Cloud mining is currently a trend for cryptocurrency traders. There are many companies that are helping new traders mine successfully and earn money. But such companies are doing scams in the name of helping people. Such an example is Genesis Mining Ltd. In this article, we will review the bad sides of Genesis Mining Ltd. and will show why should they be avoided.
Company Overview
| Broker Name | Genesis Mining Ltd. |
| Website | https://genesis-mining.com/ |
| Location | Chinachem Century Tower, 31/F, 178 Gloucester Road, Wanchai, Hong Kong |
| Regulation | Not specified |
| Warning | Multiple |
| Review | Mostly negative |
Team
The broker does not provide any information about their team management or executives. They don’t have any section regarding their company or team information.
Service and Products
They offer cloud mining services for traders. They have several packages and plans for this ming. Traders can buy any of these packages and then start mining with the, Though, there are several complaints agonist this broker about these packages.
Trading Platform
We did not get any information about their trading platform. They did not provide any access or show any demo until you signup for them.
License and Regulations
License Status
They claim they are established in Hing Kong, but we did not find any registration or authorization from SFC Hing Kong. It is clear that they are operating without a license in their own country.Â
Regulation Status
It is clear that they are not regulated or authorized. If they are authorized and licensed, they will show the certification or license number on their website. But we did not find any of them on the Internet too.
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 for several reasons. Unlicensed brokers are not bound by any regulatory framework, which means that they are not required to adhere to any specific standards of conduct or ethics. This makes it easier for them to engage in fraudulent activities, such as manipulating prices, misrepresenting investment opportunities, and refusing to honor withdrawal requests.
Legal Warnings Against Genesis Mining Ltd.
In November 2022 Australian Financial Reviews confirms that this broker is charged due to their bankruptcy and they failed to raise the fund to complete their loan. It is clear that this broker is another example of FTX.
Client Feedback About Genesis Mining Ltd.
Client feedback about Genesis Mining Ltd. is overwhelmingly negative, with many investors reporting losses and difficulties with withdrawing their funds.
About Trading
Clients have reported that the trading platform provided by Genesis Mining Ltd. is unreliable and prone to technical issues, which can result in significant losses.
About Customer Service
Clients have also reported that customer service provided by Genesis Mining Ltd. is poor, with long wait times and unhelpful representatives.
How Can Reviewsadvice Help You If You Get Scammed?
If you have been scammed by Genesis Mining Ltd. or any other fraudulent broker, you may be able to recover some or all of your lost funds with the help of Reviewsadvice. When you submit your case to us, we will first evaluate your case. Then we will provide you with a free consultation and service recommendations to help you in recovering your lost fund.
Final Thoughts
Based on the evidence presented in this article, it is clear that Genesis Mining Ltd. is a scam broker that poses a significant risk to investors. It is important for anyone considering investing with this company to exercise caution and do their due diligence before committing any funds. If you have already invested with Genesis Mining Ltd. and are experiencing difficulties, it may be in your best interest to seek the assistance of a reputable fund recovery service such as Reviewsadvice.
