CoinProfitex.ml calls itself a global blockchain platform which allows the investors to earn high returns on investments. Their smart trading platform allows you to trade cryptocurrencies, forex and mine valuable altcoins.
They also offer binary trading which might be illegal depending upon where you live. There is no information about the corporate office address and looking at the way this exchange is being handled from the shadows we certainly feel that you should either be very cautious with them or avoid them altogether.
This service may seem easy to use but when considering the risk of dealing with unregulated entities it might not be worth the returns. Go through our review which will show give you an insight about the way this so called exchange work.
Company and Support
Majority of the brokers and the firms which in any way deals with the investors money are subject to regulation from authorities and it is mandatory for all the companies which operate in this space.
CoinProfitex.ml represents an ICO wherein investors are given an opportunity to get involved with mining and get a share of the revenue the company makes but percentage of returns depends upon the initial capital and the plan chosen by the client. In the About Us section of this platform there are details about their office but any information concerning their licenses is kept hidden from the view of the visitors.
As a precautionary measure we checked FCA and FTC but we did not find any relevant information which leads us to the conclusion that they are unregulated.
Usually all the exchanges, brokers and ICOs feature their registration information at the footer of the website but this platform lacks that also. The customer support team can be contacted via email only. They have put up the address of their offices which are as follows:
United States – 225 Atlantic Ave 2nd Fl Brooklyn, NY 11201
Phone – +1 3479902069
United Kingdom – 338 Euston Rd, Kings Cross, London NW1 3BT, UK
Phone – +44 1865920244
Netherlands – Herengracht 619 1017 CE Amsterdam, The Netherlands
Phone – +33 197005031705
Australia – Sydney 140 Sussex Street, Brisbane 100 Edward Street
Phone – +61488894158
How does CoinProfitex.ml Work?
CoinProfitex.ml in the most basic form is an all in one solution aiming to fulfil all the needs of a crypto enthusiasts. With regards to exchange and trading we always urge everyone to use licensed and regulated brokers only because of the peace of mind it ensures unless you know exactly what you need from a particular platform.
They do offer cloud mining service but they lack any explanation on how they conduct the operations. First of all we are not told the location of their data centres which means there isn’t any way to verify their existence.
The investors are not provided a detailed description which reveals the revenue and the fees incurred during a specific period of time, without this information how can anyone decide whether it is profitable or not to invest with them?
Apart from the fact that they use HashCoins scrypt, SHA-256 and GPU rigs you won’t find explanation on any other related aspect.
Contracts and Returns
This firm offers 3 plans wherein the differentiating element is the GH/s and the hardware specification. All the contracts are valid for one year. The returns are not stated because it is not an independent variable, it depends upon the mining difficulty which is getting harder day by day and on the price of the asset.
The only thing we can advice you is not to expect some outstanding kind of returns as the crypto sector is facing a steep down trend in general and the margin of profit is really not something which will make you quit your job unless you have sufficient capital.
Here is a rundown of the contract details:
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Scrypt Cloud Mining
GH/S – 100
Price – $500
Hardware – HashCoins Scrypt
SHA-256 Cloud Mining
GH/S – 1000
Price – $1,000
Hardware – SHA-256
GH/S – 10,000
Price – $5,000
Hardware – GPU Rigs
We tried to trace out the details of this website and the sources of traffic they are relying on but for some reason there is no information available about them on both alexa.com and similarweb.com.
On the whois.com though we were not able to find out the details about the registration and expiration details of the domain we gathered the following information:
Domain Name – CoinProfitex.ml
Organization – Mali Dili B.V
Phone – +31 205315725
Fax – +31 205315721
The most daunting thing about this platform is that there isn’t enough data about them on the internet. Moreover we could not find any real user testimonials anywhere except their website. If you go through those testimonials they do not only look cherry picked but also the user profiles are not linked beneath them, for all we know they might be bogus profiles with stock photos attached to them.
Lack of information regarding their legality combined with an uninspiring amount of anonymity found on this platform will surely drive most of the experienced investors away. In recent times keeping the ever-rising number of frauds on the internet in the mind, it is never worth the risk to take a shot with any unregulated firms.
There are surely some legit unregulated companies but distinguishing them is the main problem which after some time becomes too tedious.
CoinProfitex.ml Review Conclusion
Mining is the main offering of CoinProfitex.ml but due to the lack of clarity and the number of issues surrounding this firm we advise you to stay away from them. Their operational model is very unclear and no one has the faintest idea about the person or the team responsible for running this firm.
Given the history of many mining related scams in the recent times the only thing left for you to think about is whether to choose them or not? before you decide think twice as the risk is enormous.