CoinCasso Review – They Finally Pulled The Rug And Did A Runner
CoinCasso might enjoy great publicity, but this doesn’t mean they are an established brand in the cryptocurrency market. The more you look into the legality of the whole CoinCasso operation, the more cracks start to appear. The company is registered, but doesn’t have a valid license. Recently, CoinCasso has introduced binary options trading for cryptocurrency assets. This practice is banned in the EEA, and by extension, in Lithuania where the company is registered.
Did CoinCasso finally pull the rug under their clients’ feet and turn into a full blown scam? Find out more in our CoinCasso Review.
|Regulated by:||Unregulated Crypto Platform|
|Is This Company Safe?||As users massively report – this firm is not safe!|
|Have Warnings from:||N/A|
|Trading Platforms:||Web trader|
|Maximum Leverage:||Not available|
|Minimum Deposit:||20 EUR|
|Deposit Bonus:||Not available|
|Trading Assets:||Crypto (Bitcoin, Ethereum, Litecoin, Polkadot, Dogecoin, Ripple)|
|Free Demo Account:||Not available|
|How to Withdraw from This Company?||Withdrawing a penny from a fraud is only possible with legal help!|
Registered Yet Unlicensed
It is easily verifiable if CoinCasso is honest or not about their company being a legal entity. CoinCasso LT UAB is indeed registered as a private limited liability company in Lithuania with the registration number of 305813174. You can look it up in the Lithuanian Register of Legal Entities.
However, registration doesn’t equal the operational license, which is issued by the main regulatory body in the country – Lithuanian Bank. Search results imply no such entity exists in the register.
Lithuania has been considered a crypto friendly country since 2020. The government has ensured the crypto market participants are far better regulated now, under additional rules on transparency and safety, especially since 2022.
Since CoinCasso is not among the regulated entities in the jurisdiction but also in the broader area, we cannot consider them safe. On our quest of determining that, we’ve also checked databases run by FCA, BaFin, CFTC and others. We advise against investments made with this suspicious platform.
High Profile Advertising Campaign
An official partnership with the renowned football club, Paris Saint-Germain proved to be instrumental in attracting people to the CoinCasso platform. CoinCasso was first launched in 2017, and the partnership came in soon after, in 2020.
As a sponsor of a French Ligue 1 athletic team, CoinCasso is able to reach out to a large audience. Their influence is global, and here is a list of where the majority of their clients live:
- United Kingdom
- United States
As you will see later in our CoinCasso Review, not everything is fine and dandy with this cryptocurrency platform. Many traders report serious issues about CoinCasso. If you have any problems with the company, you can always reach out to us for legal support.
Traders Are Not Very Satisfied
CoinCasso has a Trustpilot page, where they don’t boast a good rating. This sort of reputation is reminiscent of the 70Trades fraud.
The traders state serious problems:
“ Fake/ company based in Lithuania, once you put money into the account they are gone. “
“ Coincasso in response to negative comments tells to send an email they provided, which all bounce back stating email address does not exist. “
“ This is the worst exchange ever. As soon as I made a withdrawal it went in nothingness. I’m still waiting for the transfer over 1week now. There is even no support any more. Stay away from this exchange […] “
With the exposé that CoinCasso enjoys currently, it may seem like they are untouchable. We understand the frustration that the traders must feel when their deposits go to waste with this unlicensed company. Our team of legal professionals is here to help you out of the bind.
Fees and Vip Levels
The higher the stakes on CCX, the higher your privilege level with CoinCasso. This greatly affects the Taker and Maker fees, which start from 0.2500%. By increasing your CCX staking amounts, you could attempt to climb the ladder and unlock lower fees. These can go down to 0.1250% for both Taker and Maker fees. The platform will rob you in the process though, so think well if that pays out for you.
The other taxes charged include 3,5% fee on every Credit Card deposit, as well as dynamic fees on withdrawals. The lack of transparency at CoinCasso didn’t obligate the service provider to be clear and explicit on these exact amounts, so that’s another red flag to consider.
The usage of any CoinCasso website features has been disabled as of now. Whether this is because the fraudsters behind the site are making a run for it or the server is experiencing temporary issues. Alas, it seems like this is not a short term problem.
The last news update was in September 2022, so we suspect that to be the last time the platform was active. The pricing chart is also outdated, so that’s another source of misleading information.
Web Platform Doesn’t Work
The dilapidated state of the CoinCasso website extends to the trading platform as well. Although the company has launched a proprietary web-oriented app CoinCasso Exchange 3.0, it is currently offline.
Discussing any good or bad points of this software is a moot topic due to current affairs. Many traders have their assets stuck in a state of limbo, unable to buy, sell or exchange their crypto coins. ChaseTrades is another example.
Offered Crypto Assets
It is difficult to discuss which trading instruments are available at CoinCasso. Because the website coincasso.com, as well as their trading app is barely operational, we can reliably say that no trading assets are available at all.
There are a few advertisements on the website, though. Here is what these advertisements offer:
- Cryptocurrencies (Bitcoin, Ethereum, Binance Coin, Basic Attention, DogeCoin, USDTether )
Unknown Account Types
If there ever were particular packages available at CoinCasso, they’re gone now. Since registering a new account was not possible at the time of writing this review, we could not tell if more than one account was offered.
Except the minimum deposit requirement being 50 EUR for credit card transfers and 20 EUR for bank transfers, nothing else about the CoinCasso account is known.
Poorly Designed Education
The coincasso.com website is still functional enough to allow their clients to access education materials. We wish we could say that this is a good thing, but the education CoinCasso provides is not elaborate, or comprehensive.
The only materials are basic tutorials on how to use the CoinCasso platform, various promotions, and their web software. These materials are provided in the form of articles, but a small number of video tutorials exist too.
Reported Withdrawal Issues
Almost every negative review on CoinCasso we found mentions withdrawal problems as one of the major hustles caused by this sham. Customers seem to be able to easily deposit but never complete a payout. The platform is ruthlessly snatching all the deposits and investments of any kind, and then never letting the investors get ahold of their funds again.
The only known fact is that the withdrawal fees do exist, but they’re undisclosed. The minimum withdrawal amount for BTC is 0.002 or 15 EUR.
One channel available for communicating with the CoinCasso support service is email. Not a single other way to get in touch with the customer support exists.
When there’s just one email address, it can easily get clogged with incoming mail and go out of function. Also, the site owners seem to completely neglect their duty to reply to any support tickets, as outraged traders have noticed.
In their brief history, CoinCasso didn’t manage to establish a proper brand name and reputation in the crypto community. That’s mostly because the company didn’t provide the first and most important aspect of their conduct – a crypto trading license.
If you’re facing CoinCasso withdrawal issues, or your funds seem to be stuck on this platform, contact us for legal support and help in restoring what is rightfully yours.
What is CoinCasso?
CoinCasso is an unlicensed cryptocurrency exchange that operates from Lithuania.
Is CoinCasso a real thing?
CoinCasso is not authorized to provide cryptocurrency exchange services in Lithuania, or any other part of the world. Consider withdrawing your assets immediately from this platform. If the company is unresponsive, we offer legal assistance in recovering your funds.
What is CoinCasso’s Long Short Game ?
The CoinCasso Long Short Game is a trading module that implements binary options trading for cryptocurrency assets.
What are CoinCasso fees?
Taker and Maker fees start from 0.2500%. By increasing your CCX staking amounts these can go down to 0.1250%. There are also undefined withdrawal fees and obligatory fees of 0,25 % per each transaction.