CoinW Review – Frauds Fake Romance To Manipulate Their Victims
CoinW presents us with a flashy website that is comparable to other high-quality cryptocurrency exchanges. One thing that makes you doubt the quality of service is the server’s poor response times. It’s clear that the website outgrew the original data setup. Buttons and links frequently return the “Server is busy” error, and glitch out.
You wouldn’t expect a reliable cryptocurrency exchange to have such poor data processing capability. Our CoinW Review will tell you all about the warning signs of dealing with a crypto scam!
|Is This Company Safe?||No, CoinW is an unlicensed company!|
|Have Warnings from:||N/A|
|Trading Platforms:||Web Platform|
|Minimum Deposit:||0.00001 BTC|
|Trading Assets:||Cryptocurrencies, Crypto ETFs|
|Free Demo Account:||No|
|How to Withdraw from This Company?||Unregulated exchanges are unlikely to let you withdraw. Contact your regional financial regulator or our recovery experts for help with CoinW withdrawal.|
CoinW Is Not Licensed Anywhere
CoinW lists a rather large number of parent companies on their website “About” page. Each of these firms is active in separate jurisdictions. The Terms & Conditions document states that legal disputes fall under the jurisdiction of the court of St. Vincent and the Grenadines.
COINW LINK LTD is allegedly registered in Canada, and BBT INC in the US. LCT Holding Polish Limited Liability Company should be a Polish company, and LCT Holding UAB LLC, judging by its name, should be registered in Lithuania.
The New SRO of Canada, NFA of the US, Lithuanian LB and Polish KNF registers do not contain any entity CoinW has mentioned as parent companies. A check-up with the FSA register returned no results either.
We have checked the databases of other financial regulators as well, notably BaFIN, CySEC, FINMA, ASIC, FSMA and AMF. None of them have any information on CoinW parent companies, or this cryptocurrency exchange in particular. This tells us that the CoinW Exchange is operating without any license.
How Does The CoinW Fraud Work?
The first cryptocurrency-related content on the www.coinw.com website dates back to 2018.
Most of the coinw.com website traffic comes from these regions:
The www.coinw.com website has a large visitor count, and does well as an independent marketing tool. The company also uses viral advertising through their social network activity on X and Telegram.
This allows the CoinW Boiler Room Agents to reach out to a larger audience. You see, CoinW is a so-called Romance Scam. CoinW agents pretend to be romantically interested in their targets, and manipulate the victims into investing with the company. Many frauds like Exobit use a similar strategy.
CoinW are also a sponsor for the Globe Soccer Awards, but this hardly proves their legitimacy. If you remember the CoinCasso scam, you also remember their sponsorship of the Paris Saint-Germain football club!
Testimonials Indicate Scam
The vast majority of reviews on Trustpilot are from satisfied CoinW clients, but this might be indicative of the involvement of Review Seller Networks.
When you see some of the testimonials with 1-star rating, you will see that they complain about well-established scam strategies:
“ They will fake a love affair for one month.Then your so called lover talks of investing . Small amoiunt .at first. I invested 200 and earned 81. i tried to withdraw they said t Wanted me to invest 3000 to get my money out. I would have to get small loan to do that. […] “
“ Scam. Even most of their reviews are fake. They have fake love interests who will talk to you for almost a month then mention investing. They’ll lure you with small investment then use a large one, They’ll say you can’t get money back until you pay 30% on all assets not just the profit. […] “
Reach out to our legal professionals for help in your CoinW chargeback. You may contact us via the live chat, and book a free consultation at any time.
Costs Of Trading With CoinW
The leverage for trading various cryptocurrency instruments on CoinW is 1:200. This is not in line with regulation in most jurisdictions. In the EEA, for instance, max crypto leverage is 1:2, and in the US and Canada leverage for crypto assets is 1:5.
Depending on the VIP status, clients can expect different costs of fees. Maker and Taker fees start at 0.2% and drop to 0.01% with more trading volume. There is no information about deposit and withdrawal costs on the site. This lack of transparency is common with other scams like CMMCI Securities.
Hefty Bonuses To Lure Investors
When we created a CoinW Login, we received an email from the company claiming that we were allotted $1640 of bonus funds. Upon logging into the trading floor, we have received another bonus of USDT 1000.
That’s more than $2 500 worth of bonuses for just creating an account! Bonuses are forbidden in many jurisdictions, including the EEA. CoinW scam actively uses bonus policies to prevent clients from withdrawing.
Trading Features Are Not What Was Advertised
At first glance, the trading features found on CoinW are very similar to those found with other cryptocurrency exchanges. The CoinW scam is set up in such a way to seem like they offer great deals to their clients.
As you will see in our CoinW Review, there are many hidden traps for unwary traders. Whatever it is that they are promising are just parts of the fraudulent marketing scheme.
Basic Web Trading Platform
The CoinW trading platform is web-oriented. It is a simple charting software, with charts imported from TradingView. Although these charts are frequently updated with real market data, there is no benefit from viewing them from CoinW.
You get a simple interface with Buy and Sell functions. The ability to use Limit Order, Market Order and Grid Trading is supported as well.
Unlisted Mobile App
The Mobile Apps that CoinW uses are not listed in either App Store or Google Play. They are only available via a direct download through a QR code.
The absence of an official listing with Apple or Google allows CoinW to hide the usage statistics from their clients. It also allows them to distribute malware via their mobile apps, and for this reason we do not recommend installing CoinW software on your phone.
Many Coins On Offer
CoinW allows trading of different Cryptocurrency related instruments. Because CoinW is an unregulated exchange, we cannot recommend using their services.
Here is what this exchange allegedly offers:
- Cryptocurrencies (Bitcoin, Ethereum, Ripple, Cardano, Dash)
- Crypto ETFs (Bitcoin, Ethereum, Doge, Shib)
VIP Tiers As Account Subtypes
As with many crypto exchanges currently operating, there is only a single trading account available for CoinW. Unlike with legitimate companies, CoinW does not offer a demo account.
Instead of different account types, you rise through VIP levels depending on the trading volume you have achieved. Here is an overview of different VIP levels:
- VIP v1 – basic
- VIP v2 – 680CWT/month
- VIP v3 – 2 680CWT/month
- VIP v4 – 12 800CWT/month
- VIP v5 – 38 600CWT/month
- VIP v6 – 86 600CWT/month
Poor Education Quality
The education at CoinW is quite basic. Clients receive a trading app tutorial on their first login to the trading floor. Other education materials include different articles that cover only the basics.
The education materials are there just to give their clients some idea of legitimacy. Unfortunately, you won’t learn any more than you would with a relevant wikipedia article.
The withdrawal policy is not discussed on coinw.com. In theory, any client may withdraw at any time, and the withdrawals are processed in an automated and instantaneous fashion. However, the exchange does not outline the costs of withdrawals, only that a single free withdrawal daily is available.
For help with your CoinW withdrawal issues, contact our recovery experts.
Customer Support Avoids Important Topics
CoinW customer support is available 24/7 via the live chat. We were able to chat with a company representative, but this person actively avoided answering many of our questions. When it came to technical support with the web software, we were told to install a mobile app instead.
All the while the agent addressed us as “dear”, which was quite unnerving. It’s very possible that the same Boiler Room Agents work in the Customer Service department as well.
The CoinW Scam In Short
CoinW is an unlicensed cryptocurrency exchange. They are frauds who try to ride out the current cryptocurrency craze. Their website might look the part, but this company is an active romance scam with a reputation of defrauding people.
Romance frauds are exceptionally harmful since they play with their victims’ emotions. Let us hear your story and offer a helping hand. The funds you have trapped with CoinW are not lost! Contact us via the live chat and book a free consultation at any time. Our recovery experts will guide you through the chargeback process.
What Is CoinW?
CoinW is a dangerous unlicensed firm pretending to be a cryptocurrency exchange.
Is CoinW A Scam or a Legit Exchange?
No, CoinW does not have any license, and does not submit to regulation from any authority! If you have deposited assets to the CoinW scam, contact our legal professionals for help with chargeback.
Is There A Cap On How Much Money Can Be Made From CoinW?
While cryptocurrency markets provide a lucrative opportunity for limitless profits, CoinW is an illicit company that does not provide actual cryptocurrency related services.
Where Is CoinW Located?
It is unclear where CoinW's location might be. They allege The US, Canada, Poland, Lithuania, St. Vincent and the Grenadines, and we have found clues that the company might actually be from Singapore.