2018 marked the beginning of operations for the PointPay platform. This is a type of cryptosystem that consists of not just a wallet but also an exchange and even a bank. Wallets are just one component of the overall system.
There is a lot of contradiction in the feedback on PointPay, and most of it is unfavorable. Because of this, we made the decision to investigate the issues that have been plaguing the organization.
Is there something they are attempting to keep a secret from us?
In addition, as is customary, the subject of how to get money out of PointPay will be addressed at the very end of the analysis. Also, what are the procedures for quitting if things do not proceed “in a good way”?
PointPay Official Website – Features and Highlights
So, what does this cryptosystem offer to customers?
Cryptobank
You will have the ability to open settlement and savings accounts in Bitcoin, Ethereum, and PXP using the system. There is a daily payment for the interest. A loan is an option that can be pursued.
Exchange for cryptocurrencies
You are able to directly purchase cryptocurrency, follow its price movement online, and undertake technical analysis. The ERC-20 tokens can be traded on the exchange.
E-wallet supporting many currencies
It is unnecessary to explain how to utilize it at this point because everybody already understands.
The establishment of a payment system is the fourth objective of PointPay.
It is currently in the process of being developed.
It is believed that the majority of its use will come from websites that allow customers to pay for items using cryptocurrencies.
It would appear that everything is going well.
Outside of the official PointPay website, does this appear to have any potential? The lessons learned from previous experiences have shown that endeavors of this nature inevitably pop like soap bubbles.
After all, the sole foundation upon which the entire system rests is the internal token. You are aware that the people who are developing the project currently have control of it. And they are the only ones who can determine its value.
PointPay Registration Information: Are They Registered?
Point Pay LLC is the owner of this website, which was initially registered in the United Kingdom in the year 2020 at the following address: 71-75 Shelton Street, London, England, WC2H 9JQ.
The more recent assessments of PointPay corroborate this information. The old address has been replaced with the new one, which is as follows: 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 from alleged customers. And they’re all lauding the company! Something seems fishy, don’t you think?
How Does PointPay Lure New Customers?
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 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, and they refuse to process a withdrawal- this is what real PointPay customers write in their reviews.
There are also frequent cases of blocking accounts.
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 doesn’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 in the financial market but does not have a single permit necessary for such work. Be careful!
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