Scam

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

PointPay

So, what does this cryptosystem offer to customers?

Cryptobank

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.

Cryptocurrency exchange

You can buy crypto directly, track the course online, and conduct technical analysis. The exchange supports ERC-20 tokens.

Multi-currency e-wallet

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?

PointPay

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.

PointPay reviews

And the incompetence of technical support.

PointPay reviews

More reviews:

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.

Conclusion

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!

2.4 Total Score
A Crypto Scam

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.

2.8Expert Score
Trust
2.5
Experience
3
Service
3
Ethics
2.5
2User's score
Trust
2.2
Experience
2.1
Service
1.9
Ethics
1.9
PROS
  • None
CONS
  • Illegal
  • Unregulated
  • Pyramid scheme
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36 Comments
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  1. I have invested in Pointpay pxp. Did I just waste my money?

    I really don’t like my prospects after seeing all of these reviews. Why didn’t I find this review before??

  2. 0.85
    Trust
    10
    Experience
    20
    Service
    20
    Ethics
    20

    I didn’t expect that when I requested pointpay to transfer my funds totaling $20,000 they wouldn’t respond. They really didn’t respond. It seemed like they weren’t getting time to transfer the funds. I tried to reach out to their regional office which came out to be fake as well. I am still trying to get my money back.

    Helpful(0) Unhelpful(0)You have already voted this
  3. Reply
    Don't buy pointpay pxp
    September 3, 2022 at 1:11 pm
    0.75
    Trust
    10
    Experience
    10
    Service
    20
    Ethics
    20

    I also invested in pointpay with only $500 to check whether the company will provide any returns on my investment and the same happened to me like the rest of you. They haven’t responded to my withdrawal request, this proved that this platform isn’t made for investing your hard-earned money.

    + PROS: none
    - CONS: stole $500 from me
    Helpful(0) Unhelpful(0)You have already voted this
  4. 0.75
    Trust
    20
    Experience
    20
    Service
    10
    Ethics
    10

    I will never advise anyone to invest in PointPay as it is not at all safe, I had lost my $ 10,000 which has not been recovered till now. I was also fascinated with the return policies of the bank and the easy trading with different cryptocurrencies available at a single stage, but in the end, got betrayed.

    + PROS: .
    - CONS: too many
    Helpful(0) Unhelpful(0)You have already voted this
  5. 0.75
    Trust
    10
    Experience
    30
    Service
    10
    Ethics
    10

    I had signed up in June and invested $250. All of my money is gone. Point pay didn’t even bother to help me.

    Helpful(1) Unhelpful(0)You have already voted this
    • I’m sorry you lost your money with this scam. Sadly there is nothing we can do. I also lost 1000 EUR with this company a few months ago. I tried to get it back but there was no way. Pointpay is a horrible company which doesn’t care about its customers. No one cares, however. They are all investing in PXP thinking they will be able to make money off this scam. They have no idea they are going to make a big mistake.

  6. 0.75
    Trust
    20
    Experience
    10
    Service
    20
    Ethics
    10

    I wouldn’t trust these people with my money.

    Helpful(1) Unhelpful(0)You have already voted this
  7. 0.6
    Trust
    20
    Experience
    0
    Service
    10
    Ethics
    20

    Rigged platform stole $200 from me. Tried to complain to the customer service and they all ignored me, making all kinds of excuses.

    + PROS: Zero
    - CONS: Stole $200 from me
    Helpful(3) Unhelpful(0)You have already voted this
  8. 0.6
    Trust
    10
    Experience
    10
    Service
    20
    Ethics
    10

    I will never ask investors, especially high schoolers who try to become millionaires in weeks and find themselves to get stuck with some company like PointPay because at the end of the day, they end up getting scammed and make you lose your money too.

    Helpful(0) Unhelpful(0)You have already voted this
  9. 0.75
    Trust
    30
    Experience
    10
    Service
    10
    Ethics
    10

    I liked the interface…but they haven’t processed my withdrawal yet 😢

    + PROS: Nice website
    - CONS: Pointpay has not processed my withdrawal I requested in July
    Helpful(3) Unhelpful(0)You have already voted this
  10. 0.6
    Trust
    20
    Experience
    10
    Service
    10
    Ethics
    10

    I lost £200 because of this broker. Only sign up at Point pay if you like losing your money for no reason.

    + PROS: None
    - CONS: Charge excessive fees Made me lose £200
    Helpful(2) Unhelpful(0)You have already voted this
  11. 1.1
    Trust
    30
    Experience
    20
    Service
    20
    Ethics
    20

    I was skeptical at first. So, I didn’t invest a lot with pointpay. I had no idea it would turn out like this. As we all know point pay claims to let you buy and sell different cryptocurrencies on a single platform. You can trade there but don’t expect to get your money back.

    + PROS: good ui
    - CONS: unreliable no customer service
    Helpful(0) Unhelpful(0)You have already voted this
  12. 0.6
    Trust
    10
    Experience
    10
    Service
    10
    Ethics
    20

    Do not sign up on PointPay!

    They are a SCAM.

    I made the mistake of signing up there and I’m regretting it. They have kept my deposit and are not lettign me withdraw. What kind of horrible company operates like this??

    I bet all of these 5 star reviews are from PointPay shills. Nobody can praise this company unless they are getting paid for it.

    - CONS: Scam
    Helpful(3) Unhelpful(0)You have already voted this
    • In Crypto, you have the worst and the best in there. Like there is some seriously definite value in the Bitcoin and Ethereum communities but then on the other side there are the scams, especially the ones claiming to be Defi. You got to double-check the projects and see what the community thinks of a project as a whole. Like, I was very confident in pointpay initially but nah, not anymore.

  13. 0.1
    Trust
    10
    Experience
    0
    Service
    0
    Ethics
    0

    Terrible company.

    100% scam.

    They are not processing any withdrawal request.

    Helpful(4) Unhelpful(0)You have already voted this
  14. 0.6
    Trust
    20
    Experience
    10
    Service
    10
    Ethics
    10

    I have been trying to get my money back from Pointpay for weeks. They wrongfully charged me. When I complained…they didn’t respond. I only received automated replies like they were reading a script.

    They have hidden fees they don’t tell you about when you sign up. I don’t recommend these guys at all.

    + PROS: None
    - CONS: Scam
    Helpful(4) Unhelpful(0)You have already voted this
  15. Reply
    POINTPAY IS A SCAM
    July 19, 2022 at 9:00 am
    0.75
    Trust
    20
    Experience
    20
    Service
    10
    Ethics
    10

    PointPay took my money last year and refused to give it to me. When I asked them when I will get my money they did not respond. I only received bot replies. It was infuriating. PointPay is a scam.

    + PROS: None
    - CONS: Scammers
    Helpful(4) Unhelpful(0)You have already voted this
  16. 0.6
    Trust
    10
    Experience
    20
    Service
    10
    Ethics
    10

    I hate these sketchy crypto exchanges. First off you are already charging a hefty fee and I don’t mind that. But when these companies start lying and doing horrible stuff, they cross a line. Finding a good crypto exchange shouldn’t be so difficult but companies like Pointpay have made it a herculean task. They rope you in with fake promises and deceit and when you have invested enough, they don’t let you access your funds. I hate companies like this and they should be punished.

    Helpful(3) Unhelpful(0)You have already voted this
  17. 1.1
    Trust
    20
    Experience
    20
    Service
    30
    Ethics
    20

    Don’t trust these guys with your money. NEVER.

    Pointpay doesn’t process withdrawals easily. They make you deposit by using their offers and discounts. And when they get your money they start acting like a hungry dog who just got a piece of bread. No matter how much you complain, they don’t care. They keep your money and let you complain.

    I had never experienced such horrible customer service before.

    There are just so many shills out there all of whom want you to use their link when you sign up. Because of those guys, you can’t trust any of the Pointpay reviews you see online. These shills make this terrible, wicked crypto exchange sound like a Michelangelo’s creation.

    + PROS: No
    - CONS: A ton
    Helpful(4) Unhelpful(0)You have already voted this
  18. 1.25
    Trust
    20
    Experience
    40
    Service
    30
    Ethics
    10

    Signing up on PointPay was the biggest mistake I have ever made. The only people who say good things about this company are the ones who are getting paid by them. This is the worst crypto exchange in the market. They are scummy and unethical. I don’t recommend signing up here at all.

    Helpful(5) Unhelpful(0)You have already voted this
  19. 1
    Trust
    10
    Experience
    30
    Service
    10
    Ethics
    30

    Im dumb.

    I didn’t read any pointpay reviews and paid the price. These guys don’t let you get your hands on the money. They are heartless scammers. Vicious, greedy, selfish… I don’t know how else to describe these terrible fraudsters.

    I have been trying to get a withdrawal for WEEKS and I haven’t got anything so far. They don’t respond to my messages and ignore me all the time. Never going back there EVER!

    + PROS: Crypto scam
    - CONS: Vicious Greedy Selfish
    Helpful(5) Unhelpful(0)You have already voted this
  20. 0.75
    Trust
    20
    Experience
    10
    Service
    10
    Ethics
    20

    Horrible platform and the worst customer service.

    - CONS: Avoid pointpay
    Helpful(5) Unhelpful(0)You have already voted this
    • Yes I think the same. They are not responding to my messages either. PointPay is a crypto scam, nothing more. I should have looked up their reviews before signing up.

  21. 0.6
    Trust
    20
    Experience
    10
    Service
    10
    Ethics
    10

    I have used Point pay for a few months. All I can say about this project is it’s a greedy and selfish brainchild of someone who wanted to scam crypto enthusiasts.

    Definitely not recommended 👎👎👎

    Helpful(7) Unhelpful(0)You have already voted this
  22. 0.6
    Trust
    20
    Experience
    20
    Service
    10
    Ethics
    0

    Pointpay is a vicious pyramid scheme. Nothing more. All the positive reviews you see for them online are from the various affiliates of this crypto platform. Normal people are only losing money there.

    - CONS: Pyramid scheme Fake reviews
    Helpful(6) Unhelpful(0)You have already voted this
  23. Reply
    Don't trust Pointpay
    June 3, 2022 at 11:28 am
    0.5
    Trust
    10
    Experience
    10
    Service
    10
    Ethics
    10

    Pointpay is unregistered. Period. I don’t why people don’t get it. 99% of unregistered brokers are scams. And the remaining 1% is abusive. Without the restrictions of a regulatory authority, these scammers can charge you whatever they want and loot you. Don’t trust Pointpay!

    - CONS: Scam
    Helpful(8) Unhelpful(0)You have already voted this
    • Some people don’t want to believe the truth. They want a get rich quick scheme or a shortcut to wealth and end up getting scammed by frauds like PointPay. It is rather sad but there is nothing you can do about it. Just look at the people defending this company like it’s a messiah of some sort. I feel sorry for them anyway. It’s their loss.

  24. 4.6
    Trust
    100
    Experience
    90
    Service
    80
    Ethics
    100

    Hey! Why are you so toxic? It’s a trustworthy exchange with their native PXP token. It has never been hacked. I’ve been using the exchange since last year, and it’s perfect. I pinged the support a few times to make my withdrawal quicker. If you don’t trust them or have any questions, they have a good Telegram channel. Their owner Vlad conducts AMA on YouTube. PointPay is generally a good trading platform I think

    + PROS: Perpective PXP token Ecosystem Quick website Mobile Apps
    - CONS: Worked since 2018 Android app crash sometimes
    Helpful(0) Unhelpful(5)You have already voted this
    • Nobody is being toxic here Mr. Soros. I just think everyone is entitled to their opinions. If the article is toxic then I can call you delusional too. I agree wholeheartedly with this piece. There are many people like me who have been ripped off by this platform. We are just a little more vigilante than some others and don’t want to keep getting ripped off repeatedly. Just look at Celsius. Look at how many people it has scammed. People have become more cautious and PointPay has all the signs of being another fraud.

    • I’m happy the platform worked for you but for me it was a nightmare. They took a lot of $$$ from me. I don’t know who handled your case but when I contacted the customer support, they just ignored me. Not recommended at all.

  25. 0.6
    Trust
    10
    Experience
    20
    Service
    10
    Ethics
    10

    Another unlicensed scam trying to loot crypto bros?

    What do these scammers think huh? I’m more bothered by those who are still falling prey to scams like PointPay and Save the Kids.

    + PROS: None
    - CONS: Fraud
    Helpful(7) Unhelpful(1)You have already voted this
    • I wanted to investigate whether this company is legit or not. Is the company not even regulated? How can they operate like that? Isn’t that illegal?

    • After the Bitcoin crash it may take some time for it to rise again and the best investment one can do right now is to invest in Forex trading. All cryptocurrencies are good but ever since I swap two Forex trading I have seen a big difference.

  26. 0.5
    Trust
    10
    Experience
    10
    Service
    10
    Ethics
    10

    A scam! PointPay is a scam! Don’t trust those people. I have already a lot of $$$ there thanks to their rubbish coin. All the 5 star reviews you see on PointPay are written by their shills. I’m not the only one who lost money there either. My friend who recommended this trashy platform lost a lot of $$$ too.

    - CONS: crypto scam rubbish platform
    Helpful(6) Unhelpful(1)You have already voted this
  27. 5
    Trust
    100
    Experience
    100
    Service
    100
    Ethics
    100

    This is a good project. The person that wrote this is giving a false review.

    Helpful(2) Unhelpful(9)You have already voted this

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