Getting seemingly good investment offers would naturally make an investor put their money in it. However, not all offers are as good as they seem. This is why it is important to conduct due diligence as we have done with Forex Miners.
In this post, we are going to take an in-depth look at the project so that you decide if it is worth putting your funds in. The Securities and Exchange commission stated on its website that the reason scams succeed is that there are many investors who do not care to research on the investment offers they’re offered.
What is Forex Miners?
This site claims to be a revolutionary part of the crypto industry. Though it didn’t state how, it is clear from the site that it is supposedly involved in trading digital assets. It stated that it is a platform on which investors can maximize their profits through the expertise of the managers who have developed their unique strategy for trading.
Is this Site Reliable?
Irrespective of the promises offered on a website, if the owners do not have good intention, you’ll most likely lose your funds or just make losses. It is therefore the duty of every investor to carefully analyze the information provided on a site to ascertain its veracity.
The first indication that this is not a reliable site is the content copy which shows that the site was cloned from another. Most of the content was edited from what is already used by another site which shows that the concept is not the owner’s idea.
It is not as if a business cannot get ideas from an already existing business, but plagiarizing content from other sites is dishonest practice and points to the character of the individuals behind such investment site.
For example, on the FAQ, the site stated under “Can I lose my money?”:
“There is a risk involved with investing in all high yield investment programs. However, a few simple ways can help you to reduce the risk of losing more than you can afford to. Align your investments with your financial goals; in other words, keep the money you may need for the short-term out of more aggressive investments, reserving those investment funds for the money you intend to raise over the long-term.”
Plagiarism check on that content shows that it did not originate from this site. This is just a minute example of what has been done throughout the site. If an investment site is not original, the owners may not be honest.
How Long Has It Been Online?
Fraud sites mostly do not give accurate statistics of their activities. These include the number of visitors, the number of investors and the number of people who have made deposits and withdrawals and how much they actually deposited or withdrew.
These are meant to deceive the users of the site by giving them impression that other investors are already making profit on the site.
Furthermore, the age of the site and the experience of the owners in the business are falsified to make users think it is safe to invest in.
For instance, the Forex Miners domain was registered on June 22, 2019 but the operators’ claims on the site is that they have been in business for 963 days which is more than 2 years. If a 2 months old site claims it has been online for 2 years, you’re actually dealing with a fraud.
A High Yield Investment Program
The easiest way to identify a scam investment scheme is from the ROI it promises the investors. If the promised returns are higher than what is reasonably possible in the industry, you should be skeptical.
The Securities and Exchange Commission Investors Alerts and Bulletins stated:
“SEC and CFTC staff have recently observed investment scams where fraudsters tout digital asset or “cryptocurrency” advisory and trading businesses. In some cases, the fraudsters claim to invest customers’ funds in proprietary crypto trading systems or in “mining” farms. The fraudsters promise high guaranteed returns (for example, 20-50%) with little or no risk.”
The minimum percentage of profit promised the investor on the Forex Miners site is 120 percent in just 24 hours. This is outrageous since it is impossible for any genuine business to pay.
The reason scam sites promise such high returns is that they intend to lure uninformed investors in, use them to create publicity then steal all the deposits from investors.
They may pay small depositors to give them impression that it is genuine, but immediately such investors or any other makes an investment deposit that is higher, they lose their funds.
The fraudsters usually have minimum investments of $10 as bait. You may not even receive payment on the small amount if the intention is not to create publicity but to steal every fund deposited.
False Office Address
As investigative reviewers, we have come across hundreds of scam sites. What we have learnt over many months is that none has a genuine verifiable physical address. What they do is create a virtual office address using services that provide such addresses for payment.
This is what Forex Miners has done. The address it claims as theirs is one of such. You know them because there are many other businesses registered under that address.
Whenever you come across a new investment site that doesn’t provide genuine information about its operation, doesn’t give the identities of the operators and yet offer high returns, you should be skeptical about such sites.
Genuine investment sites don’t just give you verifiable information, their owners are known and they are legitimately registered by the relevant regulatory agency and have license to render financial services.
Mere company name registration does not entitle an entity to render financial services. This is what fraudsters use to deceive many investors. Never send funds to an unknown site or one that gives you the impression that it’ll pay high percentage profit.
Invest with sites that have built online reputation as genuine investment sites such as this one. You’ll learn how to grow your assets with the help of experts through a social copy trading system.
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