Online Cryptocurrency Investment Platform
Is CoinMagnet247 Fake or Real?
Why Is CoinMagnet247 Fake?
CoinMagnet247 is a website which claims to be a platform for investing in cryptocurrency mining. They state that they have a team of expert investors and also that they use trading bots to invest in cryptocurrency mining websites.
The website poorly-optimized and the content is not original. The same content is used on at least 16 other websites. The full list is given at the end of the article.
A domain name lookup of the website shows that it was registered on 15th April 2020. However, the home page states that the platform has been running since 24th June 2019, which is clearly a lie. The company also claims to be located and officially registered in UK. However, the domain has been registered in Delta State, Nigeria. The registrant’s organization is mentioned Ugo Bitx and there is no person named in the registration.
Even though the website claims that CoinMagnet247 is registered, there is no registration number provided which can be used to verify this claim. The address provided is also used by numerous other companies. Therefore, it seems to be an address associated with shell companies.
CoinMagnet247 claims to generate up to 100% profit in just 4 days, which is essentially a profit of 25% per day. They also have a referral program for additional earnings which has a 5%-2%-1% structure. This means that members can earn 5% commission from the investments of their direct referrals, 2% commission from their referrals and 1% commission from the third level of referrals. A minimum investment of $50 is required on the platform. Since there is no product or service being sold through the company, this suggests that CoinMagnet247 might be a pyramid scheme.
CoinMagnet247 does not have any social media presence. The Contact Us page does not provide a phone number, however, an email ID and an address are given. The email ID was found to be not working when tested using VerifyEmailAddress. The address is completely different from the one given on other pages.
There are only a few user reviews available for CoinMagnet247 on TrustPilot and Scamadviser. The TrustPilot reviews all seem to be written by fake accounts to gain referrals for someone named Tim Wagner. The phone number given in these reviews carries the country of the Netherlands. There is only one review on Scamadviser in which the user claims that CoinMagnet247 is a scam.
It seems extremely likely that CoinMagnet247 is a Ponzi scheme. There are several lies on the website, such as the website’s age and address. There is no proof that the company is registered and it claims to be based in the UK even though it is registered in Nigeria. There is no information on who is running the company and the claims such as 100% profit in 4 days are highly unrealistic. The email address does not work and the reviews seem to be fake. It is advisable to avoid investing in CoinMagnet247 as it seems to be an HYIP scam.
List of websites using the same content as CoinMagnet247
- Italia INVESTIMENTI | Facebook
Remember: If something seems too good to be true, it probably is.
If you have been a victim of an investment scam, you can take the following steps:
- File a complaint with the payment portal. However, investment scammers mostly use methods such as Bitcoin, Western Union, MoneyGram and other untraceable methods which make refunds impossible.
- File a formal police complaint with the Cybercrime department.
- Leave a negative review on review portals such as Scamadviser and TrustPilot
- Report the website to Google using the Suspicious Site Reporter extension for Chrome
- Give a low rating to the website on Web of Trust. You can also install their extension for the same.
- If the company has a listing on Google My Business or Google Maps, file a complaint using the Business Redressal Complaint Form. Also, leave a negative review explaining what kind of experience you had.
Disclaimer: The views expressed in this article are presented as an educated opinion based on facts and evidence. There is no malicious intent or attempt to defame any individual/s or organization/s. If you are a website owner and would like to provide clarifications regarding your business and/or website, please get in touch using the Contact Form.