Minepay.co has already exited as a typical scam.
Hundreds of crypto-related sites are launched daily. However majority of these sites have the purpose of stealing digital currencies of people who are gullible.
This is why at Cryptoinfowatch, we run reviews of these schemes with the intention that readers would take the right decisions. This is the essence of this Minepay.co review.
Who is Behind Minepay.co?
A Whois search of the website shows that it is a newly registered domain with a registration date of January 13, 2019. This means that it has no reputation to protect. In reality, a site like that should be working on building its credibility and not solicit for funds unless it has evidence that the people behind it are credible.
To be relied upon to render any form of financial service on the internet, a site should provide researchable and provable evidence such as authorization of the relevant regulatory agency.
No one knows who owns the website since the owner used an ID cloaking service to protect their identity.
Quest for Investment
It is obviously one of the sites that launch and depend on attracting an army of followers to publicize its activities by promising them a share of the profit.
Affiliates are indispensable in creating awareness for a business. This is worthwhile if the business is legitimate and has a real value-driven product or service, but when the business has none of these, it would likely be another scam depending on influx of new participants to stay afloat.
What is Minepay.co?
The website claims that the operators are involved in foreign exchange (FOREX) and invite big and small investors to invest in the program.
According to the web copy:
“Minepay Limited is one of the most liquid, promising and proven areas for investment at the present time. Any private investor, both small, with a small deposit, and large, owning a significant start-up capital, has the opportunity to obtain a source of additional or permanent income through indirect participation in foreign exchange trading.”
This statement is debatable since this is a new site that could not prove its link to any established business. So claiming liquidity is just a way of telling investors that their investment is safe without showing proof to back that up.
The site claims that every investor can earn from it through it. It is safe to assume that they would trade with the funds deposited by investors and share profit among them. But how viable is this proposition and why should any investors believe that their investment is safe with this company?
Dubious Claim of Company Age
From the site’s footer, the Minepay.co team claimed that they have been in operation since 2018. This is a common trick used by scammers to create impression that they have online reputation even though their site may be a few days old.
The claims of the company show that the people behind it are unreliable and are just interested in getting deposits from the investors.
Where Does Minepay.co Operate from?
According to the site, the company’s office is located at 152-160 City Road, London,EC1V 2NP in London. A Cryptoinfowatch investigation shows that this is a virtual office used by companies that have no physical offices or that intentionally want to conceal their places of operation.
Obviously Minepay.co has reasons to conceal its location because it doesn’t seem to have authorization to render financial services. Capital Office, the company that owns the virtual address recently released a warning that scammers and squatters are using the virtual office address illegally.
In the release, Capital Office stated:
“As one of the leading virtual office address providers in London, we are determined to prevent fraudsters and squatters who use our mailbox service for illegal purposes or without our consent. Squatting is a term whereby people use display our address on their correspondence materials such as websites, business cards, letters heads and have not been given any consent. In most circumstances they are using this for illegal activity.”
The company listed more than 50 fraudulent companies doing this. Even though Minepay.co was not listed, this could be that the site hadn’t been launched when the publication was made by Capital Office.
Minepay.co Investment Plans
Like most financial scam websites, Minepay.co guarantees high ROI. This is one common feature of scam companies. They intentionally use the lure of big profit to attract unwary investors.
Minepay.co investment plans start with a daily 3% that has tenure of 30 days to a massive 200% in 7 days. It caters for investors that want to invest small amounts such as $15 to large sums of millions of dollars. This should be a clear red flag if you have the understanding that there are no free coins anywhere.
Displayed Payment On Site
Like many scam projects, the Minepay.co site displays payments made by its clients even though this may just be random names and payments. It is obvious that this is another scam that targets people that are willing to risk their funds without doing appropriate research.
Another set of investors that easily fall for such tricks are those that are too greedy for gains. What sites like Minepay.co is pay a few early investors that deposited small amounts and use their testimonies to create awareness for the site.
The affiliates are usually people that made no investments but promote with the hope of earning commission. When the scam shuts down, the loser would be all that invested with the hope of future gains. The scammers always win.
This is why it is important to invest with companies that have built online credibility such as this. You may not become rich overnight but your funds are safe.
Bear in mind that you have no chance of making a success out of investing in a platform that promises that you would make instant gains. Bear in mind that most of these platforms would rather steal your coins down the line, even if they paid something initially.