CoinBanks – Safe Cryptocurrency Trading & Financial Investing Plans?
CoinBanks is a cryptocurrency trading platform based in London and Geneva. Find out everything you need to know about CoinBanks today in our review.
What is CoinBanks?
CoinBanks, found online at Coin-Banks.com, is an investment planning service that lets investors take advantage of the growing world of cryptocurrencies. With CoinBanks, you can invest in portfolios of cryptocurrencies designed specifically to spread out your risk while still taking advantage of the volatility of cryptocurrencies.
As the CoinBanks website explains, their “investment plans work to provide optimal performance tailored to your needs.” Clients can choose a portfolio based on their desired level of risk and potential returns.
CoinBank offers a range of mutual funds to suit all different types of investors. As of June 2017, the company claims to have 2013 clients and 28 mutual funds. Since their inception, CoinBanks has made over 1 million trades.
Despite these impressive numbers, we could find limited information about CoinBanks available online. The website is also riddled with spelling and grammatical errors. Plus, the company refuses to disclose any information about its founding team or executives – so right away, we see some red flags about CoinBanks.
CoinBanks describes itself as “the first and most invenative real-time bitcoin trading platform available to the public.” Yes, they seriously use the word “invenative” – which is possibly the worst spelling I’ve ever seen for “inventive” or “innovative”. In any case, CoinBanks advertises all of the following features:
- Invest in cryptocurrency funds managed by professional traders
- Obtain a managed account from bitcoin professionals
- Engage in high frequency trading
- PAMM accounts tailored to your unique needs
- Fund your account in as little as 5 minutes
- Track your account progress in real-time with 100% accuracy
- Safe, secure, and private
- Deposit via VISA, MasterCard, bitcoin, wire transfer, ACH, or PayPal
CoinBanks Products and Services
CoinBanks offers all of the following products and services to clients:
Investment Planning: The CoinBanks investment plans promise to provide optimal performance tailored to your needs. Clients can choose funds based on their desired performance and their desired risk aversion.
Hedging Insurance: CoinBanks offers “hedging insurance”. Here’s how they describe it: “with hedging insurance you always have a backup plan so that you can feel safe and confident.” It’s unclear if this is a real insurance plan, or if CoinBanks is just “hedging” by diversifying their portfolio into different cryptocurrencies.
Crypto Trading: CoinBanks lets you buy and sell digital currencies to expose yourself to new markets. Despite the volatility of cryptocurrencies, CoinBanks claims you can “generate safe and consistent concerns with us today” with their cryptocurrency funds.
28 Different Mutual Funds: Choose the mutual fund you like. A variety of funds are available to suit all desired levels of risk and return. However, we could find little information about these 28 different mutual funds available online.
Live Support: Clients enjoy live support over email.
What Are CoinBanks PAMM accounts?
The only product that appears to be for sale through CoinBanks are its “PAMM accounts”. PAMM stands for percent allocation management module. The account system allows investors to carefully choose their money managers for foreign exchange trading accounts.
CoinBanks describes PAMM accounts as “one of the less risky ways of earning passive income online.” Basically, you’re paying someone to make trades via your account, and giving them a percentage of the profit earned – similar to a mutual fund or any fund.
CoinBanks offers six different levels of PAMM accounts, ranging from Bronze ($5000) to VIP ($350,000). The VIP account comes with leverage up to 7 times. The person assigned to your account varies depending on how much you’ve given CoinBanks. At the Bronze level, you receive a “Personal Account Manager”. At the Gold level ($25,000), you receive a “Senior Account Analyst”. And at the VIP level, you receive a “Senior Account Chief Analyst.”
About CoinBanks: Who’s Behind CoinBanks?
CoinBanks describes itself as “a premier trading platform for cryptocurrencies”. The investment service is owned and operated by London’s Skyline Pro Ltd. The website lists two office addresses, including one in London, UK and the other in Geneva, Switzerland.
You can contact the company by email at [email protected]
We could find no additional information about a company called Skyline Pro Ltd. However, there is a Hong Kong-registered company called SkyLine Pro Trading Limited, which was incorporated in February 2017. It’s unclear if that company is behind CoinBanks, or if it’s another party.
CoinBanks doesn’t list any further information about its founders, its executive team, or other information you like to know before you invest in a company.
CoinBanks makes big promises about its trading services, but there are some problems. When a company is asking you to invest money, you expect them to conduct themselves professionally. However, the CoinBanks official website is riddled with weird grammar and spelling mistakes. They claim to be the “first ever in the indestry”, for example, and describe themselves as “the first and most invenative real-time bitcoin trading platform.” If a company has put that little effort into its website, should you really trust them with thousands of dollars of your money?
There’s also the problem that CoinBanks lists no information about its executive team, its founders, or the developers behind the platform. The company expects you to pay up to $250,000 for a trading account with very little information given upfront.
Ultimately, CoinBanks claims to have 28 different mutual funds and 2013 clients. However, there’s virtually no information about the company available online. Prudent investors should wait until more information emerges about the company behind they buy. At this point, CoinBanks doesn’t appear to offer any advantages over other cryptocurrency investment platforms.