loss insurance Scam or Legit?

[twnk73]

This crypto exchange (atcplus.top) is offering loss insurance up to 80%. I've never heard of anything like this before so I was wondering if this was a scam or legit. The message I received from the exchange reads as follows:

EXCHANGE - 80% guarantee for sending application accounts

ME - okay

Exchange - Dear customer: Hello, the 80% principal loss insurance you applied for has been successfully processed. Your total investment in the exchange is recognized as $####. If your account loses more than 20%, the exchange will compensate you for all losses over 20% and protect 80% of the funds in your account. Once the application is successful, it cannot be cancelled, and ATCPLUS will escort you for each transaction.

[Maus0728]

You are better off using mainstream cryptocurrency exchanges like Binance or Kucoin instead of unknown exchanges, as most of the time, these unknown exchanges offer extremely low-quality service and have a high risk of stealing your money.

Plus, their claims of insurance is bullshit. Who the heck will give someone a free money to compensate trading loses when in fact that's the customer's fault?

[1] https://www.coingecko.com/en/exchanges

[hosseinimr93]

I wonder how you found this website. Were you introduced to the website in question by someone in messaging applications like telegram?
I would never trust an exchange which has been created only 23 days ago.

Dates   23 days old
Created on 2023-02-11
Expires on 2024-02-11

[Potato Chips]

Just another cookie cutter website scammers use a lot. They're even using a snapshot of a previous scam exchange called coinasia. I guess they don't care anymore since someone will fall for it regardless.



Supporting threads:
Be aware of COINASIA and BKF Scam!!!
Coinasia and BKF possible scam?

I hope you did not send them big amounts of money and personal documents op.

[twnk73]

Sadly a friend of mine was told about this exchange by a another "friend" so he invested a significant amount of money. Now that he wishes to withdraw it, they told him he needs to invest a minimum amount before they allow withdrawals, so he put more in. Then they say he needs to add another large amount for taxes before he can withdraw.

[hosseinimr93]

Sadly a friend of mine was told about this exchange by a another "friend" so he invested a significant amount of money. .

Are you sure he/she is a friend? Most probably your friend was scammed by a stranger in messaging applications.

Now that he wishes to withdraw it, they told him he needs to invest a minimum amount before they allow withdrawals, so he put more in. Then they say he needs to add another large amount for taxes before he can withdraw.

I hope your friend isn't going to make another deposit.
Any service asking you to make a deposit to be able to make a withdrawal is a scam and there are no exceptions.

[Bitcoin_Arena]

This crypto exchange (atcplus.top) is offering loss insurance up to 80%. I've never heard of anything like this before so I was wondering if this was a scam or legit.

"if the deal is too good to be true, then it's probably a scam"

Always remember that quotation when you're dealing with any form of service either on the internet or out there

Sadly a friend of mine was told about this exchange by a another "friend" so he invested a significant amount of money. Now that he wishes to withdraw it, they told him he needs to invest a minimum amount before they allow withdrawals, so he put more in. Then they say he needs to add another large amount for taxes before he can withdraw.

Sadly, your friend got scammed, and they will keep asking him for more money and coming up with different excuses until he realizes that he has been scammed.

Too late, but he shouldn't send them any more money. I hope he learned his lesson.

[sheenshane]

Sadly a friend of mine was told about this exchange by a another "friend" so he invested a significant amount of money. Now that he wishes to withdraw it, they told him he needs to invest a minimum amount before they allow withdrawals, so he put more in. Then they say he needs to add another large amount for taxes before he can withdraw.

It might be good if you will create a thread on the scam accusation board once you have valid proof to warn newbies that might fall into their trap.
Sad to say your friend has been scammed, don't put more investment to increase the amount, accept your loss and try to spread awareness of that scam exchange.

This might be under the HYIP category scam.
Most commonly they promise high returns or guarantee money back with little to no risk, but in reality, they're designed to take money from unsuspecting victims and disappear with the funds. 

Just move on I think and learn from this costly mistake.

[Rikafip]

Sadly a friend of mine was told about this exchange by a another "friend" so he invested a significant amount of money. Now that he wishes to withdraw it, they told him he needs to invest a minimum amount before they allow withdrawals, so he put more in. Then they say he needs to add another large amount for taxes before he can withdraw.

Let me take a guess: your friend met a girl on one of those dating apps, and after some time she suggested him that exchange? Anyway, I do hope that your friend didn't send money for the 3rd time because if he did, they will just keep milking him for more money.

This might be under the HYIP category scam.

Nah it doesn't look like HYIP to me because from what I can see, they don't promise high returns or anything similar and instead they go with that ridiculous " loss insurance" feature that doesn't make any sense.This is simply one of those fake exchanges where once you send the money, you never see it again.

[BitMaxz]

they told him he needs to invest a minimum amount before they allow withdrawals, so he put more in. Then they say he needs to add another large amount for taxes before he can withdraw.

That strategy is old same as other investment sites or fake exchanges but in the end, they always keep ask to deposit more without giving you a chance to withdraw your coins out from the site.

Look at the domain extension never seen any exchange or investment sites that use the .top domain it's suspicious if you found one for me, it's totally a scam.

[Darker45]

Sadly a friend of mine was told about this exchange by a another "friend" so he invested a significant amount of money. Now that he wishes to withdraw it, they told him he needs to invest a minimum amount before they allow withdrawals, so he put more in. Then they say he needs to add another large amount for taxes before he can withdraw.

This won't end. So you better advise your friend to stop feeding the scammers once and for all. Your friend has the choice to remain hopeful and send them more money and risk losing a much bigger amount or face the reality that he/she fell for a scam and lost money and that he/she won't risk any additional amount. Although this insurance scam is not really common, it is almost a standard among scammers to withhold withdrawal unless money is sent, but when the money is sent withdrawal is once again put on hold until additional deposits are made. This will go on and on and on. Nobody should be falling for it anymore.

[harapan]

This has scam written all over it. Its so obvious at this point its laughable. A legit business can't operate like this. How can they just pay you back for funds you lost without any fault from them? Nobody does business like that. Hope you read the "terms of service" before continuing because a lot of these scam website include stuff in their terms of service that lets you know that they're a scam knowing fully well people wont read it so they can have some sort of legal backing to whatever they're doing.

[Emitdama]

No exchange in their right senses would give back 80% of the losses and call it "Loss Insurance". It is clearly a scam and I wonder how many people they must have scammed by now. Users that are new to trading would think that such things may exist in cryptocurrency trading but it's not true at all. You are the one who is responsible for any loss that occurs once you take a trade.

All a legit exchange would do is warn its users that trading has significant risks involved with it and that they should trade with care as it can cause them to lose money. So there is basically nothing like Loss Insurance in trading.

[albon]

This crypto exchange (atcplus.top) is offering loss insurance up to 80%. I've never heard of anything like this before so I was wondering if this was a scam or legit. The message I received from the exchange reads as follows:

EXCHANGE - 80% guarantee for sending application accounts

A clear scam, and the domain is not more than thirty days old, and no exchange to this day has provided insurance for the losses, so there are no reviews, feedback, or search results on the Atcplus platform; perhaps one of the scammers sent it to you in the social media, it is just a promotional offer for their scam platform to create an account, deposit, and trade so that it is illogical for the exchange platform to insurance for your loss by 80%, so how will you insure the losses of thousands of traders and from where will the platform pay them? Stay away from this nonsense and do not believe any of the temptations; only trade with the popular and reliable platforms in the market.