Is iCoin Market a Scam? Some Things To Know
iCoin Market is a new cryptocurrency investment site that claims to be able to make you insane profits on you investments. But is this really true? Or is iCoin Market a scam just like the many others that are popping up all over in this cryptocurrency industry?
I was wondering this same question so I took a look into this place and in this short review I’ll be going over what I found out and some other important things you should know. Enjoy…
iCoin Market Review
- Website: icoinmarket.com
- Type: cryptocurrency investment
- Recommended?: Not really, more on this
iCoin Market brings something new to the table that I haven’t seen yet with other cryptocurrency investment sites.
Instead of claiming to do normal trading, buying low and selling high and all of that. Their main form of investment comes from ICO’s, which stands for Initial Coin Offering. And I’ll explain more about what this is in a second.
iCoin Market also makes some pretty bold claims. They claim to be able to turn “every investment into secure profit”. That is quite a statement and honestly there is no way that this can be true.
But anyways, let me go over how this place claims to get you such good returns on your investment.
How They Make You Money
Ok, so this site is mostly about investing in ICO’s which I will explain now.
ICO, or Initial Coin Offering is the initial price of a coin when it comes onto the market. When cryptocurrency developers release their new coin onto the market they release them at very low prices. This is to get people to invest in them. And as people invest in them the price goes up.
When Ethereum first came out in 2014 its ICO was just 3 to 4 cents per coin. By July of 2015 Ethereum was priced at over $19. That’s over 6,000% increase in just a years time.
So basically how iCoin Market claims to make you money is by investing in ICO’s and then waiting for the price to jump up.
The Problem With This Claim
The problem here is that this claim cannot be backed up. There is absolutely no proof that iCoin Market is actually investing your money like they say you are.
Also, they claim to have a 100% success rate which I am sure you can understand is COMPLETELY IMPOSSIBLE.
Its true that ICO’s increase like crazy and can make you a ton of money but what about all the ones that don’t? There are a lot of cryptocurrencies out there and more coming out and it is not reasonable to think that iCoin Market can predict the ones that are going to be “winners” from the “losers”. They can’t tell the future.
Why So Much Hype?
There has been a lot of hype surrounding this website recently and the reason for this is that members can make money by referring other people to invest in this site. Anyone can sign up, refer someone, and earn commissions from their investment.
This is why you might have seen emails of other promotions trying to get you to sign up and invest.
The fact that members can refer other people to this program for a profit brings up the discussion of whether or not this might be a pyramid scheme. I have seen other nearly identical sites that are more than likely pyramid schemes. With all the new on cryptocurrencies and Bitcoins there are a lot of pyramid schemes popping up taking advantage of this hype.
If it is a pyramid scheme then they are not really investing your money like they say they are. Instead, they are just using your investment to pay off earlier investors that are higher on the pyramid. And the fact that they have no proof of actually investing like they say they do coupled with the fact that you can make money by referring people makes me really wonder what this place does with your money.
Can You Trust This Place?
There is ZERO information about this company. They give you absolutely nothing. They don’t tell you their history, accomplishments…. nothing.
All I could really find on the website is that they are located in Hong Kong. Other than that you don’t know anything.
So how can you trust what they tell you? Any one could have thrown this website together and made these claims? They have nothing to show for them and this really makes me suspicious of the truth of the matter.
Final Thoughts & What I Recommend
We are currently in the “cryptocurrency boom” and there is a lot of hype in this industry. There is a lot of money to be made for sure but with all this hype comes scams. I review scams like this all the time, some of the more recent ones being Raging Bitcoin and CoinTherum.
The bottom line here is that you just can’t really trust this iCoin Market site because there are so many similar scams out there and they give you no information on them, which means no reason to trust them.
For this reason I cannot recommend this site to anyone. It just doesn’t seem legitimate to me. And I’m not willing to test it out either because I am already making good money online and this is my priority. You can learn about how I make a living working online HERE if you are interested.
Comments, questions, concerns?? Leave them in the comment section below and I’ll get back to you…