ID Mining is an online trading platform that offers various trading opportunities to investors. However, it has been accused of being a scam broker by some traders who have invested their money in the company.
In this article, we will provide a comprehensive review of ID Mining as a broker. We will examine the firm’s background, trading conditions, customer support, and regulatory compliance. It is important to note that investing in any trading platform requires caution and due diligence, and this review aims to inform our readers of the risks involved with ID Mining.
Company Overview
Broker Name | ID Mining |
Mother Company | Bitcoin Mining Company Ltd. (Not regulated, no website, and no license) |
Website | https://idmining.com |
Location (Claimed) | 310 St Vincent St, Glasgow G2 5RU, UK |
Regulation | Not regulated |
Contact | info@idmining.com |
Team
They have a big team of technicians, blockchain specialists, mining specialists, and technical experts- this is their claim. You can even see it on their website, but you cannot see any details about them.
Services or Products
They mainly offer mining packages and contracts for cloud mining. They claim they use sustainable energy sources for their mining, but it is not feasible. As other big-scale companies are not able to do this till now, but they claim they are successful.
Trading Platforms
As a trading platform, they offer several packages for cloud mining contracts. You can buy them from the list do mining, which is a dream.
License and Regulations
License Status
Here starts the story. When you will enter the website for the first time, you will see a chat option in the market place. Why this is not here, we will describe it later.
We then tried to find the license information on their website but found nothing. So, we tried to contact them and they replied. When we asked about their legitimacy, they first replied, “If you don’t trust the company, then we are not forcing you to invest.” We asked several times to at least provide us with the license authority site info. They only provide the UK registration link, which is mentioned on their website footer. That cannot be trusted, cause it can be done by anyone. For asking for their license information, they blocked us. That is why this chat option is not showing in our browser.
Regulation Status
It is clear that they are not regulated. In fact, they are not registered at their mentioned address. When we tried to find the building directory, we did find their name. This is the directory of their address building. You can find the directory on this link: https://310stvincent.co.uk/accommodations/#floors
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Why Dealing With Unlicensed Brokers Is Risky?
Dealing with unlicensed brokers is risky because they are not regulated by any governing authority, thus they may deceive traders and investors by promising huge profits. They may also not have the necessary qualifications, experience, or resources to provide proper investment advice and may engage in fraudulent activities. Moreover, without any regulatory oversight, it can be challenging to seek legal remedies or compensation, making unlicensed brokers a significant risk for investors.
Legal Warnings Against ID Mining
As this company is in UK and FCA is the main financial authority to regulate the brokers, we tried to find it on their website. But, no result was found.
It is clear that they are not registered or regulated by FCA.
Client Feedback About ID Mining
About Trading
If you go to Trustpilot and see their review, you can see all the negative review has been flagged by ID Mining and only positive ones are published: https://www.trustpilot.com/review/idmining.com
It is clear their previous clients are not happy and they only keep the paid positive reviews to show their credibility. Now Let’s have a look at other review sites.
See? How are they manipulating the reviews?
About Customer Service
We already gave you the experience of their customer service. Their service is as low as expected.
How Can FXfarmupdate Help You If You Get Scammed?
So, if you get scammed by this broker, you can contact FXfarmupdate through our website form. We will provide you with a free consultation and recovery service recommendations to retrieve your lost money.
Final Thought
ID Mining is clearly playing a Ponzi scheme and scamming people. This is true that engaging with such kind of broker is very risky and you will lose your investment. If such a thing happens, do contact us.
