Throwing money away
Everyone I have contacted don’t want or have anything to to with Qoin , I’m renovating and ever one does not want to be paid with Qoin . Why? Is that you can’t redraw any amount let alone $125
Stay away - impossible to use or sell - Certainly do not invest.
The concept isn't too bad in theory yet Qoin has no real value because it is not freely tradable either within the Qoin economy or on a proper blockchain enabled exchange. (They say this is coming but there will most likely be a rush for the doors to sell if it happens).
Vast swathes of free Qoin were given to businesses to "sign up". I have contacted upwards of 25 companies to try and spend Qoin and without exception each one politely told me to get lost. At best they say they allow a couple of customers to use Qoin each month & then they sto...p. Hardly a free flowing economy. Essentially business owners now understand that they will be swapping goods & services for something they can only onward swap and find extremely hard to convert to "real" fiat or crypto currency. Qoin do have a pseudo exchange where they claim you can sell Qoin but that is limited to $100 per day and over the past week I have tried to sell just 1 x $100 several times a day and each time without exeption was met with the message, "Sorry your block sale attempt could not be matched with Buyers at this time". So there is no market, just a potential market making matching of buyers and sellers at a huge spread. Gumtree is awash with people trying to offload their Qoin at any price. For example todays quoted price is $9.58 . . . yet sellers on Gumtree are offering Qoin at $0.35, $0.40 and $0.50 each. e.g1:
Can’t cash out
Can’t cash out and the local “recruiter” was rude and forceful.
His sale pitch was basically telling you to avoid paying tax by trading a dodgy QOIN you can’t sell
Absolutely a ponzi scheme
Can't sell. If you are lucky enough to it's at half the value. Stay away from this bartercard pathetic scammers. Disgraceful they are allowed to continue operating in this country
No Support And If You Have Ever Managed To Cash Out Your One Of The Few
Don't Do It, Qoin value has skyrocketed but the promise of being able to withdraw your Qoin as cash is a lie. You can never get a sell trade they are always unable to match a buyer and you are limited even if they could find a buyer to a miserable $100 or $125 amount. The app wont load places to use your Qoin beyond the home page it simply locks up and freezes. Most people selling anything on there are the same old Bartercard vendors out to over charge and mostly refuse to take the currency. I would sell mine at a loss just to get out of the sy...stem. Just like Bartercard another system of taking your money, not providing support and nowhere to spend it. Someone is getting rich but it certainly is not any of the users. Oh and don't bother reaching out to their trading partners for support or messaging Qoin themselves as nobody replies or if they do its basically a big "oh sorry theres nothing we can do"
Cant give zero. Complete scam. Nobody accepts it and the qoin owned btx won't let you sell it. Run away
Run away its a scam. Nobody accepts it and the qoin owned btx won't let you sell it. Sending businesses broke australia wide. Cannot get any answers from anyone about what's happened to the money.
It's a No No
It is a scam. Took money easily next to impossible to withdraw it. Like terrible, terrible company/website. I would rather have burnt the money I put on there than give it to them again. blocking payments and withdrawals , sometimes blocking the whole account. I do not recommend this service. All thanks to secrecoup.com, i was able to get back my funds
Business barter system with Qoin not cash
0 is my rating.
This is NOT and again I will repeat it, NOT an investment. It’s a closed barter system between businesses. Once your money is in, the max you can draw out currently is $125 IF you can.
The amount of merchants that will accept 100% coin in my area is non existent. The few that take coin are reluctant and usually don’t return calls. The ability to cash out on the exchange in NIL. After trying multiple random times every day for 2 weeks I have given up. I would have rather donated my money to medical research than Qoin fat cats.
qoin is a scam.
Qoin cannot be cashed out on there selling platfotm and is worth approx 50 cents from independent selling platforms, there would be around 100 buisness taking it if your lucky
One could describe it as a multi level marketing scheme or as a pyramid scheme. You also will find it hard to cash back out. Qoin's owners own the one exchange that Qoin is accepted at.
The most useless crypto ever cant trade it no buiness wants it DO NOT BE STUPID AND BUY THIS CRYPTO.
Thank god mine was for free otherwise I would would feel like I have been robbed.
If I could give a minus score, I would. STAY WELL CLEAR!!!
Qoin is a TOTAL joke. Stay well clear of this company and it's dirty dodgy dealings. Can't cash out, can't use them to buy anything of any value to our business - it's a pathetic joke. If it's not technically a [Word Removed], it's certainly an immoral way to screw hard working people out of their cash and leave them with USELESS rubbish Qoin that they cannot use.
Qoin is simply BATERCARD rebranded.
Bartercard died a very, very slow, painful death.
Qoin will follow this proven demise.
Try selling some Qoin then tell me I wrong !!!
An absolute scam.
An absolute joke against hardworking Australians.
Run a mile. Now.
Absolutely no way to use the “Qoins”
Do your due diligence on this one, please! Please! Once you start accepting it you’ll be hammered by requests for people to use “full Qoin” at your business. Sure it was ok at first because it felt like we have new customers. Now we are left with this worthless stock in Qoin- can’t pay staff with it, can’t pay the bills, can’t even use it on their own app as all of the other merchants have been through the same as us! What an absolutely devastating experience. There is heaps of info I wish I had of read on Reddit, Facebook and also some blogs online before I signed up. Lots of really aggressive sales people too. Can’t honestly see how these unscrupulous people will continue for much longer.
Learn from our mistake and steer clear!
Questions & Answers
I am stuck and can't get any services Or my money !!! Why is the Australian Government allowing people to be cheated when allowing this companies to operate ?? Is there anything we can do to get our money back ?? Need help
Since qoin Publicly stated on the third episode of qtn . Global exchange was happening In my Is there any updates on it.
Global exchange? Qoin has its own exchange BTX and not a free market like Bitcoin. This is a trading bubble within Qoin. I have not heard of anything to do with a global exchange. They are considering opening up in the US and other countries but not as in a global exchange just like bitcoin or other free trade methods. This is a barter system that only goods and service within a membership of merchants can do business without cash. This is NOT an investment where you can trade Qoins for cash. It won't allow you to cash in your Qoin if there are no Qoin buyers. Qoin is a very similar model to Bartercard which went down and the owners are still there but with their new name Qoin. At the moment it is impossible to cash in Qoins. That is the problem a lot of people are having.
How do you get out of it , l started just before covid hit 2020 signed up with a house cleaning bussines have had no work ever sincejust want out ???
Can't cash any money out at the moment. That is the problem. Once you put money in this system it is very hard to take cash out. I am starting a class action. I have 3 of my family members who put money in Qoin but are unable to take any money out. This is a barter way of doing things between companies who have joined Qoin. There is no cash involved between each company. The problem is that you may have made a lot of Qoins doing business that way the limit is determined by the number of buyers of Qoin and since there is hardly any at the moment nobody is able to take cash out. The only wallets which are able to take cash out apparently are the people who are on the top. This is an illegal way of doing things.
I agree Michele. It resembles a typical Pyramid scheme, which is illegal in Australia. The top or early investors have been living the high life on The Gold Coast and enjoying all the perks that come with the corporate sponsorships that Qoin has made. It’s Barter Card rebadged. Good luck with your class action, I’m sure others would be keen to join you.
Report to asic as pyramid scheme. Already under review the more reports the better
Get an answer from our members and Qoin representatives
Other Forex & Share Trading Platforms
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.