PointPay – A Crypto Pyramid Scheme and Fake Reviews
The PointPay platform was launched in 2018. This is a kind of crypto system, which includes not only a wallet, but also an exchange, and even a bank.
Reviews about PointPay are ambiguous, and a lot of them are negative. That is why we decided to figure out what is wrong with the company.
Is there something they are trying to hide?
And according to tradition, at the end of the review we will answer the question, how to withdraw money from PointPay. Also, how to withdraw if it does not work out “in a good way”?
PointPay Official Website – Features and Highlights
So, what does this cryptosystem offer to customers?
The system will allow you to open savings and settlement accounts in BTC, ETH and PXP. Interest is charged daily. It is possible to take a loan.
You can buy crypto directly, track the course online, and conduct technical analysis. The exchange supports ERC-20 tokens.
There is no need to explain here, everyone knows how to use it.
The fourth direction of PointPay is a payment system.
At the moment, it is in development.
It is assumed that it will mainly be used by sites that accept payment for goods in cryptocurrency.
Everything seems to be rosy.
How promising is this outside of the official PointPay website? Experience shows that such projects eventually burst like soap bubbles.
After all, the entire system is based solely on the internal token. And it, as you know, is in the hands of the developers of the project. And its value is controlled only by them.
PointPay Registration Information: Are They Registered?
The site belongs to the company Point Pay LLC, which in the past, 2020, was registered in the UK – 71-75 Shelton Street, London, England, WC2H 9JQ.
This is confirmed by older PointPay reviews. Today, the legal address has magically changed – First St. Vincent Bank Ltd Building, P. O Box 1574, James Street, Kingstown, Saint Vincent and the Grenadines.
And we all know perfectly well that Saint Vincent and the Grenadines is an offshore zone. “Swinging” your rights in this case is quite problematic.
At the above address, Google cards are not found by PointPay, but by a local bank, which has a completely different name.
In addition, if we drive the data into the search, we found that several more brokerage offices use this address as a legal one. Coincidence? We don’t think so…
Does PointPay have a license?
But the change of address is not the most important fact. What’s more important is the absence of any documents, both for brokerage and banking activities. There’s not even a mention of the license on the PointPay website.
If you look in the “Contacts” section, you can see that the client can contact the support on the feedback form or via email. There is not a single phone number, which is strange enough for a large, self-respecting company.
Also, we saw the address for postal items and the registration number. There, we found that PointPay is also registered in Estonia. But again, there is no confirmation of this information.
Since 2017, the Financial Terrorism and Anti-Money Laundering Act has been in force in Estonia, which states that any company providing virtual wallet and cryptocurrency exchange services is obliged to obtain permission from the Police Board in the Estonian Border Guard.
Naturally, PointPay does not have any of the necessary documents. And registration in offshore companies automatically prohibits the company from providing services in the Russian Federation.
Can You Trust the Positive PointPay Reviews?
The company has been pushing itself quite aggressively online since 2019. There are a lot of positive reviews and testimonials.
At the time of writing this review, we found 22 comments of alleged customers. And they’re all lauding the company! Something seems fishy, don’t you think?
How Does PointPay Lure New Customers?
Basically, PointPay relies on its referral (affiliate) program. Existing customers praise the company, persuading other people to join its ranks. And they get a percentage for it.
Perhaps some of the “trailblazers” even received payments from Point Pay and still do. But this in no way makes the system honest and reliable.
The principle of operation of this firm is too reminiscent of a financial pyramid. And what happens to these kinds of systems? Sooner or later they collapse. And everyone who was at the bottom of the pyramid is left with nothing except with huge debts.
Also, PointPay employees, judging by the reviews, use “cold” calling to attract new customers.
Intrusive calls at any time of the day with persuasion to invest in a profitable project are not uncommon for such companies.
Real PointPay Reviews – What Do They Say?
The token of the exchange constantly falls in price, there are no guarantees, they work on the principle of a financial pyramid, they refuse to process a withdrawal- this is what real PointPay customers write in their reviews.
There are also frequent cases of blocking accounts.
And the incompetence of technical support.
How do I withdraw money from PointPay?
The most effective way is the chargeback procedure – reporting the payment. But it is suitable only for those who added funds to their account with bank cards Visa, MasterCard or MIR.
What do I need for a chargeback from PointPay?
- Transfers were made from the above-mentioned cards.
- Another 18 months have not passed since the payments.
- The money was credited to the account of a legal entity.
With such data, a good lawyer will easily protest payments and you will be able to get at least some of your investments.
It’s harder if the money was transferred through other methods. Chargeback doesn’t work, but don’t despair. You need to try to get the money from PointPay through the court. To do this, you need to file a lawsuit against the person/people to whom you sent the funds, marked unjust enrichment.
A person who, without grounds established by law, other legal acts or a transaction, has acquired or saved property (acquirer) at the expense of another person (victim) is obliged to return to the latter unjustifiably acquired or saved property (unjust enrichment), except for the cases provided for in Article 1109 of this Code.
PointPay is a pyramid scheme, which is highly expensive to associate with. The company positions itself as a major tycoon of the financial market, but does not have a single permit necessary for such work. Be careful!
PointPay is a pyramid scheme posing as a “crypto system”. It doesn’t have any legal permits to operate as a financial services provider and makes many boastful claims. All the evidence suggests that PointPay is a pyramid scheme. Hence, avoid.
- Pyramid scheme