The Dangers of Using CoinSwitch Kuber: A Scam Analysis
Just recently, a flurry of criticism has emerged regarding CoinSwitch Kuber, a popular cryptocurrency exchange platform. This review aims to highlight the alarming practices and potential risks associated with trading on this platform. If you’re considering using CoinSwitch Kuber for your trading needs, it is crucial to understand why it is labeled as one of the worst scammers in the crypto industry.
Understanding the Scam
The core issue lies in the deceptive practices used by CoinSwitch Kuber to keep users trapped in their system. One of the most noteworthy issues is the manipulation of price graphs. When consumers believe they can sell their cryptocurrencies at a higher price, CoinSwitch Kuber presents only the buying price, which is a carefully crafted illusion. As soon as the user makes a purchase, the selling price drops significantly, leaving traders with little to no profit and often resulting in a loss.
Market Order Manipulation
A significant portion of CoinSwitch Kuber's exchange is restricted to market orders. This practice is designed to incentivize trading by siphoning off a small percentage from each transaction. The platform does not reflect the current market price but instead shows the buying price, leading to a discrepancy between the price you see and the actual price. For example, users might buy a cryptocurrency at a high price, only to find the selling price has plummeted, leaving them with no option but to sell at prices that minimize losses but do not cover their initial investment. This clever manipulation ensures that the difference between these prices becomes the platform’s profit.
Hidden and Exploitative Fees
Another tactic that aggravates the situation is the manner in which CoinSwitch Kuber charges fees. The platform claims to have no withdrawal fees, but it’s a misleading statement. In reality, network fees are charged instead, amounting to as much as 22-25%. Additionally, there are hidden fees and different rates for buying and selling. This hidden income is a clear indication of a scam designed to exploit the unsuspecting trader.
Customer Feedback and Scandal
CoinSwitch Kuber’s tactics have not gone unnoticed by the community. Users have reported similar experiences, attesting to the platform's deceptive nature. One notable red flag is the claim that price differences exist because sellers buy at lower prices and then sell at higher prices. However, this rationale is a convenient fiction. In reality, buyers are paying higher prices, and the platform manipulates selling prices to cut into their profits.
What's Really Happening?
By creating an illusion of different buying and selling prices due to the supposed actions of sellers, CoinSwitch Kuber is essentially framing itself as the victim. The truth, however, is that the platform is actively manipulating prices to its advantage. The concept of their scam is so sophisticated that it appears to be a way for them to fund their expansion in the crypto industry, far beyond the founder's original intent.
Conclusion
Given the numerous and well-documented scams and unscrupulous practices of CoinSwitch Kuber, it is imperative that traders exercise great caution. The platform's market manipulation and hidden fees represent significant risks that can lead to financial loss. For the sake of your investments, it is advisable to look for more transparent and secure alternatives.