While cryptocurrencies are gaining more and more steam with each passing day, it is also important to recognise the issue of hundreds of ‘so called’ automated trading systems being released into the market daily. A majority of these softwares use the same algorithmic structures, and claim to help users make “safe investment choices”.
However, with the increase in the number of such softwares, it is is quite obvious that that the margin for profits is bound to reduce as time goes on. Thus, while there might be certain benefits to using an automated trading system, it is also important to recognize the possible issues that they might pose.
As the name points to, Cryptoin can be envisioned as a “cryptocurrency trading system” that claims to help users make thousands of dollars each day. With cryptocurrencies at an all time high, Bitcoin is currently being sold at a monumental rate of $8,000 dollars per unit. Thus, it should come as no surprise that there are suddenly many softwares coming up claiming to help users double, quadruple their profits.
The Cryptoin app seems to be exploiting this new furour, and is advertising itself to be completely unique from its competitors. This is where the problem lies, because there is no major difference between Cryptoin and the hundreds of other similar softwares out there.
In fact, some review outlets have gone as far as to say that “Cryptoin is a potentially dangerous and malicious cryptocurrency trading app that possesses the capability to steal your money from you”.
Who’s Behind This Software?
When looking at a product’s reputation and market standing, it is best to start by checking who the creator of the software is. Upon doing some research about the Cryptoin Encryption app, we found no trace of any person or company who was in charge of coding and creation.
There is no information regarding any company details or other contact specifications that we can use to obtain such knowledge. As a result of this, it is quite obvious that this software might have something to hide, and can potentially be of harm to our computer safety.
Other Details To Be Wary About
(i) No Trading License:
As mentioned earlier, the crypto market is still largely unregulated and thus has the potential for a lot of fraudulent activities. In recent years, many agencies are trying to validate and certify certain softwares and platforms so as to allow for increased market trust.
However, Cryptoin does not come with any licenses or other certificates which prove that it has been regulated in order to be used legally. What this basically means is that once you buy Cryptoin, whatever happens to your money is largely up to you.
By doing a quick search online in relation to this software we can see that there are quite a few individuals who claim to have lost money by using this platform. Thus for users looking to trade using Cryptoin should have a read of these testimonials before investing.
(iii) Potential Loss of Private Details:
Another issue which makes this trading platform questionable is its lack of information protection mechanisms. People online are saying that Cryptoin does not use standard checks and even distributes crucial data online, thereby increasing the risk of currency loss/ theft.
(iv) Poor Market Standing:
One thing that crypto investors should keep in mind is that all reliable brokers make use of licensed softwares that are regulated and audited to maintain transparency. However, there are no established brokers who have associated themselves with this app.
How Does Cryptoin Software Work?
According to the company web site, Cryptoin uses “the best and most advanced trading strategies and algorithms in the world in order to execute highly profitable trades”. These statements however, are not backed by any verifiable evidence that can suggest such activity.
The company does not make it clear as to how its software makes trades, but rather uses words like ‘amazing advanced platform’, ‘unique algorithms’ to keep us excited about the possible returns we might get. Lastly, there is no customer care number that has been displayed online to help us get assistance in case of an emergency or problem.
As is clear from this review, Cryptoin has a lot of question marks associated with it. However, for users looking to trade in the cryptomarket, it can be of much use of check out other apps that are verified and have been used by other customers before.