Coggie is an infamous entity in the crypto space that claims to be involved in various realms of the industry. They apparently are an exchange and a stable coin creator. Explanations provided by them are vague and the more you look into them, the more obvious their flaws become.
For beginners it might be difficult to catch all of the red flags. However, we guarantee you that if you read the following content, regardless of your experience, you will be able to make an informed decision.
What is Coggie?
Coggie primarily pretends to be a trading exchange. The funny thing is that, they don’t specify the asset class they deal with and the fee structure beforehand. Users are forced to sign up to find the actual structure and that is a risky move given the signs this underlying platform exhibits.
As they don’t have a big enough following, we could not trace out much details from their online mentions.
In case you are wondering, clearly they are unregulated and that factor alone should be enough to act as a deterrent.
Coggie Crypto Coins
This platform allegedly is also involved in creating stable coins pegged with the dollar and new crypto projects. The new coin launch attracts a huge crowd, but you should proceed with caution. As far as anything this platform has to offer, think thoroughly and get a licensed financial advisor involved before making a deposit.
Once the fund is sent to this exchange, there is no safety parameter or other metric that assures the safety aspect.
Red Flags
If we list out every single element of Coggie that is questionable, then we are sure it would be a long essay. Keep in mind that this exchange is both unregulated and anonymous which means it will be a daunting task to hunt them down.
Plus, the rules and costs are unclear. Clearly, the odds are stacked against the user in any way imaginable. Moreover, their platform is down and there is no update so far. Imagine the pain of the users who trusted them with their hard earned money.
Conclusion
Coggie is most likely just another scam pretending to be a trading exchange. From the principles to execution, they showcase all the worst habits in the industry. We encourage all of our readers to avoid them like the plague.
