The KoinDefi copy-trading platform specifically caters to the needs of crypto traders. The core idea isn’t too different from the other copy trading services. At first glance, they do have a simplistic approach that is attention-worthy. However, do not fall for the trap, as many broken narratives exist.
This platform’s anonymous owners have taken every step necessary to conceal their identity from the public. The user agreement is detailed, but the certification part isn’t exactly crystal clear. Simply put, there are too many question marks about their business model.
Even the way they generate cash flow is not shared with the users. Lastly, do note that the conflict of interest is not addressed. The red flags we found during our investigation were unjustifiable, so we encourage you to review the following paragraphs before deciding.
What is KoinDefi?
KoinDefi claims to be a crypto copy trader that works with all the top exchanges in the sector. They promise to enable users to copy the top traders in the industry. In theory, everyone likes this idea. Unfortunately, there are a lot of things that aren’t meeting the eye.
For example, the fees are not disclosed. Profit-sharing conditions are not clear. They don’t showcase verifiable and transparent records.
The risk management measures and volatility aspects are also not discussed in depth. In other words, the ambiguity and chaos present are beyond anyone’s wildest dream.
We need to consider a lot of aspects before using any trading platform. For any reason, if there are too many gaps in the operational model, it is always best to avoid them.
Regulatory Stance
This platform offers people access to cryptocurrency. These kinds of instruments carry a lot of risks. Technically speaking, they need to be transparent about the documentation part.
We searched their website but could not locate any credible data or certificates. Almost everyone associated with this firm, from the management team to the founders, keeps a low profile.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Lack of transparency coupled with a trail of red flags is a concerning trait. The pitfalls are too obvious, so it is a good decision not to deposit with them.
Contact Details
Regarding trading platforms or software, you always need to find the one with a quick response time, or else things will go South soon. KoinDefi has not published any contact details except a physical address.
The only way to communicate with them is via the contact form present on their website. If you are wondering, know that the response time is not shown. To put things into perspective, they do not care about the practicality or the user experience aspect.
If you lose money due to any technical error or cannot get out of a position, you will have no way to rescue your funds.
KoinDefi User Reviews
This platform claims to be accepting people from over 100 countries. The trading volume displayed on the home page is enormous. Unfortunately, social proof is lacking, and that’s a clear red flag.
If they had that enormous volume, why aren’t they receiving any mentions on most social media platforms? The trust index is also low, and user reviews about them are non-existent.
Spare a moment to think about it – If people benefited from their system, wouldn’t they praise them on the internet?
We also found a complaint on the Better Business Bureau (BBB) website against KoinDefi, who offered a copy trading service that promised high gains. They started by requesting a small amount of money to build a relationship and showed data that the initial investment had grown exponentially. They then asked for money and made aggressive promises of significant gains. The victim lost $4000.
Here’s another user complaint from April 15, 2023:
I paid the fees for KoinDefi but I can’t withdraw my crypto.
On May 11, 2023, we received the following complaint from a Texas, USA, person:
I was contacted by someone posing as someone I follow on TikTok. They even sent me a photo of an ID and told me they would help me with trading. They instructed me to deposit funds into Koindefi, which I did. However, I later realized that it was a scam. I terminated any further communication with this person, but now my coins are stuck in Koindefi, and I’m unable to withdraw them.
The individual was contacted by an impersonator pretending to be someone they followed on TikTok. The impersonator shared a fake ID photo and offered assistance with trading. They persuaded the individual to deposit funds into Koindefi.
On May 17, 2023, we received the following complaint:
A famous TikToker, Calvin Hill, offered to mentor me and guide me through the process of uploading my Bitcoin to Coin Defy. However, when it was time to retrieve my money, he abruptly stopped responding to my texts.
Thoroughly research and verify the credibility and reputation of individuals offering mentorship or assistance, particularly in cryptocurrency.
Be cautious of promises that sound too good to be accurate, and be wary of sharing sensitive information or funds without proper verification and trust.
Remember, it’s essential to prioritize your online security and exercise caution when engaging in financial transactions or sharing personal information.
Is KoinDefi Scam or Legit?
It might be too early to call KoinDefi a complete scam, but without a doubt, it is shady. Regardless of which angle you approach them, there are red flags.
The eeriness around the entire way the platform works, along with the founders, is a sign no one should take lightly. Social proof is also lacking; no experienced trader would ever trust them with their funds.
Conclusion
Cryptocurrencies are volatile. Few people are making a fortune with it. However, the entire trading process is not necessarily easy, and there is no way to eradicate risks.
So, plan carefully and do proper research before choosing any platform, or things will go south sooner or later.
If you have fallen victim to online scams, please inform us by commenting below. If you have suffered a substantial financial loss, do not despair. We are here to assist you in recovering your funds!
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