ICO Review: EthConnect – Scam or Legit?

Lending platforms have gained momentum recently, much after the unexpected rise of BitConnect into the Crypto world making it as one of the Top 10 cryptocurrencies in terms of market cap. Many new players are entering the market expecting to have similar Bull Run. One such player which is recently creating a lot of Buzz is EthConnect.

Quick Facts:

Name: EthConnect
Symbol: ECH
Total Supply: 31,000,000
ICO Date: 03-Nov-17 to 30-Nov-17
ICO Cap: 8,000,000 tokens
ICO Price: $0.5-$1 based on below metrics:
0 - 1 million token: $0.5 + Bonus 15%
Over 1 - 2 million token: $0.55 + Bonus 10%
Over 2 – 3 million token: $0.60 + Bonus 8%
Over 3 – 4 million token $0.65 + Bonus 5%
Over 4 – 5 million token $0.70 + Bonus 3%
Over 5 – 6 million token $0.80 + Bonus 2%
Over 6 – 7 million token $0.90 + Bonus 1%
Over 7 – 8 million token $1.00 + Bonus 0%

What is EthConnect?

EthConnect (ECH) is a self-managing financial system with P2P transaction based on open source platform. It is similar to BitConnect with the main difference being it runs on the Ethereum blockchain.

Why EthConnect?

Lending platforms have had massive success in the past, BitConnect and RegalCoin are the perfect examples. EthConnect provides a similar opportunity to multiply your investments by following the footsteps of already successful players in the market.

What does EthConnect offer?

EthConnect offers interest of up to 45% per month in return for investors lending them money. They are offering different investment options for lending money, anything from $100- $100,000 loans. Each loan made with them will pay interest out daily directly to your wallet.

The length of time it takes for you to receive your original investment back depends upon the amount you lend them, with the highest plan giving your initial money back after just 89 days, whereas the smaller plan takes 179 days.

The platform also offers their customers the chance to make money by staking, trading and mining EthConnect.

Roadmap

Positives

• Multiple Investment Opportunities: EthConnect is not just a lending platform, customers will have various options to multiply their investment which involves: Lending, Trading, Staking and Mining.

• Market Demand: Lending platforms are extremely lucrative, there is a huge demand of lending platforms in the market, simply because of the enormous gains being produced.

• Hype: EthConnect has already gathered a lot of hype, mainly because of its multi tier referral program. People who missed getting on-board in BitConnect or RegalCoin are seeing this as an opportunity. As a result, EthConnect has already done over 190,000 registrations on their website.

Negatives

• Anonymous Team: Team is not listed on the website. Therefore, no accountability if something goes wrong.

• Promises of High Returns: They have mentioned a target figure (in Dollars) against each milestone in their roadmap which does not look professional at all.

• Inaccurate Data: The lending data provided in their whitepaper is different from what is visible on their website.

Scam or Legit

I can’t tell whether EthConnect is legit or scam but what I can definitely tell is that EthConnect has all the possible ingredients of turning out into a giant scam.
Due to referral marketing, many articles present on the internet tend to be a bit biased simply because a referral link is attached to almost each one of them but what I have personally felt is that the team is very unprofessional and moreover there is no visible Github activity which makes it even harder for me to believe in this project.

Recommendation

I would not recommend anyone to invest in EthConnect but if in case you want to, I would just recommend to invest when it is on the exchanges. If EthConnect turns out to be legit, it will surely produce enormous gains. Now it is up to you to decide whether you want to invest in a project which can either make you 20-30 times gains in a month or nothing at all.

Overall Ratings: 5/10
Investment Advice: Not Recommended

Note: This is Not a Financial Advice.

Quick Links

Official Website: https://ethconnect.net/
White Paper: https://ethconnect.net/WhitePaper_en.pdf
Twitter: https://twitter.com/EthConnect/
Telegram: https://t.me/ethconnect

Appeal

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Image Credits: https://ethconnect.net/