Cryptobity.com advertises itself as the most efficient mining solution which supposedly helps every client to achieve financial independence. They brag about their return rates, but have no relevant or verifiable documents to prove the same. This platform seems to be targeting newbies in the crypto sector and as their platform is well structured, many people are still falling for the trap.
While the whole world is interested in getting started with cryptos, it is highly recommended to study about it before indulging with it. After all, there is no miraculous way of making money and the only way to win these markets long term is by taking calculated risks. Circling back to the main flaws and illegal practices of this firm, read our full review till the end to understand the reasons because of which you need to avoid them.
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Company, Creators and Customer Support
As retail investors, it is your duty to make sure that you are dealing with only regulated exchanges and entities as they ensure the security of your funds. There may be certain cases wherein one can argue the benefits of dealing with unregulated counterparties, but at the end of the day, they all are prone to malpractices and carry immense risks.
This company offers crypto mining services which is categorized as a high risk investment. So, they must be regulated by regulatory authorities or else everything they conduct would fall outside the boundary of law. Since we didn’t find any information about their certificates or legal documents, that clearly shows that this firm is not the one you want to associate yourself with.
Moving on to the customer care aspect, this platform features live chat on their website and that is the only way to reach them. Their attempt of staying anonymous is very obvious and it is an undeniable red flag.
How does Cryptobity.com Work?
Cryptobity.com claims to enable each and every crypto enthusiasts to make money through mining using their personal computers. Their website contains a lot of general information about setting up mining rigs and the costs involved, but at the end it is manipulated and twisted to their favor. First of all, you need to understand that normal computers and laptops don’t have enough power to mine any considerable amount of cryptocurrency.
Moreover, even if you go for the fancy equipment, the costs involved are too high to make decent returns. So, don’t believe anyone who promises big numbers in mining, because in most cases your best interests are not in their mind. Legit firms always feature their entire operations with average profits and drawdowns on their website and the owners will be transparent with the public as trust is an important factor. Whenever you don’t find any of the qualities we mentioned earlier combined with false narratives, take the hint and never give them a chance to get your money.
Returns Promised and Conditions
This platform promises 6% ROI per day and their contracts have a maturity period of 30 days. 6% daily is a bold claim, but unfortunately it is not at all achievable in mining. Few years ago, when the BTC was still a baby which was ignored by the masses, this kind of returns were achievable for a little while if you were positioned strategically.
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However, markets have evolved now and it will be a miracle if you can make 20% returns on an annual basis. Crypto has ton of volatility which can work both for you or against you. So, unless you have large capital and know exactly what you’re doing, don’t even attempt to get involved.
Affiliate program
One aspect where this type of scam thrives is in the marketing department. To keep their scheme going, they need a steady stream of new victims and to achieve that they take advantage of the affiliate business model. Basically, they have provided hefty commissions to all the promoters and as they are already illegal in nature, they allow them to follow unethical methods.
On the other hand, the marketers do their best when it comes to creating fake content and will end up making quite a fortune by misleading the public. Hopefully, now you understand the importance of cross checking data especially when it comes to investing online.
Domain Details
Below is a complete look at the demographics of this domain and website. Source – Alexa.com and Whois.com.
Domain – Cryptobity.com
Registered On – 11/12/2019
Expiry – 11/12/2020
Alexa Global Rank – 587,209
Rank in Egypt – 20,363
Target Audience – Egypt, Bangladesh and Singapore
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Cryptobity.com Review Conclusion
Cryptobity.com is a scam and anyone who indulges with them for long will inevitably lose money. Their illegal scheme was built by slaughtering financially naive people and it appears to have lost steam. Once their cash flow turns negative, they are going to stop their operations and will disappear overnight.
