Coinivate.net Review ( & Elon Musk Impostor Scams )

Welcome to our Coinivate Review, where we investigate the website currently found at coinivate.net.

Did coinivate.net scam you? Please let us know by commenting below; we will happily provide you with free assistance.

Recently, we received the following complaint about coinivate.net:

I signed up with $250 for what Elon Musk promoted as AI trading but was redirected to Coinivate.net. As a newcomer to trading, I felt pressured into depositing 3 payments of $3000 CAD from my savings account. When that wasn’t enough, they claimed I had agreed to deposit an additional $2000 CAD.

If I refused to pay, I was threatened with a lawsuit and the burden of covering all related expenses and fees. Unexpectedly, all three of my traders vanished. After searching, I finally reached the helpline. I explained that I had been unsuccessful in attempting to withdraw my funds; everything remained “pending.” An agent assisted me but said that to withdraw, I needed to deposit another $6400 CAD. I refused, and now, once again, I’ve lost contact.

So is coinivate.net a SCAM?

Coinivate.net Review

Coinivate.net was registered on November 30, 2022, less than a year ago, through NameSilo, LLC, by an anonymous entity. It is protected by Cloudflare and a privacy service provided by PrivacyGuardian.org.

It is ranked at 2,311,470 globally, according to SimilarWeb, and 83,954 in Canada. In July 2023, they received almost 6,000 visits, mainly from Canada.

They have been given 11 backlinks from 6 referring domains, such as brokersview.com, scam-detector.com, and webparanoid.com.

According to its homepage, Coinivate is an internationally recognized trading platform that enables trading in global financial markets using Bitcoin, USD Tether, USDC, and other currencies. The platform operates 24/7 and allows long and short trades, margin trading, and secure wallet services with fees from 0.001%. Traders can easily access various markets, including cryptocurrencies, stock indices, commodities, and forex.

Coinivate emphasizes its speed with quick registration and fast order execution. It also offers the option to copy the trading activity of successful traders, known as “Covesting”, which can allegedly provide returns to both new and experienced traders.

Key features include a best-in-class platform with advanced trading tools, access to global markets, 24/7 support, and low trading fees. Trading can be done anytime, anywhere, including from a mobile device.

The platform stresses privacy and security, promising robust protections for funds and personal data. Users can also utilize leverage to increase their potential returns. The platform is designed to allow trading even when markets fluctuate, allowing users to profit from rising and falling prices.

Coinivate encourages quick and easy registration, promising new accounts to start trading within minutes. However, the company also provides a risk warning, acknowledging that crypto trading carries a high level of risk and potential for substantial losses, and advising potential investors to consider their objectives and risk tolerance carefully.

Deposits and Withdrawals

Coinivate’s deposit and withdrawal policy has several provisions to ensure compliance with Anti-Money Laundering rules and regulations.

For deposits

• The sending account must be from the depositor’s country of residence and in the depositor’s name.
• A SWIFT confirmation must be sent to Coinivate to confirm the origin of the funds for trading.
• Non-compliance may prevent deposits via Bank/Wire Transfer.

For withdrawals

• They must be performed through the same bank account or credit/debit card used for deposits.
• Withdrawals must be made in the same currency as the deposit unless otherwise agreed.
• Additional fees and restrictions may apply when using alternative payment methods for deposit or withdrawal.
• Withdrawals are subject to processing and handling fees, which are deducted from the withdrawn amount.
• There may be a need for further information and documents for withdrawals.
• The minimum withdrawal via wire transfer is 10,000 EUR/GBP.
• Non-deposited funds, such as bonuses and incentives, are considered separately and are subject to Coinivate’s Bonus Terms and Conditions Policy.
• If an account has outstanding “credit”/”awaiting deposit”, no withdrawal will be executed until a deposit is received.
• Coinivate’s compliance officer must approve all compliance documentation, and the beneficiary name must match the account name to process a withdrawal request. Transfer to a third party is not allowed.

Coinivate typically processes withdrawal requests within five business days, and it may take up to 10 business days for funds to reach the client’s bank account or credit card.

The account could be maintained in USDT – US DOLLAR TETHER (Base Currency). Any other currency will be converted at the prevailing exchange rate. Coinivate reserves the right to settle trades using the exchange rate in any currency.

Coinivate also emphasizes the safety of funds with full security measures taken to ensure safekeeping. All sales of products are final and non-refundable, except for dissatisfied customers who may apply for a refund of their remaining balance at the company’s discretion.

All these rules are subject to change as per Coinivate’s terms and conditions to prevent money laundering and comply with other regulations.

Contact Information

Coinivate lets customers contact them for more information about their solutions, services, and features. The primary email for communication is support@coinivate.net.

They can also be reached by phone. For customers in Sweden, the contact number is +46812112730, and for those in Canada, it’s +14184766277.

Coinivate’s working hours are Monday to Friday, 9 am to 7 pm, with Sundays off.

How to Trade Cryptocurrencies

A webpage on Coinivate’s website introduces trading cryptocurrencies and understanding leverage. However, there are some potential red flags and points of concern:

1. High Leverage: Leverage is explained as a tool that allows traders to trade sums much larger than the actual amount in their account. While leverage can indeed amplify potential profits, it can also multiply losses. High leverage (up to 400 times, as mentioned in the text) exposes investors to the risk of losing all their investments and possibly owing additional money to the broker.
2. Dependence on Account Managers: The webpage mentions that an account manager will provide all the necessary tools and trading techniques. However, it doesn’t provide any details about the qualifications or experience of these account managers. Over-reliance on account managers without understanding their expertise and strategy could be risky.
3. Complex Trading Techniques: The document lists various trading techniques, including day trading, scalping, and auto trading. Methods like scalping and auto trading (AI, Robotic trading) can carry their own risks and should be understood fully before implementation.
4. Lack of Risk Management Education: While the webpage discusses how to trade and use leverage, it doesn’t provide sufficient information on risk management techniques, which are crucial for trading in volatile markets such as cryptocurrencies.

About

The “About Us” section for Coinivate, a trading platform offering services worldwide, mentions several claims about their services. There are a few potential red flags:

1. Absence of Regulatory Information: The company doesn’t mention any regulatory bodies that oversee its operations. This information is crucial for determining the platform’s legitimacy and the degree of protection offered to its users. The lack of such information is a red flag.
2. No Trading Fees or Commissions: While this might seem like a positive feature, it’s unusual for trading platforms not to charge any fees or commissions. This could suggest that the company earns money in less transparent ways, such as through hidden charges or unfavorable exchange rates.
3. Limited Contact Information: Only a single contact method is provided (an email address). This could potentially hinder effective communication between the platform and its users.
4. Vague Claims: The platform claims to provide “first-class customer service”, “speedy trade executions”, and a “secure, and user-friendly environment”. However, it doesn’t provide specific information or evidence to support these claims.

FAQ

The FAQ page for Coinivate, a cryptocurrency trading platform, answers several key questions. Potential red flags and concerns include:

1. Mandatory Account Manager: Working with an account manager is required, even for those who choose to trade by themselves. This could be seen as a potential red flag depending on how these managers operate. If their compensation is tied to trading volume or specific investment products, they may not always act in the best interest of the client.
2. Revenue Model: Coinivate claims to make money off-trade volume and arbitrage rates on bulk buying and selling cryptocurrencies. However, no commission or trading fees are charged. This revenue model isn’t inherently problematic but could raise questions about how the platform may incentivize increased trading volume.
3. Verification Documents: The company requires a utility bill, identification, and a Declaration of Deposit (DOD) for basic users. The purpose of the DOD is not entirely clear, and it’s unusual for trading platforms to require such a document, potentially raising concerns.
4. Trial Period/Test Drive: The company offers a trial period, which could be beneficial, but also potentially risky. If this period involves actual trading with real money, losses could be incurred.
5. Declaration of Deposit: The company is very strict about Anti-Money Laundering laws and asks users to sign a Declaration of Deposit to confirm the money deposit. This seems to be a security measure but could be seen as an inconvenience by some users.
6. Data Security: The company claims to keep client details confidential and secure. However, these claims are difficult to verify without information about their security practices, certifications, or third-party audits.

Other Red Flags

1. Copy Trading: The site offers a feature where users can copy the trading strategies of “best-performing strategies”. While not inherently problematic, this type of trading can be risky, especially if users blindly follow others without understanding the strategies being used.
2. Execution Speed and Order Volume: Coinivate provides statistics like average order execution speed and orders executed per second without specific numbers. Without transparent, verifiable information, these claims are hard to evaluate.
3. Awards and Recognition: The site claims that Coinivate is an award-winning platform. However, it does not specify what awards it has won. Verifying these awards from third-party sources would be necessary to confirm these claims.

Coinivate Reviews

The Canadian Securities Administrators (CSA) has issued a warning against Coinivate. This advisory, posted by the Financial Markets Authority (AMF) on July 18, 2023, states that Coinivate (coinivate.net) is not registered with the Autorité des marchés financiers (AMF) and is not authorized to solicit Quebec investors.

The advisory was also released by the Ontario Securities Commission (OSC) on July 18, 2023, specifies that Coinivate, accessible at www.coinivate.net, is not registered in Ontario to engage in the business of trading in securities.

Trustpilot

On Trustpilot, Coinivate has an average TrustScore of 3 out of 5 based on 32 reviews. The reviews show a mixed response from customers, with 28% giving a 5-star rating, 38% offering a 4-star rating, and 34% giving a 1-star rating.

A notable detailed review from a user named Gabriella, updated on July 25, 2023, shares a negative experience with Coinivate. According to her, Coinivate initially comes across as helpful and efficient, gaining users’ trust. Once the user has deposited money, the company’s customer service deteriorates, with difficulty in withdrawing funds and closing accounts. Gabriella claims to have lost $25K to this company and warns others to stay away.

Another user, Razan Thikrallah, also rated Coinivate 1 star, describing it as a scam company. These negative reviews and the lack of response from Coinivate raise concerns about the company’s operations and customer service.

And these are only the verified reviews. Expanding our search to non-verified reviews as well, we find additional negative reviews.

Customers frequently rate the company one star, labeling it a scam. Complaints include fraudulent activities, pressure to deposit more funds, poor customer service, and issues with fund withdrawals.

In summary, these reviews paint a picture of Coinivate as a dishonest company engaging in fraudulent activities, pressuring customers to invest more money, providing poor customer service, and not permitting the withdrawal of funds.

SiteJabber

Several users shared their experiences with Coinivate on SiteJabber, and the consensus indicates strong concerns about its legitimacy.

1. Suspicious Business Practices: Multiple users mentioned that after depositing the minimum investment of $250, they received relentless calls from different agents pressuring them to deposit more money, promising large returns. However, after depositing, customer service becomes almost non-existent, and withdrawals are blocked. Coinivate’s agents have been described as manipulative and employ tactics to gain user trust, only to betray it later.
2. Issues with Withdrawal: Several users have reported problems when withdrawing their funds. One user described how, despite being shown the withdrawal process with a small amount, the remaining funds disappeared when he tried to withdraw them. Another user mentioned being informed that the company was undergoing an audit, which was given as a reason for withholding funds.
3. Intimidation and Manipulation: Some users have reported being intimidated into removing negative reviews in exchange for the return of their money. Others were contacted by various agents with consistent stories, suggesting a coordinated strategy to retain funds.
4. Positive Review Concerns: There’s skepticism surrounding the authenticity of the positive reviews about Coinivate. The common belief among disgruntled users is that these positive reviews are fake and are only there to lure in unsuspecting individuals.

Coinivate User Reviews from other Sites

• A series of negative reviews and warnings suggest that Coinivate is a scam operation. Users have reported being shown profits initially, only to face challenges when trying to withdraw their funds.
• Coinivate’s website, coinivate.net, is warned as non-regulated by BrokersView. The Ontario Securities Commission (OSC) has issued a warning against Coinivate, stating they are not registered to trade in securities in Ontario.
• BrokersView has labeled Coinivate as a scam, highlighting that the company fails to disclose its regulatory information and licensing data. Coinivate is not a safe choice for investment due to its lack of accreditation and licenses.
• It’s strongly suggested to avoid Coinivate and choose fully regulated platforms for investment.
• The company’s operating status is labeled as “SCAM” and has been warned against by the OSC.

The bottom line is that the overwhelming evidence and user reviews suggest that Coinivate is not trustworthy, and potential investors should steer clear.

Elon Musk and Tesla Scams

On September 4, 2023, we received the following complaint from a person who reported being scammed for $13K:

This person, posing as Elon Musk, approached me to invest in his new Tesla mining company. Believing the offer to be genuine, I invested my money, but I did not receive any returns. Eventually, I realized that it was a scam and decided not to proceed with the final payments.

Coinivate Review Conclusion

In the rapidly evolving world of cryptocurrency trading, the reliability and integrity of a trading platform are paramount. Coinivate, from the detailed information presented, is surrounded by numerous red flags and concerns.

From vague claims and undisclosed operational specifics to unsettling user experiences and severe warnings from established financial bodies, the signals are consistently alarming. The sheer volume of negative reviews and warnings from regulatory bodies paints a concerning portrait.

Potential investors must exercise caution in their choices, prioritizing transparency, reputation, and regulatory compliance. Based on the compiled data and testimonials, Coinivate does not appear to meet these criteria. For those seeking a trustworthy platform for their hard-earned funds, exploring alternatives that offer assurance, security, and a proven track record would be prudent.

If you are a victim of online scams, please let us know by commenting below, and if you have lost a significant amount of money, do not lose hope. We can help you recover your funds!