BTCpool.io is said to be an industry leading Bitcoin mining pool which enables most people to earn bitcoins as efficiently as possible in the shortest period of time. Their platform looks very simple and they are quite straight forward with the concept.
This deceptive scheme has looted thousands of investors who gave this platform the benefit of doubt. Just like all the fraudulent platform there are no details of the people running this firm.
The main reason why the creators embrace anonymity is to escape criminal prosecution. Before taking any decisions about them impulsively go through our thorough review which will make you aware of what this service is truly about.
Company and Contact Details
Regardless of what specific type of service a company provides they are required to be licensed and regulated when they are doing business with the retail investors. BTCpool.io represents an ICO, they basically buy equipments, farms and look after their maintenance on a large scale and provide the investors with contracts and raise capital through them.
According to the terms of the contract the clients are promised some amount of money after the agreement matures. While we were trying to find any legal documents which gives this firm the right to conduct these type of activities we were unable to find any certificates they must hold failing which they will have to face prison.
We even went through FCA database but still we couldn’t find any information about them. Moreover this firm also hasn’t put any details of registration or incorporation. Which means they are definitely violators of law. Here are some of the contact details of this firm:-
Address – 68, Marlborough Road, Woodford, London, United Kingdom.
Email – [email protected]
How does BTCpool.io work ?
This company is a cloud mining service, they basically sell the computing power to the retail investors which are backed up by physical miners. They claim to use latest algorithms which arouse them to make as much bitcoin as possible.
This little explanation might trick a new entrant of the crypto space but any experienced person can easily detect that this narration serves no purpose. The investors are not told the exact machineries they use and the names of the mining pools they are indulged with are not revealed.
So, there is no way to verify any of the claims. This firm supposedly has data centers located in Europe, USA and China. Since the exact location is not revealed we strongly believe that they are bluffing. Working in a pool might generate higher revenue but in the recent times unless you have dedicated graphic cards running all day long the hassles might not be worth it.
The amount of pure profit one could make in mining is long gone. As bitcoin gained a lot of attention in the early 2017 difficulty involved in mining as exploded and is still continuously rising. No cloud mining site can offer returns of up to 8% per day.
Take a look at the contracts advertised by them –
Earning Rate – 0.00016 BTC Daily
Affiliate bonus – 11%
Cost – 0.0035 BTC
Earning Rate – 0.0005 BTC Daily
Affiliate bonus – 12.5%
Cost – 0.01 BTC
Earning Rate – 0.0027 BTC Daily
Affiliate bonus – 15%
Cost – 0.05 BTC
Earning Rate – 0.0175 BTC Daily
Affiliate bonus – 17%
Cost – 0.2 BTC
This platform features the typical characteristics of a pyramid scheme. They offer bonuses and payouts to the affiliates who redirects people to this service. The commission percentage depends upon the mining contract purchased by the investor but it is usually around 11% to 17%.
It is not compulsory for the promoters to hold any active mining plans in order to get the fat commissions which is the main reason as to why many HYIP blogs promote this platform.
Thanks to whois.com we know that this domain was registered on 01/07/2018 and it expires on 01/07/2019. The registrant contact details cannot be traced as they are using some kind of privacy service.
According to alexa.com this website ranks 1,214 in Bangladesh and has a global rank of 83,050. The countries where they are quite popular are Bangladesh, Indonesia, Brazil, India and Egypt. This service uses networking sites like adbtc.top to promote their platform.
Deposit and Withdrawals
The minimum spend is 0.0035 BTC and the minimum payout is 0.0045 BTC. The only e-currency accepted by them is Bitcoin.
We do not know whether there are any transaction fees associated with deposit and withdrawals. The time taken to process the payout is not mentioned anywhere on their website.
Is BTCpool.io Scam or Legit ?
The answer is clearly a scam,
These crooks are unregulated and does not follow basic KYC policy. Since there is no exhibition of their mining capabilities along with the fact that the profit they claim to generate are all too good to be true.
Cryptocurrencies offer many ways of making a fortune but that doesn’t mean you can double or triple your money on monthly basis. Also note that once you send money to them they are not concerned about anything else.
Seriously what kind of reputable investment firm operates without having a support staff in place unlike these scammers who are not bothered about user experience.
BTCpool.io Review Conclusion
This service is very new and does not have any credibility. We found a lot of testimonials about this firm online but majority of the comments had referral links attached to them so, we know that it is a shady trick.
Laws around cryptocurrency are getting strict nowadays but still since these concepts are entirely new for some people many fraudsters are looting them in the name of investments. Till that time when the regulatory authorities are able to track this cyber criminals make sure that you do not fall to any fake schemes.
Have you lost money to BTCpool.io Scam? Let us know your thoughts by commenting below.