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Setmine is a typical scam pyramid that lures investors into their website with claims of receiving free 100 GH/S. They encourage clients to start mining and receive cryptos instantly.
The company additionally states that their mining rigs are already running and installed. Sady, despite their handsome promises the information they have on their website is insufficient to prove there is mining taking place.
Setmine support Bitcoin Ethereum, and Bitcoin cash mining. The platform assures investors that as soon as they set up their account, they can grow their capital instantly.
They claim that their mining services are accessible to everyone across the globe. Moreover, they assure their client that they will enjoy top-notch services and high security.
Despite the platform being in the market for sometimes now, they have no financial report on the website. Investment is all about the number, and without them, it will be hard to believe there is any investment service taking place in Setmine.
Sadly, the platform does not even avail their banking information to the public. The safety of your funds is at high risk. The company can exit the market at any time without being traced.
Setmine asks investors to join their company and avoid experiencing high expenses as well as hot, and noise associated with mining. The company brags that they have the fastest and the best mining hardware in the industry.
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Additionally, they guarantee investors that they can mine any digital currency so long as it is available for mining in their platform. All you have to do as an investor is sign up on their website and start enjoying high rewards.
The narrative of Setmine.io seems flawless, however, mining associate numerous risks, additionally it hard to believe there are mining activities taking place in their platform when they have not disclosed the location of their farm or servers.
On the other hand, they have not as well verified the amount of investors’ money that they use to cater to mining expenses. They expect you to trust in them blindly without any valid evidence.
Setmine state that their clients will receive periodic mining outputs to their wallet of choice. The time to start mining is now but ensure you invest with reputable companies in the industry.
Regulation and Customer Support
Setmine is a platform that claims they accept money from all over the world. Unfortunately, they do not display any regulatory form on their website. Therefore, we can all agree that the platform is operating illegally.
Investment companies collecting money from the public ought to acquire licensing documentation from relevant financial watchdogs. The various government has come up with strict measures to protect their citizens from fraudulent platforms that want to exploit them.
Setmine claims their office is located at 2880 Marcus Street Birmingham Al. For any platform to operate in the UK, they must have a license from FCA, which they don’t have.
You can reach the customer support of this shady company via email; firstname.lastname@example.org or via their phone number +1 256-624-6098. However, given the nature of pyramid schemes, they will only contact you when they want you to deposit more funds into their system.
Ponzi schemes will blacklist you or stop communicating once you trust them with a considerable amount of money. To make matters even worst, Setmine has not showcased its founders to the public.
Anonymity is something that is not appreciated when it comes to investment. You need to know who is handling your money. Legit mining companies will brag about their team, and show the qualification of their founders.
It is only Ponzi schemes that will operate behind the scenes. Keep off such platforms because nothing good will ever come from them.
Cloud Mining Contracts
Setmine has three cloud mining contracts, which varies depending on the currency that you would like to mine. Investors need to key in the amount of money they want to deposit then the calculator of Setmine will project the amount of power they can generate.
Seems very easy and straightforward. Pyramid schemes are luring investors with attractive rewards. They are targeting newbies who lack adequate knowledge of how the market works.
Mining used to be a very profitable venture that initial investors were able to yield high returns. However, the nature of the industry has changed, and the market is currently flooded.
Pyramid schemes are offering a ridiculous amount of cryptocurrency through mining. There is also a misconception that mining is a get quick rich scheme which is entirely bogus and misleading.
To make a reasonable amount of return in cryptocurrency, you need to have the relevant skills and patience. Just like every other industry, you cannot just dive in and expect to become rich overnight.
Additionally, mining consumes a lot of electricity energy. Setmine company has not revealed how they cover these charges or the amount of investors’ money that they use to cater to the bills.
Such red flags should keep you off from trusting the platform with your funds. They only claim to have the best hardware in the market, yet they do not showcase them to their investors.
Keen investors will refrain from trusting Setmine; moreover, what they are offering to investors, even the best companies in the industry, are not offering anything close to it.
The Domain Insight
During our research, we were able to gather useful insight regarding this platform, all thanks to whois.com and Alexa.com. Its official domain name is Setmine.io, and its registration took place in 2019 September and will expire in the same month the year 2020 September.
Unfortunately, there is no available data on who the owner of this website. They have an Alexa global ranking of 943,684. The location that Setmine targets their audience from is currently unknown.
Is Setmine a Trustworthy Company?
The answer to this question is no; the platform is just another Ponzi scheme that is interested in your money. The promise they make of high earnings are all false.
The company does not have any statistics to verify they are indeed the best in the market. Additionally, the company has not been in the industry for more than a year. They are destined to collapse and exit the market at any time once there is no more revenue coming their way.
Setmine does not avail of any banking information to their client, which raises even more red flags is the fact that the platform is not licensed to carry out their services. There is no evidence of mining taking place in this firm. The mining farm and server location are not disclosed. Additionally, the win rate and draw line information is not available.
The person who is running this fraudulent platform does not want the public who they are. Whatever the reason for staying anonymous is, it is not appreciated when it comes to investment.
Setmine Final verdict
Setmine is a platform that claims to be involved in crypto mining. They allegedly are taking part in the massive growth of the digital currency. However, there is no enough evidence to prove there is mining taking place on their website.
The platform offers free cryptos to investors, which raises red flags, mainly due to the currency market nature. You should only invest your money with trustworthy mining companies in the industry.