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EogScoin is claiming to use Blockchain technology to aid investors in ripping high-profit margins. Although it appears legit, EogScoin is a clone. When you visit the about us page, the truth emerges. The platform uses information from Hsbc. According to the page, it’s a crypto trading platform. Unfortunately, the people who created this platform were dumb enough to leave traces of evidence. Get more in our detailed EOGSCOIN REVIEW.
A Clear Summary of EogScoin
There’s not a lot to go on when it comes to the actual homepage. You only get to see the Blockchain advert and coin prices. When searching for the website, Google even listed it as a high-risk website.
The domain is 156.247.9.105, which is not the norm. It has a Chinese default language setting. We are sure the platform targets naïve crypto investors in the greater Asia region. With claims of having offices in Europe, we have to stop the scourge from spreading.
EogScoin is not your typical investment platform. There’s even an alert from the FCA regarding this platform. Instead, the platform takes the credentials of a duly registered platform and makes it their own.
We have to expose such scams to help investors avoid losing large chunks of funds. The platform has already faced warnings from several independent review websites. Other regulators in the region plan to issue a warning too.
With a warning out, it will be easier to avoid the platform. But, unfortunately, some investors don’t bother checking whether a platform is compliant or not. And these investors will blame regulators for not stepping in.
You should investigate a platform thoroughly before committing funds. It helps you make a more informed decision. Try and talk to experts or find other investors who have interacted with the platform.
Accounts EogScoin
EogScoin does not provide investors with any information regarding available accounts and plans. As a result, investors are signing up blindly, not knowing what to expect. And this gives the platform a chance to take full advantage of investors.
You need to know the acceptable minimum deposit allowed with trading platforms. Most regulators have put a cap on minimum deposit at $250. The platform, on the other hand, totally ignores this rule.
On their part, the platform insists the more you deposit, the higher your chances of winning. These are false claims meant to entice you into depositing more funds. That means the platform gets to take more from you.
Account Features
When it comes to trading, leverage and spreads play a vital role. There’s no information on the platform’s available leverage and spreads. It means the platform can use any leverage to get more from trading commissions.
The industry has put maximum leverage of 1:100 nearly in all jurisdictions. In the United States, leverage for retail traders is capped at 1:50. Any platform insisting on high leverage puts your funds at risk.
Avoid trading with high leverage as you are bound to make losses when trading. However, with the industry leverage, the losses are minimized. For example, if a platform has a leverage of 1:500, you will lose a higher trading volume than necessary.
Archax-Global Sister Company
The FCA claims EogScoin is using the name Archax Global as the owner of the platform. After investigations were complete, the genuine platform is Archax Ltd. We have a clone platform using the credentials of a valid platform.
And this could easily mistake investors, even after checking with the regulator. The difference is the word Global and Ltd. Make sure to check every word and ensure it matches the regulator’s records.
The platform in question is even using the exact license details as the duly registered platform. We have seen this happen way too many times before. The use of an already registered platform makes the platform appear FCA-compliant.
Business owner
When you look at the homepage, there’s an ‘About us’ section. The platform claims it’s composed of an elite team of professionals. These professionals include Blockchain experts and financial engineers.
You don’t get to see the profiles of the founding members of the platform. And this makes it a completely anonymous platform. It would be best if you stayed away from anonymity, especially when it comes to crypto investments.
As an investor, it’s your right to find out who owns and runs a platform. The platform should offer investors a complete profile of the people who handle funds. However, the platform wants to hide their faces due to the severity of the case.
Contact and support
You should test how fast a platform responds to emails. In this case, we don’t have any actual contact information. There’s not a contact page; all that members get is a Help Center. You don’t get to send an email or call a representative.
The platform wants to control the communication process. The Help Center talks nothing about deposits or withdrawals. You only get an example of how the Help Center works. It’s an abysmal platform trying to take advantage of investors.
Deposit and withdrawal
Although the platform accepts deposits from cryptocurrency, you only get to use Bitcoin and Ethereum. This is because the use of stable coins is not possible on the platform. However, you can also use bank and wire transfers for the same.
Once you deposit funds, the balance appears in your trading account within 24 hours. For those who use Crypto, the balance appears immediately. We warn of using bank or wire transfers. The platform may claim not to have received funds using these two channels.
We don’t recommend furnishing the platform as it’s already on the warning list of the FCA. There’s no proof of anyone profiting from the platform. We don’t even get to see any positive reviews of the platform.
EogScoin License and Regulation
EogScoin is not a licensed platform and faces a warning from the Financial Conduct Authority. The platform fails to offer investors a chance of profiting from crypto investors. With a warning already out, we have to expose the platform.
The people behind the platform have gone under as no one seems to know the owners. We believe the website will soon go down. The platform is a crypto exit scam trying to defraud unsuspecting crypto investors.
You should check with regulators and confirm whether a platform or the parent company is regulated. Check with leading regulators such as ASIC, BaFIN, CFTC, CNMV, CONSOB, and CySEC.
Other proven regulators include FINMA, FTC, FSC, NFA, and the SEC. These regulators work to ensure everyone follows protocol. As a result, you trade in a fair environment as the regulator ensures your deposits are safe.
Fund Safety EogScoin
Your funds are far from safe with a platform that fails to offer investors a real chance of earning profits. So please stay away from it.
How the scam works
After funding the account, the owners realize that you are interested in crypto investment. You start getting calls from their agents claiming to have other lucrative options. If you make the mistake of topping up your funds, you lose everything.
That’s how the scam works. Once you deposit funds, the calls stop coming in. These scam artists use virtual phone numbers or Skype. It makes it impossible to track the users. That’s why no one has been held responsible.
Our Verdict
The platform is on the warning list of a reputable regulator. So please stay away from it.
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