Wtocoin.com Exposed – Legitimate Platform or Scam?

Wtocoin.com - Review

Wtocoin.com positions itself in the dynamic world of cryptocurrency trading. It offers users a comprehensive suite of services, including spot trading, futures, and options. In an industry where the line between legitimate operations and fraudulent schemes can often blur, the promise of such a wide range of trading opportunities raises the question of reliability and trustworthiness.

With the increasing prevalence of crypto platforms, distinguishing a secure and reputable service from a potential scam becomes crucial for investors and traders alike. Our exploration of wtocoin.com aims to shed light on its operations, scrutinizing its features, user experience, and security measures to determine whether it stands as a trustworthy platform or veers towards the darker spectrum of the crypto world. Join us as we delve into an in-depth analysis to uncover the truth behind wtocoin.com and provide potential users with a clear verdict.


Wtocoin.com has been around since March 24, 2016. It is trying to make its mark in crypto trading with options for trading spots, futures, and options. But if you’re considering joining Wtocoin.com, you might hit a snag immediately because you need a special code just to sign up. This makes it a bit exclusive and could be a hassle for anyone wanting to start trading.

Digging deeper, I noticed some sketchy things about the site, like registration details that just don’t seem real. That’s a bit of a red flag because it makes you wonder what else might not be upfront. Plus, they say they have an app for Android phones. But you won’t find it on Google Play or the App Store, which is pretty weird and makes you question its safe use.

Want to be kept updated regarding scams?

Get instant emails when we publish new scam warnings!

Another downside is that if you need help, you cannot get it quickly since Wtocoin.com doesn’t offer chat or phone support. So, if you’re considering putting your money into Wtocoin.com, it’s a good idea to read more about it first. We suggest checking out our full review to get the scoop and make a smarter choice.

Red Flags of Wtocoin.com

  1. Invite-Based Only: Wtocoin.com’s requirement for an invite code just to sign up already sets off alarm bells. This exclusive approach might seem to keep things secure and selective. However, it can also be a tactic to limit access and scrutiny, potentially screening out skeptical or cautious investors.
  2. Third-Party App Availability: The Wtocoin.com app isn’t available on official platforms like Google Play or the App Store but requires downloading from a third-party source, which is concerning. This raises serious security questions and suggests a lack of endorsement or verification by trusted app marketplaces, making it a risky download for your device.
  3. No Customer Support: The platform’s reliability is significantly degraded by the absence of direct customer support channels, such as live chat or phone assistance. In the fast-paced world of crypto trading, timely help or support is critical, and its absence leaves users vulnerable and unsupported.
  4. Hidden Owner and Unclear About Section: The website’s “About” section lacks essential details about the company’s ownership or headquarters. This lack of transparency about who’s running the show and from where makes it hard to trust the platform with your investments. A company’s inability to be open about its operational background is a common red flag.
  5. Fake Registration Certificate Displayed: Showcasing a fake registration certificate directly damages the credibility of Wtocoin.com. This deceptive practice of attempting to appear legitimate by displaying false credentials strongly suggests that the platform is not what it claims to be, leading to potential legal and financial risks for users.

BBB Complaint Regarding Diamontecoin.com

On March 4, 2024, the following complaint was filed with the BBB (Better Business Bureau) regarding a cryptocurrency scam at Wtocoin.com by a person who reported being scammed for $550,000:

I would like to report suspicious and potentially fraudulent activities involving an investment firm and a cryptocurrency exchange. I engaged in cryptocurrency futures transactions on the WTOCOIN exchange, dealing in USDT coin, under the guidance of the PGIM Inc investment team, including Margery Cunningham and Scott Douglass. Over approximately 1.5 months, from November 27, 2023, to today, I invested a total of $550K from my Bank of America account into the WTOCOIN exchange. From November 27, 2023, to December 13, 2023, I lost all of my $250K initial capital following PGIM’s advice. Unsure of how to recover my losses without PGIM’s assistance, I transferred an additional $45K on December 14, 2023, and another $100K on December 22, 2023, for guided trades by PGIM in an attempt to recuperate my losses. From December 14, 2023, to December 22, 2023, PGIM also contributed an additional 100K USDT to mitigate transaction risk. Despite these efforts, by December 29, 2023, I had only $75K left after a loss during a transaction.

The PGIM Inc team then suggested I sign a contract to further protect my capital and guide me via WhatsApp to recover my losses and potentially make profits, requiring me to increase my WTOCOIN wallet balance to 150K USDT, with PGIM promising to add another 450K USDT for risk protection. However, I hesitated to enter into this contract initially. By January 4, 2024, without signing the contract, I managed to increase my balance to $100K. PGIM then pressed me to sign the contract for more profitable trades under a VIP membership. Consequently, on January 5, 2024, I deposited an additional $50K, raising my balance to $150K, and signed the contract seeking recovery of my losses rather than profits. According to the contract, PGIM guided my investments to a tenfold increase, reaching $4.5M. When I requested to terminate the contract and withdraw my capital, PGIM demanded a 2.5% commission upfront, amounting to $92,730.00, which I paid.

Following this, they instructed me to transfer 500K USDT as a protected margin to PGIM’s WTOCOIN account. However, when I attempted to transfer $500K USDT to my Coinbase wallet, the transaction was rejected. I was informed by PGIM’s guide that the U.S. Department of Justice and the Internal Revenue Service were investigating me for suspected cryptocurrency tax evasion, leading to my account being frozen.

WTO’s customer service later advised me that due to my significant income and lack of prior trading experience, I was under investigation for tax evasion but assured me that they would handle the situation. They indicated that a substantial tax payment was necessary to unfreeze my account and facilitate withdrawals. Despite my intentions to consult my CPA and handle my taxes accordingly, WTO insisted that they must manage the repayment process due to the jurisdiction over my account. Ultimately, WTO’s customer service conveyed a demand for a 10% tax payment on my total profits, amounting to $480k, claiming to negotiate on my behalf for partial advance payment of this tax.

Feeling trapped in a scam, I consulted my CPA, who advised me to report the situation to the FBI and seek guidance on recovering my capital. My total transferred amount was $545,528.68 USD, and I also incurred approximately $12,000.00 USD in wire transfer and withdrawal penalties.

Wtocoin.com Review Conclusion

Wtocoin.com raises several red flags that potential users should carefully consider. The platform’s invite-only registration process relies on third-party app downloads. Lack of direct customer support, obscured ownership details, and display of a fake registration certificate collectively paint a picture of a trading platform fraught with risks. These issues suggest a significant departure from the transparency, security, and user support expected from reputable cryptocurrency trading platforms.

Get in touch with our affiliated Bitcoin Forensic Investigators at CNC Intelligence for free by filling out the form below.

    The platform’s operators are not identified, and its application is unavailable in official stores. These factors further exacerbate concerns about its legitimacy and the safety of user investments. Given these findings, we advise potential investors and traders to proceed cautiously.

    Thorough research and due diligence are imperative before committing funds to such a platform. Trust and transparency are essential in the rapidly evolving and often unpredictable world of cryptocurrency.

    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!

    When you comment, your name, comment, and the timestamp will be public. We also store this data, which may be used for research or content creation in accordance with our Privacy Policy. By commenting, you consent to these terms.

    Leave a Comment

    Your email address will not be published. Required fields are marked *

    Never lose money to a scam again!

    Get instant emails when we publish new scam warnings!

    Discover more from Report Your Scam

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    Scroll to Top