V-Coins are digital tokens that promise to offer free global transactions while being based on the real value of stable, precious metals. Here’s our review.
What Are V-Coins?
V-Coins are digital tokens backed by the intrinsic value of precious metals and hard currencies. The digital token promises to be solid, valuable, digital, and safe.
It’s not strictly a cryptocurrency, nor is it strictly a fiat currency – it describes itself as a “hybrid crypto-currency.” The official V-Coins website also makes some shady claims – like the fact that its “refined algorithm prevents drastic price fluctuations.”
What does that even mean? How can V-Coins provide secure, global transactions for free? Where does the value of each coin come from? Let’s take a closer look at how V-Coins work – because we’re already seeing a lot of red flags.
How Do V-Coins Work?
When you purchase V-Coins, 80% of your acquisition price is invested in “real” assets – including precious metals and hard currencies (CHF, USD, and EUR).
The coin claims to use a “refined algorithm” that “prevents drastic price fluctuations, thus making V-Coins one of the most stable and secure digital currencies in the world.”
The V-Coins website claims that the “real value deposit creates security and stability.”
You access the V-Coins ecosystem through the V-Coins.global website. The coins aren’t traded on conventional digital currency exchanges. They’re not listed on cryptocurrency markets, nor do they appear to be accepted anywhere outside of V-Coins.global.
The coins do claim to have a real value that can be transferred into usable money:
“Are you in need of Euros or any other currency of your choice? Within a few days, you will have the equivalent amount, in the currency of your choice, transferred to your private bank account or your personal V-Coins VISA card. Withdrawals can be performed anytime and from anywhere.”
That VISA card seems complicated to order. Unlike other cryptocurrency payment platforms, there’s no easy online ordering form. You need to print an application form, sign it, and email it to the personal V-Coins email account. Then, the company will contact you in the future. It’s unclear if anyone has actually been able to order a V-Coins VISA card.
Another weird thing about V-Coins is that there’s no mining involved in the coin creation process. The only way to get coins is by buying them through a platform called Animax United LP. Animax United LP is an Edinburgh, Scotland-registered company founded in 2016, although it’s not really clear how they’re linked to V-Coins.
Obviously, there’s a lot going on with V-Coins, and it’s hard to sort out much information from the V-Coins.global page. However, here are some of the key features advertised on that sales page:
Backed By Real Value:
80% of the value of each coin is invested in precious metals or hard currencies (like the CHF, USD, and EUR). It’s unclear how much of each coin is invested in each asset. Furthermore, later on down the page, the company mentions that the value basket also includes “industrial metals, real estate properties and other tradable investments in the economy.”
No Price Fluctuations:
V-Coins uses a “refined algorithm” that “prevents drastic price fluctuations.” It’s unclear how this mysterious algorithm works. However, since V-Coins can only be purchased from a single, private exchange, it’s possible that the exchange just lists them at a pre-set price.
Access Your Money At Any Time:
V-Coins don’t appear to be spendable anywhere except for a single private exchange, and they don’t appear to have any value on any cryptocurrency markets. So when you need to access your value, you’ll need to transfer V-Coins into a different asset. The makers of V-Coins claim you can do that “within a few days” of submitting a withdrawal request to the company. They can transfer the value of your V-Coins into the currency of your choice. That money can be transferred into a private bank account or onto your personal V-Coins VISA card.
V-Coins makes a big deal out of the fact that it’s free, and that it never charges anything for transactions. That appears to be true. However, there’s one hidden fee slipped into the platform – you’ll pay a 6% fee whenever you withdraw your money.
V-Coins encourages users to “feel free to visit the V-Coins homepage” if they ever need information about “all legally relevant documents and regulations” about the V-Coins platform. In reality, there’s not much information about any aspect of the company available online.
Who’s Behind V-Coins?
V-Coins is led by a man named Joeknox Reed, described as an “entrepreneur, philanthropist.” No other biographical information is listed. Other key members of the team include “accountant, businessman” Keith Bigsby and “IT and programming expert” Dr. Nikola Tasic.
Dr. Tasic has a LinkedIn page where he genuinely appears to be a macro-economic specialist from Serbia. However, he makes no mention of his involvement with the V-Coins project.
The V-Coins website never mentions where the management team is based, or where its office is located (if it has an office or headquarters). However, as mentioned above, the Animax United LP exchange is registered to Edinburgh, Scotland.
V-Coins is a weird cryptocurrency that might seem legitimate at first glance – but it seems like there’s something fishy going on. There’s virtually no information about the currency available online. When you buy the currency, the company purchases assets in some form – although it’s unclear what they buy, or how much. There are some vague mentions that you can claim these assets at any time – which gives the currency value. However, it’s unclear if anyone has successfully withdrawn any money from V-Coins, or if a V-Coins Visa card really exists.
Ultimately, V-Coins aren’t listed on any cryptocurrency exchange. The coins may not even be based on blockchain technology – for all we know, they’re just digital tokens with no fixed supply or limit.
Furthermore, there’s no biographical information about any of the team members available online. The only team member we could find on LinkedIn has no public connection to the company – so it’s unclear if he even knows that his name is being used in V-Coins.
Based on all of this information, you may want to wait for more information about V-Coins to appear online before you give any money to this company. There’s a chance this coin is a complete scam.