Last Updated on October 6, 2022 by Stephan Lindburg
Welcome to our unbiased Yen Coin Review and scam investigation. Before we get started, we would like to point our readers to the fact that the Japanese central bank had plans to launch its own digital currency (Yen Coin). However, this plan was scrapped after initial testing. It seems that in Japan cash is still highly regarded and preferred by most people. That being said, this fact did not deter scammers and con artists from orchestrating their own scam and naming it “Yen Coin”.
Yen Coin is advertised as a high-end cryptocurrency trading robot. Reportedly, this trading platform uses R Programming or R Code in order to analyze exceptionally large amounts of data via statistical computing models. We are advised that this form of coding is used to streamline the trade execution process and make it more efficient. This is a very interesting take on ‘Big Data” modeling tools, however as we shall prove Yen Coin is a total scam and the crooks who are trying to sell you these lies should be ashamed of themselves.
Yen Coin Scam Broker Check: When we registered to conduct our £250 deposit test, the broker which was allocated to us was named “Coin Centre”. This CFD broker has a registered business address in Seychelles, which is a well-known tax haven. Our experience tells us that operations such as these are actually boiler rooms designed to fleece victims and defraud them.
So if you are still interested in investing and risking your money on this bogus trading platform, we suggest you keep reading our detailed Yen Coin review. Taking a few minutes to conduct some proper research is always a good idea, especially when it comes to new online trading systems.
Official Yen Coin Website, Login Page, and Members Area: We identified 2 (Two) websites that claim to be the official app. Both of them are fraudulent.
- 1 Scam Evidence
- 2 Yen Coin Fake Testimonials
- 3 Fake Yen Coin Reviews
- 4 Yen Coin Fake News
- 5 What Is Yen Coin, Who Is Behind It, and How Does It Work?
- 6 Yen Coin Review. Is Yen Coin A Legit Opportunity Or Scam Software?
- 7 Yen Coin: Our Experience And £250 Deposit Test
- 8 Testing Review And Methodology
- 9 What Other Review Websites Are Saying
- 10 Backtesting And Strategies
- 11 Yen Coin Pros and Cons
- 12 Patenting And Regulation
- 13 Confidentiality of Personal Information
- 14 Safety and Security
- 15 Yen Coin, The Japanese Central Bank, and Digital Currencies
- 16 Yen Coin Leverage
- 17 Is Yen Coin Compatible With Any Of The Coin Exchanges?
- 18 Yen Coin Deposits and Withdrawals
- 19 Yen Coin Trust Pilot, Reddit, And Other Forums
- 20 Bonuses and Incentives
- 21 Yen Coin FAQ
- 22 Taxes
- 23 The Verdict: Scam Or Legit App?
OK so here we can view one version of the Yen Coin website. Please take a look at where they mention how Bitcoin will reach $318,000 by the end of the year.
Now take a look at this website and compare the two. The site may be in German, but its very plain to see that it is an exact replica of the Yen Coin trading app.
Yen Coin Fake Testimonials
We checked a few versions of the Yen Coin trading app and a couple of them are definitely using fake testimonials. This is an extremely deceptive advertising practice which also happens to be illegal in most developed countries. As you can see in the image below, the scammers have no qualms or second thoughts about using any type of sleazy baiting method they deem to be effective.
Fake Yen Coin Reviews
Fake reviews go hand-in-hand with crypto scams like Yen Coin. We were able to identify at least 7 fake Yen Coin reviews, and they all try to sell you the same silly idea. Namely that you are seconds away from becoming a millionaire and generating thousands of dollars on auto-pilot without having to work.
But we know better and would like to alert our readers about this latest hoax. Additionally, we would like to point out that impressive websites with a snappy look are not a guarantee of a genuine review. Sometimes a more in-depth search is required in order to reach the proper conclusions.
Yen Coin Fake News
As of yet we have not seen any fake celebrity endorsements associated with Yen Coin. However, we are convinced that this will surely change at some point. In most cases scammers use celebrities like Tesla CEO Elon Musk or Amazon Chairman Jeff Bezos for promotional purposes. We will update our review once we see this changes.
What Is Yen Coin, Who Is Behind It, and How Does It Work?
Yen Coin is advertised as a high-end multi-functional cryptocurrency trading robot. The software is supposed to use advanced AI technologies in order to deploy algo-powered SPECRs in a real time environment. SPECRs stand for specialized contract rates which are set according to market “sensors” as the Yen Coin website suggests. According to our checks, the Yen Coin trading app is completely anonymous. We can’t really say who is behind it or who invented it.
Yen Coin Review. Is Yen Coin A Legit Opportunity Or Scam Software?
There’s always something intriguing about a new software that’s being launched. People want to see what it’s about and if it can really help them make money. This is something we can identify with and truly understand why investors are constantly looking for new opportunities. This is especially true these days when cost of living is skyrocketing due to inflation and higher interest rates.
Still, everything taken into account it’s always smart to stick to the basics before opting to invest. First and foremost, it’s always a smart idea to check with a reputable review site. When we say reputable it means avoid websites that only write positive reviews or sponsored articles. These types of websites don’t offer any real value to their readers. Secondly, avoid any software that tries to sell you the idea you can become a millionaire overnight. That’s simply impossible and should serve as a big alarm bell.
But wait, that’s exactly what the Yen Coin scam is all about! It’s definitely a used template which is constantly being recycled. But it’s also a get-rich-quick scheme. Just look at the images of the fake testimonials and the insane amounts of money they supposedly made. There are additional factors which we shall examine, but right off the bat it’s very easy to see that Yen Coin is not a trustworthy trading software.
Yen Coin: Our Experience And £250 Deposit Test
OK so when we registered the first thing we saw was the standard broker user interface. It consists of a logo at the top right side and the available assets on the left side trading panel. The cashier was immediately made available to us and we had to select the MT4 feature in order to fund the account. This seemed a bit strange to us since we were not interested in gaining access to an MT4 trading terminal, however it was the only way to make a deposit.
Still, we proceeded to do so and right when we were about to fund our account we received a phone call from someone who presented himself as Kyle Limmerick. Kyle actually told us not to fund our account with any amount under £1,000. He said that it was ludicrous to invest anything less than that amount and expect to see any significant return on investment.
We were literally told by our broker that Yen Coin is probably a scam. Our account manager was not familiar with this software and wanted us to register with another service.
However, he did try to convince us to register through one of their in-house systems where we could start off with £100. If this seems contradictory then there is a good reason for it. Kyle was trying to offset affiliate fees by getting us to invest through a different campaign. In other words, he was trying to steal commission or referral fees from his affiliate partners. We didn’t buy into his sales pitch and proceeded to make our £250 deposit.
When we completed the funding process a more senior account manager called us and obviously tried to get us to reinvest. This time we were advised that there is a fool-proof strategy that generates thousands of pounds daily for its members but required an initial entry fee of £4,000 or higher. That was enough for us, so we just made a decision to part with our initial investment because it was obviously pointless to see if the Yen Coin app really works or not.
Testing Review And Methodology
Our testing methodologies are constantly revised and updated according to industry standards or requirements. In our opinion, the methodologies stand at the heart of our inspection techniques. We believe that allowing our readers to catch a glimpse of how we approach and investigate a new system is crucial in terms of transparency and professionalism.
|Source Check||Where is everyone getting their information from and is it valid?|
|The Main Idea||Identifying the main idea or concept behind the software.|
|What Are The Facts?||Looking at the facts and setting aside biased ideas or notions.|
|Analysis||Analyzing the various strong or weak points.|
|Making the Case||Making the case for or against in a clear and coherent manner.|
The table above represents a partial list of parameters we use for testing purposes. There are about 60 more which we shall not name simply because there are too many.
What Other Review Websites Are Saying
Our staff gather a few excerpts of what other websites are saying about the Yen Coin scam. Please note that these excerpts are in direct contradiction to the facts and do not represent our professional opinion in any way.
➤ Yen Coin is extremely easy to use and also does not charge any fees.
➤ A very effective crypto trading platform that trades on crypto markets.
➤ An excellent alternative for new traders wanting to get started.
➤ Digital currency trading at its finest.
This is just a partial list of what other sites are saying about the Yen Coin scam.
Backtesting And Strategies
A legitimate trading app always offers new members access to various trading tools like stochastics, Bollinger bands, or Fibonacci retracements. These indicators or strategies were never made available to us. Backtesting was also never made available. That means there is no way to check performance stats and see how the app performs from a historical perspective.
Yen Coin Pros and Cons
Here is a little chart we put together for you which outlines the potential benefits or pros versus the risks or cons.
The way we see it, there are no potential benefits for anyone who choses to fund a broker account through the Yen Coin trading software.
Patenting And Regulation
Yen Coin is not licensed with any of the usual regulatory authorities such as CySec or BaFin. Additionally, there is no patent pending or otherwise any patent at all. Yen Coin does not conform to any of the legal requirements as required from a website development company in the EU, Australia, Canada, or the United Kingdom.
We also failed to see anything regarding ISO regulation or PCI compliance. ISO is the International Organization for Standardization. Headquartered in Geneva Switzerland, this body is recognized as the leading standardization entity for software development companies. In terms of PCI Compliance, this has to do with how credit card transactions are processed. Yuancoin fails to deliver on this criteria as well.
Confidentiality of Personal Information
Your personal information is just that, personal! It must be kept in a secure environment and used only when required. For example to generate a new password or close an account. Personal information must not be resold to third parties and recycled for marketing purposes. However, when it comes to get-rich-quick schemes like Yen Coin you can be sure that your email and phone number will be passed around and resold. This is just another way for the scammers to generate an additional stream of income.
Safety and Security
We had our tech experts check two versions of the Yen Coin scam app for firewall settings. It seems the con artists are not really focused on security and their firewall is riddled with so many holes any amateur hacker can breach the security protocols.
Yen Coin, The Japanese Central Bank, and Digital Currencies
According to the Japanese Central Bank Proof of Concept document, the bank “currently has no plans to issue a central bank digital currency (CBDC)”. While it’s true that the state bank has been testing digital currencies for quite some time now, in reality the Japanese are still keen on paper money.
This fact however has not deterred or dissuaded the scammers in any way. They are absolutely convinced that Yen Coin is an effective baiting tool and will use it in order to trap new victims looking to cash in on a legit crypto app.
Yen Coin Leverage
Yen Coin offers a leverage of 5000:1 which is extremely high. In Forex, 50 or 100:1 is usually provided by legitimate platforms. However, Yen Coin is anything but legitimate and for that reason will offer you a staggering leverage. Please note that leverage is like a loan, and loans have to be paid back. So in a way it’s like allowing yourself to have an overdraft at the bank, and once you get into that type of situation it becomes very difficult to get out of it.
Is Yen Coin Compatible With Any Of The Coin Exchanges?
No. This is definitely not the case and if you see a website claiming otherwise please refer them to this review and demand a response.
Yen Coin Deposits and Withdrawals
Making a deposit with Yen Coin is a very simple task. You will be able to do so using a credit card or even cryptocurrencies in some cases. However, when it comes to making withdrawals that’s another issue altogether. We tried it and were simply unable to. The compliance desk for our broker stonewalled and deferred us so many times that we just gave up like most people do.
Yen Coin Trust Pilot, Reddit, And Other Forums
We have spotted a fake review on Truspilot and fake profiles on Reddit as well as other forums. It’s becoming increasingly difficult to know who or what to trust, especially when savvy scammers are constantly piggybacking on reputable review platforms to promote their schemes. It’s always a smart idea to check with a reputable review website specializing in cryptocurrencies.
Bonuses and Incentives
Yen Coin offers new members a very lucrative incentive package, but we recommend you refrain from accepting any form of bonus or incentive. That’s because these so-called “free” gifts are not really free and carry trading requirements. In our case we were offered a bonus with 60 times the deposit amount. That bonus was explicitly designed to “lock us in” and keep us trading using the Yen Coin scam app.
Yen Coin FAQ
Yen Coin is reportedly an automated trading app for cryptocurrencies such as Bitcoin and Ethereum. In reality it's a cloned website and scam.
It is not. We checked with a variety of licensing authorities and found out that this app is illegal.
Yes. We have proven it in our review and investigation.
This is true. We have mentioned that these are affiliate websites and are rewarded for every paying customer they provide through their site. For that reason their reviews are biased.
Try to check with your bank or credit card company if it is possible. We can't help you at this stage. Please bookmark our site and make sure to check before you invest.
Are you concerned about taxes related to Yen Coin? Taxes are the last thing you should be worried about since those are levied on profits. Since we already know that Yen Coin is a losing app, we can guarantee that you will not be required to pay any taxes.
Alternative Systems That Work
Alright. If you have made it to this section of our review and are truly interested in a software which has been tested by our team and found to be consistently profitable then look no more. Our recommended section features the best and most reputable systems available online. Take a minute to check it out!
The Verdict: Scam Or Legit App?
We are giving Yen Coin an overall rating of zero! Our Yen Coin review proves that this service is a total scam. For that reason we have decided to blacklist this bogus trading app. The scammers think they are smart. They tried to mix genuine content and ideas from the Japanese central bank and use it to promote their scheme. But we are on to their dirty tricks and have exposed them in our investigation. Should you need additional information or advise in regards to Yen Coin, please reach out and message us through our contact page.