Coinsoft: FMA warns against fraudulent trading platform

The apparent online broker Coinsoft claims to be a credible provider for online trading. However, there are more and more indications that Coinsoft is not running smoothly. Reports from traders about Coinsoft are accumulating, which speak of telephone terror, rip-offs and investment fraud. Many have lost their capital invested with Coinsoft. More and more doubts are spreading. Meanwhile, many Coinsoft investors have the feeling that it is an investment fraud. All Coinsoft investors are wondering if they have become victims of investment scammers? And what can Coinsoft investors do if the suspicion of investment fraud is confirmed? How do Coinsoft investors get their money back? Does it make sense to file a criminal complaint against Coinsoft with the police? What help is available for investment fraud?


Coinsoft: flimsy claims on!
What are the dumbfounded visitors being served on Coinsoft's website? "Your funds are protected by industry-leading security protocols. We will never share your private information without your consent. Email us or contact us at any working hour. We work with leading analytics experts to ensure you have the best experience." This is just a small portion of the untrustworthy claims prospective customers will find on Coinsoft's website. Not one of these lofty assurances from Coinsoft has been delivered. Unfortunately, if anything, the dubious business practices make for disappointed investors and miserable experiences!


Coinsoft: Hide-and-seek game with the domain entry!
The domain was registered on 07/24/2020 with NameCheap, Inc. Remarkable for the business practices of the Coinsoft makers is that the website does not contain an imprint. Thus, the complete information about the legally responsible operators of the website is missing. If one takes a look at the domain data of Coinsoft's website, there are no references to the operators to be found. The real domain owners are hiding behind the Panamanian anonymization service WhoisGuard, Inc.



Coinsoft: Who is behind it?
Answering this question will be rather difficult for many investors, as the Coinsoft makers do everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators mostly run several of these websites with the same fraudulent business model. These are created in advance, quickly put online and just as quickly shut down. The top-level domain is often changed to deceive financial regulators and law enforcement agencies. But who is the operator? There is little information about this on Coinsoft's website. It does list an operating company VC Management LLC, with a business address of First Floor, First St. Vincent Bank Ltd Building, James Street, P.O.. Box 1574 Kingstown, SVG is given, but this does not really help in the search. SVG is the abbreviation for St. Vincent and The Grenadines - a popular location for at least two-minded offshore companies. Besides that, there is the obligatory support mail address and the two UK phone numbers +442030975412 and +442030975413.


Coinsoft: The customer acquisition of the investment scammers
The same approach can be found here again and again: In order to acquire new customers, the recommendations of Coinsoft are advertised in all possible media and channels. Often enough, the offers are false claims. To increase the impact, they upload promotional videos on YouTube in which prospective customers are convinced with false references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with a misleading reference to the TV show "Die Höhle der Löwen". At the same time, an affiliate program is often started to give others incentive to intensively promote Coinsoft.


Coinsoft: criminal business practices.
As soon as the customer has registered on the trading platform, he receives calls from alleged financial brokers who like to refer to their years of experience and their satisfied customer base. In many cases, however, the makers of this business model are fraudsters, against whom the Federal Criminal Police Office and the Federal Financial Supervisory Authority (BaFin) also warn. Usually the investors start with a small sum as employment. Beforehand, investors are also often motivated to install remote maintenance software, such as Anydesk or TeamViewer on their computers, so that assistance can supposedly be provided with the first steps. In many cases, the computer is subsequently manipulated and unwanted transactions are carried out. In the process, the investment fraudsters also frequently gain access to their victims' online banking. What is particularly criminal, however, is when supposed profits are displayed on the trading platform in order to entice the customer to place further high stakes. In some cases, even small sums are returned in order to lull investors into a sense of security. Who then does not want to further increase the stakes? But what happens next?


Coinsoft: repayment of the money is subject to conditions
Once in, getting out is mostly impossible. Rather, the administrators of the investment scammers tie a repayment of the money to further deposits. This is where employees come in, claiming alleged tax debts and commission payments. If these are settled, it would come to the disbursement of the allegedly obtained profits. The perpetrators send the investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. A clearing with the allegedly obtained profits, is never possible. If an investor refuses further deposits, alleged profits are converted by senseless transactions into losses and the customer maximally damaged. This is not the end of the horror, but investors are permanently confronted with calls from other dubious providers. This indicates that the contact details of the investors are further traded among the investment fraudsters. In the end, a "savior" regularly comes forward, claiming to have uncovered the whole scam. He impresses with his insider knowledge. No wonder, since he is part of the fraud gang. The next rip-off! And of course, the "savior" also wants a small fee - up front!


Coinsoft: scheme of investment fraud?
There is no legitimacy of the online broker Coinsoft. Coinsoft lacks the regulation of a recognized European supervisory authority, such as the English Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySec), which is often used by brokers. Likewise, there is no approval from the Swiss Financial Market Supervisory Authority (finma), which is responsible for Switzerland. For this, there is a warning from the Financial Market Authority (FMA). This is the supervisory authority for the financial market and financial services of Austria. It is hard to miss that Coinsoft is a scheme of capital investment fraud. All traders harmed by Coinsoft are advised to consult an investment fraud attorney immediately.


Coinsoft: where do the scammers operate?
Investors are dealing with Coinsoft investment fraud in Germany, Switzerland and Austria. Coinsoft's activities are by no means limited to German-speaking countries. Because Coinsoft addresses all investors around the world who speak English, it is only a matter of time before those who have been defrauded speak up from virtually everywhere. A look at the list of regulators is advisable before making any financial commitment to reduce the risk of becoming a victim of investment fraud.


Coinsoft: Claims for damages against banks involved
A permit from the Federal Financial Supervisory Authority (BaFin) is a mandatory requirement for financial services and investment transactions in Germany. It is prohibited to conduct, support or facilitate such transactions, even across borders into Germany. Companies that nevertheless engage in such activities are obliged to compensate the traders concerned. The investment fraud cases would probably not have been feasible without these banks.


Coinsoft: Investors want their money back!
The situation is by far not as hopeless as it seems. The aggrieved investors can defend themselves and reclaim the invested money. As of now, it is not expected that the Coinsoft investment fraudsters will be caught in the near future, but there is still reason to hope. Hope because the money flowed through accounts that were actually provided by reputable financial institutions. Those responsible apparently failed to check the investors' deposits, some of which were large and therefore subject to controls, and their onward transfer for illegality. Such delinquencies made the investment fraud possible in the first place.


Coinsoft: They want their money back! How does it work?
Equipped with this knowledge, no one would have engaged in business with Coinsoft.Now the defrauded are left with only the alternative of seeking redress. Many investors cannot even imagine that there is any real chance of ever seeing their money back. Clearly yes! There are numerous legal bases to fall back on. The generic term is "money laundering." When investment fraudsters collect money, the crime of money laundering is committed. Financial institutions have a duty to take action against money laundering. This is where one starts with good chances of success. In advance, essential questions should be clarified. Where were the funds embezzled from Coinsoft taken? Is there a possibility for the defrauded investors to get back their money invested with Coinsoft? What measures are required from now on? You can get the answers to these questions from a lawyer specializing in investment fraud.


Coinsoft: Who can help?
What to do in case of investment fraud? What kind of investment fraud help can Coinsoft victims hope for? Coinsoft victims can ideally find the help they need from an experienced investment fraud attorney. He or she will be able to take care of your Coinsoft case both in terms of the criminal aspects of investment fraud, as well as the recovery of funds and possible claims for damages. A trading lawyer is also an option, because they are also familiar with the methods of fraudulent brokers, such as Coinsoft.


Coinsoft: Follow the money trail!
Such abuses on the unregulated capital market pursues the Anlegerschutzkanzlei Resch attorneys for more than 30 years. As a result, Coinsoft's modus operandi is nothing new. Over the years, Resch Rechtsanwälte has developed a powerful tool for tracking down the money that has been put aside and tracing the money trails. In times of the Internet, it is becoming more and more difficult to actually make funds disappear. The faster investors follow the money trail, the more likely they are to get their invested capital back. Now it is important that the investors who were harmed by Coinsoft react without delay.


RESCH Attorneys at Law - Experience in investor protection since 1986
If you have become a victim of Coinsoft and want to know if and how you can get your money back, call 030 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.