Octoin – Bitcoin Exchange For Cryptocurrency Trading & Mining?
Octoin is a new multi-featured cryptocurrency tracking platform. Find out how it works today in our review.
What Is Octoin?
Octoin, found online at Octoin.com, is a multi-functional platform catered to the crypto community. The platform features investment information, an integrated P2P exchange, a multi-currency wallet, and even mining equipment leasing.
The platform was launched in early November 2017.
“The goal of Octoin is to give maximum functionality to users to work with crypto-currencies in one place,” explains Ryan Murthy, head of Octoin Software Department. “With us, you don’t need to keep dozens of wallets for each coin – everything can be brought together in a single Octoin wallet and managed from one planet.”
The goal of Octoin is to make cryptocurrencies simple and affordable.
Ultimately, Octoin might seem like an innocent, straightforward platform at first glance. However, there are some unusual things about the platform that deserve a closer look – like the presence of a seven tier pyramid scheme-style referral structure, and investment packages that promise to pay you returns of 30% or more per month. There’s also an overall lack of transparency about who’s running the company, or how they invest your money.
Here are some of the core advertised features of the Octoin platform:
- Octoin Cryptocurrency: Octoin has its own cryptocurrency called “OctoinCoin”, described as “the digital unit of the community” available from launch.
- Multi-Currency Wallet: Store multiple currencies in one convenient online wallet.
- P2P Exchange: Exchange cryptocurrencies between users in a user-friendly interface.
- Multilevel Marketing System: Octoin promises to pay you “7-level income” across a multilevel marketing/pyramid scheme-style affiliate referral system.
- Cryptocurrency Mining: Octoin has mining equipment available to rent. You can choose the cryptocurrency you want to mine, then decide how long you want to rent the equipment.
- News and Analytics: You can use Octoin.com to stay up-to-date on the latest news from the world of cryptocurrencies.
Overall, Octoin has 9 different departments, including departments for Trading, Analytics, Marketing, Programming, Legal, Tech Support, P2P Exchange/Wallet, Cryptocurrency Development, and Mining.
There are a number of red flags surrounding Octoin. One of the biggest red flags, however, is the promised interest rates. The company claims to pay users 30% Roi per month, every month, guaranteed. Users are paid a minimum daily interest rate of 1%.
We can’t find any evidence that anyone has successfully withdrawn money from the platform, or that Octoin has paid anyone.
Obviously, the crypto community is home to a number of similar investment schemes. Scams like Bitconnect are notorious for advertising ridiculous ROIs while being built on a pyramid scheme-like structure doomed to collapse. Octoin may seem like a legitimate company at first glance, but its investment programs make it seem like a scam.
In any case, Octoin encourages users to deposit cryptocurrencies into the platform, then earn enormous rewards. Your money is purportedly used for “trading” and “mining”. However, like Bitconnect and similar scams, it seems unlikely your money is used for any legitimate investment purposes.
Until Octoin releases more transparency about how it achieves 30% ROI per month, every month, we’re forced to assume it’s an investment scam or Ponzi scheme.
Who’s Behind Octoin?
Octoin claims that it was founded in early 2016 “as a result of the merger of the strongest traders team from the UK and Singapore, and the creators of the largest mining pools from the northwestern provinces of China.”
Octoin claims to have key members of the team located worldwide, including in the UK, Germany, Poland, France, China, Indonesia, South Korea, and Turkey.
The company’s website features a registration document listed Octoin Limited as a private limited company in the UK under company number 10908068. The company lists an address in London (90 Long Acre), although we can’t find any evidence that Octoin is actually located at that address.
Octoin is registered to a man named Matt Blunt, listed as the “director” of the company.
Octoin is an unusual website. The site appears to be legitimate at first glance. It seems to offer legitimate market information and cryptocurrency analysis. However, there are some unusual things about the website – like a lack of transparency around the mining operations, and no transparency over who’s behind the company or why they’re qualified to handle your money.
The company also advertises investments that pay guaranteed returns of 30% or more per month (1% or more per day). Obviously, scams like Bitconnect are notorious for promoting investment packages like this – despite the fact that few people are ever able to withdraw their money from the platform.
You may want to wait for more information about Octoin to come out online. Right now, most of the information we can find online or at the official website is written in broken English, or is poorly explained.
The information we do see online makes it seem like Octoin is more of a pyramid scheme or investment scam than a legitimate investment opportunity. Unless Octoin’s team releases more information about itself and its business model, we’re led to assume that it’s another cryptocurrency investment scam.