FineCoin is a new cryptocurrency that allegedly will change the financial system. The platform will have four main feature: lending, staking, exchange and asset management. Staking and lending should earn you a passive income, meanwhile you can also speculate on the price of Finecoin (FINE) to go up.
How much you will earn? In the lending program the current average is 2,14% per day, which means 64% per month. And you can add to this more than 10% from your referrals’ deposits.
So, is this a legit investment opportunity?
In reality FineCoin is just a copy&paste crypto scam. The biggest one of this kind was Bitconnect that monumentally collapsed this year in January. FineCoin is exactly the same, it is based on the same principles, it has the same features and it is going to end the same tragic way.
Let’s start with some basics. FineCoin is an investment program, because it asks you for money and promises returns. Investments are a heavily regulated field in most countries. FineCoin claims to be based in Europe, but contact information is missing.
Why do people who run FineCoin hide their identities? Because it is a scam. And because FineCoin is not licensed in any country, it clearly is an illegal investment program.
Do you want to send your money to an illegal program run by anonymous people and use irreversible cryptocurrency transactions for that?
Scammers will say that a lot of cryptos did better in the past, but with hindsight it is easy to be a “profitable” trader. The past month cryptos are stalling or going down and the miraculous traders are nowhere. Nobody can predict the future.
How it really works
We examined the FineCoin platform and we found it very similar to the Bitstrades platform. All these crypto lending scam are the same, just a few details change.
It works like this: In order to participate in the FineCoin program, you will have to buy their cryptocurrency called FINE. And you will have to pay for it with a legit cryptocurrency like Bitcoin or Ethereum. Then for some time you will get your profits paid back in FINE.
But because FineCoin is a Ponzi scheme, sooner or later it will run out of money, because there won’t be enough new deposits to cover withdrawals. People wanting to cash out FINE won’t find new depositors willing to buy. At this moment the scam is going to collapse.
But scammers who run the scheme will see it first, so not only they will take all the regular cryptos, they will also dump the FINE coin and make it crash. This way they will scam you twice and you will be left with a worthless cryptocurrency. That’s what happened with Bitconnect and is happening with Davor Coin.
FineCoin is just a crypto lending scam that is going to collapse, stay away from it!
If you are interested in making money with cryptocurrencies, start on a free demo account with a regulated broker to see if you are able to trade profitably.
You can start investing real money only when you know all the risks and when you are sure about what you are doing.