Investing in cryptocurrencies and betting on Ethereum (ETH). This is the promise made by Ethereum Code, a platform that apparently offers to buy and exchange cryptos. But is it a reality or is it a scam? Discover our opinion on Ethereum Code.
What is Ethereum Code?
Ethereum Code presents itself as a platform for investing in cryptocurrencies, particularly Ethereum (ETH). It uses visual codes and a name similar to the shady site BitiCodes.
Furthermore, there are several sites using the name “Ethereum Code” without it being known which is the “official” site. Furthermore, The service offered by Ethereum Code is not immediately clear :
” Ethereum Code is here to help you learn more about cryptocurrencies, serving as a one-stop hub that connects you to your digital money. »
This seems to be intentional. A first suspicious element that can be noted is that The platform invites the user not to do extensive research and to simply get started :
” You don’t need to study an asset for years before you start investing. One of the most practical ways to learn how something works is through trial and error. »
This is of course disturbing, any form of investment requiring knowledge. Moreover, The platform presents completely false information about cryptocurrenciesclaiming for example that the Bitcoin (BTC) and Ethereum (ETH) blockchains are the same:
” Ethereum Code would not have existed without Bitcoin, as the platform uses the same blockchain as Bitcoin. »
Another suspicious element: the little information available on the services offered is very vague, even showing a great lack of knowledge of the cryptocurrency sector :
” It is a highly customizable blockchain-based platform that allows you to trade much more than just cryptocurrencies, as you can turn anything into a non-fungible token (NFT), which is one of the currencies used by the Ethereum Code. »
We also note that Although some publications mention that Ethereum Code is regulated by the Cyprus Securities and Exchange Commission (CYSEC), this is not the case..
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As mentioned above, several sites use the name Ethereum Code. But only one of them allowed us to register.
After filling in the requested information, We were immediately redirected to a site called “SPX Trade”, which presents itself as an exchange platform.
In reality, however, it is not possible to actually exchange cryptocurrencies. At most, it is possible to ” feed » his account, that is, to send money to SPX Trade.
When we tried to feed the wallet, we were redirected to a new site, which also does not seem to have any connection with Ethereum Code. On the page, we were asked to fill in our banking information:
A simple payment page awaits people who register on Ethereum Code
Other suspicious elements that can be mentioned about the functioning of Ethereum Code: The “Disclaimer” and “Privacy Policy” pages are not online. Furthermore, there is no mention of a postal address or identification number. The Ethereum Code platform therefore does not appear to be linked to any real company.
Moreover, the platform seems to give distorted figures to mislead visitors, which do not correspond to the reality of the crypto market :
” The crypto was worth $100 in 2013. In 2018, it reached $318,000. »
As for its services, although Ethereum Code promises cryptocurrency investments, the investment page we were redirected to actually offers Forex pairs :
There is also a page ” Trading Terminal ” This one, however, seems to be a fake trading interface, where fake investor profiles are presented. Here too, It is not possible to do anything on the platform, except ” feed ” an account.
The fake trading platform, on which it is not really possible to trade
To sum up, When you register on Ethereum Code, you come across sites that do not allow the purchase or exchange of cryptocurrencies..
Who is behind Ethereum Code?
Ethereum Code evokes a lot of “ partners » and seems to want to silence concerns about similar platforms :
” We are aware of many websites that use fake celebrity endorsements to send clients to unregulated brokers or call centres. Our website will only send clients to partners who have provided us with the required regulatory assurances. »
In fact, we did not find no registration of Ethereum Code with financial regulators, no mention of a legally established company and no name of a manager or creator of the service.
It should also be noted that the “analysis” section of the site seems to initially bring together investment advice articles on gold, stocks such as Nvidia, or other financial products. But when you follow the links, you end up again on an external site which consists of a simple page, and not on a real media.
So this is a constant for Ethereum Code: all the “services” offered seem to only point to pages that invite the user to send their moneywhich is typical of scams.
Our opinion on the Ethereum Code platform
To sum up Our opinion on Ethereum Codehere are the elements that seem more than suspicious to us and which indicate, in our opinion, that this is a scam:
- The Ethereum Code site seems to be modeled on other shady platforms we regularly encounter;
- Ethereum Code promises cryptocurrency investment services, but this is not the case in practice;
- There is no company of that name, no official registration and no identifiable team;
- The only action that can be done on Ethereum Code is sending money;
- No information is offered to the user in terms of security of funds;
- There are many mistakes and incorrect information on the site.
It is therefore obvious that we cannot advise the use of Ethereum Code, which has, in our opinion, all the markers of a scam..
Our note on Ethereum Code:
0/5
We recommend that you instead go through registered and secure platforms for your cryptocurrency purchases and exchanges, such as Bitvavo, Bitpanda or Binance. A legitimate company, unlike Ethereum Code, will indeed show you how it works and the exact nature of its services.
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