Free money, fast, no experience needed, zero risks and zero work. What’s not to like, huh? I could stop writing this review right now because Profitcoins has all the ingredients of a scam… oh, did I spoil it for you? Were you expecting the real thing? Push one button and get crypto-rich? Well, might as well keep reading because this is not the regular, easy-to-spot robot scam, so inexperienced users may fall for it. Let’s see how it works and what’s wrong with it.
How Profitcoins Separates You From Your Bitcoins
Arbitrage! That’s what they claim to use to make you a 1% ROI. Daily! Let’s get a bit into that: arbitrage occurs when the user buys a cryptocurrency, say Bitcoin at Exchange A for $4,000 and sells it at Exchange B for $4,100 or whatever price above the buying price. The cryptocurrency market is still in its infancy and that means there are way more arbitrage opportunities than in the conventional (Fiat) market.
By itself, arbitrage can be profitable and I can attest to that because I’ve tried it manually. I can tell you that it takes a lot of time to check crypto prices on different exchanges and then send crypto at exchange A, buy the targeted coin, then send it to exchange B and sell it there for a profit. You are dealing with transaction fees, exchange fees (for withdrawals) and trading fees. The process also takes quite a long time and the arbitrage opportunity can disappear until you move your coins so on paper it can look very enticing but the actual profits are way smaller if any. A word of advice: you can lose money with arbitrage if the price drops on Exchange B by the time you are all set to sell.
With all that in mind, if you would have software that can do arbitrage automatically, the profits would be higher than doing it manually. Well, Profitcoins claims to do exactly that: automatic arbitrage. Ok, this is where I stop for a while to LOL… if anyone would have such a tool, the last thing they would do is to share it with the entire internet. FOR FREE!?! Push a button and get rich… how many times we’ve heard that? Ok, and how many times did it turn out to be a lie? Every time!
The Red Flags
Aside from giving away the Golden Goose for free, which is the biggest red flag, we have several others. Their sales pitch starts with the usual and overused story about cryptocurrencies and how they are being used every day by millions and millions of people – yea, OK but that doesn’t mean anything for the success of your app so might as well skip the small talk.
Then they proceed to say that Apple accepts cryptocurrency as a standard payment method. This is not true at all. While you can buy Apple products at some online shops using crypto, you cannot go to an Apple Store and pay with Bitcoin for your MacBook Pro or iPhone. But again, irrelevant for their app performance.
Wanting to learn more, I registered to see the app in action:
They show two exchanges, the amount of coins at exchange A and the amount of coins you would make at exchange B. But they don’t show a very important thing: what is the third currency? You cannot simply have ETH at Okex and sell it at Huobi for more ETH, instead, you have to peg it against another crypto or Fiat currency. They either leave that info out deliberately or they don’t even know how things work. Either way, it’s a red flag.
Now let’s take a closer look at the company: Profitcoins Trading LTD, incorporated in Belize. Allegedly…because I couldn’t find it. Then I took a look at their Team page, where things got interesting: the founder is a person named Rocio Knight, who is allegedly a cryptocurrency icon. Funny that I never heard of him and even funnier that Google hasn’t either. But he does have a LinkedIn account, which looks so fake it screams.
The same is true for all the other members of the team. When I looked at places they’ve worked before, their Chief of Operations was allegedly a Management Consultant at a company called Blue Chip Financial Services. Going deeper down the rabbit hole, I clicked on that company and surprise, surprise: I couldn’t access their website and LinkedIn displayed the message “This Company Page was automatically created by LinkedIn. This Company Page is not currently maintained by, endorsed by or affiliated with Blue Chip Financial Services”. Clicking on “Learn more” I got this info:
Interesting, right? But let’s dig deeper… we might strike oil if we keep this up. All the team members are just “alive” on LinkedIn, they don’t appear anywhere else on the internet and no matter how much I searched, I couldn’t find anything about them. Then there are the pictures… some of them look so fake I’d say they’re created in Photoshop, but I am no Photoshop expert so I cannot say for sure.
Last but not least, the internet is raging with Scam allegations against Profitcoins. Just take a look at this Trustpilot review thread to see what I mean. Everybody is rating them 1 star, calling them a cheap Scam… except for the paid shills who are giving them 5 stars and praising them. Those are paid reviews if I ever saw one.
Let’s Get Real. Stay Away!
Money without risk and without knowledge required… no, just NO! Whenever you hear something like that, don’t even look at the other red flags, don’t ask for more details, don’t listen to what the guy has to say. Just leave, close the site and go watch YouTube or do whatever you feel like doing. This nonsense has got to stop!