Someone mentioned that they were scammed by Countrade. A close look at the site showed that there are many schemes that the people behind this site are involved with.
For instance, the owner of the site is using promotional codes which they share in forums to lure people to sign up on the site. Once they are signed up, there are other strategies employed to convince them to make deposits.
What is obvious about sites like this is that the likelihood of losing your investment is very high. This is why you must not use a site that you just came across on the internet for investment purposes.
Investment is serious business. This is why it is essential to conduct due diligence before using any site for investment.
What is the Platform?
This is a cryptocurrency exchange that professed to be a platform on which investors can buy and sell digital assets. Another service aside trading is gaming. This effectively makes the platform to stand out as the first cryptocurrency exchange that combines trading with roulette.
It boasts a strong security claiming that its operations adhere to the highest standards which guarantees the safety of the investors’ funds.
Furthermore, Countrade claims that its services are globally available with coverage of 99 percent of all the countries including half of the states in the US.
Other claims made by the exchange are having a strong relationship with banks and a UK license. There is no evidence that these are true.
High Liquidity: Ploy to Lure Big Investors
Some of the features which may attract investors are 1:3 leverages in margin trading in which the investor could borrow funds for trades.
It also claims a high liquidity, which is a ploy to attract high volume investors. Nevertheless, traffic to the site shows that the volume of it attracts is much lower than it claims.
These are indications that this is not a reliable platform to make your investments. An eloquent testimony to this fact was provided by a user of the service.
According to them, someone advertised a gambling promo code on a forum, giving users free $18 to try out Countrade’s roulette service.
We have paraphrased his testimony since he is not a native English speaker.
“I decided to try the promo code and I won +1000$ with a bet of $18. When I tried to withdraw the fund, they said I needed to make a deposit of 30% of the amount I won because I used promo code.
Their reason was that it was a way to make the system safe. So I deposited $300 in ETH, but my account stayed locked. I received a message that I needed to deposit exactly 30%.
Later, I received another message saying that my account would be unlocked in 5 minutes. When they unlocked it, they insisted that the funds would be used to play their roulette again”
The summary of the activities of Countrade is that the site doubles as a gambling and cryptocurrency exchange site. As weird as this is, there are many users who could not understand that the effort was to fleece people.
Combining Gambling With Exchange
There is no doubt that exchanges don’t mix their services with gambling as Countrade does. This should be the first red signal that any investor should receive.
However, we are aware that there are many users who are not informed about this fact because they are new in the community. What is obvious is that this site is using various tactics to steal from users.
Cloned Site Programmed to Deceive
Everyone who has been around the cryprocurrency industry for some time would know some of the most popular cryptocurrency exchanges.
What Cointrade actually did was clone CEX, another exchange. This was meant to deceive new users who may have encountered the authentic site.
When you sign into the Countrade site, you would notice a chat section by the right side of the site. You would observe that the chats are from the same people.
These are bots that were programmed to post positive reviews about the exchange. This is a common practice among scam sites such as bitcoin generators.
If an uninformed person sees such conversations, they may be deceived, thinking that the activities on it are genuine.
There are many legitimate investment sites as there are fraudulent ones. The first rule for an investor should be to avoid sites that are not known to have built an online reputation.
Always conduct some research before using any site for investment. The use of random platforms is the quickest way to lose your funds.
At cryptoinfowatch, we direct our readers to our top recommendation where they conveniently grow their assets. The social nature of the platform makes it easy for anyone to make profit.
What experience have you had with Countrade scam? Please share them with us using the comment box below.
For a genuine bitcoin exchange, check here.