YuanPay Group Scam – Read Before Signing up
In today’s world, we find ourselves worrying about whether things are true or not. One of the most frequent thoughts we have is whether something is a scam or the real deal. Well, another website that you can add to the list of scammers is yuanpaygroup.com.
The trading market is already an uncertain industry. You are always taking a risk when getting involved in cryptocurrency as you never know whether you are going to get a return on investment or not. You do not need the added pressure of worrying about whether your broker is legitimate or not.
Cryptocurrency is essentially digital or virtual money that is decentralized and encrypted. It is an intangible asset that is traded via the internet; hence, it is not difficult to fall victim to scammers. There are thousands of different cryptocurrencies available. Choosing between them can be quite tricky.
Read the YuanPay Group review below to determine why this cryptocurrency is not trustworthy and why you need to avoid it at all costs.
What is YuanPay Group?
This website claims to be the official Chinese government-backed cryptocurrency. It is stated that anyone is able to convert any international currency into this Chinese coin. The process is said to take less than five minutes, which anyone would believe to be mind-blowing.
It is a type of currency available as of 2020; however, the development of the coin began in 2014. Another claim is that YuanPay Group is the only legalized and approved cryptocurrency company in China.
The crypto coin is called the e-Yuan. A mobile app called YuanPay App is also available. This app also is not to be trusted. The minimum deposit is $250, which many people have paid and never received back.
The alleged contract with the government is said to have been formed in 2018. This is questionable as using and engaging in the crypto economy is banned in China. If this site is approved, it gives YuanPay Group the opportunity to monopolize the Chinese crypto trading industry as no competition is allowed. Thus, this sounds highly unlikely.
YuanPay Group Review
There are various red flags associated with this company. Firstly, the website contains many warning signs, which are defined by the US Securities and Exchange Commission (SEC). This is stated in the ICO project, which was launched in 2018 in order to alert the public about scammers and potential fraud.
The YuanPay Group site also states that reviews or feedback has been given by influential entrepreneurs such as Richard Branson and Peter Thiel; however, this is not the case. This is mentioned in the “legal feedback” section. Both of these high-profile figures have never discussed the YuanPay Group digital cryptocurrency.
Other factors include the fact that there is a constant promotion on special deals. Promises of high returns are made when this simply cannot be guaranteed when cryptocurrency is involved.
Different social media application links are also presented on the company website, yet they are not clickable. These links appear at the top and bottom of yuanpaygroup.com.
The media and marketing sections are also not dealt with professionally as there are photoshopped images of Forbes’s articles stating that the new Chinese cryptocurrency is going to cause the US dollar to crash. This is not the case, and these headlines have never existed. A link to a Forbes article is also given; however, it directs you to a completely different site when clicked on, which is considered dangerous.
Another point to consider is that the Chinese government has banned cryptocurrency since 2017. This company claims to be the only legitimate, confirmed, and approved crypto trading company by the government. Why would this be the case? There have not been any statements made by the Chinese officials regarding the launch of this digital coin.
The so-called “brokers” are constantly trying to get you to invest more money into the company instead of assisting you with your current investment. Apart from this, none of the enterprise or company names are registered on the Financial Service Providers Register.
Additional YuanPay Group Reviews
Various negative reviews about the app exist and are available. These come from people who were scammed or close to being scammed; hence, showing that the company is not trustworthy. General comments include:
All these reviews scream scam, scam, and scam! It is a 100% misleading company that you should not invest your money in as you are never going to see it again. People have lost over $1,000 taking a chance on this crypto coin. There has also been an instance where a person says they were scammed of $15,000 via YuanPay Group and Coindaq.
How YuanPay Group Works
You would then purchase the coins via your credit card. After this, you are going to land on the Coindaq page. People are often asked to further fund their accounts via this channel. This is done by offering a cryptocurrency trade.
Many people find that the landing page changes once you have already clicked the ad. This is how you get scammed into spending so much money that you are never going to see again. When you are browsing through websites, it is important to keep track of this, as there are so many scam sites out there, especially when it comes to crypto ads.
The ad has been reported to Google on countless occasions to be examined for fraud. Time is going to tell what the outcome of this is.
If you are not sure what a broker is, it is an enterprise or firm that conducts the buying and selling of shares and currencies that have been submitted by investors. A broker does charge you a percentage of commission or a fee to carry out this service.
Brokers can be an amazing asset, whereas others, such as YuanPay Group, are a scam. The crypto economy is extremely volatile and uncertain, which is why YuanPay Group’s claim to high returns is also doubtful. Any reliable broker is going to tell you that this is not the case.
Characteristics to Look for in a Broker
Recommended Ways to Invest
A variety of these exist, but it is important for you to do your research beforehand. There are so many different ways to gain knowledge about reliable cryptocurrencies as it is a growing industry.
The future of finance and capital is headed in this direction, so it is critical to make the right decisions when choosing tokens, coins, trading robots and brokers.
Cryptocurrencies are generally bought on cryptocurrency exchanges through brokers. Websites can also be directly used, which is what YuanPay Group is doing. This is risky as it has not been accepted by other exchanges and has not been in operation for very long. The mentioned factor is a major red flag. Investing in cryptocurrency, especially if you are a beginner, is best and safest if done through an exchange.
The thought of dealing with a stranger who you cannot verify is unsettling when it comes to depositing your money.
Tips to Invest Safely
The Bottom Line
It is easy to get caught up in something when you are excited and unaware of the finer details. Fraud and scamming have become a big portion of today’s world, especially via the internet. You need to ensure that the steps you are taking are going to maximize your investment. At the end of the day, taking risks has proven beneficial; however, your reward to risk ratio should be greater. Do not let something as foolish as getting scammed prevent this.
A few things to look for to prevent being scammed include looking at the website URL, take note of whether you are being redirected, be mindful of the information you are providing, and examine the appearance of the website you are browsing through. Pay attention to the links and comments, etc.
Plenty of reputable brokers and cryptocurrencies exist. Despite this, there are scams out there which many innocent people still fall prey to. YuanPay Group is just one example of a scamming company. You should not trust this website if you are interested in the crypto economy.
YuanPay Group has already managed to scam plenty of people, do not let yourself fall into this trap! Investing in cryptocurrency is an amazing tool if done correctly. Make sure that you get to experience the incredible benefits that the crypto industry has to offer. You can do this by getting the assistance of an honest, transparent, and trustworthy company and broker.
Do not trust YuanPay Group with your money!