SVS Coins is a scam cryptocurrency exchange that also claims to offer various trading options.
However, the website is effectively a shell that doesn’t offer any genuine crypto-related products and operates as part of an elaborate scam to con would-be investors.
The person who contacted PawProfitForum Team about this platform explained that the scammers were also running an active WhatsApp group as well, which claimed to show people making consistent profits as a result of the trading signals on offer.
However, groups of this nature are commonly associated with the scams and are populated by bots and other members of the fraud group.
How to tell SVS Coins is a scam
The SVS Coins website is one of the better designed scam platforms that we’ve seen, but there are still many things that give it away.
The include:
- Unrealistically high profits on offer without any explanation as to how they’re achieved.
- Despite the design, the content on the platform is riddled with mistakes and grammatical errors.
- The platform claims to offer companion mobile apps but they’re nowhere to be found in the app stores.
- The website has a Domain Authority (DA) score of 1 – the lowest possible. This means it gets little traffic and has no in-bound links.
- There are no social media channels connected to SVS Coins.
- Having searched the web we couldn’t find any reviews of this platform. Legitimate crypto trading sites are widely written about.
- The search also revealed several websites that mentioned this platform is a scam.
- The only contact information for all the alleged SVS Coins departments is a single email address.
- Bold claims that the platform is the ‘World’s First Stablecoin TradingCenter [sic]’ are clearly false as stablecoin trading is widely available elsewhere.
- Victims are allowed to withdraw small sums of money when they first get involved which builds trust, but they eventually find their accounts blocked after depositing much larger amounts.
You should take a note of all the wallet address and transaction IDs involved in the scam, along with the WhatsApp groups, email addresses and phone numbers used by the scammers.
Reporting scams like this to the police is important as it helps with their investigations and warns others about the scam.
The more information you collect about the scammers the more chance there is of tracking them down.
There are also private companies that might be able to help which I’ve written about here.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.