This review of Ethconnect reveals what is really behind this monster cryptocurrency scam.
What it is about
You can buy Ethconnect and profit in two ways. The first is reselling the coins later when they rise in value, the second is investing them through the Ethconnect lending feature, which is supposed to make you up to 52% per month.
Does it sound appealing? Not so fast…
There are a lot of problems with Ethconnect and we’ll cover some of them in this review. The first one is that it is a copy of the Bitconnect scam. We explained that this concept is a Ponzi scheme that is going to fail massively.
Ethconnect Ponzi scheme
Let’s put it straight, 52% monthly on a regular basis is impossible in any legit business. It does not mean that Ethconnect will not be able to pay it for some time, but if they do, the only reason is that it is a scam, Ponzi type.
Ponzi schemes use new deposits to pay profits, this way they attract a lot of people. But there is no real business going on behind, no investing, no trading, nothing, just a financial game. It is going to fail, it’s given with every Ponzi scheme.
Because it is built the same way as Bitconnect, the price of Ethconnect might rise at the beginning. The reason is that in order to participate in the scam, you have to buy the ECH coin, which will drive its price up.
But again, it will be an empty box, Ethconnect has no real use, no real value, it will be worth something only for a short period of time before the whole project collapses.
Anonymous and illegal operation
Ethconnect is obviously providing investment services, which is a regulated activity in most countries. Because Ethconnect is allegedly based in Japan, they need to have a Japanese licence, but they don’t have it.
On the Ethconnect website you will notice that there is absolutely no information about the identity of people who run it. It is totally anonymous, unregulated and therefore illegal.
Rembember that they ask you to buy their coin with other cryptocurrencies, which makes them anonymous and the transactions irreversible. Once you send the money, nobody will be able to help you.
Ethconnect is just another Ponzi scam abusing cryptocurrencies, it is made to fail. The collapse can come any time, so you’d better stay away from it!
Making money in crypto trading is possible, but forget about 52% monthly. Try a free demo account with a regulated broker to see what is really possible and how trading works.
Remember that in trading you can make, but also lose money. You first have to build a profitable strategy before you can start trading with real money.