Caution! MiCash is an offshore company! Your funds may be at risk.
MiCash Key Facts
🔴 MiCash offers questionable products and services. A scam sign!
🔴 MiCash doesn’t reveal critical information about their business. Red flag!
🔴 MiCash doesn’t hold a license to offer financial services. Red flag!
🔴 MiCash is a recently registered website. A disturbing sign!
MiCash products and services
MiCash offers cryptocurrency trading and investment services. The products they offer are not fully specified, but they are somewhat linked to AssetfinX, another bogus investment provider we’ve already reviewed. They claim to be shaping up the future, but we need to warn traders and investors that most of the cryptocurrency providers are not fully regulated and the Internet is full of Bitcoin scams. MiCash creates unrealistic expectations, so beware.
People should always be cautious when dealing with businesses offering enormously high yields because it’s scammers’ trait to promise big and create unrealistic expectations. In reality, regulated financial companies cannot secure more than a few percents annually with their fixed-income products. There is a huge discrepancy between these offers and the regulated companies standards. Judging by the products and services they sell, we suspect it’s a scam, so beware.
MiCash company and regulation
MiCash doesn’t reveal anything about the company that’s running this website, which is actually in line with many of the cryptocurrency providers. They do not find it necessary even to register a company because the cryptos are seen as the revolutionary invention, which is going to liberate people from the central banks and the government. We once again need to warn the traders that it’s better to rely on transparent and regulated companies rather than put their hard-earned money in shady schemes.
The US financial services regulation is very complex in the USA. Derivatives markets regulation is a responsibility of CFTC and NFA. Forex brokers and most of the investments companies have to be NFA members and CFTC registered to operate in the USA. On the other hand, securities markets are controlled by the SEC, a government independent agency responsible to maintain the integrity of the financial markets.
While SEC focuses more on the procedure regulation insisting on financial reports and management discussion and analysis, NFA and CFTC impose pretty straightforward requirements. To become authorised the companies have to provide 20 million USD in paid-up capital, which is considered a guarantee that the businesses can survive in turbulent times and pay whenever they have to.
Other customer protection measures include clients’ accounts segregation and leverage restrictions for forex brokers- 1:50. Also, CFTC brokers’ clients are not allowed hedging, which is one of the very unique US features. Unfortunately, the cryptocurrencies regulation is still inept, so traders and investors should be wary when dealing with crypto offers.
MiCash address and contacts
MiCash doesn’t reveal their address or contact numbers either. It’s a thoroughly non-transparent business, which is an argument enough to stay away from, or at least be cautious.
Transparency is crucial when talking about brokers and investment companies, and it’s part of the regulatory framework. The regulated companies are open to financial authorities following certain transparency rules, so it’s generally unlikely to conduct fraudulent activities. They are also bound to provide the public with crucial information about themselves, making it easy for traders and investors to confirm the company’s legitimacy.
MiCash.org website info
MiCash.org is a domain name registered on 30th of March 2020, so it’s less than a year old a website. They’ve been present on the Internet for quite some time, but the lack of information about this website is scarce. That’s a disturbing sign.
It’s hosted on a Singapore IP: 188.8.131.52, co-hosting more than 1.8 million websites.
See the websites hosted on the same IP address we’ve already reviewed.
Alexa doesn’t even rank this domain, so it’s a highly unpopular website people do not trust, regardless of the age. The Alexa ranking isn’t a key determinant, but the lack of popularity definitely isn’t a good sign.
We paid utmost attention to the regulation and transparency in the sections above because it’s mandatory for trading and investments. Pretty much each company offering financial services have to be authorised by the local financial authority.
However, some entities operate unlicensed and intentionally run investment fraud. It would be best if you only dealt with companies authorised by the regulators, so always check to make sure they are. Bear in mind that if you trade with unauthorised businesses, you won’t be protected, so it’s very likely to suffer losses almost impossible to recover if things go wrong.
Online scam is trending nowadays with fraudulent websites popping up literally every day. The financial authorities increase the number of warnings issued year after year, but the dangers are still out there and growing exponentially. You’ll realise the hazards when you consider OneCoin scam- it’s still impossible to calculate the total loss, but it’s regarded as 15 billion worth fraud. Make sure to trade with licensed and regulated companies to avoid off-putting losses.