Coinpark Review- One More Crypto Scam With BaFin Warning

Coinpark wants to convince you that they deliver secure, trusted digital asset trading and asset management services to millions of users worldwide. 

These rotten lies couldn’t be further from the truth. Especially if you take into consideration the fact that this allegedly US platform doesn’t hold any valid license. 

Our Coinpark review exposes this scam for what they really are – a fraudulent crypto sham.  

Proof of The Coinpark Scam

As any other anonymous, online scam firm, Coinpark is operated by an unnamed company that provides no evidence of being registered and licensed for this business. The Coinpark website makes claims about legally operating under the laws and regulations of the US. However, NFA has no record of this entity. 

While looking through other databases on our search for a Coinpark license, we only ever found a warning, issued by BaFin. As it turns out, Coinpark sells services and products without being properly licensed, which doesn’t differentiate them from a common fraudster. 

If you decide to invest here, you expose your deposits to risk because of the lack of segregation of funds, compensation plans, AML measures and other regulatory standards. Another risky website you should stay away from is RightFX.

Not A Single Year In Business

Coinpark wants you to believe that they are celebrating a 10th anniversary, but the WhoIs register reveals that coinpark.one domain was launched in late 2022.

These nations are the prime targets for the swindlers:

• South Korea
• Indonesia
• Pakistan
• India
• Japan

This fraud, like iTradeFX as well, uses boiler room agents to get new clients. It all starts slow, with only a couple of hundreds of dollars, but the agent’s appetites for money grow quickly.

When the victim tries to withdraw, however, Coinpark freezes their assets and demands payments on extremely large fees.

Bad Reviews Pouring In

There aren’t many client testimonials about Coinpark on the web. Their TrustPilot page currently only has 6 reviews, 5 of which are negative. The reviews are all in German, which explains why BaFIN became the first regulator to blacklist the company.

Don’t wait for the swindlers to pack up and disappear, contact our team of experts and start your chargeback today!

Most Risky And Least Lucrative Conditions

Under the pretense that they’re providing top notch conditions and services, Coinpark markets an absolutely insane leverage of up to 1:100 on crypto coins. Needless to mention, leverage ratio on such volatile instruments is limited to 1:2 in EEA and 1:5 in the US.

Furthermore, the platform itself doesn’t allow you to see any of the fees they apply, including the Taker and Maker fees. Some third party sources suggest these to be around 0.10%, but Coinpark doesn’t explicitly show them. In the exchange process, the handly fee is allegedly 0, but that’s completely unrealistic.

Substandard Trading Features

Although Coinpark makes a great effort to appear as interesting and attractive as possible, the adjective for describing their trading features is “shabby”.

They offer only the most basic trading program, and only a single account type. Something that is outright alarming is the fact that Coinpark features cryptocurrency CFDs trading, which is banned in most of the world.

Useless Web Trader

Leveraged crypto trading, as well as currency exchange is all performed on a simplistic, rudimentary web interface.  Perhaps helpful and intuitive for beginner traders, professional investors make a little use of such basic software. 

The biggest risk that comes with these easily manipulated technological solutions is the scammer messing with the data in order to extort money from you.

Access Via Mobile Device

The exchange features QR codes to download the alleged mobile app directly from coinpark.one website. The alleged app is not available on App Store or Google Play. This tells us that it can’t pass the necessary security screening, and is most likely a piece of malware.

Crypto Assets Only

The only type of financial products available on Coinpark are digital currencies. From exchanging, to investing and leveraged trading crypto coins are the only asset meant for all purposes. The most popular currencies traded on Coinpark are BTC, ETH, LTC, SOL, LUNA, XRP and others.

Lock-Up Mining

Coinpark allegedly came up with lock-up mining in an effort to provide a liquidity pool. The main cryptocurrency selected for this process is Heaven Token (HEAVEN).

This token is, according to CoinMarketCap, only available on a single crypto exchange, called XT.

Now, you can’t really deposit or withdraw HEAVEN from Coinpark, so their lock-up mining plans involve the HEAVEN countervalue in USDT. The alleged yield varies between 2.00% to 20.00% in a 3 day interval.

Troubles Around Withdrawals

Coinpark didn’t bother to put together insightful and detailed legal docs pertaining to payouts. These standardly describe the steps of the process, including the processing time, methods and occurring fees. Because of such lack of transparency which is mandatory by regulation, Coinpark couldn’t be trusted for hustle-free, express withdrawals. 

Additionally, the only available channels for money transfers are crypto, which allows Coinpark to keep their anonymity fully. Beware of service providers that enforce crypto payments – they have a lot to hide.

Support Available Via Online Chat

Coinpark support office is only contactable through an online chat feature. When tested, this option proved to be utterly useless, as the server never really connects you to an agent. It’s actually a chat bot with automated actions and responses that are never overly helpful or to the point. 

Before cutting to chase, you have to provide your detailed contact information. If you don’t, the bot will keep spamming the same message asking you to do so. 

Did Coinpark Scam You? Recover Your Funds!

As the prominent German regulator has proven, Coinpark has no legal grounds to market and sell their services. What is worse, the pilling reports suggest the firm is engaged in fraudulent practice oriented towards quick gain via unlawful methods. 

Please always be cautious who you entrust your funds with. If Coinpark has wronged you and doesn’t allow you to take back your investment, contact us immediately. Our legal experts can help you regain control over your lost deposit in no time.

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