When you pay a visit to Coins 247, they will tell you they are the best to buy, sell and trade your cryptos with. Learn not to believe everything you see on the internet. Seek for second, third and fourth opinions. That’s why you need to read this review till the point we draw our conclusion and verdict on Coins 247. On Coins 247, you can trade Bitcoin, Ripple, Ethereum, and others. Truly, the website has a commendable safety and security measures in place. That’s the only credible and proven information about Coins 247, every other information will be thoroughly scrutinized.
Who’s Behind Coins 247
It’s a pretty new crypto platform with numerous claims that cannot be substantiated. The domain coins247.io where it operates from was created in September 2018. The registration was done anonymously but on the About Us section of Coins247.io, it has Sheffieland Limited which is obviously a shell company as the operator. Sheffieland Limited is registered in Dominica with a 2018 registration number as stated on the coins247 website.
Sheffieland claims to handle payments on behalf of one Bulgarian based company; TM Capital Limited who registered physical address is traceable to Bulgaria. In the area of looking up the true location of Coins247, it’s a UK phone number, or they may be using a representative in the UK. In essence, there’s no way to pinpoint the exact location of a supposed platform. Coins247 is either in Bulgaria, Dominica, UK or elsewhere. All these locations may just be a means of throwing investigators off course.
How Does Coins247 Operates?
Coins247 claims you can trade all of the world’s popular cryptocurrencies on their platform. That means you can be in one corner of the world and be able to access your cryptos on the Coin247 platform. It doesn’t matter which of the cryptos, in as much it is supported by Coins 247.
On the trading angle, Coins 247 offers its customers 4 types of trading account. Each has it own perks, you just have to choose the one that suits your needs.
- Coins 247 Basic Accounts
It’s intended for beginners who are new to cryptos trading, that’s why the minimum deposits is $250 while the maximum is $10,000. This is to give the newbies a feel of what it is to trade cryptos. The basic account has a leverage ratio of 1:10 with an access to an account manager.
- Coins 247 Silver Account
The level of complexity and benefits derivable in being raised with the Silver Account. The Minimum deposit is $10,000 and it is capped at $25,000 with a leverage ratio of 1:20. You are offered access to a senior account manager. There’s also a deposit bonus of 75%.
- Coins 247 Gold Account
With a minimum deposit of $25,000 and a maximum of $50,000, leverage is being taken to a ratio of 1:30. Aside technical education, you are also offered crypto signals on the Gold account to help make better returns. If you are not interested in performing any trade analysis on your own, Coins 247 Gold Account is your best bet.
- Coins 247 VIP Account
If you can cough out a minimum deposit of $50,000, the Coins 247 VIP account is meant for you. Upped at a leverage of 1:40, in addition to technical and fundamental information with full access to a VIP Account Manager, these are the perks of the Coins 247 VIP Account.
From these breakdown, the more you deposit with Coins 247, the better the perks. This is just to lure investors into putting more.
Where Do The Deposits Go?
On the FAQ section of Coins 247, they claim the fund is kept safely in an Australian Bank. They are assuring investors of the safety of their money. However, on the same website, Coins 247 also stated that TM Capital Limited, the payment processor of Coins 247 is based in Bulgaria. It brings out an important question, where is the funds being kept? Australia or Bulgaria? The truth is that if the payment processor is in Bulgaria as claimed, then the funds is not in any Australian bank.
Who is Regulating Coins 247?
Since the identity of the promoters and the location of Coins 247 is shrouded in obscurity, we cannot pin point any regulatory agency checking the books of Coins 247. It won’t amount to any fallacy to states that Coins 247 is unregulated. Even the company itself failed to state if they are regulated by any government agency or industry regulators.
For an unregulated crypto broker like Coins 247, mishandling clients funds is a common occurrence. When they mishandle the funds, tracing them is totally impossible. They are not guided by any rule or law, at liberty to decide what happens to client funds and how the clients are treated.
How Do You Make Deposits and Withdrawals?
You can use any of the major debit and credit cards for deposits. Coins 247 also accepts wire transfer. No one is aware of the fees that comes with deposits. Even though the minimum deposits set at $250 is known, there is no information on the minimum or maximum deposits. Likewise, there is no information on the fees involved with withdrawal from Coins 247.
Verdict: Is Coins 247 Legit or a Scam?
For a domain registered in September 2018, less than a year ago with no tangible information as to the promoters, it called for serious thought before anyone should invest with Coins 247. One thing is certain, Coins 247 lacks all the credibility needed of a crypto broker and investors should be wary of the offers of Coins 247.
Lack of regulation is also a major concern. The website also shares a semblance with cfreserve.com as the content are out rightly plagiarized. This may mean that the two websites are owned and run by the same set of individuals. To deal with Coins 247, be prepared for disappointments and heartbreak, it’s written all over the website already.