The sheer number of different websites run by the CoinEgg scam is truly mind boggling. The main language for all of the sites we’ve come across so far is Mandarin, which may denote the fraudsters’ nation of origin. The language barrier didn’t seem to stop them from getting into the pockets of people around the world, though.
Find out how this dangerous con circle operates and how to keep your DeFi wallet secure in our CoinEgg review.
| Regulated by: | Unregulated Exchange |
| Is This Company Safe? | No, never invest with unlicensed firms! |
| Known Websites: | coinegg.com
coinegg.fun coinegg.biz coinegg.live coinegg.zone m.coineggmk.com ceggcc.vip |
| Have Warnings from: | BCSC, AFM, CSA, DFPI |
| Registered in: | N/A |
| Operating since: | 2017 |
| Trading Platforms: | Web Trader |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | N/A |
| Trading Assets: | Cryptocurrency Pairs |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Book a free consultation with our recovery experts. |
Completely Illegal Business
The only trace of who or what might be behind the CoinEgg exchange comes in the form of a single page of the UK Companies House register. There, we can see a dissolved entity called CoinEgg LTD, formerly CoinBee LTD, registered as a data processing service.
The line of business this company was engaged in did not necessitate an FCA license, so none was issued in the first place. Cryptocurrency markets, however, are heavily regulated and any firm that deals with crypto or FIAT assets on behalf of their clients must be authorized by the relevant authorities.
Since all of the company websites suffer from chronic transparency issues, it was necessary to check with regulator databases to find any information. Unfortunately, what we found was not a license, but rather a collection of investor warnings posted by BCSC, AFM, CSA and DFPI.
With the crypto assets exploding in popularity in recent years, various swindlers like Venus Exchange or this one have been preying on the novices.
The Scheme Unfolds
The oldest of all the sites is coinegg.com, of which we found traces as early as March 2017. Even then, the con artists tried to push the idea that their company was much older, stating 2013 as their foundation year.
The sites are currently targeting the citizens of these nations:
- United States
- Turkiye
- United Kingdom
The company, if you can call it that, is quite prolific on the internet, holding profiles on Facebook, X, Weibo, QM, 0+, and Medium. These are used by the boiler room agents, in conjunction with phone and the Telegram instant messaging service to contact the victims directly.
It’s apparent that at one point the firm tried to fake their trading volume information CoinMarketCap and CoinPaprika. These updates ceased some time ago, though.
Clients Voice Negative Opinions
Nearly all of the CoinEgg reviews you find online will be negative. One look at their TrustPilot page will more or less tell you everything you need to know about the company. The average rating is 1.8, with 94% of all comments being 1-star reviews. The situation isn’t any different on Reddit either.
Don’t keep quiet if these charlatans took your money! Contact our experts today, and start fighting back to recover your money!
Zero Costs Transparency
There’s literally no transparency about costs whatsoever. There’s a link named “fees”, that should bring you to a dedicated page that outlines different charges made by the company.
If you follow it, however, you’ll be redirected to a separate site, still from the same company, but the site is now in Mandarin. Doing a quick Google Translate check, we found out that the site is actually a customer support page that says “Error 404, The page you are looking for does not exist.”
No Trading Available
With all of the sites being in such a ramshackle state, it’s difficult to tell whether any trading amenities were ever available. It could all just have been a case of false advertising. Third party reports state that people were in fact able to transfer some cryptos, but nothing beyond that.
Account Creation Suspended
The exchange never openly discussed different account types they allegedly offer to their clients. Interestingly, the “Sign Up” button was found in the usual place in the right side of the website header.
Unfortunately, this is in Chinese as well, even if the site language was set for English. The dialog which should help you create a CoinEgg account will work just fine, and even send you a valid confirmation code up until the moment you eventually click on “accept”. Then, it will tell you that the service has been suspended.
Where’s The Platform?
There is some form of a basic web trader potential users may access even without a working CoinEgg login.
With some tampering, we were able to place an actual order, all whilst having 0 balance on our account. It took the software a while to figure out what had happened, but it corrected itself eventually. So, kudos for that.
Otherwise the CoinEgg app is as basic as it can be, featuring some outdated TradingView charts that glitch out if you click anywhere on them, and basic functions like limit order and stop limit.
Alleged Mobile Support
If you try to download the exchange’s mobile trading apps, you will be redirected to another CoinEgg website. Since the apps aren’t endorsed by either Google or Apple, we don’t recommend installing them.
More often than not, these programs are full fledged malware, as is the case with BITETHS software.
Miniscule Asset Selection
The platform only supports around 30 separate crypto to crypto pairs, and doesn’t include any tokens. This means that the majority of the most popular assets are covered, including BTC/USDT, ETH/USDT, XRP/USDT, SOL/USDT, ADA/USDT and some others.
Compared to the mainstream exchanges that feature tens of thousands of coins and tokens, this selection is pretty much laughable.
Murky Withdrawal Conditions
If you do manage to open the User Agreement, you’ll notice that the firm has “resumed” deposit and withdrawal through ETH and ERC20 networks.
None of the features we’ve seen so far denote that any payouts can take place even now. That doesn’t mean that asset recovery is impossible, though. Contact our experts to learn more on how to start a recovery process.
Unresponsive Help Page
Seeing the customer support features first hand, it becomes obvious that the only thing the support agents are willing to help you with is losing more money. Opting to place any support tickets will return another dialog box in Chinese, and then show an error. Although there is a semblance of live chat, it’s just a contact form in disguise.
Need Help With Recovery? Contact our Experts!
Nothing about CoinEgg crypto exchange and its numerous websites holds any scrutiny, legal or otherwise. Naturally, investing with this sort of an illicit operation is ill advised.
If you’ve already deposited money to this fraudulent service, consider taking legal action in order to get your funds reimbursed. Should you need help in the matter, our experts are at your disposal 24/7, and our first consultation is free of charge.
FAQ Section
What is CoinEgg?
It is a fraudulent organization disguised as an online cryptocurrency exchange.
Is CoinEgg a Legit Exchange?
No, the service is operating on multiple websites without any license or regulatory authorization.
What is CipherTrace?
It is a toolkit developed for tracing cryptocurrency transfers. Contact our experts to learn how it may be used to recover your funds.
Source:
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