Ethonline.io is a cryptocurrency cloud mining solution which boasts of being a leading Ethereum mining pool. The free mining plan their platform supposedly yields 0.003 ETH per day but be warned, the free claims are just traps used by them to lure you in and then up-sell you on some expensive mining contracts.
This firm has many characteristics of a ponzi scheme which everyone hates. If you were considering to buy or even interact with them in any way then continue reading our impartial review which will enlighten you about their ill intentions and helps you make an informed decision.
Company and Contact Details
Any ICO regardless of which type of financial service they provide have to be registered and regulated by certain authorities depending upon their geographical location. Ethonline.io is a investment company which basically uses the funds raised from general public to update and maintain thee mining rigs thus ensuring best returns.
In return the investors are promised some fixed amount of money everyday depending upon the type of contract they signed. When we did some paper work, we were surprised when we did not find any details about them. Since this firm refuses to share any registration details, they are most likely to be operating illegally.
The support team of this firm can be reached via a contact form provided on their website but do not expect speedy replies. Here are the contact details put up by them:-
Address – 2009 Tree Lane, Baltimore, Maryland 21236
Email – [email protected]
How does Ethonline.io work?
This company is said to have mining farms located in Europe, USA and Canada. They mainly claim to provide an easy way for individuals interested in cryptocurrency a chance to get started with mining without having to face any sort of difficulty or technicality.
This firm states that it uses new algorithms to mine efficiently but this information is very basic and certainly does not instill any confidence. We are not aware of the exact mining pools they are involved with and we are not told the scripts and machinery they use.
As far as reliability is considered the clients are not briefed about thee exact location of thee mining farms which means trust factor is non-exsistent. Considering all these red flags, how can they expect the investors to trust them? Do not be kind enough to give them the benefit of doubt.
One thing all the new and inexperienced investors in the crypto industry should know is the fact that cryptocurrency is not an easy way to earn money. There are a ton of opportunities in trading or mining them but just like everything they have their limitations.
The mining contracts offered by this company supposedly yields more than 8% per day, the returns like these are fake and are used only to gain your attention. See the complete range of contracts they offer ;-
Cost -0.2 ETH
Returns – 0.00444 ETH Daily
Affiliate Bonus – 12%
Cost -0.5 ETH
Returns – 0.0250 ETH Daily
Affiliate Bonus – 15%
Cost -2.0 ETH
Returns – 0.1666 ETH Daily
Affiliate Bonus – 17%
Cost – 5 ETH
Returns – 0.3333 ETH Daily
Affiliate Bonus – 20%
Cost – 10 ETH
Returns – 0.80 ETH Daily
Affiliate Bonus – 40%
Success of a ponzi scheme always depends upon their marketing capabilities, simply put if a scheme has more participants, it directly co-relates with the revenue of these fraudsters. To grow their profit potential, this firm features an affiliate program wherein they encourage online marketers to refer more people to their service and pays handsomely for doing so.
The commission rate ranges from 12 % to 40% of the total revenue they bring in, which is the main reason why many HYIP sites promote them, at the end of the transaction the only losers will be the clients.
Deposit and Withdrawal
The basic mining contract starts at 0.2 ETH and the maximum payout is 0.1 ETH. The only payment method accepted by them is Ethereum. We do not know the transaction fee they charge and they haven’t revealed the slab rate in the FAQ section. The time taken for processing withdrawals is unknown.
This website has a global rank of 55,849 and it ranks 1,503 in Bangladesh. The major regions where they have gained extreme popularity are Bangladesh, Venezuela, Indonesia and India.
A search on whois.com revels that this domain has registered on 11/06/2018 and has validity of one year. We are unable to find any registered contact details.
Is Ethonline.io scam or Legit?
This platform is 100% confirmed scam. Take a complete look at their web page, it is nothing but a glorified sales page. The company is unregistered and there is no security of the funds. Moreover they employ every scam tactic. They frequently show that some new members are currently buying mining plans which is just a trick used to create a sense of urgency.
The testimonials put up on their platform are also from fake user profiles. Think rationally, why will anyone feature fake testimonials unless they have some shady business going on? Further more do you really think someone can quit their jobs by just depositing with this firm? You be the judge.
Ethonline.io Review Conclusion
Ethonline.io is not at all involved with thee actual mining process. Their business is so anonymous and deceptive that the hard evidence we discussed above are simply undeniable. If at any point of time your withdrawal is put on hold or denied which many investors have complained about, you cannot sue them or confront them.
This firm is a ponzi scheme which is currently paying according to HYIP monitoring sites but that apparently means that deposit value is greater than withdrawal value. Once things get reversed then getting your money back is nothing short of a miracle.
Have you been scammed by Ethonline.io? Share your experience and opinion by leaving us a comment.