Profitcoins – Becoming Overnight Millionaire Through Arbitrage

Profitcoin.io is an arbitrage site that promises returns up to 30 percent in a month. When we reviewed this site, it generally follows a pattern of those that cannot be trusted even though it seemingly has a genuine business.

The industry has witnessed good projects that had high prospects but which turned out scams simply because the people behind them never intended to make then long-term businesses but short-term cash cows.

Although we generally target those projects that we are convinced would make investors lose money, we are aware that there are those that mean business and are willing to help investors make profit. This is certainly not one of them.

What is the Potential of Profitcoins?

The website described how arbitrage works and inferred that it makes money through it stating that:

“When it comes to cryptocurrencies, it’s quite common for different providers to trade a currency (e.g. Bitcoin) at different prices. While Vendor A might sell one bitcoin for €4,900, Vendor B could buy it for €5,000. Identifying these price fluctuations in a timely manner enables you to achieve fast, secure profits. This is what Profitcoins does on your behalf.”

Insomuch that arbitrage is genuine business, there are indications that the entities behind Profitcoins cannot be trusted. These are some of the signals that we shall examine in this post.

It is important that every investor analyze the information available on a website that solicits deposit of funds to ascertain that their money is safe.

Who Are Behind Profitcoins?

Sometimes, you have to enter the mind of the scammer to understand their motive and how they set up any schemes they are operating.

It is instructive to note that the people behind Profitcoins seem more or less like actors. The LinkedIn profile of the team was set up at the same period. The accounts were specifically set up for Profitcoins. Also, the photos used in the LinkedIn account are the same used in the website.profitcoins

The only person whose LinkedIn account seems authentic among the team members is Lara Hammond. Interestingly, she never mentioned the project anywhere on her profile.

A closer look at Lara’s photo confirmed that this is not a real identifiable person, the same with the other members of the team.  Is it not curious that a website promising high returns on investment posted a dozen photographs that none could be confirmed as a real person.

profitcoinsA reverse image search on the Lara’s photo shows that it is likely stock photo with similar images seen on the internet.

Secrecy over the owners of a business and its operators is a sign that you are dealing with a scam.

When you factor in that Profitcoins is offering 1 percent daily profit for arbitrage in an industry known for its volatility, no one should be left in doubt that this is an obvious scam.

The Domain Registration

A Whois search shows that the domain was registered on December 18, 2017. An analysis of the LinkedIn profiles of the team shows that this was the same period that the profiles were created.

Essentially, the profiles which had the same photos in the LinkedIn profile and the Profitcoins website were created for this scam.

profitcoinsWe were confident that with the domain age, this scam must have reports against it and scouring through review by users didn’t surprise. Here are some:

Testimonies

“They have stolen one of my deposits, refuse to communicate. After research on Companies House, you see they are dissolved, Yet still operating in the dark.
PROFITCOIN LTD
10595850 – Dissolved on 10 July 2018”

wrote Richard Myers.

Babek  Zaman raised an issue that all the team members are from the same country. Even though he didn’t explain how he came across that piece of information, he reported his own experience stating that he could not make withdrawal in more than 3 months, an edited version of his review:

“Waiting [for] withdrawal for 3 and half months but it is not process. Also if you carefully investigate the reviews which are excellent, all of them [are] from the same country.”

Carl Hans submitted a rather funny review in which he wrote:

“Can’t trust (this site). It will just take your money. It’s legit until you want to withdraw. The other reviews are fake. Haven’t been able to withdraw for about 8 months now, the support just says that they are working on it.”

By fake, he meant that those posting positive reviews about the program are either affiliated in one way or the other or may even be the promoters or owners.

Conclusion

The summary of this review is that Profitcoins.io is just another scam. Any investors should be wary knowing that many users have already lost their funds through this scam.

There are better investments to try out. Although the ROI is not as high as what scam sites offer, your funds are safe. Nevertheless, bear in mind that all investments are risky so invest carefully. All you need do is copy the trade of professionals and get the same result as they do. You can sign up here.

Please send in your views and experience with Profitcoins in the comment box below.

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Author: Jofor Humani

Peddling words has been a passion beneath the surface. I speak less than I write...naturally. Aside speaking and writing, I walk too...good for your heart they say. I sometimes do not feel like writing. Then I enjoy quiet times which I use to think and stay with family.

10 thoughts on “Profitcoins – Becoming Overnight Millionaire Through Arbitrage

  1. They stole $350 from me. Seemed legit, I started with only investing $20 worth of Bitcoin. I figured I could live with losing that small amount. I was called by someone going by the name of Joseph from a Florida number registered in Pensacola. He even said he was in Florida. He asked how often I wanted to be contacted via phone and told me I could call anytime I needed help. I received about 9 calls from this person. The ninth call I missed since my phone was dead but I figured they’d call next week. Here it is almost a month later and I can’t even withdraw my Bitcoin. I’ve tried calling, emailing, and messaging them on their “live chat”. All has been ignored. I feel like an idiot. I would have never added more money into it had I not been called so often and made to feel like it was a real company. A word of caution, even if you think your sure, be sceptical. It’s your money, be safe.

  2. Similar experience……invested $1,000, then pulled out $120 worth of “profit,” then went back in with another $1,000 in the beginning of April, and have not been able to withdraw anything since.

  3. Please tell me about arbitragepeople.com. I have a large sum of money with them. They appear to be reasonable. What can you tell me about them?

  4. PROCEDURES TO FILE A COMPLAINT ON THE ENTITY DBA ‘PROFITCOINS’

    Company info:

    PROFITCOINS LIMITED

    Incorporated on 28 August 2018

    Company Registration Number: 11538939

    Address:

    67 Clifford Gardens Willesden, London, United Kingdom, NW10 5JE

    Email address listed on website:

    legal@profitcoins.io

    (NOTE: It should be noted that this email address is most likely fake as it bounces back to your address when a message is sent to it)

    To file a complaint:

    Please visit the Action Fraud website at:

    http://www.actionfraud.police.uk

    where you can register to use this new service any time of the day or night which enables you to both report a fraud and find help and support. Please note that if you do not register at the time the report is made, this service will not be available to you. If you are seeking an update to a report please visit your dashboard to track the progress of your report. If you did not register it will not be possible to receive an update, but an outcome will be provided to you in due course.     

    You can also file a complaint at the following agency and email address:

    Insolvency.complaints@insolvency.gov.uk

  5. If you are thinking about investing in binary options then DON’T , if you have already done that and have lost money it just might not be too late for you. I did the same and lost all my money, fortunately i was able to retrieve all my funds back . If you have any questions you can contact them to give you more information on what you need to do. Thank me later.

  6. HOW TO RECOVER LOSS FUND FROM BAD BINARY OPTION
    Do not get involved with this outfit. They have no customer service. You put money in and you can not get it out. They keep requiring documentation and then deny it. I have been trying to get my funds for over 6 weeks. I think my next step is to get in touch with Interpol and file a fraud Claim against this outfit. Mark my word and be careful with Empire option.Do not waste your time and money on this scam company. All they do is keep calling until you make the deposit. Once they realize you won’t deposit anything else, they will never reply to your emails. And forget about calling them, they’ll hang up on you. Rude and unprofessional.
    Their so-called “advisors” are pieces of garbage. Sebastian and Federico Demczylo are liars. They’ll promise you anything to get your deposit. Then forget about trying to contact them, not to mention to make a withdrawal, you will never get your money.
    In these kind of cases with the fake broker over the internet my advice if you have already invested with those liar,call them back and get a refund which am guessing you have already tried.

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