Coinlife Review: is Coinlife.io a scam or legit?

We have received several requests, as of late, to outline the particular clues that may suggest a given trading website is operating in bad faith or is complicit in financial wrongdoing.

We will attempt to do so here and bring insights we have gathered from analyzing thousands of transaction-dispute cases and complaints we have received regarding this entity.

Website address: coinlife.io

Coinlife explains through their website that they have a distinct and innovative platform that can support multiple transactions, provide quick execution and monitoring of all of your “trades”.

They accept payments through credit cards, wire transfers and Bitcoin and the trading platform is a web-based one where you can login to your Coinlife account to execute your trades.

As is written on their website, Coinlife is owned and operated by PivoTech Global Ltd. From a quick search on the internet you can find that this company presents itself to be an online marketing company that deals mainly with lead generation and customer acquisition.

Further investigation will show you that PivoTech Global Ltd, aside from owning and operating Coinlife.io, owns and operates another unregulated cryptocurrency trading website by the name of: “www.super-five.com.”

Coinlife reviews: This firm, factually, has had an overflow of bad reviews on ‘personal-reviews’. 

Important! Registration and Regulation

In order for any company to be able to offer financial services of any kind, they must be in possession of the relevant licenses. For example, if you are an Australian citizen and a company approaches you, offering trading or investment advice, they are obligated by law to be regulated by the Australian Securities and Investments commission.

If the company that approaches you does not have the financial license appropriate for your country of residence, they are committing a crime by soliciting their services, let alone taking your money.   

From what we can see, Coinlife is registered on: 27 Great Marlborough Street, Roseau, Commonwealth of Dominica.
Super-five (owned by the same owners of Coinlife) claims to be registered at the following address: Suite 305, Griffith Corporate Centre, Beachmont, Box 1510, Kingstown, St Vincent and the Grenadines.

To the best of our knowledge, neither coinlife.io nor PivoTech Global Ltd are in possession of any financial or trading licenses relevant to the United Kingdom, Scandinavian countries, Switzerland, Europe, Australia, New Zealand or Canada at this moment in time.

Has a Coinlife warning been issued yet?

A warning has indeed been issued against Coinlife.io by the Financial Conduct Authority (FCA) in the United Kingdom on the 25th of November, 2020.

If your broker is not regulated by the regulatory body relevant to your country and they are still soliciting their services to you, accepting your deposits and giving you investment advice or worse – managing your money, BEWARE!

Trading with unregulated brokers more often than not results in a glorified Ponzi scheme experience and with some or all of your money out the window.

Common complaints we receive from clients, generally, regarding unregulated trading websites:

– First payment they ask you to make is always a small amount like 250. Once you pay you are then asked to deposit more money (a few thousands) because according to your new broker: “it’s just not enough!“.

– Unsolicited, pressure-sales calls, manipulative sales tactics, constant advertisement-emails and unfair duress on said calls.

– They befriend you and are being nice to you only when you are depositing money. The second you stop coughing up coins so and start questioning/requesting for a significant amount back (more than 60% of your overall deposit), the problems begin and the positive attention dissipates.

The method of transfer is usually by bitcoin: you either use your credit/debit card or an e-transfer/wire transfer to send money to a third party exchange where the fiat money is converted to some cryptocurrency. Then you send the money to a crypto-wallet.

– These companies usually operate on bad faith, lie and manipulate people into sending them money under the guise of promises and guarantees to increase one’s income, pension or lifestyle.

“Account managers” keep changing and for different reasons each time. Sometimes a long overdue vacation, on occasion it’s a promotion to a remote management position and at times a “personal” tragedy that besets the sales agent or exposure to some terrible illness or Covid-19.

 Constant difficulties of withdrawing any significant amount back, after being told, upon joining: “You can always withdraw your money, you don’t need anyone’s approval”.

– Demands for some kind of fee or new payment for releasing the “profits” that have accumulated in the account, i.e – the “last payment you will have to make”.

– Threatening, hurtful and/or abusive phone calls, emails and whatsapp messages.

– Blaming the victim for not being on point or on time, missing the right “entry rate” etc.

– When you transfer money to them it is never to an account under the trading company’s name. It is always a completely different name than the website’s, often times in questionable locations around the world.

– Usage of a remote control software like ‘Anydesk’ to access your computer and online banking so that they can establish a connection to your bank account and check that they can transfer money to you.

Whom do fraudulent trading websites target:

The target is anyone over the age of 18 that has access to capital, whether in form of credit or liquid. Their ideal victim has retired and has plenty of time and resources to commit to a scheme of their choosing.

They target compassionate, empathic, brave people and encourage them to take unnecessary risks and in some cases, borrow large amounts of money.

If you believe you have been stung by an investment scam contact us now using the form below for a free consultation on how you can get your money back!

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