The American frontier, also known as the Wild West, conjures up images of lawlessness and expansion into new uncharted territory. This time period is frequently marked by volatility, risk, reward, and loss.
Feelings of what it was like in the Wild West often hit close to home for those who live in a time when new markets, manufacturing processes, or technological innovation disrupt traditional ways of living or doing business. Today, many people are concerned about the volatile state of the cryptocurrency market and the impact it will have on the future of commerce.
As retail investors, speculators, and various types of institutional investors continue to turn their attention to the lucrative cryptocurrency markets, so do scammers and cheats.
According to the Federal Trade Commission’s (FTC) Consumer Sentinel, between October 2020 and March 31, 2021, nearly 7,000 people reported losses totaling more than $80 million. These figures reflect a 12-fold increase in the number of reports over the same period last year, as well as a nearly 1,000% increase in reported losses. Given the exponential rise in reported crypto scams, understanding the different types of scams and what you can do to protect yourself from being duped is more important than ever.
We’ll go over CoinMinersFX in detail as a fraudulent broker and what you should look for in a broker to avoid being duped.
CoinMinersFX – Who Are They?
Coin MinersFX is a Bitcoin-based platform that provides leveraged trading on a variety of digital assets such as Bitcoin, Ethereum, Litecoin, and Ripple.
They are bitcoin experts who use invested funds for bitcoin trading and mining, generating wealth for investors and ourselves. When you invest your bitcoin/money with biz-coin investment, you don’t have to worry about fund loss or risk. You simply earn daily income based on your invested capital and receive a 15% referral bonus for each person introduced; all payout requests are processed within 24 to 48 hours into your bitcoin wallet.
The company was founded in 2010, and they have grown exponentially since then, serving clients in over 150 countries.
They offer their clients access to top-tier liquidity and a wide range of trading tools, all while maintaining security, liquidity, and enabling a safe and efficient trading environment for all.
Coin MinersFX provides a solid trading system for both novice and experienced traders who require highly reliable market data and performance. The entire infrastructure is designed to support high order volumes and extreme loads, while also providing ultra-fast order execution and low latency.
Traders of all levels of experience can easily design and customize layouts and widgets to suit their trading style. They are proud to provide our customers with such innovative products and professional trading conditions.
CoinMinersFX Products and Services
CoinMinersFX appears to be a mining service based on the name, but this is not the case. In fact, the entire website is filled with bland statements about how the project was created by bankers and professionals, how safe and reputable it is, and so on.
Concerning the service, there are only a few investment plans in which it is claimed that CoinMinersFX offers Forex/Crypto trading rather than mining. Furthermore, depending on the size of the deposit, all of these plans include fixed daily earnings of 10% or more. We can tell you after spending only a few minutes that CoinMinersFX’s offering is financial swill. That is a scam, and it has nothing to do with cryptocurrency.
Cryptos have grown in popularity, and they offer tremendous profit potential, but the assets are fairly complex and somewhat enigmatic to the vast majority of people. Bitcoin is still surging, and the entire crypto market is expanding at an exponential rate, but all investments carry significant risks, such as high unpredictability and a lack of regulation. We’d also like to emphasize the risk of fraud—crypto scams are practically everywhere.
In fact, the most recent trend among scammers is to set up bogus websites offering fictitious crypto investments and mining services in order to lure unsuspecting investors into scam settings.
The fraudulent offers typically follow the rule “sounds too good to be true,” the entity providing the services is completely anonymous, and there is no regulation in place. So, based solely on the products and services provided, we can conclude that the entity under consideration is dangerous. You should avoid it.
However, it is worthwhile to consider trendy cryptocurrency alternatives that have already proven to be trustworthy. Many cryptocurrency exchanges, such as Coinbase and Bitstamp, already offer passive income opportunities such as BTC and ETH staking, other earning opportunities, affiliate programs, and so on. Both mentioned are law-abiding financial firms that operate transparently, so if you trust them, you will not be exposed to fraud risks.
CoinMinersFX Company and Regulation
CoinMinersFX boldly claims to be a UK-regulated investment firm with global operations, which is a blatant lie. CoinMinersFX is not registered in the United Kingdom and does not have a license to call itself regulated!
In reality, it’s an anonymous investment scheme that will almost certainly defraud you if you invest there. As a result, the crypto service under consideration is not a typical firm, and as such, it is not regulated. Because there is no regulation, your investments are at risk if you deposit. Furthermore, you will not have access to complaint procedures or money-protection schemes, so if something goes wrong, you will bear the entire loss.
Furthermore, because digital coin transactions are anonymous, you cannot get your money back if you are scammed by a shady crypto provider.
Indeed, cryptocurrency regulation has long been a hot topic. Although central banks do not issue or govern digital coins, many countries are planning to implement centralized cryptocurrencies. Nonetheless, Bitcoin is a peer-to-peer payment system that many people regard as too risky. However, many cryptocurrency firms now have financial licenses; they are transparent, and their clients can benefit from certain customer protection measures if something goes wrong.
And that does not apply to the entity under consideration, which is an anonymous and most likely completely illegal enterprise that can turn off its servers, pocket its clients’ money, and get away with it.
CoinMinersFX Address and Contacts
58 Boar Lane SENNEN COVE TR19 9HS UK
(+44) 7404 423242
CoinMinersFX’s address is incomplete, and we can assure you that they are not in TR19. They lie in order to create a false sense of security by posing as a British company. However, the false address allows them to remain anonymous and difficult to track down. Scammers do it all the time, and CoinMinersFX is no exception! That’s a ruse!
Transparency is always important when considering investment opportunities. Regarding cryptos, you are already aware that Bitcoin is a peer-to-peer payment system designed to protect privacy and security. However, this does not imply that the crypto providers should be anonymous as well. After all, these people will be in charge of your money, so you should at least be aware of who they are and where they operate.
In fact, some trustworthy exchanges do not reveal such information on their websites; however, it is still easy to verify that businesses are legal, law-abiding entities; thus, it is always a concerning sign if the crypto provider is not transparent.
Is CoinMinersFX Legit?
CoinMinersFX is an unregistered investment firm. The issue with unregulated investment firms is that they are untrustworthy and violate regulations. Stay away from this Investment Company because they are anonymous and can disappear at any time without notice.
To ensure that you are dealing with a regulated and well-known Investment Company, you should be able to easily determine who the CEO of this investment firm is, who runs it, and so on. Lack of information is a major red flag because you don’t know who will be handling YOUR MONEY. This is why CoinMinersFX is a risky Investment Company to work with.
With such a lack of information and CoinMinersFX being unregulated, funds are not safe. The security of funds is a major issue with unregulated Investment Companies. We noticed CoinMinersFX withholding vital information from users, which is a red flag.
CoinMinersFX may go bankrupt at any time because there is no banking information available for this Investment Company.
Scam Warning Issued Against Coin Mining FX
Scammers are always riding trends, so it’s not surprising that cryptocurrency fraud is on the rise. Even more so, the high-tech nature of Bitcoin facilitates scams because most people don’t understand how crypto works, and scammers take advantage of this lack of understanding.
Indeed, the crypto scam has been around for a while, and it has proven to be extremely dangerous- remember OneCoin, which was a multi-billion dollar Ponzi scheme disguised as a revolutionary digital currency? However, because scammers rarely venture outside of their comfort zone, most crypto scams resemble traditional investment fraud.
The fraudulent crypto schemes are also anonymous and illegal, with scammers posing as different people. There are also far too many impersonators who mimic the websites of legitimate start-up companies, redirecting customers to other insecure fishy payment portals that may also pose additional security risks. Once again, the con artists promise the moon and stars to their victims but fail to deliver.
The difference between cryptocurrency and the rest of the investment scams is that people are more likely to believe they can become wealthy overnight because Bitcoin has already proven to have massive profit potential. In any case, you should exercise extreme caution when dealing with cryptocurrency, as the markets are plagued by scammers.
“Coinminersfx is a rip-off. Please avoid using this platform. It’s simple to invest, but there’s no way to get your money back. They require a $ 1,000 deposit in order for you to withdraw, and they do not even display the policy before signing. They are thieves and con artists.” Mayer, Saea
“I tried it, and when I tried to withdraw money, they asked me to sync my wallet link, so I did that, and I tried to withdraw 10 dollars, and the withdrawal was successful, but I came back to withdraw again, and they asked me to deposit $300 dollars so that I could withdraw.” – Adam, Hellen
“I’ve had an account with them for almost a year, there is money still in there, I’ve had no luck with my credit card company retrieving the funds as the deposit money was around £700, they have not been any help.” I’m afraid that if I use my passport, it will be confiscated because this company has a copy of it.
I’ve tried to contact them via message and email but haven’t gotten much response, although a lady got in touch before Christmas and split the funds into a few assets, my account has now received £10,00.00 so I believe but I’m not getting any response from them even if I try to withdraw, useless.
And I’m still getting calls from other brokers trying to set up accounts, which is more annoying. As for advice, my local office told me I had a credit card bill to pay at the end of the month.”- Charlie Harlorm
Know Who’s An Authentic CFD Broker & Who is A Fraud!
These firms do not have a brokerage license. They’ll break the law, jeopardizing the interests of their investors in the process.
Their platform is expected to be in the market for a short time, and they will exit once they have stopped defrauding investors. It would be advantageous if you exercised extreme caution when interacting with nameless entities. Furthermore, the company claiming to be behind the actions of this company has been linked to fraud. To avoid being duped, invest with a legitimate Forex trading brokerage.
Regardless of the type of financial fraud, it is critical to report the crimes as soon as possible to the appropriate agencies and law enforcement. Financial fraud should also be reported to the appropriate authorities as soon as possible. Victims should also collect crime-related documentation, such as bank statements, credit reports, and tax forms from current and previous years, and continue to file important information throughout the reporting process.
Ezchargeback provide information about different kinds of scams and how to avoid it