Welcome to my Cryptostorez review.
Cryptostorez has been getting a lot of attention recently. People seem to be talking about it all over social media.
Are they legit? Should I spend my cryptos on their products?
We have been getting the following questions and a lot more from our readers, and as a response, I have decided to provide an in-depth review on this subject.
Before going further, I will like you to know that I am in no way affiliated with Cryptostorez.
This Cryptostorez review contains verifiable evidence intended to give you a better understanding of Cryptostorez’s actual intentions.
At the end, you will be able to make an informed decision based on what you ought to know as against what they want you to think.
Stay with me.
What Is Cryptostorez?
Cryptostorez’s official website holds no information as to the platform’s owner(s) or where it is based. How it operates is also unknown due to the fact that, there is nothing to be seen in its FAQ section.
However, the platform claims to sell products such as Cryptocurrency mining equipment, Bitcoin branded accessories, computers, phones, shoes, clothing, home appliances, books, healthcare and baby products.
Its mission is to contribute to the building of a better Africa by eliminating trade barriers associated with the involvement of third parties. To actualize this goal, it only accepts payments for its products through Bitcoins (which is a universal currency with no national boundaries).
Furthermore, Cryptostorez does not explain whether it is responsible for the production of its goods, imports them to resell, or acts as a dropshipping agent for a larger organization.
Everyone will argue that a company capable of providing services of that magnitude should have a physical presence, or some sort of home office, warehouse (any physical presence at all, that customers can go to with complains or physically pick up items.)
Sadly, Cryptostorez does not provide any information of that sort on its website which led me to believe it has a 0% offline presence (not good for a store that sells physical products).
After a little more digging and background enquiries, I came to realise that Cryptostorez is owned by Crypto Fortune Investment Ltd based in Abuja Nigeria.
Crypto Fortune Investment Ltd
Switching gears and focusing on Crypto Fortune Investment Ltd. I realized that the organization was founded by Silas Umekwe and Obiageli Anozie (both Nigerians).
Silas Umekwe has been involved with several Fintech companies such as CryptoLife Capital, CryptoHub and CopyTrade.
He is heavily into HYIP’s, Pyramid and Ponzi schemes that promise huge ROI’s in few days, but end up taking investors monies. His Facebook bio shows his involvement with Bitclub Network (an investment platform with a referral system, more like the scam BitclubAdvantage and Bitworld Center).
He announces his latest scheme in the image below.
Information on cryptofortuneinvestment’s official website claim Obiageli Anozie is a marketing expert. However, her post on August 31st 2017 proves otherwise.
At this point, it is safe to say that Cryptostorez is run by the duo of Silas Umekwe and Obiageli Anozie.
Furthermore, according to Alexa site statistics, Nigeria accounts for 100% of Cryptostorez visitors.
Meaning the whole African market thing was intended to provide some form of social proof.
Products on Offer
The products on offer include Cryptocurrency mining equipment, Bitcoin branded accessories, computers, phones, shoes, clothing, home appliances, books, healthcare and baby products.
The huge price tags that come with their products and the absence of a physical shop or pick up location implies that their products are drop-shipped after an order is placed, and might take several days to be successfully delivered.
And judging from the site’s graphical presentation, it is glaringly clear that a majority of its product images are manipulated and might not represent their actual dimensions, appearance and sizes.
I personally will need a lot of convincing to spend a satoshi of my Bitcoins on this site.
How Payments are Remitted to Cryptostorez
Cryptostorez processes payments for its products through Coinpayment (a payment gateway for merchants who wish to accept payment in Cryptocurrencies).
Remember that Cryptostorez does not divulge its ownership info or location?
Guess what, it is also anonymous on coinpayment. No names can be tied to its coinpayment account, which makes it practically impossible to know who you are paying to, and in an event where you don’t receive what you paid for, there will be no one to run to.
Here is how they are represented on Coinpayment
According to Coinpayment, the organization’s account has been in existence since 2016. But whois gives its launch date as Aug 31st 2017, while the website says it started operations on September 2017.
Cryptostorez domain details
Remember I did mention the fact that Cryptostorez obviously does not produce their products. All indications point to drop shipping, which means orders will take weeks and even months to fulfil?
Well, as if that is not threatening enough, Cryptostorez’ terms and conditions expressly declare that they cannot be held liable for any delay or failure to deliver products to customers, in circumstances that are beyond their control.
(Cryptostorez delivery terms and conditions)
The spooky part of it is their failure to explain what they mean by circumstances beyond their control.
That certainly is not a good sign for a store without a physical presence.
It is not clear if Cryptostorez is capable of delivering on their promises, as it currently has no user reviews.
The absence of any reviews or comments from past users anywhere on the internet means patronizing this platform is a high-risk affair.
The idea behind the platform is highly commendable, and I believe a little more transparency is what its admins need to take it to the next level. Until that is done, I suggest you put your wallets back in your pockets.
I hope you have gained value from my Cryptostorez review, please don’t forget to leave your opinions in the comment section below.
One more thing Dearie, don’t forget to click on your favourite social media icon below to let others in on this.