Allegedly, the staking service on this exchange is so proficient, you needn’t do anything other than invest, sit, put your feet up, and enjoy your profits.
This illusion is so well maintained, that you’d need to look into the legal particularities of the firm to find any reason for doubt. See the remainder of our MyCointainer review to learn how online crypto frauds work, and how to best avoid them.
| Regulated by: | Unregulated |
| Is This Company Safe? | No, do not invest with unlicensed firms! |
| Known Websites: | mycointainer.com |
| Have Warnings from: | N/A |
| Registered in: | Estonia |
| Operating since: | 2018 |
| Trading Platforms: | Web |
| Maximum Leverage: | N/A |
| Minimum Deposit: | €2 |
| Deposit Bonus: | N/A |
| Trading Assets: | Cryptocurrencies |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Contact our legal experts for help with recovery. |
Unauthorized Business
Since crypto instruments sport high volatility, regulating them becomes a difficult ordeal, and Estonia is certainly on the forefront. This, unfortunately, means that the nation has become a sort of a Petri dish when it comes to crypto regulation, especially with the coming EU MiCA.
MyCointainer exchange is trying to exploit this ever-changing legal landscape by seemingly offering services that do not require authorization. If you take a look at the MTR database, you’ll see that the firm is indeed not licensed. The specific loophole that the company is trying to abuse is the lack of regulation for small crypto-assets and yield/staking.
This would all be great if the firm did not offer coin swapping, and crypto onboarding and offboarding, which are considered regulated activities and do require a license. In the end, it is obvious that this exchange is no better than common fraudsters like How2Crypto.
Who Is The Company CEO?
The most prominent face of the company is certainly their CEO, Bartosz Pozniak. When we started inquiring about this person, we were surprised at how small of a digital footprint this individual has.
The reason for this became apparent once we stumbled across an entry with the US Attorney’s Office. Apparently, the Northern District of Illinois has this person on record on count of bank fraud.
How Deception Functions
The mycointainer.com website was launched in March 2018. Much of the traffic is attributed to these countries:
- United States
- Poland
- France
- United Kingdom
The company uses deception and false advertising to attract potential clients. Much of the advertising happens through social network profiles, of which the firm has plenty.
They are present on Facebook, X and Instagram, as well as the YouTube video streaming service. Additional corporate links are available via LinkedIn, CrunchBase and Medium. The company even tries to fake transparency by maintaining a CoinPaprika page.
Fake Rating Propaganda
The MyCointainer reviews show telltale signs of review seller networks all over the place. The firm even goes as far to misrepresent their TrustPilot score on the website, claiming to have an impeccable 5-star rating.
With the Reddit propaganda in full swing, victims can’t be blamed for falling for the trap. Those that do complain speak of denied withdrawal, intrusive KYC and staked assets disappearing from the platform. If you have the same issues, feel free to contact our experts for help.
Fees & Pricing
The company doesn’t charge general fees like account creation and maintenance. However, there’s a default deposit fee on FIAT deposits that differs between currencies available and ranges from 2 to 10 EUR.
Staking fees also apply and they are defined by the chosen crypto currency, ranging from 0 % to 6%. Fee applied for buying and selling digital coins is 0.0001 BTC – same in all cases. Lastly, withdrawal tax relies on the crypto you choose, as well, with 0.35 % on Bitcoin withdrawals.
“Invite a Friend” Campaign
To motivate their customers to work on expanding the company’s user base, there’s various bonuses promised.
For example, sharing your referral link and getting people to sign up earns you 20% of “all rewards”, although it’s not precisely defined what the MyCointainer reward may be. Participating in the ‘stake-all’ referral program is also said to bring 10% of net price to individuals.
Interesting Tools Despite Lack of License
The process of buying and swapping crypto is simplified and quick. And although there’s always a question if the advertised quality will indeed be displayed, the company has attractive features to offer. We’ll discuss each of them further.
Web-Based Swapping
Since the company doesn’t support leveraged trading, instead of a MyCointainer app, users are presented with a comprehensive online tool.
It is easy to navigate and all you have to do is enter one amount of crypto currency and choose the other token you wish to swap the given amount for. Unfortunately, we cannot guarantee the safety of your assets due to the missing regulatory license.
Mobile App Supported
Watching your assets wherever you are is something every crypto enthusiast wants provided. The firm describes their mobile app as a chance to “use the advantage of rewards distributions in the decentralized economy”.
Evidently, the app is primarily designed for staking purposes as a part of the MyCointainer earn program and it is available for download from the Google Play and App Store.
Quite a Few Assets
A wide variety of assets is presented in the user area. However, the provider is not explicit about the total number of available coins. Some of the more popular tokens listed on this exchange are ThunderCore, Litecoin, Ethereum, Doge, Tron, Syscoin, Binance Coin, Cardano, Bitcoin, Tether and many others.
Registration and KYC Necessary
Signing up for the MyCointainer login only requires providing your email and password. However, to use any website features, clients need to complete the verification process. That requires sharing personal information and payment details, which is risky.
MyCointainer staking is one feature that requires KYC and yearly rewards range from 1% for USDT staking for example, 6.08% on Doge, 7.08% on LTO and others.
Problems With Withdrawals
Each new client is credited with a certain amount of TunderCore (TT) coins, which are eligible for withdrawal instantly. Since the Terms and Conditions state that withdrawals may take between 1 and 10 days.
This, of course, requires KYC verification, and linking the address of the exterior wallet, with the possible risk being the dreaded deanonymization.
As we’ve seen, many of the users openly complain that their payouts were postponed indefinitely, and that their accounts were locked after a while. The same was encountered with STMarket withdrawals.
Support Center
Help section contains information in the form of Q&A as well as explanatory articles. Users that opt for an account can also use an online chat feature. It doesn’t however work when the support agents are offline. In that case, you can only use the chat form to search the FAQs.
Got Scammed? We Can Help!
This exchange is trying to pass as legit by presenting their clients with an alleged legal loophole. Not all services covered by the company are exempt from regulation though.
If you believe to have become a victim of the MyCointainer crypto scam, contact our legal experts. With our help, you can recover your lost money.
FAQ Section
What is MyCointainer?
MyCointainer is an Estonian crypto exchange portal that operates without a valid license for virtual asset service providing.
Is MyCointainer Safe?
Due to the absence of required licenses and regulatory permits, we cannot label this crypto portal as safe!
How Long Does MyCointainer Withdrawal Take?
Withdrawals take between 1 and 10 days to be processed fully, depending on the asset. Should you face troubles with these operations, contact us immediately.
Source:
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