My Miners is a new platform which claims to make average traders rich just by clicking a few buttons. They advertise returns of 2% per day. Anyone who has reasonable experience in the markets knows that earning 500% on an annual basis is impossible on the long run.
Moreover, this firm does not share any details about their whereabouts. In short, seeing the way they are working, their platform is offering a perfect bait to lure in the beginners and convince them into depositing with them.
Before you proceed with them for any reason, read our review to find out the actual operational model of this firm.
Organisation and Customer Support
All the companies which deals with the financial sector as a whole should hold necessary licenses. This firm raises money from the public. However, they do not share any details about their whereabouts.
We ran a search across all the regulatory authorities to find any details about them. Unfortunately, we could not find a clue regarding their organisation which means, they are without a shadow of doubt, a scam.
Operating in this manner is considered illegal in most countries and they will face severe consequences in the near future. If you need any help from the support team, then you are up for disappointment.
The only way to reach customer care is via email and there is no guarantee that, you will hear back from them which should tell you about their ethical values.
My Miners Business Model
My Miners claims to be a fund management company which enables people to make money on autopilot. They talk about the ways of making money using CFD, but they do not provide any in-depth explanation.
We as investors do not know the approach of trading they employ, the indicators they use or the percentage risk/reward ratio they aim for. The names of the fund managers and their trading history are not shown on their platform. Moreover, they do not offer any free trial or demo account as well.
So, there is no way to try out their alleged ultimate trading system without risking your money. Cryptocurrency experiences huge volatility on a daily basis and if you don’t have a proper approach, then the chances are you might lose your entire capital.
Alway make sure that you understand the system before you proceed with any trading application and as far as this platform goes, do not indulge with them for any reason, because they are not worth the risk.
For paid investment packages, the returns are capped at 2% per day. At first glance, this number might seem achievable, but that is not the case. If they were really able to generate 2% daily, it would be on average 500% ROI on an annual basis.
These kind of numbers are fascinating, but they are unrealistic and are impossible to sustain. Moreover, they claim to be active in mining as well and provide an opportunity for anyone to get started for free.
The free claims are nothing more than a clickbait to get your attention. In short, if you plan to send them your money, then you might never see it again.
Since this domain was privately registered, we couldn’t find any details about the owners. Nonetheless, here are some important facts about it.
|Brokerage and Auto Trading Robot||Review|
|Semi-Automated Crypto Trading System||Review|
|Semi-Automated Crypto Trading App||Review|
Domain – My-miners.com
Registered On – 01/05/2019
Expiry – 01/05/2020
Alexa Global Rank – 226,235
Rank in Iran – 18,472
Audience Geography – Iran, India, Russia, Brazil and Pakistan.
All the pyramid schemes needs traffic to grow and thrive, this firm is not an exception. To get more traffic with the least amount of efforts and cost, they offer a referral program.
They reward any internet marketer out there who is ready to provide them with a consistent stream of newbie investors. The fat commissions is one of the main reason as to why many fake websites write favorable reviews and hype the fraud organisations.
If you come across any review with a referral link present, then it is better to walk away from the offer regardless of how good it might seem. Always remember, the promoters will make money without risking anything, but from our perspective, there is no edge whatsoever.
Looking at the way this platform is working, it is clear that, they are a pyramid scheme. In simple words, they create cash flow by aggressively marketing themselves and pay out the old clients with the amount brought in by the new investor.
They might even pay few clients for a number of times. However, it does not mean that, they are professional. Many scams pays at the beginning only to earn your trust and eventually they will flee away with all the cash. Since they are already illegal, no government agency will be able to do anything about it.
My Miners Review Conclusion
My Miners is another fancy fraud in the world of online investing. They are creating fake narratives around cryptocurrency and are relying upon the lack of knowledge of the newbies to make money.
Their business model is unethical and illegal. Moreover, they won’t be able to operate for long because at some point of time, they will not be able to find new victims for their scheme. There is no such thing as free lunch in this world.
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So, be extra cautious whenever you encounter automated ways of making money especially when it is free.