KoinDeFi Review – Crypto Popularity Spurs All Kinds Of Scam

KoinDeFi lists several reasons why you should definitely trust their unmistakably advanced platform. Promises such as funds protection, safe investing and compliance with the same KYC and AML that your local bank does are the first to greet you on the homepage. This supposedly trusted and secure crypto copy trading exchange should bring the world of crypto investing to your doorstep. 

However, despite all the happy-go-lucky attitude, this platform is bogus. The more attractive these services sound, the further they are from reality. Crypto trading is hard work that requires a lot of sweating and risk-taking, even if you think your job was made easier by copy-trading. No strategy is unconditionally the right one or always successful, even if every platform makes it seem like theirs is just the one you need. 

KoinDeFi just wants to sell their services and desperately tries to do so, even if they do not own a proper license for such activities. Our KoinDeFi review does a thorough job exposing this fraudulent company.

Is KoinDeFi Legit or Scam?

The first principle that outlines our research is attempting to determine what location the firm operates from. Based on the information from the legal docs, courts of Hong Kong and Seychelles seem to be in charge of solving the potential disputes. However, going through the registers of the two respective regulators overseeing the financial markets in these two countries bore no results. It seems that HKSFC and FSA have no data on this firm. Power Trade is another offshore firm that is just as unregulated and prone to lying about their legal status.

Since KoinDeFi also gives a US address in their contact information, we also checked  the list of regulated brokerage firms that NFA has. All the regulated members are included in the NFA register, and KoinDeFi is also not found there. At that point, it was starting to be evident that this platform has no legal framework to support their conduct. 

As a final step, we had to go through as many Tier 1 databases as we could in search for the potential license or warnings. However, FCA, BaFin, CySEC, CONSOB, FINMA and CNMV do not have Intel on KoinDeFi either. By all means, it seems that this company is not authorized to be a legitimate financial services provider. Without a Tier 1 regulation, all the promises about segregation of funds and security of deposits fall apart. None of the claims that KoinDeFi makes about their platform could be taken as truthful. 

So be very careful if you get approached by any of their agents who offer irresistible deals with minimum engagement.  We fear such offers are just a part of a greater sham perpetrated in the shadows.

Countries of Service

Without a doubt, KoinDeFi prefers their victims to be English native speakers. This suggests that the firm mainly operates in the developed areas where they mostly communicate to users who are more capable at investing. The list of the countries most hit goes as following:

• United States
• Canada
• United Kingdom

Hereby, we warn all the crypto optimists to take caution when picking their crypto investing platform to trade on. Anytime you need help deciding, we can offer you additional information about a service provider. Because we’re well aware how skilled KoinDeFi agents are at persuasion, we have to direct your attention to that especially. 

Eloquent and always at your service, boiler room agents display obvious persistence and tirelessness when it comes to convincing victims to invest in their products. Whatever they’re selling, they’re absolutely the best at what they do, so it’s no surprise if even the most experienced investors fall for their trap. Promises of huge gain, effortless profit and top notch service await. Sadly, all these are completely fake, as the entire story of the KoinDeFi credibility is. 

Things You Need To Know 

Every single investor likes to get fully familiar with what awaits them at a website they decide to invest in. If you’re one of the traders that does their homework and checks this information thoroughly before investing, we have bad news for you. KoinDeFi does not reveal any of the relevant information pertaining to concrete exchange conditions. All this scarily reminds us of Coinexab, which is as fraudulent and dishonest about their own exchange platform and the circumstances.

The website constantly refers to a document called Fee Structure, but when you attempt to clink on it, the link takes you to the same doc you’re already reading – Terms of Service. This is the main legal text you agree to upon joining, but it doesn’t reveal all the relevant information about the trading costs and transfer fees. KoinDeFi only declares to hold the customer as the single party responsible for covering all the transaction fees or other charges that KoinDeFi applies. 

From inside the platform itself, you cannot read much of the information you need. The only costs revealed there is the exchange fee of 0.2%. 

What Trading Platforms Are Available?

Over at KoinDeFi, there’s a single platform that is adjusted to the exchange activities. Through the user panel and by using crypto wallets, you can buy digital coins and then use the very platform to exchange them. The distribution itself isn’t that bad, although it generally lacks advanced options and complexity. 

It is still relatively comprehensive, though. It shows the current prices of the particular digital currencies and their fluctuations, while, at the same time, it offers the option to watch a specific crypto at a time frame. However, we wouldn’t be so optimistic when it comes to the functionality. Firstly because all the charts are borrowed from the TradingView website and these do not make an independent platform. This brings us forth to another conclusion. 

If KoinDeFi heavily relies on the TradingView charts and doesn’t have their own platform to offer, what kind of exchange actually happens here? None, some may argue, and we very much stand by that statement, as well.

What Can You Trade With KoinDeFi? 

Being defined as a crypto exchange platform implies that KoinDeFi stays faithful to only defrauding traders interested in crypto coins. And why wouldn’t they, when crypto rules the virtual trading markets ever since its initial launch. From what we could read from the bogus platform and the site itself, there aren’t all that many crypto coin sorts to choose from. The major crypto currencies that KoinDeFi advertises as available, we’d mention BTC, ETH, BNB, LUNA, ADA, SOL, AVA, DOT, DOGE, SHIB.

Deposit and Withdrawal Procedure

The KoinDeFi withdrawal procedure is vague and not in the slightest explained by the website owners. Whoever runs KoinDeFi has decided to share minimum to no information at all about this concrete process. We can only assume how irresponsibly KoinDeFi acts in such procedures and when it comes to payouts. 

Because there is no Withdrawal Policy that elaborates on how these transfers are completed, the only available information is the one in the client zone. There, you can only choose one of the available crypto currencies and supposedly paste the address of your wallet, and voila, your funds will magically be sent back to you. This kind of contract has little application in the real world, and the chances of KoinDeFi allowing you to take back your deposit are worse than slim.

Illicit brokers, unauthorized exchange platforms and other bogus financial services providers all earn by defrauding victims. The easiest way to profit is by snatching your deposit right after you’ve made it. Even if they supposedly allow you to trade and make profit, you’re completely unaware that the criminal is already far away and counting the money stolen. 

Customer Support

KoinDeFi support could only be contacted through an email address: [email protected]. Seeing how sloppy and irresponsible this website is, we can only assume how often they check their mails, let alone reply to them. So, we wouldn’t be overly optimistic when it comes to transparent and prominent communication with this scammer. 

Besides the single email address, no phone number is given. The physical address in the US may as well be fake, because KoinDeFi isn’t in any way registered or regulated in that jurisdiction. They could have just left the address to create an image of a serious corporation operating in a strong economy. 

Key Information To Consider About KoinDeFi 

What more could we add to this KoinDeFi review that wasn’t already said? We can only again point out the fact that KoinDeFi is in no way regulated or authorized to offer their services. The trading conditions and concrete environment are a total mystery and there’s no way to legitimately perform any exchanging when the platform doesn’t exist. It is only assembled from the TradingView widgets. How exactly can you expect to make profit under such conditions? You simply can’t.

So if you were one of the KoinDeFi victims that is looking for a way to take back their deposit, feel free to contact us. First consultation you book is entirely free, as we do not want to waste your time if we’re unable to help. Use one of the communication channels to reach out to us and let’s have a chat. Tell us all about your problem with KoinDeFi and our legal experts will direct your next course of action, all towards the goal of getting your capital back from the cyber thief.