MagicCoin, found online at MagicCoin.io, promises to help you “make money while you sleep”. Find out how it works today in our review.
What Is MagicCoin?
MagicCoin, listed under the symbol MAGE, is a cryptocurrency built around a lending program. That lending program claims to pay you a guaranteed return of 0.25% per day, plus interest rates of up to 50%. There’s no risk: you just give the company a bunch of your money, and they’ll “magically” turn it into more money. That’s where the “magic” part of the cryptocurrency comes in.
Right now, there’s not much information about the company available about MagicCoin online. MagicCoin.io features some basic information about the cryptocurrency. There’s also a whitepaper worded entirely in Chinese.
There also seems to be a CoinMarketCap page for the cryptocurrency. According to CoinMarketCap, MAGE is priced at $13.62, down from a high of $114.87 when it first launched on December. Meanwhile, the official website lists a price of $1 USD per 1 MAGE.
MAGE is listed on just one exchange – Cryptopia. That exchange lists two pairs, including MAGE/BTC and MAGE/DOGE. There’s no trading volume in the last 24 hours. Ultimately, MagicCoin seems to be in the early phases of launch, and there’s limited information available at this time. Let’s take a closer look at how it works.
How Does MagicCoin Work?
MagicCoin will have an exchange called the POS Magic Exchange. That platform aims to be “the best platform for altcoin enthusiast to make money staking coins.”
Basically, using the POS Magic Exchange, you’ll be able to deposit your MAGE into a staking or lending program. You can lend money to borrowers to earn enormous interest rates, or stake your money to earn a different interest rate.
In any case, here’s how the investment packages on MagicCoin work:
- $100 to $1000: 50% interest (69 days)
- $1010 to $5000: 50% + 0.35% daily interest (299 days)
- $5010 to $10,000: 50% + 0.3% daily interest (239 days)
- $10,010 to $100,000: 50% + 0.25% daily interest (99 days)
If you withdraw your money early, you’ll pay a 50% penalty for early withdrawal.
Typically, when a company advertises returns higher than 1% per day, it’s a sign you’re being scammed. Guaranteed returns like this aren’t possible in the world of legal investments. When someone advertises returns this high, it’s a sign you’re probably participating in a Ponzi scheme. The returns of older investors are paid by the deposits of newer members, and the scheme is supported by a generous affiliate program until new membership deposits dwindle.
Meanwhile, the 50% penalty on early withdrawals is designed to prevent the scheme from collapsing early: investors can’t suddenly withdraw their money and cause a “bank run” on the company.
Who’s Behind MagicCoin?
The MagicCoin whitepaper and website don’t post any team information online. The team appears to be based in China, although we don’t have any location or team data whatsoever. When someone is advertising a lucrative investment opportunity online, but refuses to disclose any information about themselves, it’s a red flag you’re being scammed.
Ultimately, MagicCoin seems like a Chinese version of Bitconnect. There’s limited English-language information about MagicCoin available online. The currency appears to have launched in early December. It offers a staking and lending program where you can earn guaranteed interest rates of several thousand percent per year.
There’s limited information about the team, the timeline, or the company’s business model available online. Like Bitconnect, it makes absurd promises about the amount of money you can earn through the platform, but refuses to provide any type of transparency or proof of earnings.
Ultimately, it’s not totally clear how MagicCoin plans to generate its high returns, or who would borrow money from the platform. You can decide for yourself if it’s a legitimate investment opportunity by visiting online today at MagicCoin.io.