KoinDefi copy trading platform specifically caters to the needs of the crypto traders. The core idea isn’t too different from the other copy trading services out there. At first glance, they do have a simplistic approach that is attention worthy. However, do not fall for the trap as there are tons of broken narratives present.
The owners of this platform are anonymous and they have taken every step necessary to conceal their identity from the public. User agreement is detailed, but the certification part isn’t exactly crystal clear. In simple words, there are way 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. As the red flags we found during our investigation were unjustifiable, we encourage you to go over the following paragraphs before making a decision.
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What is KoinDefi?
KoinDefi claims to be a crypto copy trader that apparently works with all the top exchanges in the sector. They promise to enable users to copy the top traders in the sector. 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. Verifiable and transparent records aren’t showcased by them.
The risk management measures and volatility aspects are also not discussed in-depth. In other words, the ambiguity and chaos present is 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 present in the operational model, it is always best to stay away from them.
Regulatory Stance
This platform offers people access to cryptocurrency. It goes without saying that these kinds of instruments carry a lot of risk. Technically speaking, they need to be transparent about the documentation part.
We searched their website, but could not locate any credible data or certificates. From the management team to the founders, almost everyone associated with this firm is keeping a low profile.
Lack of transparency coupled with a trail of red flags is a concerning trait. As the pitfalls are too obvious, it indeed is a good decision not to deposit with them.
Contact Details
When it comes to trading platforms or software, you always need to find the one that has a quick response time or else, things will go South soon. KoinDefi has not published many contact details except a physical address.
The only way to communicate with them is via the contact form present on their website. In case 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 at all.
If you lose money due to any technical error or by being unable to get out of a position, then you will have no way to rescue your funds.
KoinDefi User Reviews
This platform claims to be accepting people from over 100 countries. Trading volume displayed on the home page is huge to say the least. Unfortunately, the social proof is lacking and that’s a clear red flag.
If they really had that kind of humongous volume, then why aren’t they receiving any kind of mentions on most social media platforms. Trust index is also low and user reviews about them are pretty non-existent.
Spare a moment to think about it – If people really 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 requested more money and made aggressive promises of big gains. The victim lost $4000.
Is KoinDefi Scam or Legit?
It might be too early to call KoinDefi a complete scam, but without 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. As we mentioned before, social proof is also lacking and no experienced trader would ever trust them with their funds.
Conclusion
Cryptocurrencies are volatile. There are few people that are making a fortune with it. However, the entire trading process is not necessarily easy and there is no way to eradicate risks too.
So, plan carefully and do proper research before choosing any platform or else things will go south sooner or later.
What do you think about shady copy trading platforms such as Koin Defi? Share your opinion below.
If you lost money online to online scams, make sure to get a free consultation with one of our recommended scam recovery companies.