Perhaps you are thinking about investing in cryptocurrencies and came across Instant Coin Company. One thing that came to your mind is,
“Is this real?”
At least you’ve heard of people that became rich by just investing in digital currencies and think it’ll be great idea to join that class of investors.
In this review, we shall take a peek into what may be happening behind the scene for this platform so that if you invest, you’d do so with the benefit of accurate and adequate information.
What is Instant Coin?
The information on the site shows that this is an investment company that wants to help people meet their need for financial freedom. They accomplish this through the provision of investment instruments that are highly rewarding.
The company claims that it was able to build a team of highly knowledgeable professionals that have studied the coin market and are actively generating profit which their investors could benefit from.
This would result in margins that are several times higher than what could be obtained from the banks.
Is This A Reliable Site?
This is a critical question that every investor should ask before putting their funds in any investment company such as this. The reason is that there are many seemingly legitimate companies that are actually fronting for scams.
We can verify this from the Securities and Exchange Commission which wrote on the agency’s site that:
“The SEC’s Office of Investor Education and Advocacy (OIEA) and the Commodity Futures Trading Commission’s Office of Customer Education and Outreach (CFTC) warn investors to scrutinize investment opportunities through websites purporting to operate advisory and trading businesses related to digital assets. These websites often contain “red flags” of fraud including claims of high guaranteed returns and promises that the investments carry little or even no risk.”
The Instant Coin Company exhibited those red flags and we shall analyze them so that you would know the risks you face by investing in this company’s offers.
One of the features that would help you identify scam sites is that they usually have plagiarized content. Every legitimate business would at least make sure that the content on their site is actually theirs.
What fraudsters do is copy content from other sites as long as it talks about what they want to accomplish – which is mainly stealing funds from people. Most of the content on the Instant Coin Company site were taken from other sites. For instance, this statement below can be seen on the main page of the site:
“Firmly believing in the great prospects for crypto-currencies, we also invest in the most promising ICO. Our experts can analyze the market and draw conclusions based on its fluctuations, applying new approaches and trading methods.
Attracting investments is the best way to ensure the growth of our business. Our investment platform offers beneficial investment opportunities that allow all our clients to make money on the Internet.
By employing only highly experienced financial experts, we minimize any financial risks and ensure that our investors receive a stable income, with payments accrued every single consecutive day.”
A search through the internet using plagiarism software shows that this failed the test or uniqueness. You can even see the content was copied from another scam site. Scintillae.club. This is the first red signal that you would lose your funds with this site.
Registered or Licensed?
The company claims that it is licensed even though it did not clarify what the license was for. You can read it on its home page as one of “Our Features”
However, this is a strategy employed by fraudsters to deceive uninformed people. What scam sites do which Instant coin also did is that they register their businesses with the government agency.
Registration of business is quite different from licensing for financial services. But they display the registration certificate using them to acquire seeming legitimacy from gullible investors.
That a company is registered with agencies such as the UK Company House does not entitle them to render financial services. Fraudsters take advantage of the decentralized financial system of digital currencies that is not regulated to proliferate scam investment schemes.
Unverifiable Claims of Withdrawals
Unverifiable statistics is another strategy employed by scams. When you check under the “Project Statistics” on the site, you may not realize that every data provided there are false unless you conduct a background check.
The site for instance claimed that investors have made $7,933,206.19 in deposits. It also claimed that it has been online for 1071 days, having started operation on September 8, 2016. We can see that these are false information as shown from a Whois search which shows that the domain was registered on June 19, 2019.
The essence of the false data is to deceive the prospective investor to believe that this is a reputable site and that the company has been paying users for 3 years. When such investors make investment deposits, they’ll realize they’ve been tricked.
Fake Deposits And Withdrawals
You can also see data about deposits and withdrawals in bitcoin. These too are false and intentionally placed to create the impression the fraudsters desire – making the investor believe that others successfully make deposits and withdrawals.
Bitcoin transactions are traceable because it is an open ledger. However, you can see that they could not provide any transaction IDs because the deposits and withdrawals are a figment of the owner’s imaginations.
A Virtual Address Servicing 116 Companies
The address that the site claims as the physical location of Instant Coin office is 5 Broadgate, London, United Kingdom, EC2M 2QS.
However, a search shows that it is not a location where any business activity such as claimed is going on, but a virtual office used as mail center and for the purpose of registration formality.
Companies pay the address owners to use it and at the last count, 118 companies have been registered using that address.
Bear in mind that entities that use virtual addresses are not located there but paid address rent to another business that provides such a service.
So if something goes wrong with your investment, you won’t locate the owners of the site there.
Dealing with investment sites that have no reputation is risky. Scammers succeed because many investors do not research before investing.
A genuine investment company would not hide the identity of the owners. It would be authorized by relevant regulatory agency which would have oversight function over it.
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