Caution! FoxCRYPTO Mining is an offshore company! Your funds may be at risk.
FoxCRYPTO Mining Key Features
🔴 FoxCRYPTO Mining was blacklisted by CNMV. It’s an exposed scam!
🔴 FoxCRYPTO Mining was reported as a scam by customers. A red flag!
🔴 FoxCRYPTO Mining offers dubious investment services. A red flag!
🔴 FoxCRYPTO Mining creates high expectations. A red flag!
FoxCRYPTO Mining products and services
FoxCRYPTO Mining is a fishy investment provider promising 35% daily earnings with their Starter Package. The alleged profitability comes as a red flag alone because it’s virtually impossible for any legit company to deliver on such a scale. Not to mention that FoxCRYPTO Mining promises almost 1000% profitability at the end of the contract (7 days duration). So, FoxCRYPTO Mining is just another fraudulent HYIP, which happens to be blacklisted, but we’ll discuss this in the following section.
HYIP stands for High-Yield Investment Programme and these businesses usually promise higher ROIs (return on investment) than usual. In some cases, the offers are just ridiculous- up to hundreds and thousands of percentages per day, which certainly can’t happen. To draw a comparison, even the wealthiest banks or investment funds are not capable of delivering more than 10% per year, let alone per day or week. Therefore, the products and services assessment suggests that you’ll be at risk if you deposit.
That being so, it’s worth considering trendy alternatives that can help you build an extra income, such as Forex brokers PAMM managed accounts, social trading or crypto services that may as well fulfil your investment needs. For example, many cryptocurrency exchanges already provide passive income opportunities like BTC and ETH staking but make sure to subscribe to well-known, proven networks.
FoxCRYPTO Mining company and regulation
FoxCRYPTO Mining is a fishy investment provider promising 35% daily earnings with their Starter Package. The alleged profitability comes as a red flag alone because it’s virtually impossible for any legit company to deliver on such a scale. Not to mention that FoxCRYPTO Mining promises almost 1000% profitability at the end of the contract (7 days duration). So, FoxCRYPTO Mining is just another fraudulent HYIP, which also happens to be blacklisted, but we’ll discuss this in the following section.
The lack of regulation implies that the people operating this HYIP are working unchecked, meaning they can misuse or misappropriate your funds, eventually bearing no responsibility for their actions. To draw a distinction, regulated investment companies are forced by law to follow certain rules that guarantee the safety of clients’ funds. For example, to get a license, a firm should meet minimum capital requirements that vary from country to country and may also depend on the product specification as there are many types of investments possible- stocks, bonds, mutual funds, banking products, fixed-income, retirements and so on.
In the US, the minimum capital requirement is 20 million USD, which happens to be among the heftiest in the world. Other than that, US financial services companies are also required to keep accounts segregated, thus ensuring that clients’ money can’t be exposed to unnecessary risks or stolen. However, it’s worth noting that the US regulatory framework is very complex as there are numerous financial authorities, among which NFA, CFTC and SEC, to name a few, and all of these monitor companies in one way or another. The US markets may be tricky for the ordinary investor, so make sure to acquaint yourself with the environment before you’ve wasted money on potential scams like the one under review. And you’d better avoid unregulated investment businesses at all times.
FoxCRYPTO Mining address and contacts
|Address:||211 E 13th St, New York, NY 10009, USA|
|Phone number:||+1 2397104786|
FoxCRYPTO Mining is allegedly located in the USA, but that’s most probably not true as we could verify neither its address nor the phone number provided. The only way to reach these people is via e-mail, so there is a lack of transparency- strong evidence of a scam, nonetheless.
When it comes to investing, transparency is crucial as you should know who’s running the investment and where your money actually is. Legit firms always operate transparently and are bound by law to provide the public with basic corporate information, including addresses, contacts and legal documents disclosing all provisions related to the service. And our experience shows that it’s most probably a scam if you can’t reach anyone over the phone given, can’t validate the addresses or can’t in any other way prove that the investment provider has the authorisation to offer financial products.
Foxcryptomining.com website info
|WHOIS Reg. Date||2020-11-24|
|Owner||Redacted for Privacy|
|Administrator||Redacted for Privacy|
FoxCRYPTO Mining conclusion
Eventually, FoxCRYPTO Mining falsely claims to be licensed, while it’s actually exposed as a scam. In truth, it’s anonymous and unregulated, meaning it’s generally risky to deal with. Avoid!
Dealing with HYIPs and other unregulated investment providers is not recommended for many reasons. Above all, the absence of regulation strongly suggests a scam as only regulated firms are authorised to provide investment services. As you probably guess, scams can’t flourish in a strong regulatory environment, so you’d better think twice before you’ve deposited with unregulated investment schemes.
The authorisation is only granted when the firm complies with the requirements and standards, which guides how the entities should treat you as a customer and what sort of information they should give you. Each country’s regulator maintains a register of licensed firms and the investment services that each licensee is authorised to provide. On the other hand, unauthorised firms aim to avoid complying with the controls that legal, authorised entities are subject to, thus leaving investors entirely unprotected. Needless to say, scammers want to get you totally unprotected, and that’s why they always work without a license.
As for HYIPs themselves, many of these schemes operate precisely as a Ponzi because many investors can actually withdraw initially, but sooner or later, the service will inevitably close. HYIPs usually target traders and investors with little or no experience by promising fictitious investment opportunities said to deliver unrealistically lucrative gains. 10% or 100% per day certainly isn’t a legit offer.