A lot of people have fallen prey to unscrupulous businessmen in the crypto space. Having a thorough review of a company is important before investing your cryptocurrencies. Some companies are legit. Some are fraudsters.
Is CoinZinc one such company?
Is CoinZinc Company Legit?
Allegedly registered in the UK, CoinZinc is a company engaged in cryptocurrency trading and bitcoin mining. They seek to design accurate trading plans for their customers to meet their profit requirements.
The company's headliner is “your hourly money-making machine.” And although this might be enticing to many investors it's important to first consider the legitimacy of the site or the company you want to invest in.
So, what are the red flags in CoinZinc?
The company has not provided its whitepaper on the website. An investment company that does not see the importance of explaining to investors how their coins will be invested or the activities the company will engage in to yield returns cannot be taken seriously. If there are no calculations, graphs or simulations supporting the figures posted on the site, then tread carefully because that’s a major red flag. This would mean that the company is a mere phishing site or is a Ponzi scam looking to taking investor capital but with no proper plan of investment. Eventually, the bubble bursts and investors are defrauded of their money.
The company offers 3 investment plans with impressive hourly returns- coin starter with 1.45-1.6% ROI, coin master with 2.8%-3.3% ROI and coin satoshi at 13%-18% ROI. But the question still boils down to the whitepaper or lack thereof, how does the company arrive at these lucrative hourly returns?
As if it’s not enough that the company offers unexplainable ROI, it also offers commissions to investors for every customer they bring to the business using their referral link. It would be prudent for an investor to ask themselves if they would refer family and friends to a company whose investment activities are unclear in the first place.
Our Final Thoughts On CoinZinc
If you are seeking a serious investment growth plan, CoinZinc is not the place for you. The site is a scam.