Okabit Review – Is okabit.io a Mining Scam?

Okabit Review – Is okabit.io a Mining Scam?


Okabit Key Features

🔴 Okabit services are questionable – a warning sign!

🔴 Okabit isn’t licensed – a red flag!

🔴 Okabit isn’t transparent – a red flag!

🔴 Okabit creates unrealistic expectations – a red flag!

Okabit Products and Services

Okabit claims that based on mining volume and state-of-the-art technologies used for mining, they have the ability to deliver profitability that’s significantly higher than the market average. Their offers are really too good to be true, so much so that we consider Okabit a suspected scam. See, no one can deliver 10% earnings from crypto mining, and bear in mind that cloud mining is usually less effective! Hence, the advertised rates confirm that Okabit is an HYIP and probably a scam! You’d better stay away!

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.

Okabit Company and Regulation

Okabit is a brand of OKABIT LTD – a British company incorporated in 2021. We can validate the company, but that doesn’t make the scheme legit! Quite the opposite, the red flags are here! The first thing to note is that Okabit is not licensed by the British regulator FCA, so the investment service is unregulated and practically illegal. Some will argue that crypto mining is not a regulated activity, which is true. However, it’s not regulated when you mine for yourself! What Okabit offers is a standard investment service as they ask for deposits in exchange for future gains, and with that being so, we deem a license necessary!

The other problem is that Okabit is registered on an address used by company formation agents. There are tens of thousands of companies at 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ, which practically means that Okabit has a nominal presence only! What’s more, the company is registered in the name of a Moroccan citizen who lives in Morocco, meaning that Okabit is actually an offshore company! It’s not a typical IBC with concealed ownership, but the implications are the same as it’ll be almost impossible to sue this person or get a refund! Beware!

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.

Okabit Address and Contacts

Address:71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ
Phone number:+44 078 6141 5747
E-mail:[email protected]

Okabit’s address can be verified, but in the previous section, we explained what’s the problem. Hence, the lack of transparency is still here, and it triggers a major red flag! Beware!

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!

Okabit.io Website Info

SimilarWeb Ranking4,606,774 at the time of writing
Server Country Bulgaria
WHOIS Reg. Date2022-05-16
RegistrarNameSilo, LLC
SSL certificateValid
OwnerRedacted for Privacy
AdministratorRedacted for Privacy

Is Okabit Safe?

Okabit is not safe! It’s an unregulated company offering illegal investment services that, on top of it all, are technically impossible to deliver! Okabit is dangerous, and we urge customers to avoid it, or they’ll expose their money at risk! Beware!

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.

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