Coin-Exchange Review – Little Trace Left Of The Scammers

Seeing that the website of your preferred investment company shuts down without prior notice is not on the list of pleasant things.

As you will see in our Coin-Exchange review, there are multiple reasons for this occurrence. The company has been problematic from the start, and once the authorities caught wind of wrongdoing it wasn’t long before the fraudsters pulled the plug.

In the age of cryptocurrencies and digital investments, finding a reliable and secure platform is more important than ever. Keep reading our article to learn about telltale signs of fraud, and how to remain protected.

Registered But Unlicensed

It’s difficult to ascertain the exact legal background of the alleged firm that used to run the coin-exchange.uk website.

On one hand, we have Coin Exchange Limited, a UK Companies House registered entity going as far back as 2009. On the other we have an outstanding FCA warning about this exact firm, as seen providing or promoting financial services or products without permission.

For the time being the company is marked as dormant, meaning they currently do not engage in any business. Whether it is this exact entity that is acting as accused is somewhat murky. The website might as well be a so-called clone company scam, using Coin Exchange Limited to fake legitimacy.

In another development, IOSCO has repeated the same warning issued by the UK authorities on their site. Multiple blacklist entries are not to be ignored, and potential clients are warned not to conduct business with this unlicensed firm. The dangers range from complete financial loss, to data leaks and security breaches.

History Of The Fraud

We have already pointed out that the alleged parent company was founded in 2009. The coin-exchange.uk domain is much younger, dating back to November of 2022.

If we take a more detailed look at the WhoIs database, we can see that the website has been suspended prior to domain expiration date. These nations were particularly affected by the con:

• United Kingdom
• India
• United States
• United Arab Emirates
• Pakistan

The firm is virtually unknown in the cryptocurrency circles. In order to get more clients, this company relied on viral advertising via X and Instagram. The presence of a now closed Telegram channel also points to the activity from so-called boiler room agents, similar to how BizzTrade runs things.

Fees And Commissions

As the domain is suspended, we had to rely on 3rd party sources when it comes to the fee structure. The information that is left in the web archives, unfortunately, does not contain anything about costs, or investment plans. This, in turn, significantly hampered our ability to gauge the risks or trading costs.

As a general warning for potential investors, if the deal seems too good to be true it most certainly is. Do a thorough research into the current industry averages before committing any funds to avoid financial mishaps.

Referral Pyramid

One thing that is left clear as day is the referral program. Besides the alleged commission returns for adding new recruits, the firm also allowed their recruiters to climb the ranks, so to speak.

These ranks are called VIP levels, and are dependent on both the number of recruits and accumulated deposit. The firm claimed to pay out $500 monthly to the highest VIP level. This is all a bait to get more people to invest in the financial pyramid, and nothing else.

Features Lost To Time

With the website rendered inoperative, we have access to a limited pool of resources. Even when the fraud was active, there weren’t a lot of advertisements about the alleged service, though.

We have done our utmost to bring you the remaining data, and compare what we found out with the current averages.

No Trading Platform Info

Only the advertisements about the Coin-Exchange platform are left. We couldn’t test the software first hand, and see for ourselves about this “Safe and Secure” app running on “lightning fast” servers of theirs.

As there are no separate download links, we can wager the platform in question is not one of the industry standard programs like cTrader, MT4 or MT5. More likely, it used to be a ramshackle web trader, similar in function to the one from Coin2FX.

Crypto Assets Only

The company’s selection of investment assets only included cryptocurrency related instruments. It’s true that the addition of cryptos has become a trend with regulated investment firms as well. However, it’s also exceedingly rare for a company to only offer these assets as a basis for their business.

This is what we could pull out from the bits and pieces left after the sites’ closure:

• Cryptocurrencies (BTC, ETH, EOS, QNT, MANA, OMG, SLV, DOGE, LUNA, USDT)

It’s important to point out that even though much of the website is completely defunct, there is still a ticker crawl going about. It shows that all of the assets are constantly on the rize, something which is quite unrealistic.

Unknown Investment Plans

Although there were a number of investment packages, this portion of the data was unfortunately not preserved. No account type, or investment plan information is available anymore.

Something that you should keep an eye on is the ROI when selecting an investment firm. Fraudulent companies usually give high numbers for unrealistically short timespans. Claims of passive income and high profits are the most common scam bait!

No Payout Policy

With all their claims of high profits, the swindlers forgot to mention any Coin-Exchange withdrawal policy. The fact that the platform only featured anonymous cryptocurrency transfers made it easier for the con artists to hide.

Getting your funds out of firms like this is extremely difficult without the aid of a specialist. Contact us today via the live chat, and book a free consultation with our legal experts to start a chargeback procedure.

Customer Service

Many of these fake investment firms present a number of customer support channels in order to fake credibility. While the coin-exchange.uk site implemented a live chat function, it is no longer functional. Besides this, the only other support channel was email.

Need Help With Recovery? Get In Touch Today!

There’s little doubt that Coin-Exchange was not the honest and legitimate company they claimed to be. Their alleged parent company has been dormant for some time, and the so-called investment firm that operates the website was never licensed in the first place.

With the main site currently shut down, the fraudsters have effectively cut communication with their clients. There are still ways to recover the invested money, though. Use the live chat on our website to book a free consultation with our chargeback professionals!

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