Welcome to our ForeignCoin247 review in which we investigate the website found at foreigncoin247.com.
Today, January 31, 2023, we received the following complaint regarding this website by a person who claims being scammed out of $10,000:
I invested in Foreigncoin247.com and was approached by an investor named @CEO_STEVENBUSH on Telegram who asked me to invest $3,500 for copy trading.
After a few weeks, my account was suspended and I was told to pay $1,000 to have it released. I did so, then was asked to give up 25% of my profits in exchange for $5,500 of trades. I agreed and my account balance rose to $22400.
I was later told to pay $5,600 to release my funds, which I did. I was then asked to create a PayPal account, but after a transfer of $44,000, I was told to pay a 14% tax of $6,200 to receive my profits. I am in a difficult situation as I have sold everything to pay these fees and now I am poor.
So is ForeignCoins 247 a SCAM or a legitimate website?
ForeignCoin247 Review
The domain foreigncoin247.com was registered through Hostinger, UAB on December 24, 2021 for 2 years and is hosted by Hostinger International Limited.
The owner of the website is For Coi of 185 Sun Valley Road, Sunnyside, WA 98944, USA, which according to Google Maps is a residential property.
The phone number listed in the Whois Records is +1 (509) 830-8910, while the email is tickerhttp@protonmail.com.
The area code 509 is covers the eastern two-thirds of the state of Washington, including Sunnyside.
On foreigncoin247.com the only provided contact methods is a contact form, live chat widget, and email address (info@foreigncoin247.com).
Now, while the website was registered about 2 years ago, according to the About page, ForeignCoin247 is a trading platform founded in 2014 by a group of professionals offering Forex, Crypto, and Stock trading services.
They claim to have a dedicated team, modern headquarters, and a commitment to helping improve lives. The platform is trusted by traders in 134 countries and is available in 12 languages. Their goal is to achieve exceptional results and set a standard for future generations.
In the privacy policy, they provide the company name: “ForeignCoin247 Limited (in incorporation).”
Their services include:
Copy Expert Traders
Copy trading allows you to directly copy the positions of an expert trader. You choose the amount to invest and the expert’s trades are automatically replicated in real-time in your account. No prior knowledge of the financial market is required.
Expert traders are allegedly carefully selected based on their performance. A recommended amount to start with is around $3,000-$5,000 to meet exchange requirements and cover monthly trading costs. No setup or maintenance fees are charged but each trader takes a percentage of the profit made.
Binary Options Trading
Binary options is a popular form of currency trading that offers high returns and is simple to trade. It involves making a prediction on whether an asset will rise or fall and entering an amount to invest. The risks are limited and can be controlled by the trader, and the short expire timeframes offer high returns of up to 90%.
Unfortunately, most binary options platforms have turned out to be scams, which is why this form of trading has been outlawed in much of the world, including the European Union, Australia, Canada, Indonesia, UK, and the USA.
Forex Trading
Forex traders speculate on exchange rate fluctuations and make money on the difference between buying and selling prices.
Cryptocurrency Trading
ForeignCoin247 offers trading options for Bitcoin, Ethereum and other cryptocurrencies with features like margin trading, short sell options, fast deposits/withdrawals and 24/7 support.
Crypto Mining
Crypto mining is the process of providing computational power to secure cryptocurrency networks. Miners are rewarded with transaction fees and newly created coins for keeping the networks secure.
ForeignCoin247 claims to make mining accessible to everyone by building efficient data centers and providing a streamlined mining system.
They allegedly offer multi-algorithm support for 10+ cryptocurrencies and are building mining data centers worldwide.
ForeignCoin247 claims to offer Bitcoin cloud mining services, where users can “rent” mining capabilities from the company instead of using their own computer equipment. The company positions itself as a reputable provider in the cloud mining industry, and highlights that cloud mining can be easier than traditional mining with one’s own hardware, as users don’t have to worry about software, internet bandwidth, or electricity cost.
Supported cryptocurrencies include Bitcoin and Dogecoin.
They claim to operate mining farms in Europe, America and Asia, however, the exact location is not disclosed “for security reasons.”
In fact, they refer to it as the “Enigma Datacenter,” and claim it’s one of “the world’s largest cryptocurrency mining facilities.”
Is ForeignCoin247 Legit?
Up until now we have found the following red flags, indicating that ForeignCoins247 is a scam:
- We have a complaint by a person who claims losing a lot of money on the website through their Copy Trading service.
- They provide a residential, not a business, address.
- They do not provide a telephone number or social media profiles, such as LinkedIn.
- They claim to have been founded in 2014, but their website was registered on 2021.
- They offer services which often turn out to be scams such as copy trading, binary options and forex trading, and crypto cloud mining.
- They are hiding the location of their “data centers.”
So is ForeignCoin247 a SCAM? We believe it is.
The final red flag we would like to mention is the existence of ForeignCoin247 clones.
For example, check out megatraders.live. It is a perfect copy of ForeignCoin247, indicating that both website are most likely scams.
Additional clones include:
- mooningexchange.com
- cryptonerds.live
- iq24fx.com
- advancedoptions.net
- marketsradar.io
- stockcashincrease.com
- topgreentrades.com
- cmcfxsignals.com
- stocksfxbrokers.live
- optimumfxpro.com
- cryptostationworld.com
- tridentpip.com
Foreign Coin 247 Review: Bottom line
In conclusion, our Foreign Coin247 review raises serious concerns about the legitimacy of the website. With only a contact form, live chat widget, and email address provided for contact, and a residential address listed as the owner of the website, it raises questions about the credibility of ForeignCoin247.
Despite claiming to be a trading platform founded in 2014 with a dedicated team and modern headquarters, the lack of transparency and numerous red flags, including the complaint of being scammed out of $10,000, suggest that ForeignCoin247 may not be a trustworthy platform for trading Forex, Crypto, or Stocks.
It is recommended that potential investors exercise caution and thoroughly research before investing any funds.
If you have been scammed by them or if you have any information about them, please let us know by commenting below this ForeignCoin247 LTD review.
And if you have lost a significant amount of money to online scams, do not lose hope. We can help you recover your funds!
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