Update: Ucoin is not something I would recommend getting involved in even though they are paying out
In today’s review I look at a new cryptocurrency lending platform called Ucoin Cash. Lately these types of ICO’s seem to be popping up from everywhere and as I explained in my last post about SCAM Cryptocurrency lending platforms 99% of these things are scams and will run with your money. After aot of questions I decided to do a review to ask is ucoincash a scam or could this one be different and be a legit lending platform.
Official Site: ucoincash.co
Whitepaper: Yes on the website
Results From My UCoin Cash Review
Basically Ucoin Cash looks like another cryptocurrency lending platform just like Ethconnect, davorcoin, hextracoin, regal coin and the list goes on and on. My aim was to check if they offered anything different or even any real proof that they could be legit and follow through on all the promises.
What Products Does UCoin Cash Offer
Like other lending platforms they offer trading, lending, staking and as they are not an ERC20 token they also offer mining which going by their road-map will be available early next year. In case your not familiar with the difference an ERC20 token is one created on the Ethereum blockchain which uses proof of work rather than proof of stake which is mining.
Below is an image I got from their site ucoincash.io site showing the 4 main ways to earn with this lending platform. Will they actually deliver them all or just run off with everyone’s money after the ICO we don’t’ honestly know. I’ll will give my final thoughts at the end of this ucoin cash review.
Outside of the ways to earn which they have listed above they also say they will be giving users a mobile wallet as well as a desktop wallet and a debit card. Until the platform goes into full launch we will have to wait and see if they deliver on all of these items. If they do deliver then that will leave ucoincash in a very strong position in the market and they could turn out to be a very good investment but at this stage with no solid proof it is a risk.
Who are the UCoin Cash Founders
At the minute we don’t know who they are. They have put alot of work into the site and whitepaper and reference a team in their whitepaper but like most other lending platforms they don’t give us names. I did contact them by email to ask for more info but I haven’t got any yet, I got one fairly generic reply in broken English where they didn’t answer my question about the founders and if they would be interested in an interview so I have resent that question again and when I get a reply I will add it in here.
Is The UCoinCash Real?
Apart from all the info on their own site I can’t find any other proof that the coin really exists. In their whitepaper they do give us info about the tech spec of the coin which I have posted below but I haven’t found a GitHub link or anything solid yet to prove they have work done already.
Will UCoin Cash be on an Exchange
As you will have seen in my video review it looks like they have already built an internal exchange which does look decent. Again we can’t actually use it until the platform goes live after the ICO but it is more than most of these lending platforms show us. An internal exchange is ok but in reality the only way that a coin can really explode in growth which is what we look for in high risk programs like this is if they get on an external crytpocurrency exchange and again they can’t even apply for that until after the ICO and they officially launch.
Is UCoin Cash a Scam?
99% of these lending programs that we see everywhere now are scams so why would ucoincash be any different is the big question. They have put alot of work and thought into their website but does that make ucoincash legit? My honest answer is I don’t know yet and unfortunately we wont know until it is too late and they have either launched and the price has skyrocketed or they have run off with everyone’s money.
Conclusion From UCoin Cash Review
To sum up my thoughts on the UCoin Cash ICO yes they have put alot more work into this one that other lending platforms have done and that has grabbed my attention. The fact that they pay 9 levels in affiliate plan is both a good and bad aspect, good in that it will be picked up by marketers who can really help push it and create hype but bad in that it might not be sustainable. Will I invest in UCoin Cash? I am on the fence with this one and I will put something into it but the word I would use for this would be I will gamble something on this ICO rather than say I will invest in it.
Final Thought: UCoin Cash is high risk with potentially high rewards so do not invest / gamble anything you can’t afford to lose