BCHConnect is a lending platform that promises to pay investors 50% returns per month. Find out if it’s a scam or a legitimate opportunity today in our review.
What is BCHConnect Coin?
BCHConnect Coin is a crypto-based lending program found online at BchConnect.co and BchConnect.net. The ICO for BCHConnect Coins began on January 15, 2018.
Obviously, you should be wary of any company that operates a lending scheme. Notorious Ponzi scheme Bitconnect shut down in January 2018 after it was widely accused of being a scam, for example. BCHConnect advertises similar products to Bitconnect – and obviously, they share a similar name.
What makes BCHConnect different from other crypto lending programs? Should you invest in this platform to earn 50% returns per month? Let’s take a closer look at how BCHConnect works.
How Does BCHConnect Work?
BCHConnect operates similar to most online scams: the company claims to offer a variety of “investment opportunities” where investors can earn enormous returns. As mentioned above, the company claims investors can expect returns of 50% per month by investing in the platform. The exact amount of money you earn per day is based on “the price volatility” of bitcoin core (BTC) and Bitcoin Cash (BCH). It’s unclear how price volatility is related to earnings.
In any case, there are four ways to make money through BCHConnect. All of these methods are advertised as safe, risk-free, profitable investments:
You can also make money by referring other people to the platform. Like other crypto scams, BCHConnect has a pyramid scheme-style referral system. You get paid to refer people down 8 levels, with 8% commissions on the first level and 0.1% commissions on the 8th level.
BCHConnect Investment Packages
BCHConnect describes its lending program as an investment opportunity. The company will pay you 40% and higher returns per month. They don’t appear to actually lend money to anyone: ordinary customers can’t actually withdraw a loan. Instead, it seems BCHConnect’s lending scheme functions similar to other crypto lending schemes. Investor money is pooled into a giant fund, and the returns of older investors are paid by the deposits of newer investors until the scheme collapses like Bitconnect.
In any case, here are the “investment packages” and “lending plans” advertised on the official website:
- Basic ($100 to $1000): 48% ROI per month, capital locked for 179 days
- Intermediate ($1010 to $5000): 48% ROI per month + 0.15% ROI per day, capital locked for 149 days
- Advanced ($5010 to $10,000): 48% ROI per month + 0.25% ROI per day, capital locked for 119 days
- Premium ($10,010 to $100,000): 48% ROI per month + 0.30% ROI per day, capital locked for 89 days
- Ultimate ($100,010+): 48% ROI per month + 0.40% ROI per day, capital locked for 69 days
The BCHConnect ICO
BCHConnect is holding an ICO for its BHCH tokens. Just 15% of the total supply of tokens are allocated for the token sale. The remaining tokens are allocated to bounties, “app development”, marketing, “cyber security”, and “maintenance.” The company doesn’t go into further detail about any of these spending allocations.
There’s a total supply of 30 million BHCH tokens.
The BCHConnect ICO began on January 15 and is scheduled to end on January 26. Tokens were priced at $0.40 to $1.20 during the sale.
Who’s Behind BchConnect Coin?
BCHConnect lists no team or location information online. The company refuses to disclose the names of anyone behind the project. We don’t know anything about the company’s experience or their qualifications.
Typically, when someone is selling you an investment opportunity online, but they refuse to disclose their name or identity, it means you’re being scammed.
BchConnect Coin Conclusion
BCHConnect is another obvious scam based around a sleazy lending program. That lending program promises to pay uses 50% returns and higher per month – despite the fact that BCHConnect has no products or services in place.
The BCHConnect ICO for BHCH tokens took place throughout January 2018.
Ultimately, there are way too many red flags indicating that BCHConnect is a scam.