Given the ease with which anyone can set up a website, several crypto scam sites spring up daily. Coinvelox is one such site. These HYIP platforms are created with the sole purpose of stealing money from people. One of the reasons why these fraudsters keep succeeding is because of the greedy mindset of people who want something out of nothing.
Is Coinvelox a Scam?
Coinvolex is one of those sites that want to give you money for doing nothing. The bad news is that even Coinvolex isn’t doing anything to make the money that it claims that it would give to you. In this post, we are pointing to signs that you should look out for in identifying scams by using Coinvolex as a case study.
Several reasons attest to the fact that Coinvelox is a scam. We will discuss why Coinvelox is a crypto HYIP site, and why you should avoid it. When you visit the homepage of the site, you will see a link to their certificate which should show you that they are at least registered as a business. It is not as if company registration implies that the business concern is legitimate, but untruths is one of the hallmark of fraudsters who would do anything to deceive potential victims of their scams.
The certificate presented by the Coinvolex site claims that the company was incorporated on June 30, 2020. However, a search of Coinvelox Limited at the New Zealand Companies Office website, the country where Coinvelox claimed it registered its business, did not return a result for the Coinvolex. This means that this certificate was fake.
Unverifiable Business Ventures
There is nowhere on the site the company states what exactly your money will be used for. You are simply asked to choose an investment plan and deposit money. After which you wait while your investment grows and you get interest when it has matured.
As you already know, money doesn’t grow on trees. Neither is it possible to mint coins out of thin air as scam projects tend to give the impression that you can. If there is no proof that a business is involved in a productive venture, it is a scam.
Unverified Company Address
Concerning the location of the company, it is stated on the website that the business is in New Zealand. But, no actual address is given on the site. This calls for great concern if you are thinking of investing your hard-earned money in a company that has no verifiable business address. The physical address on the so-called certificate is Floor 16, 23 Customs Street East, Auckland Central, Auckland, 1010 NZ.
A background check of the Auckland address shows that it is the operational office of another company, ALIOTH Club Limited.
It is obvious that the entity behind Coinvelox tried to impersonate another business to deceive the visitors to the website.
Different Categories of Investment
Coinvelox has four different investment plans – Silver, Gold, Diamond, and Platinum. Each of these plans has a different minimum and maximum deposit rate as well as ROI after a couple of days.
For the Silver plan
ROI 10% After For 1 Day
Minimum Deposit – $50
Maximum Deposit – $9,999
For the Gold Plan
ROI 20% After For 3 Days
Minimum Deposit – $10,000
Maximum Deposit – $29,999
For the Diamond Plan
50% After For 5 Days
Minimum Deposit – $30,000
Maximum Deposit – $69,999
For the Platinum Plan
70% After For 7 Days
Minimum Deposit – $70,000
Maximum Deposit –(Not Stated)
Looking at the various investment plans and the proposed ROI, clearly shows that this is an HYIP site. This is because the ROI is outrageous and no legitimate business venture will give such high rewards within a short time. Plus, there are no insurance terms stated on the site to recover your funds in case the business folds up.
Just like other scam sites, Coinvelox gives up to 5% referral commission, representative program, and subscription packages to “investors” who successfully recruit other gullible folks to invest in any of the investment plans.
Because of the high return on investment, unverifiable company address, and ridiculous referral program, it can be clearly stated that Coinvelox is a scam site. If you are new to the crypto world, be on the lookout for such businesses that are to steal people’s money and never invest in them to safeguard your funds.