CoinsPay Review – Is it a Scam or a Legitimate HYIP Company?
What is CoinsPay Inc? Is it a scam? It is just another new High Yield Investment Program (HYIP) that aims to steal your hard earn money. Should you really trust the fake review sites on this new investment scam? The answer is NO. Read my honest CoinsPay Review and find out why you should stay away from this fake internet investment scam.
CoinsPay Inc Review
What is The CoinsPay Inc?
Name: CoinsPay Inc
Website address: coinspay.biz/
Price: $30 (minimum) and $300,000 (maximum)
Referral commission: 3% – 5% – 10%
Overall Rank: 0 out of 100
The CoinsPay Inc is a scam. It is a fake investment company. From the official website, one can notice it is an HYIP investment scam that aims to steal your hard earned money.
The investment plans may be good for short bursts of profit in mid-term earning range. However, that sounds like an internet scam. Let’s investigate the investment plans available on CoinsPay Inc.
Depending on the investment plans you take, you can make up to 500% interest for a 1-day investment plan. The highest ROI reads 20,000% for a 3-day investment plan. This company claims that once the first deposit is made, you will be getting daily interest until the deposit term expires. That’s totally awesome! Right?
Hang on! Keep reading!
Pay attention to my next few lines. Read on to learn more about this CoinsPay investment scam. You might be one of the unlucky ones if you are not careful with these HYIPs on the market.
The official website of CoinsPay looks professional. However, all the red flags are there and all the warning signs are obvious. You can expect to lose your entire account balance within days of trading with this money-making scheme.
Should You Trust CoinsPay ?
You should not trust this investment company.
#Red Flag 1 – Ponzi Scheme
The referral program. This is a typical trick from most of the HYIP on the market. They offer to reward “referral fees” to investors for bringing in additional members.
That’s how a Ponzi scheme is operated. They recruit new members to sustain the pyramid scheme. They need “new” money to generate “returns” for the older investors by acquiring new investors.
It is a fraudulent investment scheme where they pay returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.
It is a pyramid scheme that typically collapses in the end because it requires exponential increases in participants to sustain the business model. That simply means the scheme cannot go on forever.
The CoinsPay probably still pays their investors for now as the program is still relatively new on the market. When there is insufficient investment fund from the new recruitment to the older investors, the entire structure will collapse.
#Red Flag 2 – Vague Investment Information
Obviously, there is a lack of details on how CoinsPay manage the invested fund from the public. CoinsPay tends to be vague about the strategies used in the investment programs and how they help to generate interest by trading on the stock market.
I tried to look for more information “About” CoinsPay.biz, all I got is just a vague information. See print screen below.
Furthermore, they are not backed by a real and verified trader. There is no proof and information at all on who are running behind the scene.
CoinsPay provides very few details about how they run the company and how profits are generated. HYIP like CoinsPay should always be able to explain how they intend to generate returns.
I have tried very hard to find out their investment strategies but they do not give adequate information on how their financial instruments work.
This is your hard earned money, please do not be afraid to ask questions. A genuine financial professional will usually be happy to explain in detail the investment program they are marketing. Unfortunately, CoinsPay fails to do so.
#Red Flag 3 – E-Currency Account
You are required to open an e-currency account to invest. You have to know that e-currency accounts are often not licensed as a money transmitter.
It is highly risky to invest your money through these unlicensed money transmitters, especially they involve international operations, which means it may be very hard, if not impossible, to get your money back.
#Red Flag 4 – High, Unsustainable Yields
I have years of experience in investments. Historically, investments in most large corporate stocks return less than 10% per year. Usually, HYIP scams offer between 1 percent to 2 percent daily profits to its members. As for CoinsPay , they offer up to 20,000% interest after 3 days, of which it is a total nonsense.
Be careful of claims that an investment will make “incredible gains,” is a “breakout stock pick” or has “huge upside and almost no risk!” Claims like these are hallmarks of extreme risk or outright fraud.
The ROIs that they claim on the official page clearly indicate that the investment is actually a Ponzi scheme or a junk bond that may never increase in value and has a high rate of default.
I am not a fan of these HYIP programs. It is very rare that I recommend them because there are some things you need to know before you dive into this and throwing your hard earned money around.
Every investment carries some degree of risk, which is reflected in the rate of return you can expect to receive. If your money is perfectly safe, you’ll most likely get a low return. High returns entail high risks, possibly including a total loss on the investments.
Fraudsters like CoinsPay.biz spends a lot of time trying to convince people that extremely high returns are “guaranteed” or “can’t miss.” They try to plant an image in your head of what your life will be like when you are rich.
Don’t ever believe it.
Based on my observation, it is very clear that CoinsPay Inc is an investment scam.
By the way, Amazing 5 started 6 months ago and now it is official shut down. It is now gone with a lot of money from many victims. This is a prime example of how these HYIPs scam your money.
Some interesting read if you are interested to know how HYIP makes money and if there is any legitimate HYIP on the market.
Why do people keep joining HYIPs knowing that they are Ponzi schemes?
All these Ponzi Schemes are aimed at people who want to get rich quick and do not want to take the tried & tested route of – hard work = success.
Most people want to make lots of money quickly and the legal options are often very limited (e.g. Lottery). When a product promises to give you exorbitant returns, people tend to believe it due to our greed.
However, most of the people end up losing their savings and hard-earned money.
I wrote an article on How to Invest Online Without Being Scammed. This should serve as a reference when you look for a legitimate investment company on the internet.
I don’t like the reliance on a Ponzi scheme in order to make bad money. Instead, I do affiliate marketing (it’s different) and rely 100% on myself to build an income online. If you are interested in alternative ways to generate a real passive income online, you might want to consider running your own legitimate online business.
One powerful way to do this is through an approach called affiliate marketing. Affiliate marketing lets you earn money by promoting products from other companies. Any product you promote is going to be based on your opinion, and you are not required to stick with just one company.
If this is an area you’re interested in, you could learn more about this through my 7-day free email course. The guide is an excellent way to learn all the ins and outs of affiliate marketing and to get started in the field yourself.
If you are interested to know more how I make money through affiliate marketing, go here.