Many people have messaged us on various platforms asking for our opinion on Faxtar.com, a Bitcoin cloud mining site. So many scam services and we can say that most of the mining platforms are fake. More often than not, we have to expose non legit cryptocurrency services of different type. That been said, we approach any new site with an objective mind, checking the real facts. This is what we did with Faxtar.com and the results are posted in this review for everyone who is interested in knowing how this site works.
Background information about Faxtar Mining
Faxtar is a cloud mining site that promises big returns on investment in several digital currencies. Simply put, the site will sell you cryptocurrency in exchange for some dollars and then ‘invest’ it in unnamed markets to realize profits. After that, the operators will be sharing earnings with each investor according in accordance to his invested amount.
Notably, Faxtar looks almost like a carbon copy of Metizer.com, also a cloud mining site that was established in 2016 before being outed as a scam and thereby closing shop. Faxtar has been online since February 2017 and not too long after the word started to go out, claiming there’s a Ponzi scam element there.
Like Metizer, the official Faxtar website has a purplish theme and is very shallow on information. As it is, we don’t know who the owners of the site are and which country it operates from. The only contact information is an email address (support AT faxtar.com). Nonetheless, Faxtar accepts investors from all around the world, including the United States. To participate, one has to change his base coin to an American Dollar so you can send it to the site’s wallet.
How does Faxtar.com work?
Faxtar operates on the concept of cloud mining. What they claim they do is generating hash power utilizing smart machines. That helps them create crypto currencies in the blockchain. They then hire out their system to online investors who are not lucky or tech-savvy enough to own the hardware and/or know how to mine cryptocurrency on their own. The site mines the following cryptocurrencies:
Among those, the BTC has the higher price but also the highest profits. The minimum amount of each currency required for account activation is 0.0001 BTC, DOGE 2500 and ETH 0.1. A calculator can be used on their main web page to tell you how much of your basic currency you need in order to buy the requested digital coin.
Returns on investment
Faxtar promises high returns on investment (ROI), much like a Ponzi scheme would. On the About Us section, the site claims that they always strive to pay investors annual ROI of more than 600%. By using the calculator you know how much earning you can expect to receive every day, and also for the longer periods of time. For an example lets use the Btc currency.
Now, from a minimum deposit of only 0.0001 BTC, Faxtar promises daily returns of 1.4% with daily accruals. As it were, the more you invest, the more profits you will get. Apparently. However, the reality is quite different. From the people we asked, and from our own calculations, for an investment of $90, it would take you more than 3 months to get even at the offered rates of returns. Faxtar is definitely one of the lowest paying HYIPs on the Internet right about now, on top of being a scam.
Everyone who has visited Faxtar.com can tell you that the site’s main selling point is the 30 GHs hash power that they give to new investors as a welcome bonus. To their credit, the power actually works but then again, what’s the point of mining cryptocurrency if you can’t withdraw it in cash due to unnecessary obstacles?
FAXTAR – Scam or legit?
We didn’t really need to invest capital in this site in order to determine that it’s a scam. This is obvious that there’s something wrong and you can tell it solely by having a look and reading some online reviews of real users. Before you call us haters, take a moment to read through the below points and perhaps you can begin to see things clearly.
The first sign of alert is that similarity with the problematic website of metizer.com, which was already proven to be a fraud. It definitely doesn’t look like a coincidence. They use the same design, the same currencies and mining plans. Considering that Faxtar was created on a later stage, it make us believe that these are the same crooks operating this shady crypto service.
It is always advisable to look at customer reviews before purchasing any product. Or in this case, before investing in any site. And we did exactly that when analyzing Faxtar.com. Notably, there aren’t many reviews in mainstream sites as it hasn’t become really popular. However it’s still not hard to find real users who left their comments. Following are only few examples among many.
“I knew it bro, bloody morons that’s why I have invested dogecoins only in it. Don’t invest it in (sic) guys” – Pankaj from YouTube
“Too risky site to invest money” – Lancani M
“couldn’t withdrawal my money, the owner was too rude” – Rajesh
Do not let the low figures deceive you. There’s no such thing as guaranteed daily profits in LEGAL business. Promising consistent earnings on a regular basis is a commons characteristic of HYIP money schemes.
As a fact, the site actually pays the returns for the first couple of days but as the reviews above can attest, the money rarely lands on the investors bank account.
No financial security
Faxtar has quite a low security standard for a website dealing in financial services. For one, there is no sign of any encryption system to protect client data neither is there a requirement for ultra-complex password to make it hard to hack accounts. Even worse, there is no option for password recovery when someone forgets their password. In this case, they will not be able to access their account permanently until they remember the password. And you can easily guess who is going to hold this locked invested money eventually.
Faxtar Review Conclusion
We can confidently conclude that Faxtar.com is a fraud. This is a Ponzi scam that aim to deceive people and steal their hard-earned funds. We highly recommend that you stay away from it and protect your friends by sharing the bad reputation of this service. After researching we found out that they mainly target people from Russia, Brazil, Portugal, India and the US. But wherever you are, be aware!