Coinstore Scam Exposed | September 2025 Field Test and Victim Experiences: Fake Exchanges, Withdrawal Blockages, and Fund Loss Warnings

1. Platform Background and Investigation

• The platform claims that Coinstore is a "global cryptocurrency exchange" that supports mainstream currency transactions.

• Registered address (claimed) : Singapore

• Investigation results : No license information for Coinstore was found in the regulatory database of the Monetary Authority of Singapore (MAS).

• Anomalies : The official website promotes itself as a “compliant exchange,” but lacks a license number and has not received any third-party audits.

👉Conclusion : Coinstore uses the "Singapore" identity to package itself, but it is actually operating without a license.

II. Regulatory Review (Results in September 2025)

Conclusion : Coinstore is not regulated by any official regulator.

3. Personal test results in September 2025

1. Registration : Only an email address is required to open an account, no identity verification is required.

2. Deposit : Deposit 300 USDT, fast arrival.

3. Trading : The prices displayed on the website deviate significantly from the market quotes on Binance and OKX, suggesting a self-created market quote in the backend.

4. Withdrawal : When applying to withdraw 100 USDT, the system prompted "20% personal income tax required" and required an additional 60 USDT in advance. After rejecting the request, the account was frozen.

👉Conclusion : Coinstore is easy to deposit into, but withdrawals are often rejected, a typical scam.

IV. Case of the victim in September 2025 (pseudonym, anonymized)

Case 1 — Lin Jie (China)

• Deposit amount : 2,000 USDT

• How I was scammed : I was lured by a WeChat group agent who promised me "high-yield financial management." The platform required a 30% tax upon withdrawal, but even after payment, my funds were still not credited.

• Loss : 2,000 USDT.

Case 2 — Rahul P. (India)

• Deposit amount : $5,500

• The scam involved opening an account through Telegram customer service. After depositing, profits were displayed for a short period of time, but withdrawals were rejected. Customer service stated that an additional $2,000 USD was required as a "compliance deposit." After the request was rejected, the account was wiped out.

• Damage : $5,500.

Case 3 — Laura G. (Spain)

• Deposit amount : 1,200 EUR

• How Laura was scammed : She registered through a Google ad. When she requested a €100 withdrawal, she was told she needed to complete "identity verification and add €500." She refused, and her account was blocked.

• Damage : €1,200.

5. Common Scam Methods

1. False compliance : Claiming to be licensed in Singapore, but actually not regulated.

2. Manipulating the market : large price deviations create the “illusion of profit”.

3. Barriers to withdrawals : Withdrawals are repeatedly denied on the grounds of "taxes", "security deposits" and "KYC".

4. Agent recruitment : relying on WeChat groups and Telegram agents to develop downlines.

6. Blacklist Feature Comparison

VII. Compliance Comparison

👉 Compared to these compliant exchanges, Coinstore is extremely risky.

8. Risk Conclusion

Combining personal testing and user cases in September 2025 :

• Coinstore is unregulated and pretends to be from Singapore;

• Withdrawal is difficult and the risk of fund security is extremely high;

• Users lost amounts ranging from €1,200 to $5,500.

⚠️ BrokerHiveX Conclusion: Coinstore is a typical scam exchange and investors are strongly advised to stay away from it.

IX. Multi-dimensional risk scoring (10-point scale)