As much as legalbitcoinmining.com sounds like a Bitcoin mining website, it is actually an offshore broker that claims to offer more than 100 tradeable assets in addition to social trading, high customer loyalty and “progressive partnership opportunities”.
We’ve always discouraged using offshore brokers to trade the financial markets.
Your success actually begins the moment you sign up with a reputable broker that has a strong track record.
The website legalbitcoinmining.com was created in January 2020 and it seems the original idea was to create a site for “mining Bitcoin” as opposed to trading.
Currently, this broker is anonymous but with a US virtual address since we couldn’t establish their presence in the US for that matter.
The minimum deposit that Legit Bitcoin Mining is accepting is $500, which is quite unusual since many brokers of this caliber require $100 to $250 at most.
Therefore, in this review, we’ll scrutinize the reputation of this broker to let you know whether or not it is viable for trading.
The website of this “broker” is quite disorganized with awkwardly-placed texts, pictures and widgets that somehow overlap on the interface.
This is the most unprofessional design that we’ve ever seen on a site that claims to offer professional brokerage services.
If they cannot organize their website properly, do you think they can provide flawless financial services?
We doubt whether the answer to the above question would be a Yes.
The about us section also makes reference to another website called Epic trade FX.
It appears they just copy-pasted this information from Epic trade FX to save time since the website was probably put up in a hurry.
All in all, we don’t like the marketing fluff as it does not add credibility to the website.
Also, the company operators are anonymous but can be reached through listed contact information (+19362436963) or email (email@example.com).
Legalbitcoinmining social trading
Copy-trading is a feature that lets traders copy other traders who can demonstrate the consistency of their strategy.
This website does not provide ways to verify that the traders we want to follow are profitable.
There are sections on the website that list “the best traders in the last 24 hours” and “the top ranking traders”.
We don’t know the specific parameters used by this broker to rank the traders.
Also, it’s quite difficult to trust these stats given that the broker’s credibility is questionable.
Legalbitcoinmining investment plans
This broker is also providing “investment plans” that are similar to those of HYIPs.
This means that traders can create an account and pick an investment pack of their choice.
The next thing would be to deposit at least $500 or $20,000 for the VIP package.
This would be the riskiest thing to do since Legal bitcoin mining does not have any reputation to be trusted with such sums of money.
In addition to this, we want to know the strategy they are using and what kind of investment they engage in to generate returns for their clients.
Obviously no insights have been provided with regards to our concern above.
Not a regulated broker
All brokers must be regulated by at least one financial watchdog.
Since this website claims that their activities are based in the USA, it means they are serving clients from the US as well.
This means that Legalbitcoinmining.com needs to be registered by the CFTC and also file their activities with the SEC.
Unfortunately this is not the case. So clearly this is an illegal broker.
Any funds that are sent to their bank accounts will be at risk.
This broker is unable to demonstrate that they are not a scam.
They have not transparent with their “investment packages either”.
It seems that they are operating like a broker on one hand and a HYIP on the other.
What disqualifies them is lack of a broker’s license, a good reputation and professionalism altogether.
You are likely to lose your money if you send it to Legalbitcoinmining.com.