Online trading is an integral part of the cryptocurrency ecosystem these days. Many people would like to learn more about the process, or join a group that will tell them where to invest. CoinDeposit is doing things different, by automating the entire process on behalf of the user. It is only a matter of time until they stop paying, through, as their daily rates are rather high.
CoinDeposit Is Appealing But Not Convincing
Everyone in the Bitcoin world would love to earn a passive income without lifting a finger. Unfortunately, that is not as easy as it may seem. Trading cryptocurrency is certainly one way to go, but it has a steep learning curve to become a professional trader. Plus, getting access to popular trading groups requires paying a fee in most cases.
Platforms such as CoinDeposit offer something entirely different, albeit that does not make it legitimate by default. The company lets people invest money, and they will gain a daily interest percentage. Depending on how money is invested, daily interest rates will range from 4% to 5%. This is quite high, considering there is no option to achieve these numbers reliably every single day.
To make matters even more worrisome, CoinDeposit offers its users daily interest from Monday through Sunday. Most investment platforms – legitimate or not – will only do so on weekdays. Then again, the cryptocurrency market is open to trading 24/7, so the schedule kind of makes sense. However, this will also mean investors will get 100% interest within 25 days, assuming they do not compound their earnings.
There are some serious concerns regarding this platform, though. Signing up for an account results in an error all the time, which is far from professional. Moreover, the company does not mention how long deposits are “locked” for, which is rather worrisome. Investors should be given this kind of information before they sign up.
But the biggest concern is how there is no evidence of the company being able to maintain these payout rates in the long run.There is zero transparency regarding their money-making model, other than a shady story about investing in startups. Invest in this platform at your own risk, assuming you can get past the signup page.
Image credit 1
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
