Is ProfitCoins a Scam? Learn about this slowly evolving Ponzi scheme!
ProfitCoins, featured at ProfitCoins.io, is a cryptocurrency investment company that provides cryptocurrency investment options.
During the time of writing this review, there was quite a few unknown variables in play regarding the operational parameters in work at ProfitCoins.io.
To find out what the cryptocurrency community and the facts regarding ProfitCoins.io reveal, we invite you to read our unbiased and factual review.
How does ProfitCoins.io Work?
ProfitCoins included a promotional video on their platform that explained that ProfitCoins generated profits from exchanging the price differences of Bitcoin across separate exchanges.
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According to their Terms and Conditions, “Profitcoins is a Fintech company, providing an automated day-trading platform. Profitcoins uses its intelligent software system to identify price fluctuations amongst available cryptocurrency providers to provide its the Customers with the possibility to achieve fast and secure profits.”
Whether these online exchanges are based in different geological locations we are uncertain.
However, ProfitCoins explanation on how they generate income is not really a consistent or substantial method to generating long-term profits.
To add, the price deviations from one cryptocurrency exchange to another exchange is NOT that different, overall.
Which exchanges, online brokerages or platforms that ProfitCoins is allegedly utilizing to generate these profits are not disclosed at ProfitCoins.io.
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No mention or reference to any investment or trading approaches are mentioned anywhere at ProfitCoins.io.
Who is Behind ProfitCoins?
When you visit the Contact page of ProfitCoins you are confronted with a contact submission form and the following email addresses: legal@profitcoins.io, press@profitcoins.io and headquarter@profitcoins.io.
Social Media Portals
- Facebook (No Longer Active)
- Rocio Knight (Founder & Director)
- Tony Mahony (Chief Financial Officer)
- Scott Yates (Project Manager)
- Helen Long (Operational Manager)
Shared above are a few of the main operators behind ProfitCoins.io.
When investigating the legitimacy of the operators behind ProfitCoins, we did not encounter any red flags to indicate that these entities are fictitious or fake.
All social media platforms appear to be relatively new, something to note.
Disclosed in the footer would be the corporate entity ProfitCoins Trading Ltd.
According to the International Business Company Registry, ProfitCoins Trading Ltd is an active company filed under company number 172071.
Must Know: ProfitCoins Trading Ltd does not appear to be a licensed or regulated investment company.
This means that ProfitCoins Trading Ltd may be rendering illegal investment advice or services.
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Domain Insight
ProfitCoins.io was privately registered on December 18th, 2017 through a Lithuanian privacy company.
According to SimilarWeb, ProfitCoins.io reflects a global rank of 1,041,522 with a US rank of 542,408 as of February 18th, 2019.
Social media outlets and referral based traffic account for 10.08% of the sites total traffic while an additional 10.00% are funneled through e-mail based sources.
Given ProfitCoins.io rather poor web-rankings we do not believe them to be a popular investment platform.
ProfitCoins.io Reviews
The feedback surrounding the cryptocurrency venture known as ProfitCoins has not been positive.
While ProfitCoins.io does an excellent job as coming off as a legitimate investment opportunity, as we have made known to you things aren’t always as they seem.
ProfitCoins Trading Ltd is not licensed or regulated to provide investment advice or services (to our knowledge) while the following negative experiences may sway any motion of joining ProfitCoins swiftly from your consciousness.
“For all of you who are believing all the fake reviews, I have 2.8 BTC in Profitcoins after they took it from 11.78 and made loss charges. Well it has been 4 months and still they will not let me withdraw what I have left.”
“Profitcoins is a SCAM, I invested .5 BTC the site seemed to be working for a few months as it showed my balance growing slowly. Then one day I logged in and it showed a negative balance. Multiple times reaching out to customer service provide no resolution. I believe this site steals your crypto and your KYC verification data.”
“Deposited BTC ran it for a month, completed all KYC as requested, tried to submit a withdrawal at the beginning of December, had nothing and all contact has been ignored…Avoid these scammers like the plague!”
These consumer experiences can be viewed at TrustPilot, which also issued the following warning:
ProfitCoins Complaints
More investor experiences can be found at the following review portals:
BitcoinTalk – Consensus is pursue at own risk
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BeerMoneyForum – Reports of fraudulent activities
BitcoinTalk – Generalized user warning and indication ProfitCoins is a Ponzi Scheme
“100% scam. They stole my money. a lot of it!”
“…I don’t recommend investing in it because of bad reviews, a guy lost $10,000 with this ponzi scheme…”
“I have invested during the end of September 400 Euros and made a withdrawal request a few days later. The withdrawal indeed came through to my wallet with the promised profit…This made me gain confidence that I could invest a larger sum of money. I then invested 2 BTC to be able to enjoy the 1% daily profit for over 2 BTC investment…From that point, things started to take a sharp turn. A withdrawal of just 0.015 out of the 2 BTC, took more than 2 weeks to go through. After this tiny withdrawal, my balance of 2 BTC went to 0.01 BTC and the app shows -21000% profit. At that point I realized this is a complete scam project.”
As you can deduce, investors who have relied upon ProfitCoins in the past have had their investments stolen or have had equally as poor experiences.
Is ProfitCoins.io a Safe Investment?
ProfitCoins is NOT a safe investment.
ProfitCoins.io Review Conclusion
ProfitCoins is a cryptocurrency Ponzi scheme posing as a legitimate investment company.
While ProfitCoins Trading Ltd appears to be an existing and active corporation, they do not appear to be licensed or regulated to render investment services or advice.
With this truth in mind, you should avoid investing with ProfitCoins at all costs.
Not to mention that the sum of negative investor experiences is growing weekly.
Do yourself and others a courtesy by sharing and avoiding the ridiculous ProfitCoins Scam.
Outcome: ProfitCoins is a Ponzi Scheme!
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Blacklisted Site: ProfitCoins.io
We invite you to share any insight, feedback or experiences you may have below!
Hi guys, I’ve been fooled big time as well…has anybody got any positive answer from the action fraud report ? I filed my request at the end of October and got quite a negative answer (“it has not been possible to identify a line of enquiry which a law enforcement organisation in the United Kingdom could pursue“)…It would be great to take these thieves down!
I deposited a $125 a year ago I was up to $368 now I cannot Pull up the Profit coin page I had on my phone It now says server is unavailable I’ve been trying for 2 days so add me to the list if we start a class action against them
Same for me! I am so sad. I am looking to see if anyone has started a class action suit.
It may be a wash. The site has evidently shut down and they have most likely taken the money and left town as it were. Being that they are an offshore entity, reporting it to any agencies within the United Kingdom may not be to any avail. Open for suggestions.
So has any of these fucking bastards been held accountable for stealing our money? Probably not and never will be. Punk ass mother fuckers. I hope they burn in fucking hell.
They are a scam do not put any money in it. You cannot get your money back. I’m just glad I didn’t put big time in there. Just cost me a couple hundred.
I am another victim where my withdrawal request is being ignored – I have now filed a complaint to Action Fraud as they do not answer their online chat or their legal@profitcoins,io email
Pomzi Schemes, Scams that are reported should be shut down, websites banned and owners of the company put in jail – this is the same as robbing a bank, being a thief… It is not that you are online it gives you a get out of jail card? Why are these websites, so many of them still operate stealing peoples money including so many android apps and IO apps that are just scams! It is beyond me it looks so easy to set up a scam for so long and get away with it so easily…
PROCEDURES TO FILE A COMPLAINT ON THE ENTITY DBA ‘PROFITCOINS’
Company info:
PROFITCOINS LIMITED
Incorporated on 28 August 2018
Company Registration Number: 11538939
Address:
67 Clifford Gardens Willesden, London, United Kingdom, NW10 5JE
Email address listed on website:
legal@profitcoins.io
(NOTE: It should be noted that this email address is most likely fake as it bounces back to your address when a message is sent to it)
To file a complaint:
Please visit the Action Fraud website at:
actionfraud.police.uk
where you can register to use this new service any time of the day or night which enables you to both report a fraud and find help and support. Please note that if you do not register at the time the report is made, this service will not be available to you. If you are seeking an update to a report please visit your dashboard to track the progress of your report. If you did not register it will not be possible to receive an update, but an outcome will be provided to you in due course.
You can also file a complaint at the following agency and email address:
Insolvency.complaints@insolvency.gov.uk
Hoping that you find this information useful.
Thank you. That’s a great help. I will file my complaints as well.
No problem. 👍
I filed a report today. Thank you
I reported to the FTC in hopes of at least getting their attention. I also made a small deposit initially and after a week or two made a transfer with success. I then deposited more btc this go around and after a few months I requested a withdrawal. Its been a month since that request and I cannot request another one nor can I get a response from the chat or the “support team”.
1000000000% SCAM.
I have been scammed by Profitcoins.io as well. I have deposited $200 and after about a year I wanted to withdraw my profits and requested my withdraw and it’s been over 3 weeks and I have yet to get my money. I keep on contacting them and keep on getting a person by the name of Marcus from support giving me different answers.
I think we (all scammed customers of there’s should join together and file a international class action lawsuit.
Exactly. This is what we need to do. I’m waiting for my withdrawal request since last September. Let’s join up and sue them together.
Add me to the list of dissatisfied customers as well. I joined this company on March 1st 2019. For all intensive purposes oh, it seemed to be doing well. I finally thought I had found something that would work well for me. I attempted to make two small withdrawals in the month of March. They were successful. However this month, April 2019, I attempted to make a withdrawal which would have been the third one. I received an error message that stated that I need to wait until the previous withdrawal had clear. This threw up a red flag immediately. I had not attempted to make any withdrawals in the month of April. This would lead me to think that someone else was taking money from my account with profitcoins.io
I utilize their online messaging service for customer service. For the last week or so I have been going back and forth with a representative (Marcus) that states that I should be patient for them to rectify the problem. It’s sad. I have wanted to give them the benefit of the doubt, but somehow I smell a rat. I have made three deposits with them over the last month. I would just like to retrieve the money that I have invested, cut my losses, and go elsewhere.
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Hi guys. It’s looks like I am one of the doom who believed them and my withdrawal request is pending since last September. Where can I report them? What legal help could I seek?
Robert this was posted on another review site and I’ve pasted it for you here since you asked. I sent an email complaint myself.
All affected investor should complain…
All affected investor should complain about this company at below, may be it will help
If your complaint involves the conduct of a company or its officers you should contact the Insolvency Service.
The Insolvency Service is an Executive Agency of the Department of Business, Innovation and Skills (BIS). The Company Investigations team within the Insolvency Service has the power to investigate limited companies where information received suggests corporate abuse; this may include serious misconduct, fraud, scams or sharp practice in the way a company operates.
To complain about a limited company that is still trading:
Tel: 0300 678 0017
By post:
Intelligence Hub
Intelligence & Enforcement Directorate
Investigation and Enforcement Services
Insolvency Service
3rd Floor Cannon House
18 Priory Queensway
Birmingham B4 6FD
Email: intelligence.live@ insolvency.gsi.gov.uk
Web: gov.uk/complain-about-a-limited-company