Crypto investment scams are created at a pace faster than review sites react to them. This gives fraudsters a head-start raising the bar for quick the education of the investors.
Virtual Coin is a company that has a lot of things up its sleeves and in this review, we shall look at what the site offers and why it is a sure way to lose your funds if your interest is instant gain.
We need to understand that the reason scams thrive is that there are many people who are interested in making investments without research. That you are reading through this post means that you’re among the elite class of investors that are aware that researching investment sites is the best approach to keeping their funds safe.
What is Virtual Coin UK?
Even though the name sounds more like digital asset or virtual currency, it is easy for many investors to mistake this site for any of those and actually think that they’re dealing with something legitimate. This ought not to be so and the reason why we are working hard at Cryptoinfowatch to smell out all the high-sounding scams in the space.
Virtual Coin is a rather poorly structured site that has low quality web copy. Nevertheless, it is easy to grasp that it is a site that claims that the owners are involved in trading of commodities such as oil, currencies and stocks.
However it made several references to cryptocurrencies without exactly stating how it is linked with what the company does.
In its About Us page, it veered to Bitcoin mining as what it does, claiming to have expertise in it. This may be a radical departure from the earlier claims of trading commodities, but what do you really expect?
According to the site,
“The Bitcoin market will always remain a goldmine and if you’re wondering if it’s still wise to invest in crypto currency in 2019. The answer is YES. The point of every investment is to buy low and sell high. And this is the best time to invest and make huge profits from the Bitcoin Mining. There are still many opportunities for bitcoin investors, and those who could accurately predict where bitcoin prices will head next will make a huge profit. And you don’t need to worry about all the technicalities involved because at virtual-coin.uk we do all that for you. We are the best in what we do!”
Well…the fact remains that it is easy to make these claims. There is no evidence that this site is trading anything talk less being the best in whatever it is claiming.
Low Quality Web Content
Let’s look at one of the red flags that you look out for when investing. According to the Securities and Exchange Commission,
“Fraudsters often use complex new technologies to perpetrate investment schemes. They can claim their technology is highly secret. Investors should always be suspicious of hard to understand pitches that accompany promises of outsized returns. Sometimes the language includes spelling, grammar, and typographical errors that can make the description confusing – another red flag the “investment” could be a scam.”
If you went through the Virtual Coin UK site before coming across this review, one of the things that you came across was that the quality of content is not what you would associate with a professionally backed site. If the site is owned and managed by individuals that are skilled as they would want the visitors believe, the content would reflect professionalism.
How Long Has Site Been Online?
The site claims that it has been online for 878 days which is more than 2 years. This is a lie. A Whois search shows that the domain was registered on September 4, 2019. So it is actually a 50 days old site,
Scammers are aware that they need credibility to be trusted and they’re aware that they lack all forms of online credibility, so they invent theirs through lies and misinformation. This is why you must not trust sites that have no online reputation. You should also never believe information that you come across on the internet.
Genuine sites exist for investment, but such sites are mostly regulated by the appropriate regulatory agency to ensure that they comply with best practices. They also have known managers who would not want their reputation dented.
This is A HYIP
We can see from the FAQ page that the site is a HYIP.
“Interest on your virtual-coin.uk HYIP account is acquired Daily, Weekly, Bi-Weekly, Monthly and Yearly and credited to your available balance at the end of each day.”
There are so many investors who are not aware that high yield investment programs are scams meant to bait many investors to make deposits. The objective of the fraudster behind such sites is to accumulate the deposits and disappear with the funds.
This is why owners of HYIP never expose their real identities. They’re aware that what they’re doing is illegal and criminal and that they could face charges if caught.
You can see that Virtual Coin promises returns of up to 500 percent, which is impossible for any business to pay in 96 hours as in this case.
The essence of the scam is to get the deposit, so they’re appealing to the greed of the investor. Scams like this succeed because there are many people who love the no work, big profit idea projected by scammers.
Phone Support for VIPs
This is one of the new approaches used by scammers. Phone support for VIPs would enable them boost your ego that you’re important if you made deposits of thousands of dollars. But doing this is like flushing you funds down the drain.
Virtual Coin UK is an ongoing scam. The essence of this review is to enable you keep off this site and any other that promises unrealistic returns.
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What is your experience with this site? Please share them using the comment box below.