Koycoin Review: Debunking the Lies on the Bogus Website
Take a closer look at Koycoin’s website and then tell us if it is a sloppy copy of Uxbitex.com. That was an easy one for us because we deal with anonymous fraudsters daily but the trickster can easily fool people who are new to trading and crypto.
However, we owe you a full Koycoin Review and a detailed explanation of how the fraudulent crypto scheme works. Learn how to detect cyber scams and what do to in case you lose your hard-earned money online.
|Unregulated Crypto Exchange
|Is This Company Safe?
|Have Warnings from:
|Free Demo Account:
|How to Withdraw from This Company?
|Since this company is unlikely to return your money – contact your bank or financial regulator, or simply reach out to us for professional assistance in recovering your funds.
Legal Info: Is Koycoin Regulated?
The Koycin crypto exchange, despite stating that Maltese laws govern its client agreements, is not registered with Malta’s Financial Services Authority (MFSA).
The MFSA aligns its regulations with European Securities and Markets Authority (ESMA) laws in force within the European Economic Area. ESMA issues MiFID passports to all licensed entities, allowing them to operate across the old continent while also providing compensation contracts of up to 20,000 EUR in case of insolvency or suspicious losses.
You cannot count on it if you trade on this platform. Another in a series of lies on the bogus website is that Koycoin is the largest crypto exchange in Australia. Nothing could be further from the trust.
Due to Koycoin’s illicit status, the exchange can easily steal your funds. Therefore, we recommend you trade firms that are licensed by esteemed financial market authorities such as the FCA (UK), SEC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), CySEC (Cyprus), etc.
Trader Reviews – Sharing Experiences
At the time we were writing this analysis, we couldn’t find any Koycoin reviews and feedback from traders because there simply were none.
Despite searching various popular forums, there were no results. It was kind of expected given the platform was discovered relatively recently. It’s noteworthy that the recycled website has been seen multiple times, attributed to the same criminal group running the fraudulent scheme.
Cryptocurrency scammers, such as Donarex, typically lure unsuspecting victims into Telegram channels and WhatsApp chats, exploiting traders’ funds before losing interest in providing any services. You should always check what people think about a certain platform because negative reviews and complaints can alert you about potential scams.
Who Are Koycoin’s Targets?
According to godaddy.com/whois, the Koycoin.com.com website domain was created on October 27, 2023. For over a month now, the swindling crypto exchange has mainly been targeting unwary traders who reside in the following countries:
All three countries are EU members, meaning their respective regulators implement common European regulations and the MiFID passport system. To reiterate, this exchange is not ESMA-approved. We have already stressed the fact that if you invest money in this platform, you cannot count on regulatory help or compensation so be cautious.
Swipe the bogus website through a webparanoid.com check and you’ll see that it has been flagged as suspicious with a low trust score. Website traffic is also alarmingly low.
Which Trading Platform Is Available?
The exchange features a relatively simple web platform designed for the straightforward purchase and sale of cryptocurrencies. It supports spot trading and features a wide selection of popular coins. Leverage trading was not available.
It offers basic tools such as graphs, charts, and indicators but lacks advanced options. Anonymous fraudsters usually use rigged online platforms to run their schemes.
Newbies may find browser-based trading terminals easy to comprehend but trading volatile assets such as cryptocurrencies is extremely risky, which is why you need many tools to ensure unhindered progress.
We thus recommend providers that support recognized third-party software such as MT4 or MT5. These platforms offer a wide range of cutting-edge tools such as automated trading, live market reports, advanced charting, a user-friendly interface, lightning-fast order execution, etc.
Koycoin has established a tiered trading fee structure correlated with trading volume. It features seven levels ranging from less than 30 BTC to over 20,000 BTC. Maker and taker fees are determined based on a descending scale as volume increases, starting at 0.075%/0.075% and gradually reducing to 0.035%/0.045%.
The whole system is seemingly designed to favor those who achieve higher trading volume, thus encouraging trading.
Deposit and withdrawal fees, on the other hand, depend on the blockchain network and factors like congestion. For instance, Bitcoin transactions incur a 1% deposit fee, with withdrawals being free of charge. Similarly, Ethereum deposits and withdrawals carry a 1% fee.
Koycoin provides a referral program that enables users to earn rewards by referring friends, offering a substantial 40% commission from referrals and a reduced trade commission of 0.1%.
Interested participants can get a unique referral link on the website. However, it’s crucial to point out that the reward structure and the emphasis on recruiting new participants share similarities with a risky Ponzi scheme.
Such shady pyramid recruiting models involve generating returns for early investors using funds from later investors. The whole concept is not sustainable at all and ultimately fails. We strongly advise you to avoid involving friends and family in such dishonest arrangements.
Deposit and Withdrawal Process
Koycoin lists several third-party electronic wallets that can be used to buy crypto on the platform. The multi-layered payment system just makes the whole thing more complicated, which suits the black hat rather than the user.
In case you lose your crypto on this dubious platform, you need to find out where the money went. This requires advanced crypto-tracing solutions such as CipherTrace. Luckily for you, our team can help you throughout the process and guide you every step of the way.
If you experience any withdrawal-related issues with the Koycoin cryptocurrency fraud, do not hesitate to contact us. We have experts who specialize in various fund recovery methods and we gladly offer our services.
Key Information To Consider About Koycoin
To summarize our concise review, the Koycoin crypto sham business mainly targets traders from Germany, France, and Spain. The platform is not regulated and not approved by ESMA to operate across Europe.
We do not recommend the exchange because it is nothing but an anonymous crypto hoax designed to deceive users. If you are experiencing any withdrawal issues, be sure to inform us about it.
If you cannot withdraw your funds from the Koycoin scam alone, we offer professional services and assistance. Book your free consultation with Scam Brokers Reviews today!
Book a free consultation with us and launch the chargeback process.
What is Koycoin?
Koycoin is an anonymous fraudster using a fake crypto exchange platform to scam unsuspecting traders.
Is Koycoin a Regulated Crypto Exchange?
No, Koycoin is not a regulated crypto exchange. This shady platform is a pure scam.
Can I Recover Lost Crypto from a Fraudster?
It’s difficult, albeit possible. You’ll need professional help though, so don’t waste time. Book a consultation today!