Our BitMines review explains that this decentralized crypto platform is in fact a scam that will lose your money.
What is BitMines
BitMines is a professional digital asset quantitative finance wallet. At least that’s how it’s defined on its official website.
The most important feature of BitMines is that it offers investment plans with daily returns from 0.6 to 2.0%. The minimum investment amount being 10 USD(T).
Bitmines says it is based in Luxembourg and regulated across the European Union. But is it true?
Is Bitmines legit? No, it is not, in reality it’s a fraudulent platform that is stealing money from people.
Bitmines is a scam that has nothing to do with decentralized cryptocurrencies, trading, mining or any other legitimate activity. It is a digital robbery that was built to separate people from their money. In this review we show you proofs.
The easiest way to prove that BitMines is a scam is to do a background check of the company. On its website, it says it was founded in 2011 and that it is located in Luxembourg, where it is also licensed/regulated.
But that’s a lie. Bitmines is not even registered as a company in Luxembourg, let alone regulated as a digital currency payment company.
You can see in Luxembourg’s companies register that BitMines is nowhere to be found. In fact, it is not licensed in any country in the world.
The company is obviously lying on its official website, which makes it a scam, there is no way around it.
Illegal investment advice
Bitmines claims to be licensed as a digital currency payment company, which it is not, as we have already proved in this review.
But even if it had that license, it would not be enough. Because the platform is providing investment services, which requires a different license/authorization from financial regulators.
BitMines has no license whatsoever, which means that it is an illegal investment service.
Fraudulent investment plans
It’s not something people want to hear, but making 0.6 or 2.0% per day is impossible in trading or investing. Nobody can do that, nobody can predict financial markets to such a degree. That is a fact.
So yes, it is as easy as that to spot most of online investment scams today, they offer unrealistic returns like BitMines does.
When you see an offer with returns that are unachievable in a legitimate way, you know for sure that you are dealing with a scam. We have reviewed and exposed thousands of scams and this rule never failed. You can use it to avoid scams in the future.
How the BitMines scam works
Frauds like Bitmines tend to start as Ponzi schemes, meaning that they just transfer money from new to old investors. Which makes them look legit, because they pay their users at the beginning.
It is unclear what stage the Bitmines sham is in, but it does not really matter. We know for sure that it is a scam, so you absolutely have to avoid it.
They do all their transactions with cryptocurrencies, so once you send them money, there is no way to get it back, except for law enforcement.
Platforms like BitMines might show you some fake profits on your account and ask you for more deposits, fees, taxes or whatever. But everything will be just an excuse to steal money from you. Don’t fall for it!
BitMines review – Conclusion
BitMines is lying on its website, it’s a fake company and an investment scam that will just take your money and give you nothing back.
Stay away from it, don’t deposit any money, otherwise you will lose it and have a very hard time trying to get anything back.