Caution! CoverCoin is an offshore company! Your funds may be at risk.
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CoverCoin Key Features
🔴 CoverCoin was blacklisted by FCA. It’s an exposed scam!
🔴 CoverCoin was reported as a scam by customers. A red flag!
🔴 CoverCoin offers questionable investment services. A red flag!
🔴 CoverCoin creates unrealistic expectations. A red flag!
CoverCoin products and services
CoverCoin doesn’t specify any of its services, but it claims to serve more than 5.76 billion customers, which is a truly laughable statement. In any case, CoverCoin claims to be in possession of the best blockchain technology, so it strives to create a false sense of security and hope- a major red flag. So, the offerings themselves suggest fraud, and CoverCoin is indeed an exposed scam, but we’ll discuss this later.
Cryptos went to become extremely popular, and they come with tremendous profit potential, but the assets are pretty complex and a bit enigmatic for the vast majority of people. Bitcoin is still surging, and the entire crypto market is growing exponentially, but all investments carry significant risks, such as high unpredictable volatility and absence of regulation, for example. And we’d also like to emphasize the fraud risk- crypto scams are virtually everywhere. In fact, the latest trend among scammers is to create fraudulent websites offering fictitious crypto investments and mining services aimed to entice unsuspicious investors into scam settings. The fraudulent offers usually stick to the rule “sounds too good to be true”, the entity offering the services is totally anonymous, and there is no regulation whatsoever. So, based on the products and services offered alone, we can affirm that the entity under review is dangerous. You’d better avoid it.
That said, it’s worth considering trendy cryptocurrency alternatives that have already proven to be reliable. For example, many cryptocurrency exchanges like Coinbase and Bitstamp already provide passive income opportunities like BTC and ETH staking, other earning opportunities, affiliate programs, so on and so forth. Both mentioned are law-abiding financial firms that operate transparently, so you won’t be exposed to fraud risks if you trust them.
CoverCoin company and regulation
| Company: | CoverCoin Limited |
| Country: | UK |
| Regulation: | None |
| Warnings: | FCA |
CoverCoin is purportedly a UK business, but we could associate no licensed financial firm with it. Instead, we found that CoverCoin is an exposed scam as the British regulator FCA already issued a warning against it. Avoid it, and you’d be much better off if you stayed away from all anonymous crypto platforms that are not licensed as financial firms.
So, the crypto service under review isn’t a typical firm, and as such, it’s not regulated. The absence of regulation implies that your investments will be at risk if you deposit. Moreover, you won’t have access to complaint procedures or money protection schemes, so if things go wrong, you’ll be the one to suffer the complete loss. Even more so, the digital coin transactions are anonymous, so if you get scammed by a shady crypto provider, you can’t get your money back.
Indeed, cryptocurrency regulation has been a hot topic for a long time. The digital coins themselves are not issued or governed by central banks, but too many countries already have plans to introduce centralized cryptocurrencies. Still, Bitcoin is a peer-to-peer payment system that’s considered too risky for many. However, many crypto firms are now operating with financial licenses; they are transparent, and their clients can benefit from certain customer protection measures if things go wrong. And that doesn’t apply to the entity under review, which is an anonymous and most probably totally illegal enterprise that can switch off its servers, pocket clients’ money and get away with the crime.
CoverCoin address and contacts
| Address: | None |
| Phone number: | None |
| E-mail: | [email protected] |
CoverCoin reveals no contacts whatsoever, except for the e-mail, which happens to be the only communication channel. So, there is a lack of transparency, which indeed strongly indicates a scam. Beware!
Considering investment opportunities, transparency is always crucial. As for cryptos, you already know that Bitcoin is a peer-to-peer payment system, which is designed to protect the privacy and to provide security. However, that doesn’t mean that the crypto providers should also be anonymous. After all, these people will handle your money, so you should at least know who they are and where they operate from. In fact, we need to note that some trustworthy exchanges don’t reveal such information on their websites, but it’s still easy to verify that businesses are legal, law-abiding companies; therefore, it’s always a worrying sign if the crypto provider isn’t transparent.
CoverCoin.net website info
| Alexa Ranking | 7,340,772 at the time of writing |
| IP | 151.106.97.18 |
| Server Country | USA |
| WHOIS Reg. Date | 2021-03-11 |
| Registrar | Hosting Concepts B.V. d/b/a Registrar.eu |
| SSL certificate | Valid |
| Owner | Redacted for Privacy |
| Administrator | Redacted for Privacy |
CoverCoin has been online for some 8 months, so the website can’t be trustworthy, regardless of everything else. It’s also not very popular, so even if we didn’t know that CoverCoin is an exposed scam, we would still urge customers to avoid this crypto scheme.
BinaryCryptoMiners conclusion
CoverCoin is an exposed scam, so you shouldn’t deposit with it because you’ll lose your money. Beware!
Scam warning
Scammers are always riding the trends, so it’s not at the least surprising that cryptocurrency fraud is now blooming. Even more so, the high-tech nature of Bitcoin actually facilitates scams as most people don’t really know how crypto works, so scammers take advantage of the lack of understanding. Indeed, the crypto scam has been here for a while, and it proved to be extremely dangerous- just recall OneCoin, which happened to be a multi-billion Ponzi scheme disguised as a revolutionary digital currency. However, scammers rarely go out of their comfort zone, so most crypto scams happen to be very similar to the typical investment fraud.
The fraudulent crypto schemes are also anonymous and illegal, while scammers introduce themselves with fake identities. There are also too many impersonators resembling the websites of valid start-up companies from where customers get redirected to other insecure fishy payment portals that may as well carry additional security risks. The cons yet again promise the moon and the stars to their victims but won’t deliver a thing in the end. However, the difference between crypto and the rest of the investment scams is that people are more likely to believe that they can become rich overnight as Bitcoin has already proved to have massive profit potential. In any case, you should be very cautious when it comes to crypto, as the markets are plagued by scammers ready to take advantage of you.