 2 BTC investment…From that point, things started to take a sharp turn. A withdrawal of just 0.015 out of the 2 BTC, took more than 2 weeks to go through. After this tiny withdrawal, my balance of 2 BTC went to 0.01 BTC and the app shows -21000% profit. At that point I realized this is a complete scam project.”
As you can deduce, investors who have relied upon ProfitCoins in the past have had their investments stolen or have had equally as poor experiences.
Is ProfitCoins.io a Safe Investment?
ProfitCoins is NOT a safe investment.
ProfitCoins.io Review Conclusion
ProfitCoins is a cryptocurrency Ponzi scheme posing as a legitimate investment company.
While ProfitCoins Trading Ltd appears to be an existing and active corporation, they do not appear to be licensed or regulated to render investment services or advice.
With this truth in mind, you should avoid investing with ProfitCoins at all costs.
Not to mention that the sum of negative investor experiences is growing weekly.
Do yourself and others a courtesy by sharing and avoiding the ridiculous ProfitCoins Scam.
Outcome: ProfitCoins is a Ponzi Scheme!
Blacklisted Site: ProfitCoins.io
We invite you to share any insight, feedback or experiences you may have below!
Hi guys, I’ve been fooled big time as well…has anybody got any positive answer from the action fraud report ? I filed my request at the end of October and got quite a negative answer (“it has not been possible to identify a line of enquiry which a law enforcement organisation in the United Kingdom could pursue“)…It would be great to take these thieves down!