There are many different services active in the world of Bitcoin and cryptocurrency. Particularly online wallet services can be hit-and-miss, as it is difficult to distinguish legitimate offerings from outright scams. Coinwallet.eu falls into this latter category, as they do not respond to customer inquiries and do not pay out funds either. Avoid this company at all costs.
Coinwallet.eu is An Empty Shell of Nothingness
On the outside, Coinwallet.eu may look like any other online wallet service for cryptocurrency users. Even though people should never trust these services, and always control funds themselves, these platforms are used rather often. But do not be mistaken in thinking Coinwallet will send users their funds when they ask for it, as that is not happening.
.One Reddit user reported how he used Coinwallet.eu – thanks to its Google search engine ranking – to store some funds from gambling in Bitcoin and have it converted to PayPal. Although it is not certain this company ever offered that service, they claim to offer “multiple withdrawal options”.
No one should be surprised to hear the user lost all of his funds, as Coinwallet.eu never converted to money to PayPal or any other payment method. Getting in touch with the team has proven to be impossible as well, as neither email or the listed phone number is working. Not a positive sign for a company active in cryptocurrency, but not entirely surprising either.
Since there is no other company information on the website or in the WHOIS records, it is safe to assume this user – and many others like him – have fallen for a typical online wallet scam service. Recovering the funds will be impossible, and the outcome needs to be chalked up as a loss, unfortunately.
This is another prime example of why online wallets should never be used by users in the first place. The end user is never in full control of their money. Download and install a Bitcoin wallet app on your computer or mobile device to keep funds safe at all times. It is not overly difficult to do so, and will save you a lot of headaches in the future.
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