AMZCoin – Is This Another Cryptocurrency Scam?

AMZCoin – Is This Another Cryptocurrency Scam?

AMZCoin is a company that is claiming to operate its own cryptocurrency coin.

I have decided to look at it objectively in order to find out about AMZCoin – Is This Another Cryptocurrency Scam?

When someone asks you about a make money online opportunity, you want to dig deeper to ensure such is legit and trusted.

This post will be focusing on providing you with an unbiased opinion about AMZCoin.

AMZCoin – Is It A Scam Or Legit?

AMZCoin – Is This Another Cryptocurrency Scam?

If you are visiting this website for the first time, one thing certainly stands out.

It’s the fact that AMZCoin is a faceless company. In other words, people running the company have refused to reveal their identities.

The year 2019 is when its domain (amzcoin.technology) was registered.

As explained on its website, VISIONAIRA has invested in different sectors after which AMZcoin was finally created and launched.

One of the reasons why I decided to research on the owners of this company was VISIONAIRA.

It is AMZCoin’s parent company with Andre Cunha being the brain behind its operation and existence.

His Facebook profile revealed that he is based out of Portugal.

Although AMZCoin is a company in Europe, it is being promoted primarily in Indonesia.

According to Alexa statistics, over 30% of its traffic seems to be coming from this location.

Is AMZCoin Registered Legally?

However, I could hardly find any information on the owner, Andre Cunha, other than his Facebook profile.

Due to language barriers, I cannot put together a profile on Andre Cunha which says little to nothing about the AMZCoin business operations.

At this point, there are questions concerning if this company is really legit.

When you look at AMZCoin through the government regulatory bodies, AMZCoin functions as a Ponzi scheme.

You invest into AMZCoin, AMZCoin itself sets the value of AMZ and you cash out through an AMZCoins own internal exchange.

Since AMZCoin uses recycle invested funds from new investors to pay withdrawal requests, those transactions of itself defines AMZCoin as a Ponzi scheme.

Furthermore, there is the concern that AMZCoin is committing securities fraud.

Frankly, I wouldn’t say that any company operating under these circumstances is legit.

AMZCoin openly admits their MLM opportunity is a passive investment scheme.

This requires AMZCoin to register its AMZ securities offering with financial regulators.

I cannot find any indication that AMZCoin is registered legally in any market it solicits investments in (Portugal and Indonesia), which means that AMZCoin operates illegally.



Are There Any Retail Products?

AMZcoin doesn’t have any retail products for sale to the public apart from the business opportunity itself.

However, you can take part in its membership affiliate program. This enables you to market its membership for some paid commissions.

AMZcoin Payment Plan

Affiliates of AMZcoin do make some investments in AMZ.

Those affiliates that have invested more than 10,000AMZ will be allowed to withdraw their coins.

This is in exchange of advertised return though. The ROI are listed below:

  • 3 months investment yields a month ROI of 0.5%
  • 6 months investment yields a monthly ROI of 1%
  • 12 months investment yields a monthly ROI of 2%
  • 18 months investment yields a monthly ROI of 3%
  • 24 months investment yields a monthly ROI of 4%

AMZ is how returns are paid. It should be noted that AMZ isn’t listed publicly.

Instead, it is being controlled by the company (AMZcoin).

Funds which have been invested down the levels will attract referral commissions. These are:

  • Level 1 attracts 10%
  • Level 2 attracts 3-5%

These commissions are paid in euros. It is possible to have them withdrawn at any time through bitcoin.

Registering with AMZCoin doesn’t attract any fee. In other words, it is completely free of charge.

AMZCoin is similar to other cryptocurrency MLM platforms I’ve reviewed on this blog such as:

My Final Verdict of AMZCoin

AMZCoin – Is This Another Cryptocurrency Scam?

Based on the above, you must be wondering whether AMZCoin is actually a scam or not.

The first thing to note is their vision. As a matter of fact, there are lots of questions that are yet to be answered about the company’s vision.

Its website is implying that the company has come into existence to help businesses facilitate their payments during transactions with customers.

In simple terms, it has been formed to help businesses and their customers receive as well as pay funds.

The problem is that there isn’t anyone using AMZCoin at the moment over any of those payment methods that are established and trusted.

Apart from their coin not being public, it doesn’t have any regulator to monitor its activities.

EOSIO is what AMZCoin has been built on. This is different when compared to the normal or conventional ERC-20 MLM coins that people are used to.

Creating such coins costs very little. If I am to give my honest opinion on AMZCoin and what it represents, I will say that it just another Ponzi scheme that people should stay away from.

You basically invest while AMZ coins’ value will be set by the company.

Eventually, you will cash via its internal exchange. When you withdraw, such funds is from other members’ investments that are recycled.

Furthermore, there is need to ensure the company is registered with legal bodies and financial regulators, which AMZCoin is not.

This is one company that I don’t recommend that you become part of.

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4 thoughts on “AMZCoin – Is This Another Cryptocurrency Scam?”

  1. I personally love investing in Crypto. 

    The volatile nature of it allows one to make lucrative gains in no time with the right info. 

    I am intrigued by the structure of AMZCoin though and am happy you are pushing people in the direction of building their own business. 

    I have fallen victim to a pyramid scheme like this before and completely agree that building a business is the most secure way to make money online.

    Reply
    • Hello Omer,

      I definitely agree that investing in Cryptocurrencies cn be lucrative if you know what you’re doing.

      The huge problem in the Crypto niche, as in other niches, is the fact that SCAMMERS prey on the inexperienced and the gullible.

      One of the joys I get is in exposing SCAM platforms that cheat people out of their hard-earned money.

      I’m happy that you are aware of the need to do your due-diligence FIRST before investing in any cryptocurrency platform.

      Thank You for taking the time to read this post.

      Talk Soon,

      Howard

      Reply
  2. Hey, I’m not really familiar on how all these crypto softwares work so reading through this gave me a better understanding of what to look out for so thanks for the help!

    You stated how amzcoin doesn’t show who’s behind their software, which to me sounds quite off putting, I and I’m sure many others too much prefer knowing who we are working with, it’s much safer and professional. I think I’m going to search for another software to maybe join.

    Reply
    • Hello Sariyah,

      Thank You for taking the time to read this post.

      Yes, I would skip AMZCoin.

      ALWAYS do your due diligence before investing your hard-earned monies on this type of platform.

      Once you give your money to these scammers, you will NEVER get it back.

      Make sure you research the company or platform or business opportunity FIRST before handing over your money.

      Talk Soon,

      Howard

       

      Reply

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