Our research about Coinmining24 shows that it has been blacklisted by a financial regulator and that is why we are publishing this warning.
What is Coinmining24 about
Coinmining24 is an investment company that allows its clients to trade cryptocurrencies and currencies on the foreign exchange.
The minimum deposit to open a trading account is 300 USD and every type of account is entitled to a deposit bonus.
Official website: https://coinmining42.com/
Address: Not provided.
Contact information: Not provided.
Is Coinmining24 legit?
Based on our research we have to say that Coinmining24 is not legit. The reason for this conclusion is that it has been blacklisted by a financial regulator for providing unauthorized investment services.
The warning about Coinmining24
The financial regulator that has warned the public about Coinmining24 is BCSC, see the full alert HERE.
The BCSC had this to say about Coinmining24: The company offer investment plans for cryptocurrency trading and it is accepting British Columbia residents as clients. However, the company is not registered in British Columbia to provide this kind of services.
Besides of what BCSC had to say about Coinmining24, it is clear that the company is lying on its website. Because it says it is registered in Cyprus and license by the CySEC, which is not true.
Why this warning is important
Financial regulation is key to maintaining orderly markets. Every country has at least one independent regulator that oversees financial markets to ensure that customers of investment services are protected.
No regulation is perfect, but it provides at least basic protection to consumers. In the investment world, regulation often ensures that clients’ funds are segregated from the money of the company, that there is transparent pricing of traded assets, that the company is not in conflict of interests, etc.
Simply put, there are rules that investment companies have to follow and regulators make sure that they follow them.
In some countries, deposits with investment companies are even insured. This means that if the company, for example, a broker, goes bankrupt, clients still get their money back from an insurance fund.
For all the reasons mentioned above the risks with regulated companies are far smaller than with the ones that are not regulated. There are many, many more scams among unlicensed and unauthorized investment services.
Therefore, to stay on the safer side, it is always better to trade and invest only with regulated companies. Only with platforms that are licensed by regulators to provide the services they are offering.
You should educate yourself about financial regulation in your country and use only investment and other financial services that are authorized in your country by relevant authorities.
Is Coinmining24 a scam?
Coinmining24 being blacklisted by a financial regulator, namely by BCSC, does not necessarily mean that it is a scam. Unless it is explicitly said in the alert.
But it is important to know that every time there is a reason for a company to be placed on a warning list by a financial authority.
There must have been an impulse for the regulator to investigate Coinmining24 and conclude that the public must be warned about it. Like complaints from users or suspicion, for example.
Some investment projects just overlook their duties as far as financial and investment laws are concerned, some are outright scams that just avoid regulation.
In this review, we report on the alert that the BCSC published about Coinmining24. So for a conclusion about whether it is a scam or not you can contact directly this financial authority.
They should be able to explain with more details why they published the warning. For example, if it was initiated by bad user experience or something else.
In our experience, to stay safe, it is better to avoid all companies and investment services that have been blacklisted by financial regulators.
You can also contact the national financial authority in your country and ask it about Coinmining24 to see what they have to say.
In conclusion about Coinmining24
Coinmining24 has been the subject of a warning from the BCSC, which is a financial regulator. So there is a problem with it, and that is why you’d better stay away from it.
If you have doubts about Coinmining24, just ask a licensed investment advisor and/or the national financial authority in your country to get a professional opinion.