Coinstore Review – Beware What This Schemer Has In Store For You

Weak crypto market regulations are severely abused by insufficiently honest and poorly licensed crypto providers like coinstore.com. Nonetheless, the licensing gray zone has allowed these conducts to flourish. However, that is only ever profitable for the business owners themselves.

See what you can do to recover lost funds in the remainder of this Coinstore review.

Broker status:	Unregulated Crypto Exchange
Regulated by:	No license
Operating Status:	Active Online Crypto Sham
Known Websites:	coinstore.com
Blacklisted as a Scam by:	N/A
Owner:	Coinstore Pte. Ltd.
Headquarters Country:	Singapore
Foundation Year:	2021
Online Trading Platforms:	Web
Mobile Trading:	Available
Minimum Deposit:	N/A
Deposit Bonus:	No
CFD Trading Option:	No
Crypto Asset Trading:	Yes – BTC, ETH, LTC, XPR
Available Trading Instruments:	Crypto
Maximum Leverage:	N/A
Islamic Account:	No
Free Demo Account:	No
Accepts US clients:	Yes
Global Fraud Protection Experts’ Verdict:	Practice caution when approached by these suspicious service sellers!

What’s Legal About Coinstore Exchange?

It’s difficult to define this company without bringing up the fact that not much is known about them except what can be read in the legal documents. Coinstore Pte. Ltd. runs the website and claims to be operating out of Singapore.

MAS, being the leading jurisdictional regulator in the country, has the task of licensing and overseeing crypto market participants. After looking through the database of regulated entities there, we did not find the site in question.

However, the company is an MSB registrant, however, that alone doesn’t make them eligible to offer crypto exchange services, as all money services businesses need to first be registered. The CFTC and NFA duo is responsible for regulating and issuing licenses in the US. Since the firm doesn’t appear in the NFA register, we cannot consider their operations legal.

In the end, it’s highly questionable if this firm is any different from apparent scam exchange companies like StellarTerm.

Who Is Telling The Truth Here?

It seems that this exchange has become a subject in a sort of crossfire between multiple interest groups. Nowhere is this more obvious than on TrustPilot, where the negative opinions are far more prevalent. Current trust score is 1.8 in 200 different ratings.

At this time, similar rating sites like SiteJabber and Reviews.io don’t have enough content to make examining them worthwhile, although there is a lot of 3rd party paid comment on independant sites as well.

Viral Advertising Campaign

Social networks have become an important weapon in the swindler’s arsenal, since it can allow them to abuse viral advertising to its full potential. This is what the Freewallet scheme uses as well.

We can see this unfold on Facebook, Instagram, X, LinkedIn, Medium, TikTok, YouTube and Telegram channels the company operates.

If you’ve deposited money with these cyberctiminals, get in touch with our legal experts in order to start a recovery process.

Old Domain For A New Scheme

The coinstore.com domain dates back to 2002. Most of the time, it was a placeholder website posted as an advertisement for internet hosting services.

It became crypto exchange in April 2021, and immediately started targeting people from these regions:

• United States
• India
• Indonesia
• South Africa
• Iraq

Trading Ecosystem

Spot trading on this domain is conducted on a web trader built on TradingView imported charts. This Information is considered fairly accurate and up to date with market changes, so we could take the source data as reliable.

Considering the abundance of unfair data manipulation by the majority of improperly licensed firms, we cannot entirely trust anything on this site, however.

Price fluctuations are also represented through a table on the right, and lastly, there’s the buy and sell buttons with limit and market options to be set.

Mobile App

Strangely enough, the website doesn’t provide direct links for downloading their app from the online stores. Only after performing a manual search, we were able to find the Coinstore app in Google Play and Apple Store.

The website only features a QR code that you have to scan to perform a download, which is never recommended, considering that the file could be just about anything, including malware.

Pairs to Trade

The platform provides a wide range of digital currencies that could be traded against USDT. Choosing the coin you wish to speculate on is entirely up to you and your trading preferences. Here’s some of the most popular and currently most traded pairs:

• Crypto/USDT (BTC/USDT, ETH/USDT, ADA/USDT, DOT/USDT, LUNA/USDT, DOGE/USDT, LTC/USDT)

Standard and VIP Customers

Everyone who wishes to explore the trading environment and test the features has to first register for an account.

The signing up process is quick and it only requires you to provide a mobile number or email address and then you can create a unique password. Right after confirming your profile, you can start getting more familiar with everything the portal has to offer.

The major downside is that no specific account details and options are clarified and you don’t exactly know what you’re buying, unless you apply for VIP status. That is only possible if your total account balance is at least 10,000 USDT.

Some of the benefits this special status brings are birthday gifts, rewards, exclusive VIP support and discount on fees.

Clear Fee Structure

For spot trading, the Maker and Taker fees are 0.002 . These are different for futures trading, with 0.00025/0.0006 maker and Taker.

Unfortunately the platform owners are in no way transparent about the funding fees as well as withdrawal taxes. This opens a lot of questions relating to transparency and reliability of the whole deal, as only illicit and most risky portals are known to include hidden fees discussed nowhere on the site.

Contests and Rewards

The firm often organizes contests of various sorts that usually include motivating customers to invest and trade more to increase their volume. Allegedly, traders that achieve the highest trading volume are rewarded.

Currently, the platform is celebrating a 3rd Year Anniversary and is holding a contest that rewards winners with sums up to 30k USDT.

In addition, there’s an affiliate program that promises 30% commission. Don’t forget such schemes are known to help fraudsters expand their pool of victims as they operate as Ponzi schemes.

Main Issue – Withdrawals

What majority of the aggrieved customers are reporting about is sudden loss of money invested without any reason or clear explanation. Charges without prior notice also seem to appear, which is quite typical for portals of this kind.

While the help desk provides insight into how deposit and withdrawal forms should be submitted, there’s no clear explanation on the processing time and methods available. Thoroughly reading the help section, legal docs and the user panel will give you a glimpse, but nothing in-depth.

Lost Assets? Get Help With Recovery!

Coinstore is an unregulated crypto exchange based in Singapore. It is a fraudulent entity that provides the bare minimum of amenities in order to entice unsuspecting traders into making a deposit.

If you are one of the victims, take a moment to book a free consultation with our legal professionals. With our help, you still have a chance of recovering your lost money!