The lack of regulation or the presence of poor regulation is a huge red flag. It means Coin-Up.pro is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Coin-Up.pro, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
The Coin-Up.pro website states that the company is categorized as a Money Services Business (MSB) in both the United States and Canada. Nevertheless, it is crucial to acknowledge that being an MSB does not necessarily indicate regulatory status. However, there is no explicit verification of the connection between this company and the MSB classification.
The company should have a license from regulatory authorities such as CFTC or IIROC. Regrettably, our search yielded no records for these licenses. In addition, we conducted a thorough search in various databases such as FCA, BaFin, and ASIC to find their DASP/VASP license.
The investigation includes the nations in which they purportedly conduct business, namely Singapore, Hong Kong, & Japan. Unfortunately, none of these databases have any information indicating that Coin-up.pro possesses a license.
How Does Coin-up.pro Work?
The fundamental principle of this company is centered on preserving anonymity. At first, they deliberately conceal information about their ownership, anticipating unquestioning reliance from people.
As a result, users sometimes resort to making anonymous and nearly irreversible cryptocurrency transfers to pay money. Nevertheless, concerns regarding the authenticity of their enterprise may arise when it comes to withdrawing payments.
Due to the company’s lack of legal license, they have the freedom to invent justifications to reject all the withdrawal requests. If such incidents occur, our team of return specialists is prepared and accessible for consultation.
About Coin-up.pro’s Clients?
Throughout its two-year existence, Coin-up.pro claims that it consistently maintained a worldwide presence, with a particularly significant number of victims hailing from the following countries:
The countries mentioned are the United States, the Philippines, and Singapore.
The choice of specific countries is somewhat unusual. However, should anyone require guidance regarding refunds, the experts are there to assist. Furthermore, they strongly urge them to express their experiences with this company by posting a remark in the section provided below.
The organization claims to offer a distinctive mobile app that is specifically built for use on mobile devices, without support for desktop compatibility. Hence, customers must utilize web-based applications to access the platform, which may not be the most convenient choice, especially considering the noticeable slowness of their website.
The company appears to provide iOS and Android applications. Nevertheless, the download option fails to direct them to a reliable app store. Alternatively, customers are instructed to utilize a QR code scanning technique, which is advised against, particularly when there are uncertainties regarding the authenticity of the organization.
Coin-up.pro: Financial Instruments
According to the information provided on the Coin-up.pro website, their services exclusively revolve around cryptocurrency assets, giving both spot trading and contract trading options. Significantly, a diverse range of widely favored investments are available, including
Types of Accounts Offered by Coin-up.pro
It is important to emphasize that Coin-up.pro does not reveal the precise types of accounts. Nevertheless, the Q&A section contains allusions to priorities that are determined by trade volume, implying the possibility of discernible differences.
Broadly speaking, this technique can work as an incentive for investors to participate in additional trading endeavors. However, less trustworthy organizations like Coin-up.pro might potentially become a difficult predicament.
Is Access to a Coin-up.pro Demo Account Possible for Traders?
Another noteworthy aspect to consider is the accessibility of application insights. As a result, customers will be unable to access virtual funds to experiment with the company’s costs and trading features. This presents a notable disadvantage, especially considering the recent establishment of the company.
Coin-up.pro: Fees, Leverage, and Commission
The corporation asserts that the maker and taker fees commence at a rate of 0.2% for cash transactions. Contract trading imposes a cost of 0.2% on makers and a fee of 0.08% on takers. It is important to mention that these fees can differ depending on the amount of trading, although the exact guidelines for such modifications are not revealed.
Is Coin-up.pro’s Bonus Available or not?
The company asserts that it offers prizes amounting to a maximum of 2,000 USD. However, this claim is contradicted by another claim of having 1 million registered users. Curiously, their application is absent from any reputable application store, which prompts doubts regarding their reliability.
The reward offer seems to function as an incentive to motivate user registration. Nevertheless, it is prudent to exercise caution, as there may be possible manipulations linked to this alluring prize. Before participating in the platform, it is crucial to thoroughly assess the credibility of such offers.
Is Coin-up.pro Withdrawal Possible? Let’s Find Out
Typically, it is difficult to predict a smooth withdrawal procedure when dealing with an opaque organization like Coin-up.pro. Regrettably, the only known way for withdrawing funds is via bitcoin and important information such as processing time and costs has not been given.
The absence of clarity in the withdrawal processes is a prevalent disadvantage when engaging with unregulated companies i.e. Coin-up.pro. Nevertheless, there exists a prospective remedy to tackle these ambiguities.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
An initial course of action when facing problems with a corporation is to contact local regulatory authorities and furnish them with substantiated proof and a point of view. This move can function as a means to notify other traders of the potentially questionable activities of the company i.e. Coin-up.pro.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like Coin-Up.pro tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust Coin-Up.pro reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Coin-Up.pro, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Coin-Up.pro enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Coin-Up.pro reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Coin-Up.pro.
You should always look out for consumer complaints. In the case of Coin-Up.pro, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Coin-Up.pro? You can share your complaint in the comment section or submit an anonymous tip.
It is crucial to acknowledge that although this measure may not consistently lead to the retrieval of assets, it aids in increasing awareness and maybe deterring others from being victims of comparable circumstances, which is a common concern among those impacted. Therefore, Coin-Up.pro is a mysterious crypto exchange company.
When dealing with Bitcoin and facing uncertainty in tracing the funds, one possible answer is to employ services such as CipherTrace software. This service facilitates the identification of the recipient of the cash, serving as a reference point for initiating the reimbursement procedure.
Individuals impacted by fraudulent acts can increase their likelihood of recovering monies and safeguarding others from similar incidents by adopting proactive measures and utilizing accessible resources.
Coin-Up.pro is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Coin-Up.pro can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Coin-Up.pro?
All the evidence suggests that Coin-Up.pro is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Is Coin-Up.pro a scam?
Can I withdraw money from Coin-Up.pro?
Where is Coin-Up.pro Located?
How do I get my money back from Coin-Up.pro?
Launch a website/app with a generic name
A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.
Pay influencers & social media pages to promote the scheme
By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.
Send thousands of emails and make cold calls to potential victims
It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.
Make victims feel safe through “small wins”
Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.
Convince victims into investing large sums of money
Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.
Disable withdrawals & take down the website/app
Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.
Repeat the cycle
After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.