Boomhash (boomhash.com) is an online trading platform which claims to earn its investors fixed hourly returns regardless of their experience or level of expertise. Their software supposedly generates returns of up to 1200% after 18 days with no risk associated.
While we were investigating this platform, we found many unethical practices which makes us believe that it is a fraudulent platform designed to lure in inexperienced investors and run away with their funds.
After going through all the information put up on their website we couldn’t find a single clue about the actual creators behind this so called revolutionary trading platform. Read our full review to find out why you should never trust these scammers to trade on your behalf.
License and Background
This firm represents an ICO wherein the large amount required for trading purposes are raised from general public and in return the investors are entitled to certain amount of money depending upon the terms of the contract.
Since Boomhash states that they are situated in the United Kingdom, they have to be regulated by the local authorities. While we were trying to find any certificates confirming licenses they must lawfully hold, we couldn’t find any.
We have confirmed through FCA Boomhash.com Limited has never been licensed thereby operating illegally.
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Every fake investment company tries they best to appear genuine in front of potential investors and Boomhash is no exception. These faceless scammers have put up some sort of registration document but rest assured they have no right to take or raise money from anyone.
On top of all these lies if you notice their platform, the registration certificate put up by them is very blurry and does not reveal much information. Why do you think they are refusing to be transparent? It is in order to avoid criminal prosecution.
Here are contact details of this firm:
Address – Aldgate, St. Botolph Street, London, United Kingdom, EC3A 7DT.
Email – [email protected]
How does Boomhash Work?
Boomhash claims to be made up of a young team of financial experts who are focused on creating profitable bitcoin investment solution. Since the bitcoin volatility is enormous they state that everyone should have it in their portfolio.
The trading professionals of this firm are supposedly monitor the market movements and trade when bitcoin prices are low and sell them when they reach higher levels. So basically they are following buy low sell high approach which might sound easy in theory but trading involves a lot of variable and this narration does not give much insight.
Since there is no verifiable trading history revealed anywhere on their platform, there is no way any rational investor will believe them.
What kind of returns are promised by Boomhash?
The majority of the crowd who does not have much knowledge about bitcoin think that they can amass a fortune by trading cryptos. While it is possible to make significant returns keep in mind that it does not happen overnight like these crooks portray.
The returns offered by this platform range anywhere between 26% to 1,200% which is highly unlikely to say the least.
Details of the investment plans:
Returns – 26% Hourly
Period – 5 Hours
Returns – 20% Hourly
Period – 12 Hours
Returns – 500%
Period – 4 Days
Returns – 1200%
Period – 18 Days
According to the data provided by whois.com this domain was registered on 23/04/2018 and it expires exactly after one year.
This website has a global rank of 2,529,415 and it ranks 223,226 in Indonesia according to alexa.com.
This service seems to specifically target users from Indonesia which is also where the majority of the traffic to this site is coming from.
In order to maximize their earnings and reach more investors, this firm offers an affiliate program. The individuals promoting this platform are paid certain percentage of the deposit amount made by their referrals.
If the affiliates are able to provide more volume in terms of investment amount then they are promoted to a representative level which gives them a flat 15% of the total revenue derived from their referrals and remember the affiliates are not required to have an active deposit in order to get their payments.
Deposit and Withdrawal
The only payment method accepted by this platform is Bitcoin. There is 5% transaction fees on withdrawals.
The minimum deposit amount is $1 and the minimum withdrawal amount is $0.1. The withdrawals are said to be processed instantly.
Is Boomhash a Scam?
Fraudulent platforms like these take advantage of gullibility of new entrants of the financial markets and approach them in an elegant manner and trick them into thinking they have finally discovered the way to the riches.
Bitcoin boom created a lot of millionaires but that does not mean that everyone who is involved with the cryptocurrency will become rich. Do not believe these criminals for any reason.
Boomhash Review Conclusion
Boomhash is an fake investment company which exhibits a lot of characteristics similar to a ponzi or pyramid scheme and at the same time gaining a lot of attention on social media outlets. However, always reject any offer which literally guarantees you overnight riches.