PlexCoin is an Ethereum-based cryptocurrency that promises to be the next decentralized international currency. Read our PlexCoin review to find out how it works.
What Is PlexCoin?
PlexCoin, found online at PlexCoin.com, is a cryptocurrency created by a company called PlexCorps. The company’s mission is “to broaden the possibility of uses and to increase the number of users by simplifying the process of managing cryptocurrency to the maximum.”
The PlexCoin presale begins in August. PlexCoin’s whitepaper has not yet been published online. The company claims to be publishing the whitepaper on August 4, 2017, just days before the presale launches.
At the time of writing, PlexCoin’s entire business can be found on a one page website. There’s no information about the founding team or how the technology works. Based on this information, many have called PlexCoin a scam. One user on Steemit recently posted an article calling PlexCoin a “confirmed scam”.
PlexCoin aims to differentiate itself from other currencies through its privacy and transaction times (30 seconds). It also claims to have better storage efficiency.
Overall, PlexCoin’s website claims that its “revolutionary operating structure is safer and much easier to use than any other current cryptocurrency.” The website is filled with awkward wording and vague technical terms.
How Does PlexCoin Work?
PlexCoin claims to work like most other decentralized cryptocurrencies. With PlexCoin, you can conduct transactions and spend money anywhere in the world. You can also exchange your PlexCoin for bitcoin, Ethereum, Litecoin, or fiat currencies.
PlexCoin also has a feature called PlexBank that allows you to secure your cryptocurrency against market variations. We all know about the volatility of cryptocurrencies. PlexCoin’s PlexBank lets you invest your money in a place “where you can get interesting guaranteed returns”, explains the official website. The company describes PlexBank as “the first private cryptobank”.
In addition to PlexBank, the company has developed platforms like PlexWallet and PlexCard to help you spend and access your PlexCoins.
Again, there’s no evidence any of these products exist. However, the company has published images of the cards and app – so it’s possible they do exist. They just haven’t been released to the internet.
PlexCoin makes a big deal out of privacy. The company claims you can use your money “without leaving any trace”. Even with cryptocurrencies like bitcoin, it’s becoming increasingly difficult to purchase tokens anonymously.
Through the PlexWallet, you can purchase or sell your PlexCoin into fiat currencies really quickly. You just pay a 5% fee, and the transaction will be conducted instantly. Unlike other cryptocurrencies, PlexCoin does not need to go through a secondary market before people can have access to their cash value.
PlexCoin is based on Ethereum’s blockchain, so it’s designed for stability. The PlexCoin.com official website claims that the coin will “work the same way it was programmed, without any possibility of downtime, censorship, fraud or third-party interference.”
PlexCoin’s ecosystem includes the token itself, as well as the PlexWallet, PlexCard, and PlexBank. All four products work together seamlessly and allow you to maximize the utility of your PlexCoins.
The PlexCoin pre-sale gives 5% bonuses to the referrer and 5% to the referred person on every PlexCoin purchased. There will also be a cash return up to 10%, depending on your chosen card type, on all purchases made anytime anywhere in the world. However, the company doesn’t explain which retailers accept PlexCoin, or where the currency is accepted.
PlexCard is a card that helps you spend your cryptocurrencies anywhere in the world. You can even receive cash back discounts of up to 10%, depending on which card you choose. Every purchase made with your PlexCard will come with a guaranteed “perfect interbank exchange rate without fees”. The company claims to give you the best current rate. The company has published three cards online so far, including their Ultimate Member, Platinum Member, and Helper Member cards. They have not listed any fees or costs associated with these cards.
The PlexWallet app will be available through your Android or iOS smartphone. You can send coins through the app with no fees or delays. You can also track and manage your account balance, or send and receive money from other PlexCoin users.
The PlexCoin ICO
PlexCoin has a unique concept for its ICO, where they promise the value of their coin will continue rising throughout the ICO period.
In fact, the company claims that if you invest $100 USD into PlexCoin today, you will obtain 769.23 PlexCoin, which has an estimated value of $1,353. The company has based these numbers on the difference between the first pricing stage ($0.13 per PlexCoin) and the “estimated value” of their coin ($1.76 per PlexCoin). The company claims to multiply your investment by 1354% “in 29 days or less”. It’s unclear how they reached the value of “$1.76 per PlexCoin”.
In any case, the ICO consists of four stages, including:
- Stage 1: 0 to 50 million PlexCoin sold (price of $0.13)
- Stage 2: 50 to 100 million PlexCoin sold (price of $0.28)
- Stage 3: 100 to 200 million PlexCoin sold (price of $0.53)
- Stage 4: 200 to 400 million PlexCoin sold (price of $0.88)
- A maximum supply of 400,000,000 PlexCoin (PLX) will be distributed through the ICO. The minimum amount raised (“the point of no return”) is 6,153,846 PLX.
If you’re one of the first 500, 1000, or 2000 buyers of PlexCoins, you could receive a PlexCard for free.
The PlexCoin ICO begins on August 7.
Who’s Behind PlexCoin?
PlexCoin was developed in Q1 2017 by a company called PlexCorps. By September 5, 2017, the company hopes to launch the coin. The pre-sale is taking place throughout the month of August. Before the end of the year, PlexCorps plans to launch its PlexWallet, with the PlexCard launching in Q1 2018. PlexBank is scheduled to launch in Q3 2018.
There’s no information about PlexCorps available online. We know nothing about its developers, its management team, or anyone connected to the project. There’s no “contact” page or “about us” page available on the official PlexCorps / PlexCoin website.
Conclusion: Is PlexCoin A Scam?
PlexCoin has given us no information to prove that it isn’t a scam. A user on Steemit recently published an article where he called PlexCoin a “confirmed scam”. Users across the internet have expressed worry about the lack of information about the company, including the refusal to disclose the names of anyone connected to the project.
The biggest problem with PlexCoin, however, is the guaranteed returns of 1,000% or more. The company claims that you can invest $100 today and turn that money into over $1300 within 29 days or less. That’s based on the fact that their tokens are sold for $0.13 per coin, but will go up to a value of $1.76 per coin by launch.
There’s also the fact that PlexCoin’s developers have not yet published a whitepaper or demonstrated any substance behind their project aside from a one page website.
We have no information to support PlexCoin’s valuation, and no information to suggest that PlexCoin is a legitimate investment opportunity. Based on everything we can see online, PlexCoin appears to be a scam. At the very least, you should wait for more information about the company to come out before you think about investing in this “guaranteed” 1000% ROI opportunity.