Minedollars Review – Is minedollars.com a Cloud Mining Scam?

Minedollars Review – Is minedollars.com a Cloud Mining Scam?

Minedollars Key Features

🔴 Minedollars’ services are suspicious – a warning sign!

🔴 Minedollars holds no license- a red flag!

🔴 Minedollars is not transparent – a red flag!

🔴 Minedollars creates unrealistic expectations – a red flag!

Minedollars Products and Services

Minedollars is promoted as a fast-growing online and mobile crypto mining platform that brings customers the most efficient tools to earn cryptocurrency with small investment amounts. In essence, it’s allegedly a cloud mining scheme, but the fixed returns promised are too lucrative to consider trustworthy. The screenshot above shows that customers who invest in LTC mining can earn up to 89% per week, which is simply an impossible task. Don’t get us wrong, it’s possible to make money from crypto mining, but almost 100% per week can’t be anything else but a fraudulent offer. The process of crypto mining depends on many factors, including the cost of electricity, equipment, other miners involved and so forth. The rising energy price significantly reduces profitability, and as an example, Ethereum is currently working to either completely become a proof-of-stake coin (not requiring mining) or to launch back-to-back ETH proof-of-stake to reduce gas costs. And amidst those concerns, Minedollars pretends to secure almost a 100% profit per week! There is something wrong with this entity!

HYIPs are unregulated investment schemes offering questionable opportunities, to put it mildly. The promised ROI (Return in Investment) is just too good to consider trustworthy- at times, customers are reassured that they can make 100% or more per day, which can’t happen in any possible way. To put it into perspective, even the largest investment funds can’t secure more than 10% per year, let alone per day or week. So, given the products and services offered, we can decisively say that the service reviewed is highly suspicious and most likely fraudulent.

With that being said, you’d better stay away and have a look at other reliable opportunities, such as Forex brokers PAMM managed accounts, social trading platforms or regulated crypto providers. For example, many crypto exchanges are presently offering BTC and ETH staking that can bring a decent passive income on reduced investment risk. But in any case, make sure to trust your money to transparent and adequately regulated financial companies because markets are currently plagued by anonymous investment schemes, most of which are pure scams.

Minedollars Company and Regulation

Minedollars refuse to share corporate information, but they claim to have mines in different locations worldwide. Indeed, no legit company can be undeniably linked to the mining scheme, so Minedollars may as well be totally illegal. Now, we need to spare a few words about crypto mining. It’s legal to conduct the activity, and you don’t need any licenses to do so, but you should register a company, pay taxes, and generally abide by laws. However, if one wants to provide cloud mining investment services, things become more complicated. Regulators currently do not license such an activity, and it’s generally considered that miners do not need licenses. But if you think about it, cloud mining is a typical investment service, notwithstanding it’s involved in crypto – after all, people invest money there, expecting returns in exchange for the funds provided. So, in our opinion, a license is still necessary because customers investing in crypto mining should also be granted the protection other investors get!

That said, we can confirm that Minedollars has no license, so all deposits with it will be exposed to substantial risks. What’s more, Minedollars proved not to be a typical miner but an HYIP programme that’s most likely fraudulent, so beware of this scheme!

The lack of regulation implies that the people operating the scheme are not supervised while working, meaning that clients’ money will always be exposed to risks. To put things into perspective, duly licensed and adequately regulated financial firms are forced by the authorities to comply with many standards designed to guarantee customers’ safety. For instance, to obtain a license, a company must meet minimum capital requirements that vary by country and depend on product specification or other factors. The condition is set to guarantee that firms should have enough money at their disposal to survive unforeseen events, remain stable and continue operations, inflicting no harm to customers.

The US minimum capital requirement is 20 million USD, which is actually one of the biggest among all. In addition, US financial firms should also keep customers’ accounts segregated, ensuring that deposits won’t be misused or misappropriated. However, we should note that the US regulatory framework is quite complex as there isn’t a single financial authority, but many. The list includes NFA, CFTC and SEC, to name a few, and each of the mentioned control companies in one way or another. Additionally, each state usually has its own independent authority, making the US market significantly more complex than others. Regardless, the scheme reviewed isn’t regulated by any authority anywhere in the world, so make sure to avoid it as it may as well be a pure scam.

Minedollars Address and Contacts

Address:None
Phone number:None
E-mail:[email protected]

Minedollars doesn’t provide contact information, waving a huge red flag. The scheme appears to be totally anonymous, and it’s basically impossible to reach these people if you need to. The transparency issues always suggest a scam!

Transparency is essential when it comes to investing because you should always know who is making the investment in your name and where your money really is. Legit businesses always operate transparently and are required by law to provide the public with their basic corporate information – addresses, phone numbers, e-mails, legal documentation outlining service provisions and so forth. It’s very likely that you are dealing with scammers if you cannot independently verify the contact information given, and it’s even a more treacherous sign if you come across an entity that doesn’t even provide these crucial details!

Minedollars.com Website Info

SimilarWeb Ranking1,368,137 at the time of writing
IP172.67.141.177
Server Country USA
WHOIS Reg. Date2020-05-12
RegistrarNameSilo, LLC
SSL certificateValid
OwnerRedacted for Privacy
AdministratorRedacted for Privacy

Is Minedollars Safe?

Minedollars is not safe! It’s a fishy cloud mining investment service promising unrealistic potential rewards. In addition, the scheme is illegal and anonymous, which further suggests that investors’ deposits will be exposed to unnecessary risks. You’d better stay away from Minedollars!

Scam Warning

For various reasons, depositing with HYIPs and other unregulated investment schemes is highly not recommended. Above all, the lack of regulation strongly suggests a scam, as only regulated firms can offer investment services to the public. As you might expect, scams cannot thrive in a robust regulatory environment, where numerous customer protection rules are imposed, all of which are designed to make markets safer by actively preventing fraud.

Authorisation by regulators is only granted if the firm meets the standards governing how the entities should treat you as a customer and what kind of information they should provide. Each country’s regulator keeps a register of licensed firms and the products and services each licensee is permitted to offer. Unauthorised firms, on the other hand, seek to avoid the controls that legal, authorised entities are subject to, thus leaving investors unprotected. Scammers, of course, want customers to be completely unprotected, which significantly facilitates fraud, and that’s why they always work without a license.

The HYIPs, in particular, are usually operated as a Ponzi because many investors can 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, allegedly delivering unrealistically lucrative gains. 10% or 100% per day certainly isn’t a legit offer – that’s a scam, and you’d better stay far away from entities promising get-rich-quick schemes.

9 Comments

  1. I was aware this is a scam site and it will one day disappear with people’s money. However did not expect them to steal my money before that happens. They have suddenly changed their terms and frozen all my money. That is absolutely illegal and disgraceful. If you have any idea how I can recover my deposit, please let me know.

    1. May i know the terms based on which they frozen your money?

    2. Getting back your recovered funds might take a while.
      Going to need a few information like the address you sent the coin to and your own address and some other info.

  2. So reply if its a scam or not.

  3. minedollars really is scammer, first time were let u withdraw the money , second time they frozen ur account reason because multi account & need to waiting 3 month to withdraw , be careful when invest minedollars & hashlists , read term & condition first .

  4. Huge Scam! They just froze everyone’s account until they pay 15% taxes on the contracts (not profits). This amounts to thousands of dollars. They said it was for “Crypto Regulatory Authority”, but they will not answer any specific questions. This is not a regulated company nor is there any “Crypto Regulatory Authority”.

    Bottom line, you have to pay to get your “investment” out of ransom. In the end, the taxes are WAY more than the profits you made.

    Also, they just incorporated a new “clause” for high-yield contracts without any warning or prompt. If you only buy one, they will freeze your account until you buy four more (total five) and threaten you will lawsuits. The customer support chat are making threats that you will be sued unless you pay. Sound familiar?

    After three hours on customer support chat, I have screenshots showing the legalise threats the company is making. They even went as far as to say, “borrow money from a friend and pay the tax and we’ll unfreeze your money”.

    Wow.

  5. They will claim that you owe a tax on the amount you invested. It’s completely bogus because taxes are on profits and they can’t collect taxes. So it’s a scam. Do not your invest your money with these scammers.

  6. I invested thousands of my hard earned money. I do not have a problem paying legitimate tax . I have asked how I can do this to unfreeze my account but have had no reply. I am disabled and this was a supplemental income for me i am scammed, once again disappointed. I want my money back keep the (profit).

  7. I have been taken again…My up-line withdrew so I thought it was safe..tried to withdraw and was told BTC fees were too high, try another. Tried another and told I did not meet the withdrawal requirements…I’ve been had again.Can I be put on the “get my deposit back list” please

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