If you are in search for a complete BitMagnet review you are in right website. If you are having doubts whether to trust or not this review will expose the lies and deception hidden in BitMagnet.biz. If you already knew that Bit Magnet is scam then good for you, you will not get victimized by this fraud website. Their marketing team has been promoting this scam vigorously. They have been sending emails to invite people to join and sign up.
You might have been checking the internet for information about BitMagnet and encountered the site called HYIP Monitors that makes Bit Magnet sounded like its legit. Don’t be fooled by this. This site are using their link to promote their commission sales, meaning HYIP Monitors is not honest with their review.
BitMagnet.biz Ltd. is a UK registered cryptocurrency investment company. According to their website the money deposited to them in cryptocurrency were invested in BTC mining and others. BitMagnet offers three investment plans as follows: 3.60% Daily, 4.08% Daily and 4.56% Daily. Very impressive but quite impossible. How can this scam firm finance paying the investors 4.56% of your investment daily forever by only investing in digging mines? You cannot find a tool that can mine large amounts of BTC every day. At present, this scam has over 269565 accounts opened.
We are trying to figure out in this BitMagnet review how they can possibly pay 4.56% to that enormous number of people, particularly if each one of these accounts earns between 3 to 4.56% every day. It’s hard for this scheme to generate this great amount of bitcoins to pay their members. In order to get this enormous power, Bit Magnet will require a minimum of over $300 million to purchase mining equipment. At the time of writing this review, the website is online for only 51 days, so we don’t know how they will pay the members every day, and still get enough money to buy hardware which costs $3000 and above right now. If the payment is done weekly or monthly it could have been mathematically make sense, but when bitmagnet.biz claims they can pay 4% every day and forever, this is ridiculous and an indication of a scam software.
BitMagnet is Scam – Three Evidences
BitMagnet website was launched last January 2016 offering Bitcoin cloud excavating services with business address from the UK. This review was written to evaluate the legitimacy of BitMagnet.biz.
Every claim BitMagnet made were evaluated and checked in this review and obviously there are red flags or indications of being a scam. We will provide you evidences that will prove how dangerous it is to invest in this scam company.
Before you make further action we suggest that you read this BitMagnet review so you can decide wisely.
First Evidence – No Public Mining Address
In order for a firm to participate in mining process it requires a public cryptocurrency address. In the case of BitMagnet, they cannot provide one which is quite suspicious. If a business claims they are cloud mining using cryptocurrency then they should have provided a legit mining address. There is no reason for a legit company not to mention this.
Second Evidence – No Proof of Mining Equipments
Companies involved in cloud mining should be able to show some pictures of their products they offer aside from the textual descriptions. Normally, they would sell equipments that is used in digging mines but BitMagnet was not able to provide any proof that they have actually own one.
In short, your money are not invested into anything. So, how is it possible for them to pay you and how your money will grow if BitMagnet cannot provide you any proof they are actually into bitcoin mining.
Third Evidence – No Proof of Payment
A legit Bitcoin mining company always provide evidence they are paying their members. It is also their way of attracting more investors. In the case of BitMagnet, they were not able to provide a single proof that their members are really earning. All they have in their bitmagnet.biz website are figures and promises of what they can do but there is no solid proof the business can really fulfill it. Isn’t it quite suspicious.
As mentioned above, at present they have 302657 total accounts. How can BitMagnet possibly pay all these accounts with profit of 3% to 4.56% forever?
BitMagnet company is using HYIP or Ponzi scheme and it is impossible for a business to survive longer. Most of the businesses operating using this scheme will claim for bankruptcy or simply closes up if they run out of money and there is no one investing on it. Some people would sign up HYIP firm without reading review or researching and they end up as losers.
BitMagnet Review Conclusion
Again never trust this scheme because of one obvious reason, they do not pay at all which indicates BitMagnet is scam. There are some people who might claim that they received payment from BitMagnet.biz. Their partners are getting paid so they can continue promote the scam. Some who get paid are the early investors. The firm gets the funds from the money deposited by the present investors. This scheme does not last long and it will eventually close up, so never trust a firm that uses this platform.
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