There is a frenzy to make money through crypto that there are many that believe that cryptocurrency is a path to wealth. To some extent this is true for many, however for many others it’s a cycle of disappointments and regrets as we see with UTradecoin.
ETH For Referrals
UTradecoin.com is a site that promises investors ether for referrals. This site’s offer is so quite irresistible for the casual observer and it takes deep insight to understand that motive behind it.
ETH Earning Made Simple
On the UTradecoin platform, the first impression that a visitor gets is that this is a platform on which they could earn ether by sending referrals. UTradecoin made it seem so simple that you wouldn’t think twice sending in referrals for ETH.
But should you?
No Source of Income
One of the first questions a user should ask themselves is why a site that doesn’t seem to generate income from any known source pay for visitors to the site. It simply doesn’t make economic sense.
According to the platform, it is paying out ETH to users because it is generating ad revenue from the referrals. However, a closer look at UTradecoin.com shows contrary evidence.
Worthless Crypto Signal Link
For example, the site is not selling or promoting anything except another link that promises users that they could earn more than 600% weekly through trading with crypto signals.
In effect, the site is promoting something absurd by promising something even more ridiculous.
Even though the company calls paying for referrals ‘free money’, it is essentially not free since the affiliate works to drive traffic to the UTradecoin site. However, what is suspicious about the project is the fact that they have no legitimate way of generating the funds they claim they could pay.
On why they are paying ETH for visitors, the site stated:
“In fact we don’t give money for free. We need a fee to keep this service available and to pay you. We make money from advertisements on this website. Our income depends on how many people you can invite from your ID URL. We divide half of our income to pay you. This is fair, no one is harmed. This helps us not to cheat you or become a scam.”
One attribute of many scam sites is that in their quest to convince the user to do their bidding, they almost always tend to claim that there are honest people behind it.
A closer look at the statement above shows that this is one of such sites that tend to claim they are not scams because they want the user to overlook the signs that point to the suspicion that they are.
The site stated that everyone who visits through a unique browser based referral link automatically earns money for the referrer even though it didn’t specify how much the individual would earn.
However, it states explicitly that referring 1000 visitors to the site would earn 3 ETH for the referrer. In one swoop, the site also stated that no one knows how much could be earned through referrals which show that this is a dodgy site.
This is a site that many people have clearly seen through its scammy scheme. These realize there’s no need wasting time with it, but it gets even more interesting when we discovered the purpose of this UTradecoin scam.
A Phishing Attempt
The website has a minimum payout of 0.35 ETH which means that the user would refer more than 100 persons before they are adjudged capable of making withdrawals.
Even though we couldn’t reach many who have used the site, someone who did reported at BTT that when affiliates got the withdrawal threshold, the site prompts the user to export private keys before they could get paid.
“Utradecoin pays for each visitor you bring to their site (They don’t give you ever). Payment method is- ETH
When someone reaches to minimum withdrawal and try withdraw ETH, they have to provide private key. Don’t put your private key anywhere. You will be scammed.”
A Quest to Steal
Apparently, the owners of UTradecoin primarily target the funds in the wallets of the users at the point of withdrawal. They are aware that there are users that wouldn’t understand that private keys are paramount access instruments of wallets.
The fact that the site promises instant ETH may have given it away as scam but the lesson that people should learn from sites such as UTrade is that there is always a clause when the offer looks too good to be true.
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