One of the features of the cryptocurrency industry is that there are many businesses springing up around and in the sphere with the promises of making investors rich. This has been a source of concern to the community that it takes concerted efforts to educate the investors.
We shall now look at a site, Whoiz Cloud which is asking investors to buy into their plans. The essence of this review is to know if this is an investment that you should put your cryptocurrencies into or not.
What is Whoiz?
It is not certain exactly what the company does since on its site description, it claimed that it is a premium cloud mining investment platform. That seems to be the only indication that the platform is actually mining because it did not attempt to describe its farms or show images of hardware and rigs, which are the hallmarks of Bitcoin mining businesses.
The platform seemed keen on introducing the investor to how much they would make if they bought one of their investment platform than on explaining what it does to make money.
This may be an indictment on the investor who doesn’t really conduct appropriate background check before buying investment proposals contrary to known sound practices.
According to the Securities and Exchange Commission,
“Before making any investment, carefully read any materials you are given and verify the truth of every statement you are told about the investment.”
In its description of the business, the site stated that it is run by a group of professional crypto traders and miners. It further stated that it uses some advanced techniques in making sure that it is consistently in profit.
However, no information was provided as proof showing that this site is actually carrying out any of those activities as stated. One would have expected more evidence such as mining farms and explanation of trading techniques employed. Furthermore, there is no evidence that this company is authorized to render financial services.
Who is Behind the Company?
As expected, the site did not mention the owner and there is no contact page. Interestingly, the FAQ page has no answers to several questions it pretended to answer. In fact, clicking on the questions shows that they are dead links.
This may be an oversight or an intentional act by fraudsters seeking to deceive users by creating the impression that this is a standard investment site that has the interest of the investors in mind.
No Contact Channel
Have you considered what would happen to your fund if you sent it to this company and something goes wrong assuming it is a genuine investment site, even though it is not? There are many things that could go wrong such as your transactions not acknowledged.
This is the point at which there should be a support to reach out to but this doesn’t exist on the site as far as we have seen. Perhaps, signing up would give you that access but it is expected that an investment site would have a communication channel opened at all times.
No Operating License
Financial services are not embarked upon by any random site. This is the fact that not every investor understands. No everyone is qualified to manage your funds for you and fraudsters are taking advantage of your ignorance.
Whoiz Cloud has no similitude of a site that has professionals behind it. From the quality of the web copy to the fact that the site has dead links are all evidences that you will lose any funds that you invested on this site.
Then you won’t even be able to complain because there is no one to send such complaints to. Interestingly, the site also has a page where they purport to link you if you need bitcoins. Beware, you may lose your money or worse because you may be dealing with a phishing link that compromises the security of your funds.
Fraudsters mostly use high returns on investment to entice uninformed investors. This could be seen with the investment plans of the site which starts from 10 percent daily. This is 300 percent in a month, which is not realistic.
The Securities and Exchange Commission stated on its site that such investments are most likely scams.
“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.
After the investors make an investment, typically using a digital asset such as Bitcoin, the fraudsters in some cases stop communicating with the investors altogether. These fraudsters can quickly send your money overseas, with little chance of you being able to get it back.”
Now if the SEC considers 20 percent to 50 percent as unrealistic, why should you believe a site that promises 300 percent? You should know that the intention is to get your money first and steal it.
Whoiz Cloud is a fraudulent site. Even though it is not among the brightest of frauds, it is important that you’re warned since we are aware that scams, irrespective of how obvious they are still manage to convince some investors.
If you must make investments, user regulated sites where your funds would be safe. If in doubt, consult your financial adviser. We mostly recommend a site that would help you grow your assets. Not just your crypto assets but all of them through effectively diversified portfolio. Here is our top recommendation.
Have you invested with Whoiz Cloud? Please share your opinions with us using the comment box.