There are many scams out there, trying to scam you out of your bitcoins by telling you they will pay you daily for no work, risk, knowledge or skill involved. HextraCoin is just that, a scam that sounds very temping, but is nothing more than a scam trying to make you lose your bitcoins.
What Exactly Is HextraCoin?
HextraCoin has been found to be a scam, a pyramid scheme in particular, by those of the cryptocurrency community. While many people are aware of this obvious scam, some people are still falling for the “too good to be true” promises made by HextraCoin.
So how does HextraCoin lure people in? They promise that you will earn interest daily by lending and trading. They claim you can earn .30 percent interest everyday just by holding an account with them. That is, after you pay 10,000 USD. They even claim to pay you 48 percent ROI each month.
The only way to truly earn money through HextraCoin is to refer people to their website, thus referring them to fall for the pyramid scheme themselves, by paying the membership fee.
No true business takes place on HextraCoin. They do not sell or buy services or goods, they do not mine for cryptocurrency, they do not use any advance technology to aid or change the cryptocurrency industry. They do not do anything at all really. Yet they still promise to pay out 48 percent ROI each month. For doing nothing at all.
Think about it. If anyone is offering to pay you anything to just sit around doing literally nothing, obviously they are a scam. If it sounds too good to be true, it probably is.
In the sections to follow, you will see exactly why HextraCoin has been deemed a scam. Even if it is apparent to most people.
If HextraCoin Is A Scam, Who’s Running It?
Clearly, we already know that HextraCoin is a scam, but who’s running it? Who’s bright idea was it to scam innocent people out of money?
Well that is where it gets messy. If you search their website, you will see that the only contact information you will find is a link to their company Facebook page. This page offers no information, other than a whole list of complaints from customers stating that they are a scam.
If you search the web, you will see that their website was launched in September of 2017. So they are fairly new too.
While it is understandable as to why the owner of HextraCoin would want to keep their contact information hidden from the world, if you take note of the poor grammar on their website, you can also safely assume that they are not based in North America or any other English speaking country. While the company claims to be located in Dubai, it does not seem too likely that that is the case.
How Is HextraCoin Supposed To Work?
There are several ways that HextraCoin claims to allow their users to earn money, including earning a daily profit through trading and lending coins, earning commissions by referring people to the platform, earning even more profit with Hextra mining and earning interest just by holding HextraCoins which is your proof of stake.
By utilizing all of these opportunities to earn money, HextraCoin guarantees that they will pay you 48 percent ROI each month.
When you do some digging, you will learn that there is no mining program in use with HextraCoin and they definitely do not have PoS or PoW mining. There is no whitepaper for HextraCoin and when you look for the technical information for its blockchain, you will see that it does not exist.
This means that the only true source of income is through referring new members to their site. Which makes it a pyramid scheme.
If you look into their trading system, you will see that it is very confusing and illegitimate.
When you try to find how many HextraCoins are in rotation, you will see that they claim to have only 29 million coins available, with no information on how many are reserved for development. You will also see that the coins are not listed in any of the exchanges. It is not possible to verify how many HextraCoins actually exist or how many are publicly available.
What About The HextraCoin Initial Coin Offering?
For the entire month of October, HextraCoin hosted their initial coin offering. You can purchase 1 HextraCoin for 1 USD.
When you pay for the HextraCoins, you are given a currency that holds absolutely no value whatsoever. The coins are not linked to any services, products, or exchanges. You really cannot use it for anything at all. From what research shows, the coin was pulled out of thin air, so to speak.
According to their promises, the more money invested, leads to the more money you will make. Say you were to invest 1,000 USD, the pay out would be .15 percent every day that you hold it, in addition to the 48 percent each month. If you were to invest 100,000 USD, you would earn .30 percent ROI each day and the 48 percent each month.
Apparently 9 million HextraCoins were released during the initial coin offering, while the remaining coins are unspoken for.
While to some, this clever bitcoin pyramid scheme is clearly a scam, you will still find that some people in the community promote, support and even claim that all of their promises are true, making this one of the harder scams to really prove. A small amount of people are claiming that even the 48 percent ROI every month is definitely paid out.
While HextraCoin definitely cannot make those kind of promises, one thing is clear – HextraCoin will soon fall just like all of the other pyramid schemes out there. This means that everyone in the lower parts of this scheme will suffer the losses that come with that fall.
If you enjoy being scammed, or simply enjoy taking risks, go for it. While the scam is apparent, maybe you still want to invest in HextraCoins. Just remember, that if anyone is promoting this site to you, it is because they are earning commissions off you signing up. They are earning money if you invest. So in simpler terms, you are donating money to someone else. You are honestly better off spending and investing your money elsewhere.
Always make sure you do your research when it involves cryptocurrencies. There are countless scams, pyramid schemes, and other dangerous sites, platforms and programs out there just waiting for unsuspecting patrons.