Forex Miners (forex-miners.io)
Is Forex Miners Fake or Real?
Why Is Forex Miners Fake?
Forex Miners is a cryptocurrency investing platform which claims to generate up to 300% profit in 72 hours. The name of the company itself is very confusing. Forex (foreign exchange) trading and cryptocurrency trading are fundamentally different. Forex cannot be mined and the company claims to trade in cryptocurrency, not mine it. The platform has nothing to do with forex in any case. Therefore, the name ‘Forex Miners’ nonsensical.
The website requires a minimum investment of $10. Forex Miners claim that they generate hourly profits which can generate returns of 300% in 72 hours. There is a minimum withdrawal threshold of $24. The investments are made automatically. Investors need to do no work other than putting money into the platform.
A domain name lookup of the website shows that it was registered on 7th May 2020. No information about the registrant is available as it has been blocked for privacy. The footer section of the website implies that the website has been active since 2019, which is clearly a lie.
The home page mentions that Forex Miners is a registered company. However, no registration number has been provided which can be used to verify this claim. The company has given an address in UK, which implies that the company has a UK registration. However, no record of Forex-Miners.io Investment Services Limited was found in the Companies House registry. This means that Forex Miners is probably lying about being registered. The address given by Forex Miners also seems to be fake. The same address was found to be used by two other cryptocurrency trading platforms, both of which now seem to be shut down.
The home page also has a Live Statistics section where usernames and withdrawn amounts are displayed. The name and numbers can also easily be faked and there is no way to verify their authenticity. In the two to three hours between researching and writing this article, the live statistics have not changed. This suggests that the statistics are not live at all.
Forex Miners has a referral/affiliate program wherein investors can earn commissions based on the investments of their referrals. Investors need not have an active investment with Forex Miners to invite referrals.
There is some confusion regarding the percentages of the commissions. The graphics on the website say that there is a 7%-5%-5% system. In this system, an investor earns 7% commission for direct referrals, 5% commission for referrals of referrals and 5% for the third level of referrals. However, the text right below the graphic and in the FAQs tells a different story, as the commission percentages are mentioned as 4.5%-0.5%-0.5%. These are much lower than what is shown in the graphics.
The only contact information provided is an email address. Forex Miners also supposedly has a phone number which is exclusive for VIP members. The email ID was found to be invalid when tested.
No user reviews could be found for Forex Miner, probably because it was launched recently.
All the signs indicate that Forex Miners is likely to be a pyramid scheme. The returns being promised are unbelievable and there is no evidence of any money coming into the company, apart from the amounts deposited by investors. There seem to be multiple lies on the website, such as the company registration, address and live statistics. Forex Miner is also trying to give the impression that it has been running since 2019, though the website has only been active since mid-2020. The email address doesn’t seem to work. There is much confusion regarding the referral benefits, too. Not to mention, the name of the company itself makes no sense.
Forex Miners seems to be a typical HYIP scheme in which money from old investors is used to pay new investors. Such Ponzi schemes are illegal throughout the world. These kinds of schemes are unsustainable as there will be a point when no new members will be joining the company. When this happens, the revenue will run dry and investors will stop receiving returns. Most of the investors end up losing money in pyramid schemes. Only a few early investors see profits while others even fail to break even.
It is advisable to avoid investing in Forex Miner, as there is a high possibility of losing your money in this scheme.
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: This review is intended for information only and should not be relied on when making financial or business decisions. 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.