IdeaCoin promises to pay you big profits with little work required. Find out how this investment scam works today in our review.
What is IdeaCoin?
IdeaCoin, found online at IdeaCoin.co, appears to be a scam coin. The coin lures investors with promises of easy money, easy profits, and powerful investment opportunities. According to the official website, you can earn daily profits through lending, trading, mining, or staking. In fact, the company claims to pay you 45% returns per month just by depositing money into the platform.
Obviously, when a company starts talking about easy money with staking, mining, multi-level referrals, and lending programs, you should start to see red flags. Many bitcoin scams offer identical “investment opportunities” – and to date, every one of these has been a scam.
Despite the fact that it appears to be a scam, IdeaCoin launched its ICO on November 20. That ICO continues until December 10.
How Does IdeaCoin Work?
IdeaCoin promises to make you rich quick with no effort, skills, experience, or risk required. How does that work? The company advertises five “investment opportunities”, including all of the following:
Trade: Earn profit through trading
Invest: Earn daily interest through a lending program
Stake: Earn interest on holding Ideacoin
Mine: Earn money by mining IDEA tokens
Refer: IdeaCoin has a 7 level referral system (like a multilevel marketing program) where you get paid to refer other people to the platform
If you’re looking for specific information about these “investment opportunities”, then you’re not going to find them online at the IdeaCoin website. The website does feature a whitepaper – although it’s just 16 pages long and features limited information about any of the products listed above. Half of the whitepaper is dedicated to explaining the ICO – including how much money you can make by “investing” in IDEA tokens today.
IdeaCoin also vaguely mentions some type of trading algorithm or analysis tool. That tool – called “Ideabot” – claims to constantly monitor cryptocurrency prices on 12 different exchanges. It uses this information to find promising new coins. The bot purchases coins in large quantities, then makes 100 to 1000% profit every time (yes, the company claims to make a minimum of double its investment, or 100% returns, on every trade).
Instead of keeping profits for itself, the IdeaCoin team wants to share those profits with the world. The company distributes its profits through a lending program. Some profits are used to cover the expenses of the company, although most profits go towards customers.
Ultimately, there’s no proof Ideabot’s magical AI-managed profitable trading system exists. The company posts no proof online, nor does it post any evidence of its previous trades.
Despite the total lack of evidence, IdeaCoin guarantees earnings of 45% ROI per month:
“The highest return per month is 45% of your investment. IdeaCoin provides investment options for you to get the full benefit as per your investment ability. In case you would like to invest more than $1,010 , IdeaCoin will guarantee your return per day based on your investment as the additional benefit, excluding your daily return.”
Any time you see words like “guaranteed”, “trading robot”, “automated”, and “returns of 45% per month”, then that’s a 100% sign you’re being scammed.
The IdeaCoin website features a timeline where they plan to launch the second version of their trading robot (focused on ERC20 tokens) by March 2018, along with IDEA debit cards by June 2018.
IdeaCoin’s website also briefly mentions a staking program where you can get 20% yearly profits just by leaving your coins in your IdeaCoin wallet.
The IdeaCoin ICO
The IdeaCoin ICO started on November 20 and ends on December 10. The price of the token is set at $0.85 during the first stage of the ICO (the first 1.6 million IDEA tokens) and then rises to $1.05 per IDEA token by the end of the ICO (the final 2.4 million IDEA tokens).
There’s a total supply of 21 million IDEA tokens, with a total of 10 million available through the ICO. A further 1.65 million tokens are reserved for the 7 level referral program.
Who’s Behind IdeaCoin?
If you’re ever unsure if a cryptocurrency project is a scam, then check the team. Typically, cryptocurrency scams will refuse to list any information about their team. We still don’t know who’s running bitcoin’s most notorious scam, Bitconnect, for example.
As you might expect, IdeaCoin’s whitepaper and website feature absolutely no information about the team or who’s running the company. We don’t have the names of anyone associated with the project. We don’t know where their office is located. We have no proof that they’re qualified to handle anyone’s investment.
Ultimately, when someone asks you to send money online, but refuses to disclose their identity or location, it’s a probable sign you’re being scammed.
IdeaCoin seems to be a scam. The company has absolutely no transparency about its operations, its platform, or its mysterious trading robot. Despite a total lack of proof, the company promises to pay you 45% returns per month (paid daily), along with 100% to 1000% returns through its magical “Ideabot” trading robot – which never makes a bad trade.
Ultimately, when someone promises to pay you big returns on your investment, but refuses to provide any transparency, it means you’re being scammed. Avoid IdeaCoin. Even if you’re interested in pyramid scheme-style scams like Bitconnect, Hextra, or Regalcoin, IdeaCoin – which works in a similar way – doesn’t seem like a smart investment.