Is CoinSpace a Scam? WARNING! You Don’t Want This MLM!

Does The Product Work?

The chances of their coin, S-Coin, being listed on the Cryptocurrency exchange is really low. And one of the factors there is that there’s no information on who’s running the business. Even if it does get listed on the exchange, there’s no guarantee that people will use the S-Coin.

Here’s why.

• There are a lot more established cryptos out there that are more popular and more versatile than S-Coin.
• There’s a huge amount of risk involved with investing in an unknown company with a very questionable product.

I highly doubt that there’s some value associated with their coin.

The way you can make money from CoinSpace is advertised as follows:

• Monthly ROI’s based on investment
• Commissions from recruiting new members

How To Get Started with CoinSpace?

You can become a member for their business opportunity by investing in one of the packages:

• Minimum Mine – €300 EUR
• Basic Mine – €700 EUR
• Quarter Mine – €1500 EUR
• Half Mine – €3000 EUR
• Full Mine – €6000 EUR
• Double Mine – €12,000 EUR

The only difference between the packages is the income potential. Obviously, the higher the investment, the higher the earnings.

Double Mine Packages are valid for twenty-four months, the rest expire after twelve months.

CoinSpace Compensation Plan

Direct Commission

You get 12% when you recruit someone into the company, and you earn 20% when you joined at the Micro Mine Package.

Binary Commission

You earn 50% of the Points in your weaker leg, which could make you EUR3,000. To qualify as an active member and to be eligible for Binary Commissions, you have recruit 2 people into the business.

Recruitment Commissions

You get recruitment commissions for recruiting new members. Your commission depends on what the new member invests on.

Here’s the chart:

• Minimum Mine – €35 EUR
• Basic Mine – €84 EUR
• Quarter Mine – €180 EUR
• Half Mine – €360 EUR
• Full Mine – €720 EUR
• Double Mine – €1440 EUR

Passive ROI

You receive a monthly ROI as follows:

• Minimum Mine – €36.50 a month for 12 months
• Basic Mine – €84 EUR a month for 12 months
• Quarter Mine – €182.50 EUR a month for 12 months
• Half Mine – €365 EUR a month for 12 months
• Full Mine – €730 EUR a month for 12 months
• Double Mine – €1520 a month for 24 months

#1 Issues With Regulation

The problem that I see with CoinSpace is that they’re not regulated with any of the financial institutions. Because they’re operating as an investment and trading platform, they should be registered and regulated.

In fact, the MFSA or Malta Financial Services Authority announced that the company is not registered under them and are not permitted to carry out any of the investment services advertised.

#2 Concerns with Policy

Another concern here is that their policies are unclear. You see, when you go through the policy listed below, it mentions that the platform permits the members to purchase CoinSpace products from other members.

This is not a smart move in any situation because there’s a high chance of dealing with fraud. Investment platforms should always have the members dealing with the brokers, and not with each other.

#3 No Info On Owners and Brokers

Speaking of the CoinSpace platform, the biggest red flag here is that there’s no info on how owns the website, the company, and who the brokers are. Experienced traders will almost always look for these types of information before carrying out any investment.

Their website has an About Us page but it doesn’t have anything on the owners. This makes us skeptical about the entire operations.

The more we look at it, the more we’re convinced that there’s nothing legal going on around here. There’s just a lot of red flags

CoinSpace appears to be a pyramid scheme, though we don’t have proof that they are actually one. It just so happens that all of the major red flags that make them such a scheme are there.

• There’s no owner information, so there’s no way to make anyone liable for their illegal actions.
• They’re not regulated by any financial authority, so they operate freely in any jurisdiction.
• All of their incentives from their compensation plan rely solely on having to recruit people and to make them think they’re investing. In reality, their money is just used to pay off the people above their tier.

I don’t recommend this program at all to anyone. This isn’t even worth checking out.

Writer’s Note: This is not to be confused with CoinSpace Wallet, which is a legitimate cryptocurrency wallet. CoinSpace Wallet has nothing to do with CoinSpace, the MLM.

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