Finix Coin is a decentralized digital currency that claims to offer “extremely low fees” and “fast lightning speed transactions.” Find out how it works in our review.
What is Finix Coin FNX?
Finix Coin, at first glance, appears to be a legitimate digital currency project. However, after spending more than 10 seconds looking at the official FinixCoin.org website, you’ll find a number of red flags.
First, the project doesn’t seem to offer any products or services. They don’t even appear to have a working platform in place. Despite these shortcomings, the company claims to pay users 45% per month in exchange for participating in their lending scheme.
Finix Coin doesn’t even claim to pay users “up to” 45% per month: they just claim users will make 45% returns per month.
Obviously, we’ve seen countless similar scams rise and fall in the cryptocurrency industry over the years. Bitconnect, which shut down in January 2018, was infamous for offering 45% returns per month. Many copycats have emerged since Bitconnect launched, and Finix Coin appears to be one of them.
Is Finix Coin a complete scam? Or is this a smart investment opportunity? Let’s take a closer look at how Finix Coin works.
How Does Finix Coin Work?
Finix Coin’s website describes how the platform offers “many opportunities of investment” (seriously, that’s the exact wording). Some of those opportunities include:
- Lending: If you lock money into the Finix Coin lending platform, the company will pay you 45% ROI per month, every month.
- Mining: You can dedicate computational resources towards the Finix Coin blockchain, then earn a mining reward.
- Staking: Finix Coin has a staking platform where you can stake coins form your wallet, then earn an annual return in exchange for securing the network. You get paid 24% ROI per year for staking.
- Trading: Finix Coin’s trading platform allows you to trade digital currencies with other users.
Right now, Finix Coin has no products or platforms in place. The company is holding an ICO before the platform launches – which is never a good sign. The lending platform is scheduled to launch in March 2018.
Finix Coin Investment Packages
As with other cryptocurrency lending schemes, Finix Coin seems mostly focused with pushing users towards their lending scheme. That lending scheme offers the following investment packages:
- $100 to $2000: 45% ROI per month, capital unlocked after 234 days
- $2010 to $5000: 45% ROI per month + 0.10% ROI per day, capital unlocked after 199 days
- $5010 to $10,000: 45% ROI per month + 0.20% ROI per day, capital unlocked after 179 days
- $10,010 and Higher: 45% ROI per month + 0.25% ROI per day, capital unlocked after 149 days
Obviously, when someone advertises 45% returns per month, it’s a sign you’re probably participating in an investment scheme. No legal investment offers guaranteed returns that high. So where do Finix Coin’s unusually high returns come from? The company claims that it has a “volatility software” and a “trading bot”. This software continuously makes profitable trades. It buys low and sells high, every time, earning consistent profits for traders. According to the Finix Coin team, there’s absolutely no risk: you’ll get rich quick with no hard work required.
We’ve seen other scams mention similar “automated trading bots”. They never work as advertised.
The Finix Coin FNX ICO
The Finix Coin token sale starts on January 1, 2018. That token sale will sell 16 million tokens at a price of $1 USD apiece.
The company will use its funds for “system development” (30%), “marketing” (20%), “system reserved” (20%), “business development” (25%), and “research” (5%). The company provides no further information about these vaguely worded goals.
The ICO is underway throughout January 2018, although it doesn’t seem to have defined beginning and ending points. The token sale appears to be continuing until all 16 million tokens are sold.
Who’s Behind Finix Coin FNX?
If you’re ever unsure whether or not you’re dealing with a cryptocurrency scam, then check for team information. Virtually all scams refuse to disclose any type of team information.
Such is the case with Finix Coin, which publishes no team information about itself online.
If Finix Coin is a good investment opportunity, then why isn’t anyone publicly connecting themselves to the project? When someone is asking for your investment money, but refuses to disclose their identity, it’s a sign you’re probably being scammed.
Finix Coin FNX Conclusion
Finix Coin is a blatant scam. The whitepaper is filled with lines like this:
“If you don’t want to trade Finix Coin than just hold it. It will bring you considerable profit from hoarding.”
The company promises to help anyone get rich with no work required. They promise to pay you absurd returns – including returns of 45% per month through the lending platform and 24% per year through the staking platform. The company is also selling FNX tokens at a price of $1 today – despite the fact that no systems, platforms, or products have been released, nor are they scheduled to be released until later in 2018.
Ultimately, unless the team behind Finix Coin becomes more transparent, we have no reason to believe that Finix Coin is a legitimate investment opportunity. It appears to be yet another cryptocurrency scam.