Every day we hear about coming new crypto coins into the market. Some of them can raise a good hype and some of them turn out to be Ponzi scams. Such a coin is RICH Coin. When they came into the market, they did a good hype. But, later they turned into a scam. In this article, we will analyze why we are calling them a scam and how can FXfarmupdate help you if you get scammed.
Company Overview
Broker Name | RICHCOIN |
Website | https://coinrichie.com |
Location | Lakewood, Colorado (False, we will explain this in the license section) |
Regulated | No, false claim about regulation |
Trading Product | Cryptocurrency |
Warning | Multiple |
Team
Richcoin has no information about its team members. They don’t even have a dedicated about us section. From the footer menu, when you click on About Us, you will see a pop-up with some generic texts.
Service and Products
They provide cryptocurrency exchange services for traders. Traders can buy cryptocurrency, trade and exchange them and gain profit. But you cannot find any service details until you signup.
Trading Platform
There are no specific details about their trading platform. A single animated video shows their platform is modern, comprehensive, and user-friendly. But, you cannot see any demo of their trading platform.
License and Regulation
License Status
In their about us section, they mentioned that they originated in Singapore and have three other branches in the USA, South Korea, and Hong Kong.Â
But, when we searched on the Monetary Authority of Singapore’s (MAS) website, we noticed no license or regulation in their list.
The second thing is, they are a clone company. How? In their footer section, you can see an MSB certificate option. When you click on that option you will see two image of certification. When you zoom them, you will see the name of the company is edited and different from the other font. Have a look:
It is clear that they edited the company name. Now, what was the real company name? If you search with the registration number mentioned in the certificate, you can see the following details of another company with the same registration number and location:
It is clear that they are a clone company, without any license or regulation information.
Regulation Status
We previously showed that this broker has no regulation or license information for their activity. It is recommended to avoid any kind of financial activity with this broker.
Why Dealing With Unlicensed Brokers Is Risky?
Dealing with unlicensed brokers is risky because they may not be qualified or legally authorized to provide brokerage services. This means they may lack sufficient knowledge and expertise to offer suitable investment advice or execute trades accurately. In addition, unlicensed brokers may engage in fraudulent or unethical activities that could result in financial loss or harm to investors. They may also not have adequate safeguards in place to protect clients’ funds or personal information, leaving them vulnerable to fraud or identity theft. It is important for investors to do their due diligence and only work with licensed and regulated brokers to ensure their investments are secure and properly managed.
Legal Warnings Against RichCOIN
There are several warnings issued against this broker. MAS from Singapore, FINMA, and FCA issued several warnings mentioning that this is a clone company and scamming people.
Client Feedback About RICHCOIN
About Trading
Previous traders complained about their fishy trading platform. Any new trader can get the access to the trading platform after signup and purchasing a plan. That means you don’t have any scope to see a demo.
About Customer Service
Another reporting factor is this broker does not have any contact section. You cannot contact them in any way unless they want.
How Can FXfarmupdate Help You If You Get Scammed?
If you unluckily get scammed by this broker, you can submit your case to us. We will provide you with a free consultation and service recommendations to help you in recovering the lost fund.
Final Thought
RICHCOIN is an online trading platform that has been found to be a scam broker. The company uses unethical tactics and manipulative strategies to lure in unsuspecting traders and swindle them of their funds. Numerous complaints and negative reviews suggest that RICHCOIN is not a trustworthy investment option and traders should exercise caution when dealing with this broker. It is advised to opt for regulated and trustworthy brokers to avoid falling victim to such scams.
