One of the advantages of using cryptocurrencies for business is that they sometimes convey the impression of anonymity, even though in reality, they are not as private as many people presume. This is why many sites such as Coins Growth rely on them as means of accessing their services.
Unfortunately, many online investment sites that are taking advantage of the cryptocurrency revolution cannot be trusted. This is mainly due to the fact that they would steal your funds if you make the mistake of depositing it with such sites. Even though there are reliable sites, it takes guidance to find them.
In this post, we shall examine Coins Growth to know if this is a site that you should invest with. Our reviews are based on evidence provided on the site, our experience in hunting scam sites and the guidance provided by reliable regulatory agencies such as the Securities and Exchange Commission.
What is Coins Growth?
This is supposedly a trading company that claims that it uses the expertise of its team of professionals to analyze the market using specialized tools. This enables it to consistently make profit.
According to the site, investors can take advantage of this expertise to generate passive income by making minimum investment of $20.
The company claims that it is registered in the UK and actually provided links to a page where the Company House data is stored. However, we have long realized that having a registered business is not a stamp of legitimacy as far as online investment sites are concerned.
Is This A Reliable Site?
There are many sites claiming to render financial services, but few actually do so in practice. The reason is that the primary objective of setting up such sites is to defraud people.
Coins Growth is may have made enticing promises to users, but evidence on the ground shows that this is not a site that you should trust with your funds. We shall look at some of the reasons why this site is a no-no as far as investment is concerned.
Low Quality Copywriting
You would expect a company run by professionals to have a decent copy writer and to make sure that the quality of content on their site is at par with the expectations of their clients.
What we have seen with Coins Growth is below par content which is an indication that the individuals behind the site are not who they claim that they are.
This is one of the signs that every investor should look out for. The reason many fraud sites create their own copy is low budget. They’re also aware that review sites such as Cryptoinfowatch are increasingly busting their approach of plagiarizing from other sources.
The fact remains that even though scam sites are defrauding people, they’re also aware that scam hunters are making investors aware of their tricks.
Impersonating Another Company
On its home page, Coins Growth claimed that it registered with the Company House with another name, Coins Crypto Limited. This is a suspicious claim since companies would never ordinarily use different names that they do not own their domains in registration.
Even if the domain is not available, a reputable company would rather use symbols such as hyphen than change their company name knowing the confusion it could cause among customers.
Invalid Registration Certificate
The fact that Coins Growth is claiming ownership of a name different from its domain is a pointer that this is a fraudulent site. Nevertheless, we checked the records of Coins Crypto Limited and found out that the company has been dissolved since April 2019.
A Whois search shows that the domain of the Coins Growth site was registered on August 13, 2019. This means that the owners of the site knew that the original company has been dissolved by the agency but chose to use it as front for the site.
The site even claimed that the company has been around more than two years knowing that most investors never crosscheck information posted on sites like it. This information contradicts the duration claimed by the About page, an inconsistency showing that there is nothing professional about the site.
High Yield Investment Scam
Here is statement from the Securities and Exchange website:
“Guaranteed returns” aren’t. Every investment carries some degree of risk, and the level of risk typically correlates with the return you can expect to receive. Low risk generally means low yields, and high yields typically involve high risk. If your money is perfectly safe, you’ll most likely get a low return. High returns represent potential rewards for folks who are willing and financially able to take big risks. Most fraudsters spend a lot of time trying to convince investors that extremely high returns are “guaranteed” or “can’t miss.” Don’t believe it.”
That should be a rule of sorts. Bear in mind that whenever you encounter sites that promise you quick riches such as doubling your funds in days or even a month, that you are facing risk of losing your funds.
As you can see from the Coins Growth site, the ROI offered are a minimum of 120 percent in just 24 hours. This means that they claim to more than double your funds in one day.
This is enough reason to suspect that the motive of the owner is to make you send the funds first. You may never get anything at all if you do.
Sometimes, fraudsters pay small investors so do not be surprised if they actually double your $10, but I’m certain that this site would even steal your small investments. Scam sites sometime pay small investors to lure them into making bigger investments which they lose.
Do not be deceived into investing with random sites irrespective of what they claim to offer. A good investment site must be regulated, registered and licensed to render financial services.
Having the right agency have oversight function on a site is the best way of ensuring that the operators do not misuse or steal investors’ funds. You can check here for our top recommendation.
What is your opinion about Coins Growth? Please send in your comments using the comment box below. You can also make suggestions on investment sites that you need us to review.