In this review you will learn that Etherconnect is a horrible scam that can only fail and lose money to everybody involved.
What is Etherconnect
Etherconnect is supposed to be decentralized finance platform (DeFi) for staking, yield farming and stablecoins. The platform also provides a wallet for digital assets, a marketplace for non-fungible tokens and a swap function for exchanging crypto assets.
The main selling point of Etherconnect is that if you buy its native cryptocurrency ECC, you supposedly will earn 10 to 17% per month on your investment.
The minimum investment amount is 50 USD and you can enhance your earnings by referring other people to the platform.
Etherconnect proudly says it is the continuation of Bitconnect, which is an infamous projects that does no longer exist.
Is Etherconnect legit, should you invest in ECC?
It is incredible that we even have to do this review, but no, Etherconnect is not legit, it is a huge scam that you have to stay away from. Here is why.
Any project that says that it is the continuation of Bitconnect is a scam. Because Bitconnect was a monster scam, one of the biggest in the history of cryptocurrencies. It promised around 30% monthly returns and it also had its native cryptocurrency BCC.
But it was a fake cryptocurrency, the whole project was one giant Ponzi scheme that was feeding on deposits and rising prices of cryptocurrencies. When the crypto winter started at the beginning of 2018, Bitconnect monumentally failed. Its organizers dumped the BCC token and it went from hundreds of dollars to zero. Ordinary members were left empty-handed.
Lawsuits are still going on and organizers and promoters of Bitconnect are being sued. It is unbelievable that Etherconnect does not hide that they are running the same scam scheme. In fact, they proudly announce the link between the projects.
No license, no real company
The Etherconnect project is allegedly run by a company called Bitconnect Limited that is registered in the United Kingdom.
First of all, we have no proof that Bitconnect Limited is running Etherconnect, their names are different. But even if it does, the UK tax registration means nothing at all, it says nothing about the legitimacy of the company.
In fact, the nature of the business of Bitconnect Limited is supposed to be “retail sale via mail order houses or via Internet”. Does it sound to you like a decentralized finance platform? Certainly not.
The most important thing is that to provide financial services in/from the UK, you have to be authorized by the Financial Conduct Authority. And Bitconnect Limited of course is not authorized, it has no license whatsoever.
In other words, Etherconnect is not an authorized financial service, it is a scam.
How Etherconnect works
Since Etherconnect is based on the same concept as Bitconnect, we know exactly how it works and how it is going to end.
Etherconnect does not do anything real. It has no real cryptocurrency, just an internal token (ECC) that can’t be traded on any real exchange. The value of the token is determined by people who run this scam.
So they will sell you their ECC token at the price they choose. You will give them real money, they will give you a worthless token. Until there is enough new depositors, the scheme will probably live and even pay out some profits.
But as soon as the Etherconnect scheme becomes unsustainable, which is sure to happen, people who run it will dump the rest of the ECC token on the internal exchange to get as much money as possible and then they will disappear.
Etherconnect users will be left with accounts with the ECC token that will be untradeable, its value will be zero. And because all the payments happen in cryptocurrencies, they won’t be able to get their money back.
This is how all Ponzi schemes end and this how Etherconnect will end. It is only a matter of time. If cryptocurrencies continue to go up, it can live for a while, but it can also crash very soon, it is impossible to know. You have to stay away from it.
Ethereconnect review – conclusion
Etherconnect is a huge scam based on the already dead scam Bitconnect. It is all you need to know about it. Stay away from it in order not to lose money.
If you are interested in legit crypto investing, try it first on a free demo and chose wisely among legit cryptocurrencies.
Before investing real money you have to make sure that you understand the risks.