Welcome to our CoinMiner FXTrade review, in which we investigate the website currently found at coinminerfxtrade.com.
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On March 19, 2023 a report was filed with the BBB (Better Business Bureau) by a Saint Michaels, MD, USA person who claims being scammed for $500 by a cryptocurrency investment scam. He was charged $500 for trading fees and was asked to top up the account during the process. When the trading ended, they were asked to pay an additional $700 for registration fees, which is when they realized they had been scammed.
The complainer provided the following details regarding the scammer:
- Location: New York, NY.
- Email: firstname.lastname@example.org
- Telephone: (616) 344-9481 (a Michigan, USA number)
- Website: coinminerfxtrade.com/dashboard
So is CoinMinerFXTrade indeed a SCAM?
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The domain coinminerfxtrade.com was registered on November 14, 2022 for one year through Tucows Domains Inc. The identity of the owners behind the domain is hidden by a privacy service.
The website belongs to a firm called CoinMinerFXTrade which offers investment solutions for cryptocurrency. The homepage displays the current prices of various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, and XRP.
The website offers a “Create Account” option and a “Login to Account” option. Contact information is provided on the website, including a postal address, phone number, and email address. The website also has sections for “About Us,” “FAQs,” “Terms,” and “Contact Us.”
Let’s delve deeper into each of these sections and see if we can get any clues from them regarding the legitimacy of Coin Miner FX Trade.
According to the information provided on the their homepage, Coinminerfxtrade offers four investment plans:
- Starter Plan: This plan requires a minimum investment of $500 and a maximum investment of $1,000.
- Premium Plan: This plan requires a minimum investment of $1,000 and a maximum investment of $5,000.
- Delux [sic] Plan: This plan requires a minimum investment of $5,000 and a maximum investment of $20,000.
- Exclusive Plan: This plan requires a minimum investment of $20,000 and has no maximum investment limit.
The return on investment (ROI) is not specified in any of these plans so we cannot assess whether or not this is a realistic offer.
Coinminerfxtrade LTD claims to be a legal investment company in the UK that allows anyone over 18 to become a client for free. The company number of CoinMiner FXTrade LTD is said to be 11445991, however this company number belongs to a different company, BIT ELITUM LTD, which is a Private limited Company from London, United Kingdom that was involved in Fund management activities, but is dissolved since 28 January 2020.
There’s even an image of a reception desk in an office with the name Bit Elitum, which was another scam apparently, that keeps changing its name, according to user testimonials.
CoinMiner FXTrade is just one of the recent versions of this scam.
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There’s also a PDF on this site of a certificate bearing the same company number, 11445991, however it as a different company name: 24EXPERTCOIN LIMITED.
It must have been a fake certificate that was prepared for a different scam site, 24expertcoin.com, which is currently defunct.
The copyright line reads “© 2021 coinminerfxtrade.com,” although we’re already in 2023.
Who is behind CoinMiner FXTrade?
On their About us page, they only write how Coinminerfxtrade focuses on investing in cryptocurrency and emerging mining technology with a mission to promote universal adoption and blockchain innovation and that their team consists of experienced individuals from the financial industry who are passionate about the cryptocurrency market.
They invest in cryptocurrencies such as BTC, XRP, ETC, and ETH, as well as new ICO projects. They use advanced investment techniques like financial leverage to ensure huge profits even in the fluctuating market.
No social media accounts are provided, such as LinkedIn profiles.
- 886 10TH AVE, NEW YORK, NY 10019 (an address of a deli called G&G Deli Grocery, according to Google Maps).
- Telephone: +1 (616) 344‑9481
- Email: SUPORT@COINMINERFXTRADE.COM [sic]
A contact form and a chat widget are also provided.
We could find no CoinMinerFXTrade reviews online, however if we look at other websites created by the same scammer, perhaps they will have reviews?
So here’s how we find these websites. We take a text from the website that we would not expect to find in any other sites. For example, a “testimonial” supposedly left by a client of CoinMinerFXTrade called Zoe Jones:
It is very easy to make investments on this site. They have different payment gateways that are secured and easy to use. I have also earned from their referal [sic] program. I upgraded my membership plan to Delux [sic] and it has been fun with lots of features added to my account.
We find the same exact testimonial in other websites, such as:
Also we’ve seen that Bit Elitum was one of the previous names used by this scam, and we’ve already seen they were exposed as a scam. Other websites, such as altprotrade.com, also received some negative reviews. For example:
The website Altoprotrade.com is a scam and should be avoided. They are dishonest and ask for fees that were not previously disclosed, and will not release funds.
The reviewer had a bad experience with them in August 2020, and they are not a regulated platform despite claiming to be so.
After analyzing the details presented on the CoinMiner FXTrade website, it is evident that this investment firm raises some red flags that point to it being a fraudulent investment scheme.
One of the primary indicators of a scam is the absence of clear and concise information about the investment plan’s return on investment. CoinMinerFXTrade provides no details on its investment plans’ ROI, making it challenging for potential investors to know what they are getting into.
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Furthermore, the registration of the domain coinminerfxtrade.com for only one year is another indication that the firm is not in it for the long haul. Typically, legitimate businesses register their domain names for an extended period.
In addition, the lack of transparency regarding the owners’ identity raises questions about the legitimacy of this investment firm. The owners have chosen to hide their identity behind a privacy service, making it challenging to establish their credibility.
Another red flag is the inconsistency of the information provided on their website. For example, the company number provided for CoinMiner FXTrade LTD belongs to a different company that has been dissolved since 28 January 2020, indicating that the investment firm is not transparent about its legal status.
The testimonial presented on the website further confirms that CoinMinerFXTrade is a fraudulent investment scheme. Upon a closer look, it is evident that the same testimonial was posted on other fraudulent websites under different names. The inconsistencies in the testimonials suggest that the firm is not trustworthy.
Moreover, the lack of social media accounts, such as LinkedIn profiles, and the absence of CoinMinerFXTrade reviews online is another indication that the investment firm is fraudulent. A legitimate investment firm would have a strong online presence and positive reviews from satisfied clients.
In conclusion, CoinMinerFXTrade is not a legitimate investment firm, and investing with them can lead to significant financial losses. It is always essential to research before investing in any investment scheme or trading platform, especially those involving digital currencies like Bitcoin or Forex trading. The Financial Conduct Authority advises that investors should always check the Financial Services Register before making any investment decisions. Remember, if an investment offer looks too good to be true, it probably is.
If you have been scammed by coinminerfxtrade, please let us know by commenting below.
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