In the last six months, many pseudo cryptocurrencies have surfaced and Genx Coin has been part of them. For many who are familiar with digital currencies, this raises a lot of red flags.
On its about us section, the scheme said:
Our mission is to facilitate a world-class Investment solution and contracts for different trading environment. We’re dedicated to providing industry-leading technology to the international trading community and we strive to deliver educational tools and resources that enable traders to further develop their trading skills.
Genx Coin is committed to upholding the trust and confidence of our clients by adhering to transparency policies and providing unrivalled customer service.
Genx Coin would have its own coin in the public exchange and priority along with substantial shares would be given to existing investor/members.
There are emany things wrong with this message that make it look very differently from a digital currency.
First is its website especially the look and feel of the site. For many months on ending, various scams and dodgy investment schemes have websites that look more or less like that of Genx Coin.
However, there are other fundamental issues with this scheme and I will try to highlight them and you can do your research to make up your mind.
First is the claim that Genx Coin is an investment platform. That rings a whole lot of bells that make the scheme very fake. No digital currency that is genuine is paraded as an ‘investment’ scheme of any sort. This is because they are currencies that are very volatile and could plummet or rise in value anytime following any fundamental events in the global economy or the digital currency community at large.
The scheme went ahead to say it has investment banking solutions, this further confuses one further on whether Genx Coin is a digital currency or an investment scheme, see below:
We aspire to be the leading trusted advisor and financial counsellor to our clients. The Investment Banking Division is at the front end of GenX Inc. We strive to provide best-in-class advice and execution excellence on the most complex transactions across products in order to help our clients grow.
Another red flag is that it seems Genx Coin did not pass through any noticeable initial coin offering, ICO phase before it became a supposed digital currency. While ICOs have been bastardized and turning to outright scams for many investors who buy into them, a genuine digital currency has to conduct an ICO that will lead to the listing of the coin.
The absence of an ICO leads to another flaw that makes Genx Coin suspicious. The coin is not traded on any major exchange. This is a red flag, if no exchange is ready to trade a digital currency, it speaks volume.
There are some noticeable signs that this is a pure scam as well. The site has a team page that outlines all its project handlers but there are suspicious details that show that none of the pictures displayed on the site is related to the owners of the scheme. Most of the pictures are stock images bought online or other free royalty image banks.
A search on the name of Genx Coin’s CEO, Harley Hamprey shows no credible or meaningful information about his experience, credibility or profile.
Before you get involved with Genx Coin, do your research as you might be getting involved in a scheme where you will end up holding an empty bag at the end of the day.