Review - VegaMiner.co scam or legit?

VegaMiner.co is a typical cloud mining service which mines Dogecoins and Litecoins. This platform offers free plan as well as paid plans and once you register with them you will be pushed towards making a purchase which makes free plan just a cold bait to lure you in.

The returns this mining service portray are ridiculous and outright lie, 4.72% ROI cannot be achieved by them. Cryptocurrencies are the new trends which is making leaps and bounds in terms of volatility everyday. Before you deal with this fraud organisation or try out their so called free plan go through our review which will give you a clear insight about them.

Company and Support

All the businesses revolving around the financial markets which provide investment opportunities have to be legally competent and there is no exception to this rule. The reason why firms are so heavily regulated is because of the damage done by scams in the past, so in order to prevent that authorities are doing their best.

VegaMiner.co is an ICO which mines altcoins, they raise money required for mining process and maintenance from the everyday people and give them a chance to get involved in that process by sharing profits with them which depends upon the initial investment and time period. It was daunting when we were investigating this service as we couldn’t find any details about them on the FCA platform which clearly points out the fact that they are operating illegally.

Even on their website apart from the fact that they are supposedly based from Manchester, UK these fraudsters have concealed any other information. Most of the legitimate business showcase the licenses on their platform as it seems as a credibility boosting factor but looks like these crooks do not care about things like these.

Do not get disappointed if you could not find any ways to reach, we couldn’t find them either because it is non-existent. If you were unlucky enough to sign up with them, deposit funds and then face any problem then there is absolutely nothing you can do about it.

How does VegaMiner.co work ?

They state that they sell hash power of their mining devices so that the clients can mine the altcoins without being near the computer. Basically they are dealing as a large scale mining operation which raises funds from people for expansion of their business as well as effectively optimizing them and providing the clients with an easy way to mine the coins which interests them.

According to them they are employing ASIC miners which is yielding enormous amount of profit. Apart from this one line explanation there isn’t any in depth details about their operations.

The location of their farms and maximum mining capacity is not discussed. We do not know the gross and net profit they achieve on a monthly or yearly basis. Due to the lack of information, any rational investor will never invest into this firm as they have no solid track record, reputation or evidence to prove anything they say.

Mining Contracts and Profits

There are 2 Miner plans which is Doge Miner and LTC Miner and out of the 2 plans each segment has 10 types of contracts. Just like all the fraud schemes this one too is carefully designed to suck you in, show attractive contracts and make the visitor spend more.

We have listed popular Miner plans below, if you are a veteran crypto enthusiasts then you will have a good laugh once you see the returns they offer.

Doge Miner Plans

Doge Miner V2.2
Cost – 3000000 Doge
Profit – 5.5% Daily
Duration – 30 Days
Affiliate Bonus – 7.5%

Doge Miner V2.3
Cost – 5000000 Doge
Profit – 5.83% Daily
Duration – 30 Days
Affiliate Bonus – 8%

Doge Miner V2.4
Cost – 10000000 Doge
Profit – 6.17% Daily
Duration – 30 Days
Affiliate Bonus – 9%

LTC Miner Plans

LTC Miner V2.2
Cost – 100 LTC
Profit – 5.5% Daily
Duration – 30 Days
Affiliate Bonus – 7.5%

LTC Miner V2.3
Cost – 250 LTC
Profit – 5.83% Daily
Duration – 30 Days
Affiliate Bonus – 8%

LTC Miner V2.4
Cost – 500 LTC
Profit – 6.17% Daily
Duration – 30 Days
Affiliate Bonus – 9%

Popularity

A search on whois.com showed us that this domain was registered on 18/07/2018 and it expires on 18/07/2019. All the reluctant registrant contact details are masked as they appearing to be using privacy protection service of some sort.

This website gets around 400,000 visitors on a monthly basis, it ranks 26,285 in Iran and has a global rank of 327,955. The countries where they have gained popularity are Iran, Brazil, United Kingdom and Indonesia. They also use ad networking site as a part of their promotional strategy.

Is VegaMiner.co a Scam ?

Yes it is.

For starters know that the security of your funds is very skimpy and since you are forced to send money through cryptocurrency, the odds of chasing or narrowing their identity and location is also very low. Just about everything about this platform is either deceptive or worse a flat lie. For example take a look at the image below.

They state that they make average returns of roughly 1,698% per year. If it was indeed true then they would be featured on all the popular magazines and channels but since they are all fake it will be preposterous for us to believe then. When the investment banks can’t achieve more than 20% yearly, do you really think these crooks are able to surpass them ?

VegaMiner.co Review Conclusion

VegaMiner.co at best is a ponzi scheme and nothing more than that. Since they are new and getting promoted aggressively by vlogs and blogs resist the desire of making what appears to be seemingly easy money. Remember they are still very new and as of now the chances are you might see some profits but that does not make them legit in fact just to rewind you they are an illegal organisation in the first place.

The only difference between success and failure when it comes to investing of any kind is knowledge, if you try to proceed without that then you can’t last for long.

Do you have any experience with VagaMiner.co? Feel free to share your opinion by leaving us a comment.