NJOY Coin, found online at NJOYCoin.com, claims to be “the world’s most popular way to buy and sell bitcoin, Ethereum, and Litecoin.” Find out if this is a legit service today in our review.
What Is NJOY Coin?
NJOY Coin is a bitcoin exchange that claims to have a 24 hour trading volume of 928,860,301. The company doesn’t claim which units it’s using to come up with that calculation. However, the number one cryptocurrency exchange currently has a 24 hour trading volume of around $350 million USD.
Despite the fact that nobody has heard of this exchange, the company claims that it’s the world’s most popular cryptocurrency exchange. They make enormous claims about their trading volume, and claim that no other exchange has better liquidity for bitcoin, Litecoin, and Ethereum trading.
Ultimately, it doesn’t take long to debunk this claim: a quick check of CoinMarketCap.com reveals that NJOY is nowhere on the list. Meanwhile, the domain was just recently registered, and the Alexa rank is nowhere near the top of anything.
Despite the fact that the exchange appears to have no users, the official website claims that you can “join over 700,000 users from all over the world satisfied with our services.”
Obviously, we’re not off to a good start with NJOY Coin. All signs point towards this being a scam – and not a very good scam. Let’s take a closer look at why the company is making such bold claims.
How Does NJOY Coin Work?
NJOY Coin describes itself as “a place for everyone who wants to simply buy and sell bitcoins.” The exchange lets you buy bitcoin using credit cards or bank transfer.
NJOY also claims to have some type of trading algorithms in place, although it’s hard to understand anything they’re talking about:
“Advanced order-matching algorithms are backed by unique trade engine. Orderbook liquidity allows to execute high-volume orders and apply market making trading, high frequency trading and scalping strategies. Compliant with security standards, we guarantee safety of your assets and data.”
Basically, that’s a lot of exchange-related buzzwords that don’t really mean anything.
NJOY also claims to offer up to 3.3x leverage on trading by providing traders with access to a peer-to-peer lending market.
NJOY claims to offer all of the following features:
- Multiple Currencies: Trade bitcoin, Ethereum, Litecoin, and other major currencies and altcoins.
- Margin Trading: NJOY allows up to 3.3x leverage trading by providing traders with access to a peer-to-peer funding market.
- Margin Funding: Liquidity providers (lenders) can earn interest by providing funds to traders with leverage.
- Order Types: NJOY claims to have a number of “most advanced algorithmic order types” available to traders.
- Customizable Interface: You can customize your NJOY interface by composing your layout, choosing between themes, setting up notifications, and choosing your preferences.
- Security: NJOY claims that “security of user information and funds is our first priority.” They don’t go into further detail about what types of security procedures they have in place.
How Does NJOY Really Work?
Obviously, NJOY isn’t a legitimate cryptocurrency exchange in any way, shape, or form. It’s also certainly not the world’s most popular cryptocurrency exchange, nor does it have 700,000 users – both of which are claims made on the website.
So how does NJOY really work? What’s the point of this scam?
Basically, NJOY is a pyramid scheme or multilevel marketing scam. The company pays affiliates a commission to recruit you to the platform.
When you sign up to start trading on the exchange, you’ll realize that you can’t really buy bitcoin through the exchange. Instead, the company will just take your money and funnel it into one of several different investment plans. The minimum investment amount is $20 USD.
Once you’ve deposited your money, the company claims that you’ll earn profits every 24 hours, 365 days a year. The company will magically turn your investment into more money. They don’t claim to have any type of products, services, or investments.
While you’re waiting for your money to collect, you can refer more affiliates to the platform and earn 10% commissions. The remaining 90% of each member’s joining fee is funneled to the top of the pyramid.
In reality, you’ll never be able to withdraw money from NJOY. If someone tells you that they withdrew money from the company, then they’re just trying to recruit you into the scam.
Who’s Behind NJOY?
NJOY, or NJOYCoin.com, is led by a company named NJOY IT Solutions Ltd. That company lists an address in Harrow, Middlesex, UK. The address is a nondescript residential building in the suburbs of London.
The only contact information provided by the company is a single email address: [email protected] We have no information about who’s running the company, why they’re qualified to handle your investments, or when they decided to launch a cryptocurrency exchange.
Meanwhile, WHOIS domain registration data tells us that the domain was registered on March 30, 2017 through GoDaddy. The domain was registered anonymously.
Conclusion: Is NJOY A Scam?
NJOY is one of the stupidest bitcoin scams we’ve seen in recent months. The company doesn’t try to hide the fact that it’s a scam: they ridiculously claim to be the world’s most popular cryptocurrency exchange, for example, and that they have 700,000 users.
In reality, all of these claims are blatantly false and easy to debunk. Furthermore, NJOY is just a straight-up pyramid scheme. The company takes your money, claims to pay you big returns in the future, then will eventually collapse within a few weeks.
Unless you feel like donating money to a scam artist, avoid NJOY and NJOYCoin.com.