Morris Coin Review: Is Morris Coin ICO Fake? Here’s What to Know
Cryptocurrency investors, especially from India, are searching for Morris Coin review.
Morris Coin is one of those newly launched ICO projects trying to find a balance in the crypto industry.
An ICO, also called Initial Coin Offering, is an old method of financing a blockchain project in the crypto space. Other newer funding methods used by blockchain firms are Initial Exchange Offerings (IEOs) and Security Token Offerings (STOs). These are a variation of an initial public offering (IPO) used in the stock market.
Investors benefit from these events as the price of the tokens being sold usually goes up as the project develops. But it’s not always rosy as investors could lose their funds if they invest in weak or fraudulent projects.
So before investing in any ICO or funding any blockchain project, it is important to take time to research and find the value proposition of the project.
For those interested in investing in the Morris Coin ICO, we’ve done the hard work for you as the project recently entered our scam alert radar. As a result, we researched the project to answer pressing questions like Is Morris Coin ICO fake? Is Morris Coin legal in India? What is the price of Morris Coin in India today? And more…
Morris Coin Review
A close look at the website reveals something noteworthy about Morris Coin. Most (if not all) of the verbal elements used to describe its operations are pointing to future activities.
This implies that Morris Coin creators are more focused on the future value of the project. It also implies that Morris Coin is not yet a cryptocurrency, as it is designed by its founders to prospect for funds.
What is Morris Coin?
Morris coin claims to be a new decentralized cryptocurrency project exclusively created for the modern business world and individual traders. The website further claimed it would be launched through an ICO.
“To power an Ecommerce and Trading network and to create a stable method of exchange The Morris Coins will be released to the public via ICO (Initial Coin Offering),” an excerpt from the website reads.
Is Morris Coin legal in India?
Over research shows that the founders of Morris Coin are from Kerala, the southwestern part of India. They claim that investors stand a better chance of making huge sums of money as soon as the coin is launched, as internet users and e-commerce members within the system will exchange the Morris Coin as token currency.
Although the current law on cryptocurrency in India allows those in the country to trade in cryptocurrency, investors are not allowed to use it as a means of payment for goods and services.
That invariably implies that Morris Coin is not yet certified to be used as a means of payment in India, which is its core value proposition.
Morris Coin Price In India Today
Morris Coin is not listed on CoinMarketCap, CoinGecko, or any cryptocurrency price aggregator for that matter. However, Morris Coin price in India today is ₹15,000 (appr $204). This is the amount new users pay as registration fee, and the payment is usually made to a designated Morris coin account, followed by proof of payment.
Is Morris Coin ICO Fake?
Aside from its legality status, Morris Coin ICO is somewhat messy as it is surrounded by several red flags that investors should be wary of.
- No White Paper
Every ICO project is expected to have a whitepaper that provides information about the founders, board members, key investors, objectives, and value proposition of the project.
But that is not the case with Morris Coin ICO. There is no white paper or any useful document that provides insight on the project; neither is there any information about its creators and backers. There is also no official business address of the company.
Worse of all, as an ICO project that claims to live on the blockchain, there is no blockchain ID for users to track the funds being raised. The cryptocurrency is not built on any blockchain infrastructure like Ethereum or Tron since search results for “Morris Coin” was null.
- Non-existent Customer Service
The website directs prospective investors interested in the ICO to send inquiries to [email protected]
However, an email sent to the supposed customer service point returned with an error message that the message wasn’t delivered to the above email because the address couldn’t be found or is unable to receive mail. And that’s the only channel to contact Morris Coin.
It is only natural that prospective investors would like to know every detail about the new cryptocurrency since they have failed to provide a white paper. Hence, the creators needed to be available to answer any questions about every detail regarding the Morris Coin ICO. Their inability to have an organized customer service raises an eyebrow.
- Lack of Transparency
Morris Coin shows that it lacks the required honesty needed in the event of an ICO. For example, a close look at the website shows that it only used generic terms in the description of its product and services. No document stipulates or outlines a step-by-step operation of the system.
Besides, the website does not host any real people that are putting up the ICO. In other words, it lacks verifiable members of the Morris Coin team with relevant and documented experiences.
No part of the website talks about Morris Coin Price, which ideally should be there since prospective investors would want to know the token price.
- Registration by Referral
While writing this Morris Coin review, we discovered something unsettling about user registrations on the platform.
When you click on the Morris Coin login page, it brings out three required user credentials, namely, the user code, password, and the security code. But there is no option for direct user registration. This simply means that one cannot directly join the Morris Coin without any reference.
Further investigation on Vishwa Tech reveals that the user credentials are usually generated for new users by an already existing member of Morris Coin, who receives a commission for referrals. Sounds like Morris Coin is a typical pyramid scheme if you ask us.
Final Words: Is Morris Coin a Scam?
Although there are testimonies online from users who claimed they profited from investing in Morris Coin, keep in mind that fake online accounts and testimonies are easy to create.
Having considered the information provided in the Morris Coin review, you can decide what is best for you. But is it worth the risk?
Regardless of what your decision is, you should always remember to subject an ICO to a kind of quality assurance to be double sure of its merit and quality, which you can do by checking through some websites that list genuine ICOs.
If you must invest in an ICO, STO, or IEO, then you need to be more careful with companies with promises of quick profit.
Instead, pay closer attention to information such as, the company’s team members, verifiable skills and experiences of the team members, the deadline for ICO, what gap the product is filling in the crypto industry, and the history of the company.