Coinshare is a brand name gaining fame in the online FinTech circles. And, two businesses online are laying claim to the tag. One of these two has since morphed into a blockchain community disrupting the provision of energy products and telecommunication services. The other, Coinshare Limited, touts itself as a “digital assets management” platform offering the keys to unimaginable riches.
While the first brand (https://coinshare.network/) has been online for more than a year and developed a fairly reliable Scamadviser ranking, the other, (https://coinshare.biz/) has been live for slightly more than 20 days.
The latter’s promises of monumental riches as well as the unrealistic plans of attaining the said wealth are the reason today’s review installment digs deeper to establish whether it is a scam.
Coinshare Limited – A Dissection
In the little under a month that the platform has been operational, it claims to have raked in $80,390 in deposits and given out over $42,000 in “customer” withdrawals. The High Yield Investment Program (HYIP) identifies instant withdrawals, round the clock customer support, and hourly earnings as its guiding tenets. I learned, rather frustratingly, that the platform does not keep its word.
The Investment Plans
The platform’s “money-makers” are the investment plans. There are five of these, and they allow customers to invest from as little as $1 and as much as $50,000. The percentage returns on these investments start from 5% all the way to 1500%.
The first plan takes in investments ranging from $1 to $10,000 giving hourly returns of 5% for 48 hours while the second allows investors to put in between $5 and $50,000 with hourly returns of 8% for 32 hours.
Plans III and IV allows customers to put in between $360 and $580 respectively up to a maximum of $10,000 with hourly returns of 10% and 25% for 16 hours and 8 hours respectively. The last plan, Plan V, takes in a minimum investment of $600 and a maximum $50,000. This plan gives a return of 1500% after five days.
Coinshare Limited Referral Commissions
Aside from earning from the plans highlighted above, Coinshare also has a multilevel referral commission structure that gives customers a chance to earn on up to four levels of the prospects referred.
Each customer gets 4.5% of the deposit of the first level referral. In addition, you get 0.5%, 0.3%, and 0.2% for the second, third, and fourth level referrals. These funds are paid every time your referral and downlines make deposits.
To make it even more lucrative for customers, Coinshare has a further remuneration package for customers that have a turnover equivalent to or more than $5,000. For such customers, the commissions on the multilevel referral structure are 7%, 3%, 2%, and 1%, respectively.
The Big Disconnect
The returns look really glossy, probably a little too rosy. I took the last plan and fiddled with the profit calculation tool on the platform just to see how lucrative the deal is. For the said plan, if you put in the minimum amount of $600 and waited the five days of maturity, you will end up with a profit of $6,000 which translates to 1,100% return percentage.
If you choose the same plan but opt to put in the maximum allowed investment, you will get $750,000 with a margin of 1600%. For an HYIP, these returns are astronomical. Also, they are not in tandem with the projected returns on the platform.
Coinshare Limited’s Awry Promises
The platform mentions that it gives prompt withdrawals. I put in a modest investment of $6 just to test the fluidity of Coinshare. True, after 48 hours, the notification came into my email inbox stating that I had earned $6.77. The process of getting the amount into my wallet, however, was not as fast as promised. By the time of doing this review, more than 72hours after the fact, I am yet to get my investment and the profit.
Anyone that learns of a place where he or she can make three-quarters of a million after just five days, and from a modest investment of just $50,000 may never want to let people in on such a secret. It beats logic, as such, why Coinshare would be so generous with such information.
Moreover, these rates do not tally even with the best in the markets. It is unreasonable, that a company that has been operational for just 20 days will have gotten the muscle to be this generous.
I have seen and even tested a number of HYIPs, and drawn verdicts for both genuine platforms and scams. In all these reviews, the promised returns have not been this astronomical as Coinshare Limited promises. However, it is an HYIP, and over-the-roof returns are a classic characteristic. Rather, I have a problem with the other unfulfilled promises. After more than 72 hours, I am yet to get back my investment. Further, my attempts to get customer support to respond to my concerns have not been met with the expected help.
I have every reason to believe that Coinshare HYIP is a scam.