Welcome to our Localbitminer review, in which we investigate the website currently found at localbitminer.com.
On February 6, 2023, the following complaint was posted on the Better Business Bureau (BBB) by an Ohio, USA person who claims being scammed for $3,000 by the Localbitminer investment cryptocurrency scam:
I was approached by a friend who said that if I invested in this website, I could make extra money. I invested 1,000 dollars into the account and was later asked to upgrade it to be able to withdraw any funds.
After the funds had completed their growth period, I was able to make a withdrawal, but I was charged an additional 1,000 dollars. However, when I tried to withdraw the money, there was a problem and I was asked to pay even more money for the withdrawal to be processed.
Reported email address is localbitsbuilder@gmail.com
Reported website is: localbitminer.com
So is Localbitminer legit or a SCAM?
Localbitminer Review
The domain localbitminer.com was registered through Hosting Concepts B.V. d/b/a Registrar.eu on January 28, 2021, about two years ago, for 3 years. It was last updated a few days ago, on January 30, 2023. The registrant seems to be from Kiev, Ukraine.
Local Bit Miner is hosted by HOSTINGER US and does not seem to be getting much traffic.
Only four of its pages are indexed on Google, including the homepage, contact page, sign up page, and sign in page.
Strangely, these seem to be the only pages on the website with the About & Features menu items redirecting to the Contact page and a dysfunctional “Buy Bitcoin” menu items that it seems they tried to send users to bitcoin.com.
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On the contact page, there is a contact form and a map that shows Wordsley, Stourbridge, UK.
Wordsley is a suburban area of Stourbridge in the West Midlands, England. No exact address is provided.
In the footer of the website we also find the email address support@localbitminerr.com [sic] and the address Millennium House, Audnam, Stourbridge, Worcestershire, DY8 4AH.
It is strange that the BBB report mentioned a gmail address, while on the website there’s an @localbitminer.com address, but perhaps the latter is not even active since they did not bother to even type it correctly.
As for the address – Audnam, Wordsley, Stourbridge DY8 4AH, UK – There is a building called Millennium House at this address, however it seems to be a Volkswagen dealer, based on Google Maps.
They also have a live chat widget and links to Facebook, Google Plus, Instagram, and Twitter that do not work.
Based on localbitminer.com, Local Bitcoin Miner is a Forex and Bitcoin trading platform that provides a wide range of financial instruments for trading. The platform is designed to be user-friendly and accessible to individuals of all skill levels. The company provides support in multiple languages and is available 24/5.
The platform offers various membership levels with different benefits and return on investment. They also have technical analysis tools and social trading options available to traders. The platform is safe and secure, with a system in place to prevent theft or unauthorized withdrawals.
Local Bitminer claims to have been in business for 5 years and has processed over 245K transactions per hour, with the largest transaction being 1B.
This sounds ludicrous, especially since, as we have already shown, the website is just 2 years old.
The company is also allegedly regulated, however no proof is provided or any other details about that.
Localbit Miner offers different plans, or investment opportunities with varying levels of membership that promise high returns on a short-term basis. The plans promise returns ranging from 120% to 300% after 24 hours to 25 days, with the minimum deposit amount ranging from $500 to $15,000 and the maximum deposit amount ranging from $1,000 to $700,000.
These trading plans are extremely unrealistic and are a major red flag. In traditional financial markets, it is generally considered impossible to guarantee a fixed return within such a short period of time, especially returns as high as 120% to 300%. Such returns are only typically seen in high-risk investments and there is a good chance that an investment with such promised returns could result in a complete loss of funds.
Bottom Line: Is Localbitminer a Scam?
Localbitminer is a suspicious investment platform that promises unrealistic returns within a very short period of time.
The website was only registered two years ago, and its history and credibility are uncertain.
The BBB received a complaint from an individual who claims to have been scammed for $3,000 by the platform.
The company provides a wide range of financial instruments for trading, but it is impossible to guarantee a fixed return within such a short period of time.
There is no proof provided that the company is regulated.
Based on all the available evidence, it is best to avoid investing in Localbitminer and instead, seek investment opportunities from well-established and credible sources.
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