ForexCoin ICO (FXCN Token): Legit Crypto Trading MLM Deal?
A company called ForexCoin is holding an ICO throughout 2018. Find out everything you need to know about ForexCoin today in our review.
What is ForexCoin?
ForexCoin, found online at ForexCoin.org, claims to be a blockchain-based currency. The ForexCoin website claims that currency, listed under the symbol FXCN, has been mined since 2015.
Despite the three-year history of the coin, we can find limited information about ForexCoin (FXCN) available online.
This is where things get confusing. There are other ForexCoins listed online. One coin, Forexcoin (FRX) is listed on CoinMarketCap. Another coin, ForexCoin (FOREX) is listed on CryptoCompare. Neither of these coins appear to have any connection to the ForexCoin we’re talking about today, which is listed under the symbol FXCN.
The website is a mess of jumbled information about the coin and its future goals. The ICO claims to have concluded 7 months ago, for example, despite the fact that coins are still sold on the website today. There’s no information about the technology or any other aspect of FXCN. Nevertheless, let’s take a closer look at how the project claims to work.
How Does ForexCoin Work?
ForexCoin’s website is filled with bizarre sentences like this:
“FXCN is the currency used exclusively in the Forex market and opens up opportunities for investors in the Coinmarketcap market in the near future.”
That’s one of the worst sentences I’ve seen written on a crypto-related website. It doesn’t make any sense. What is the “Coinmarketcap market”? How can a single currency be used in foreign exchange (forex) markets?
ForexCoin doesn’t bother answering these questions. Instead, it tries to dazzle investors with claims of easy riches. By investing in ForexCoin today, you can get rich quick – mostly by referring other people to the platform.
ForexCoin is a vague and poorly-defined project. Nevertheless, the team is advertising all of the following features:
Security: “Security is our priority,” writes ForexCoin on the official website. “We employ an aggressive cold storage policy on all currencies in our system.” Why does ForexCoin have multiple currencies in its system? If ForexCoin is engaging in forex markets, then how can ForexCoin store fiat currencies in cold storage? These are all good questions that go unanswered.
Multiple Currencies: ForexCoin claims to support a large number of cryptocurrencies.
Asset Trading: “We will be providing some unique trading opportunities apart from currencies,” explains the ForexCoin website vaguely.
Support: ForexCoin claims to have a customer service team standing by to assist you with any questions.
Technology: ForexCoin claims their platform was built “after years of researches and studies”. All of that “researches” led to a “unique combination of technologies” that help investors get rich quick.
Who’s Behind ForexCoin?
ForexCoin, unlike most scams online, posts multiple addresses on its official website. The company claims their head office is based in New York City, for example, while the support office is based in Belize.
Unfortunately, it doesn’t take much research to discover that at least one of these addresses is a scam. ForexCoin claims to be located in the prestigious 55 Water Street skyscraper in the Financial District of Lower Manhattan. This is a blatant lie.
The Belize address is at least plausible: ForexCoin claims to be located in the New Horizon Building in Belize City, Belize.
The ForexCoin ICO
ForexCoin claims their ICO took place from January 25 to February 28, 2018. They also claim they sold out of tokens in every round, raising millions of dollars for the company.
As far as we can tell, ForexCoin didn’t raise much money from the ICO – if the ICO even took place at all. They claim to have raised over $40 million through the ICO, which would make the ForexCoin ICO one of the largest in history.
In any case, FXCN isn’t listed on any cryptocurrency exchange. The only way to buy it is from the official website, where 1 FXCN is priced at $0.45.
During the ICO, tokens sold for $0.10 to $0.30.
Paying $0.45 for a scam coin might seem like a rip-off. However, the team at ForexCoin claims their token will be worth $5 by the end of 2018. By the end of 2019, the value of the token will rise to $20, then to $50 by the end of 2020. In 2022, the company has scheduled an IPO (yes, an IPO), at which point the tokens will be worth $200 apiece.
Ultimately, there are three tokens that claim the name “ForexCoin” on the internet today. Two of the tokens are relatively legitimate: FRX is listed on Coinmarketcap, for example, and FOREX is listed on other coin ranking websites. ForexCoin (FXCN), however, is not connected to either of these projects. The coin makes vague promises about delivering huge returns for investors, although there’s no technology or other information about the project available online.
Based on everything we see at the ForexCoin.org website, we’re forced to assume that ForexCoin is a blatant scam. The company is demanding $0.45 per each FXCN token with claims that the token will be worth $5 by the end of the year. Don’t fall for scams like ForexCoin.