Hextracoin is a bitcoin investment scam that promises to pay you daily profits with no work, skill, risk, or experience required. Find out how it works today in our review.
What is HextraCoin?
Hextracoin, found online at Hextracoin.com, is a bitcoin-based pyramid scheme that recently appeared online. The website has quickly been denounced as an obvious scam by most members of the community. However, it’s gaining a little bit of traction among some of the more gullible crypto-investors.
Hextra promises to pay you daily profits through trading and lending. In fact, you can earn interest just by holding onto your Hextracoin. All you need to do is pay the company over $10,000, and they’ll pay you 0.30% interest every day, guaranteed, plus an additional 48% ROI per month.
Of course, the only real way to make money through the platform is by referring other people to the pyramid scheme. You sign up for the scheme, pay a membership fee, then convince other people to pay that fee after you.
Hextracoin doesn’t appear to have any legitimate business in place. They don’t sell any products or services. They don’t participate in mining. There’s no revolutionary technology that aims to disrupt an industry. Despite these problems, Hextra will pay you 48% ROI per month for no reason whatsoever.
Obviously, when someone promises to pay you 48% ROI per month with no risk, experience, skill, or hard work required, it’s a 100% sign you’re being scammed.
Let’s take a closer look at how Hextracoin works to make sure you understand why it’s a scam.
How Does HextraCoin Work?
Hextracoin claims to work in the following ways:
- Earn daily profits with trading
- Earn daily interest on lending
- Earn interest on holding Hextra (proof of stake)
- Earn more money with Hextra mining
- Earn money by referring other people to the platform
Through all of these money earning methods, Hextra promises to pay you 48% ROI every month.
In reality, we can find no evidence that Hextra has any type of mining program in place. They certainly don’t seem to have both PoW and PoS mining in place. The company has no whitepaper, and there’s no technical description of its blockchain available online. Based on everything we can find online, we’re led to assume that Hextra’s blockchain doesn’t even exist, and this is just a blatant pyramid scheme fueled by new memberships.
Meanwhile, Hextra’s trading system is described as “an intelligence robot trade program that is potential to profit from the fluctuation of cryptocurrency in the market based on the feasibility [sic].”
Hextra claims that there are only 29 million Hextracoins available worldwide. The coin isn’t listed on any exchange, and the company has no transparency whatsoever – so it’s impossible to verify this claim.
Even if there were 29 million Hextracoins, we don’t know how many are reserved by the development team. Again, there’s no transparency regarding any part of this scam.
The Hextra Coin ICO
The Hextracoin ICO is taking place from October 1 to October 30, 2017.
1 HXT is priced at $1 USD.
You give the company money, and they’ll send you a value-less currency called Hextracoins in return. That coin is not listed at any exchange. It’s not connected to any products or services. It may not even be based on any blockchain technology: for all we know, the developers of Hextracoin invented the token arbitrarily off-chain.
The more Hextracoins you buy during the ICO, the more money you’re guaranteed to make. If you invest over $1,000, for example, Hextra will pay you 0.15% per day plus an additional 48% per month. If you invest up to $100,000, you’ll earn 0.30% ROI per day and up to 48% per month on top of that.
The company claims to be releasing 9 million Hextracoins through its ICO. However, it’s unclear where the remaining Hextracoins are going.
Who’s Behind Hextra Coin?
Hextra coin is an obvious scam. So who’s behind the scam?
The “Contact” page on Hextracoin.com just links to the company’s Facebook page, which doesn’t have much information about anything.
Other sources online – including the company’s official Facebook page – list the company’s location as Dubai. That Facebook page, by the way, is flooded with complaints about Hextracoin being a scam.
WHOIS data tells us that the website was registered on September 9, 2017.
Ultimately, the creators of Hextracoin have understandably kept their information private. The only way to contact them is through an email address: [email protected] Judging by the poor grammar on the Hextracoin website, it seems unlikely that the team is based in an English-speaking country. It also seems unlikely they’re based in Dubai.
Most bitcoin pyramid schemes rise and fall in a few weeks. For whatever reason, Hextracoin appears to have gained some traction in the bitcoin community. You can find a handful of posts online promoting Hextracoin as a legitimate investment opportunity where you can earn 48% ROI per month, guaranteed.
In reality, Hextracoin can’t guarantee any ROI like this. Instead, the only guarantee about Hextracoin is that the company will suffer the same fate as every other bitcoin pyramid scheme: it will eventually collapse, leading to complete losses for all but the highest levels of the pyramid.
That being said, if you liked the sound of other obvious scams like BitConnect, Westerncoin, and RegalCoin, then Hextracoin offers a similar approach.
Remember: if someone tries to tell you positive things about Hextracoin online, it’s because they have a financial incentive for you to sign up. Unless you feel like donating your money to an unidentified scam artist online, avoid Hextracoin and keep your money.