Coscoin review, Is it scam?

Coscoin Review 2023: Legit or Scam? The Shocking Facts Behind the Hype

This exhaustive Coscoin review was sparked by the platform’s claims of almost magical automated crypto trading returns that lured droves of hopeful investors. However, amid allegations of fraud and account access barriers, we launched an extensive 4-month investigation probing what exactly was behind the money-minting promises. Finestel‘s independent analysis aimed to settle the raging debate – was trailblazing AI for the masses fueling Coscoin or an elaborate Ponzi scheme full of false credentials and paid propaganda?

As complaints mounted questioning the tech, the team, and withdrawal barriers despite claims of transparency, experts concurred something was off. Through evaluating volumes of user data, executive profiles, legal standing, and technology audit trails, an unsettling reality emerged – Coscoin fails almost every legitimacy and ethical practice test. Our deep dive Coscoin review covers it all – from the phantom ‘Powerhouse Team’ to notorious withdrawal restrictions. If considering placing savings here or have funds stuck, our insights can help protect the next steps.

What is Coscoin and How Does It Work?

Coscoin markets itself as an AI-powered quantitative crypto trading platform, founded in 2015 by a technology company from Washington, USA. As per its website, Coscoin users can automate trading across leading exchanges like Coinbase and Binance using its proprietary AI algorithms that promise exceptionally high returns compared to manual trading or even expert analysts.

What is Coscoin and How Does It Work?

The crown jewel touted by Coscoin is its “One-Click Quantitative” module which supposedly uses AI and machine learning to initiate automated selling and buying of crypto coins on behalf of users. As per Coscoin, the advanced AI collects and interprets vast amounts of market data to capitalize on volatile swings across currencies like Bitcoin, Ethereum etc. The algorithms run 24×7, capturing even short windows of profitability. Coscoin users simply fund their account wallet, select a risk profile, and let the AI work its purported magic – earning consistent above-market returns without manual effort.

Now this almost sounds too good to be true – just click a button and AI will grow your crypto investments exponentially while you sit back and relax. But can everyday investors trust Coscoin to responsibly handle funds and provide transparency into its inner workings? Does it have the credentials to back such claims? Let’s analyze this further while answering some FAQs.

If you’d like to learn more about the capabilities of AI trading bots and tools, read our in-depth article.

Who Founded Coscoin and How Secure or Legal Is Its Framework?

Surprisingly for a company making audacious claims regarding AI and blockchain expertise, Coscoin’s origins and legal standing remain obscured in mystery. Its website and press releases give no verifiable information regarding the founding team or leadership. There is zero clarity regarding regulatory status, security audits, terms of use or compliance with financial laws.

Opaqueness around those controlling or overseeing funds deposit raises red flags regarding hidden agendas and underlying integrity. Critics have repeatedly challenged Coscoin to reveal who exactly owns its proprietary software, where office headquarters are located and under what laws it operates. The silence so far is telling and erodes credibility of the platform.

Equally worrying is the complete lack of third-party audits on Coscoin’s data security, encryption standards, wallet storage, AI reliability or trading earnings. Depositing hard-earned money into blackbox algorithms controlled by anonymous entities seems risky, regardless of promised returns. While not conclusively established as a scam yet, lack of transparency makes misuse of funds probable on Coscoin.

The Team Behind Coscoin – Competent Experts or Faceless Bogus Identities?

Complementing the mysterious ownership and control structure of Coscoin is an equally opaque picture regarding its team credentials put forth to gain public trust. Its press communications and website make tall claims like having a powerful team comprised of AI and crypto experts from top national laboratories and Ivy League backgrounds. There are even claims of senior Wall Street financial analysts and data scientists driving the Coscoin platform.

However, strikingly, not a single real person is named or profiled to back such claims. Forget LinkedIn profiles, not even pseudonyms are provided as evidence of competence. Furthermore, there is no data sharing demonstrated research credentials, publications or speaking engagements by this supposedly elite expert team creating unprecedented crypto trading algorithms.

Such glaring inability to showcase relevant expertise does not align with what a legitimate, law-abiding trading platform headed by specialists should demonstrate. It further fuels doubts that Coscoin may simply be a faceless scam brand using empty buzzwords and fake team credentials to lure gullible investors. Stay vigilant and think twice before buying into the hype.

Analyzing Coscoin Reviews – Genuine User Experiences or Paid Testimonials?

Unable to conclusively identify red flags internally from Coscoin’s opaque structure, one option is to analyze experiences shared by those who have used (or tried to use) its services. Unfortunately, this avenue also provides limited transparency, thanks to anonymous reviews and likely paid testimonials dominating forums and rating platforms. Nevertheless, delving into what current and former Coscoin users say yields some revealing insights.

Analyzing Coscoin Reviews

On Trustpilot, Coscoin has a very poor rating of just 1.2 stars out of 5 based on 29 reviews. Most Coscoin reviews are scathing – highlighting withdrawal barriers, account blocks, terrible customer service, and allegations of fraud. Many investors allege being unable to ever withdraw their earnings or even initial capital after trading on Coscoin algorithms.

However, there is also a small subset of positive reviews praising Coscoin’s “fantastic automated trading returns” and “easy hands-free investment”. However, the authenticity of such positive feedback is heavily doubted due to lack of any verification or specifics. Critics argue these are simply paid actors or bots aimed to boost Coscoin’s credibility amidst rising scam accusations. The credibility of all user reviews remains questionable from both sides owing to anonymity.

Surprisingly, even on Coscoin’s own forums and Telegram channels, an overwhelming volume of recent user experiences shared are negative. There are widespread complaints of withdrawal failures, account blocks, data errors, terrible customer assistance etc. Some long-time users feel they have been victims of “an elaborate Ponzi scheme” that never intended to let investors take out earnings. The platform’s responses have mostly been indifference, denial, or excuses – infuriating users further.

While falling short of conclusively establishing intentional fraud, the balance of authentic reviews certainly seems to undermine the reliability of Coscoin and its services. Persistent withdrawal barriers and lack of support are definitely huge red flags for any trading platform. Consider these real user insights before committing your assets and personal data.

For a comprehensive evaluation of the Fairdesk trading platform, check out our detailed Fairdesk review.

Can Users Really Withdraw Funds or Profits Earned on Coscoin?

Perhaps the biggest fear prospective Coscoin investors have is whether the platform actually allows the withdrawal of funds deposited or any trading profits earned. After all, ease of withdrawals separates legitimate investment avenues from fly-by-night Ponzi schemes. Unfortunately, this is where Coscoin fails spectacularly if user complaints are to be believed.

The most common grievance echoed across various forums is withdrawal failures on Coscoin irrespective of amount and currency type being cashed out. While some users receive fake “confirmation of withdrawal” emails, others get account restriction or verification error messages. There is little recourse offered by Coscoin admins beyond platitudes or blame-shifting. No fixes or workarounds are provided either.

A few diligent users who persisted with proving withdrawal failures managed to record video evidence of the failed cashouts from their Coscoin account. However, their subsequent complaints went unanswered and escalated nowhere. Even registration of cases against Coscoin with FCC and State AG Offices extracted no responses nor resolutions so far.

While not conclusively labeling it a scam yet, Coscoin’s notorious withdrawal restrictions raise legitimacy questions. After all, what lawful trading platform makes it impossible for properly verified customers to access their rightful investment earnings? Approach with caution.

Coscoin Ponzi Scheme; Perspectives From Experts

With so many unanswered questions and doubts mounting regarding Coscoin’s real motive and integrity, it is prudent we expand the investigation beyond just user complaints. Are experts and analytics platforms also echoing similar fraud suspicions about Coscoin? Let’s find out.

Is Coscoin Legitimate or a Ponzi Scheme Scam?

Leading crypto sites performed in-depth analysis of Coscoin’s business model, transparency scorecard, and Coscoin user review trends earlier this year. Their unequivocal verdict – “Coscoin exhibits clear markers of a Ponzi-style investment scam built on promises of quantitative trading…” Other experts concur with this conclusion, flagging forced downlines, membership fees, withdrawal barriers and opacity around admins as scam tactics seen in fraudulent MLMs before.

Industry watchdog sites like ScamAdviser have also called out Coscoin for “multiple negative indicators regarding trust, privacy and legitimacy based on web traffic analytics and fake review patterns.” Testing agencies have been unable to verify Coscoin’s advertised location, founders or business registration legitimacy as well.

Finally, from a legal perspective, Coscoin and its admins have failed to respond to multiple consumer court summons initiated by users unable to withdraw funds. Their continued avoidance of revealing Coscoin’s financials, audit reports, license validity, etc. implies they have something to hide. Lawyers advise clients to avoid Coscoin at all costs owing to the probability of fraud.

In summary, the consensus from experts analyzing Coscoin’s trail of red flags, user data, and legal non-compliance also tilt strongly to it being an elaborate Ponzi-style scam. Exposure seems imminent. We strongly advise exercising caution.

For more information, read our Pocket Option review.

The Verdict – Should You Invest, Trade Or Engage with Coscoin?

Considering all objective data and subjective complaints in a balanced manner – lack of credible team, no financial reporting, withdrawal barriers and law noncompliance indicators – the rational answer seems to be avoiding any engagement with Coscoin from an investor protection standpoint.

Too many red flags exist currently to merit trusting real capital or data privacy to this opaque platform with amateurish scope-creep tactics. Its sky-high performance claims also fail the logic test when paired with strange internal barriers. Our final verdict – we DO NOT recommend signing up on Coscoin for trading or investing until major trust-building reforms are undertaken.

However, our review invitation remains open to Coscoin leadership for transparency dialogue. We firmly believe in ethical innovation and understand the launch challenges of nascent fintech brands balancing complexity. But sustainable consumer trust cannot be built without accountability. We hope Coscoin rises to the occasion soon for its own sake.

How to File a Complaint Against Coscoin

According to the Washington State Department of Financial Institutions (DFI), Securities Division, you can file a complaint with them if you believe that Coscoin has violated state law or acted improperly regarding an investment product or service1. You can also check the licensing status and find out if there are any complaints against Coscoin or any other investment professional or product by visiting FINRA Brokercheck or contacting the DFI, Securities Division at (360) 902-87601. If you live outside of Washington State, you should contact your state securities regulator1.

You can also report Coscoin to the Federal Trade Commission (FTC), which protects consumers from unfair, deceptive, or fraudulent practices in the marketplace. You can file a complaint online at [ftc.gov/complaint] or call 1-877-FTC-HELP (1-877-382-4357). The FTC can also provide you with information and tips on how to avoid and recover from identity theft, phishing, and other scams.

If you are in Hungary, you may also file a complaint with the Hungarian Financial Supervisory Authority (HFSA), which is the regulator of the financial market in Hungary. The HFSA is responsible for protecting the interests of consumers and investors, as well as ensuring the stability and transparency of the financial system. You can contact the HFSA through their website at [pénzügyi felügyelet] or by phone at +36 1 489 91001.

You can also report Coscoin to the European Securities and Markets Authority (ESMA), which is an independent EU authority that contributes to safeguarding the stability of the European Union’s financial system. ESMA works closely with national competent authorities and other European supervisory authorities to enhance investor protection and promote stable and orderly financial markets. You can contact ESMA through their website at [European Securities and Markets Authority] or by email at [email protected].

Coscoin Victims Telegram Group

A group of Coscoin victims has come together to create the “Coscoin Victims Connect” Telegram group. This group was organized by those who experienced refused withdrawals and losses after investing in Coscoin under the false pretenses of AI trading technologies and blockchain platforms that apparently do not exist.

The victims themselves established this Telegram channel to connect with other impacted users, share information and personal experiences, aggregate data around the issues faced, and discuss potential options to seek accountability, restitution, or consequences for misleading claims and difficulties in withdrawing funds.

If you have experienced losses or challenges withdrawing from Coscoin, you are encouraged to join the “Coscoin Victims Connect” Telegram group. The victims who started this group are hoping to build strength in numbers and explore all options, including legal complaints or government actions, to fight back against Coscoin and its organizers. The group welcomes other victims to join their efforts.

How to Spot and Avoid Coscoin and Similar Crypto Scams in the Future

To avoid falling victim to Coscoin and similar crypto scams in the future, here are some tips to follow:

  • Do your own research before investing in any cryptocurrency or trading platform. Check the reputation, reviews, ratings, and complaints of the platform online. Verify the information on the platform’s website, such as its address, phone number, email, social media, and domain name. Look for signs of legitimacy, such as a clear and transparent business model, a professional and experienced team, a secure and functional website and app, and a valid license and registration with relevant authorities.
  • Be wary of platforms that offer unrealistic or guaranteed returns, such as doubling your money in a short period of time, or earning passive income without any effort or risk. Remember that there is no such thing as a free lunch in the crypto world and that high returns come with high risks. If something sounds too good to be true, it probably is. Read our MTFE review for getting more information.
  • Be careful of platforms that require you to deposit a minimum amount of money or cryptocurrency to start trading or to access certain features or services. These platforms may be trying to lock you in and prevent you from withdrawing your funds. Always test the platform’s withdrawal process before investing a large amount of money or cryptocurrency. Also, avoid platforms that charge hidden or excessive fees, such as withdrawal fees, transaction fees, or maintenance fees.
  • Be cautious of platforms that use aggressive or deceptive marketing tactics, such as spam emails, pop-up ads, cold calls, or fake referrals. These platforms may be trying to lure you in with false or misleading claims, such as limited-time offers, exclusive bonuses, or testimonials from celebrities or experts. Do not click on any links or attachments from unknown or suspicious sources, as they may contain malware or phishing attempts. Also, do not share your personal or financial information, such as your name, email, phone number, bank account, or credit card details, with any platform that you do not trust or verify.
  • Be smart and responsible with your crypto investments. Only invest what you can afford to lose, and diversify your portfolio across different assets, platforms, and strategies. Do not put all your eggs in one basket, and do not invest based on emotions, hype, or fear of missing out. Always keep track of your transactions and balances, and use secure and reputable wallets, exchanges, and platforms to store and trade your cryptocurrencies. Also, protect your accounts and devices with strong passwords, encryption, and two-factor authentication.

Conclusion

Taken collectively, the volume of evidence questioning everything from Coscoin’s owners and legal status to withdrawal barriers and verification failures creates too many red flags to ignore for informed investors. Unless fundamental transparency enhancements are implemented soon, engaging with Coscoin in any form seems risky as per our findings.

Of course, being blockchain-based, its code can be audited if access is granted in the interest of public trust. As staunch supporters of ethical innovation, we believe even deeply troubled platforms can redeem themselves through accountability. However, the ball is firmly in Coscoin’s court now to stop stonewalling and open itself to independent analysis.

Till then, our unambiguous recommendation to retail investors from a consumer protection standpoint would be – AVOID. Plenty of regulated, transparent investment options with track records exist without these complications. Why court unnecessary risks and sleepless nights? Ultimately, common sense and due diligence are your best allies. Research extensively and invest wisely.

4.6/5 - (12 votes)
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9 Comments

  1. Catherine Hermos Reply

    They are all part of these scam platforms, we were a group of people who had to file report who helped to recoup all of our investments we could not be more thankful.

  2. EMMANUEL JULS Reply

    Most recovery companies will take your money again. I personally think they are the same set of people that run all of them, seems like an unending cycle and its too sad. The most crazy thing about the whole internet thing is how you can clone a website to make it look like the real one, I discovered so many people fell into this kind of scams.

  3. Susan Blommart Reply

    While investing in bitcoins, be cautious. If your bitcoin gets stolen, then it can be a very frustrating time but instead of getting frustrated, it is important to act fast so that you can get your money back. Unluckily, there are many victims that do not get their money back because it is very hard to track down the people behind it. The thief is either in another country or using fake identities. But in some cases, it is easy to track the person who has stolen your bitcoin.

  4. David Reply

    Good day, everyone! i don’t want to terrify anyone, but the rise in cybercrime is concerning. i was duped by an investment fraud organization that promised a 100 percent return in a week. I realize it’s greedy, but it can happen to anyone. I fail to this scam and lost up to $385k worth of cryptocurrency i taught that i was dealing with the right team until i requested for my withdrawal after some weeks of my membership but the process got declined, i tried to contact the customer care system for help they rather ask that i deposit an extra $64k usd for maintenance fee and some tax fees after i already have a total of $385k usd on hold, the whole situation got me really depressed and mad.

  5. Flavio Reply

    Yes and is 80 million of ppl in the same problem.
    Now is there anyone looking in to this scam and try to help 80 million of people that lost money and some ppl even are about to take there life’s as they gone beyond broken point ppl lost houses cars and families can someone get back to us and sheer a light for help ?

    1. Tina Post author Reply

      I am very sorry to hear of your significant losses from Coscoin’s fraud. Other victims have created a Telegram group called “Coscoin Victims Connect” at https://t.me/coscoin_bankrupt that you can join to connect with fellow scammed users. Coming together with other people also deceived by Coscoin can help build awareness, offer support through this hardship, and explore if there are any options to demand accountability or repercussions.

  6. জাহিদুল ইসলাম Reply

    Coscoin সত্যিই কি একটি প্রতারক চক্র আমার মতো ওয়াসংখো গ্রাহকের টাকা প্রত্যাহার আটকিয়ে দিয়েছে আমি চাই সকল গ্রাহকের টাকা ফেরত দিয়ে দিক

  7. COSVICTIM Reply

    It is a scam. No-one has been able to withdraw money since November 23rd. Some withdrew profits before that but now they have ran away with everything.

    1. Tina Post author Reply

      You are absolutely right – all signs unfortunately point to Coscoin being a scam operation. Based on the inability for anyone to withdraw since November 23rd, it tragically appears they have taken the remaining invested funds and shut down outflows of any kind. I’m so sorry you and others are likely victims of this fraud. Other scammed users have come together to create a Telegram group “Coscoin Victims Connect” at https://t.me/coscoin_bankrupt to connect those affected and discuss if there are any paths forward to expose this deceit, demand consequences, or potentially regain any losses.

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