KingFinance is a new crypto cloudminig site that claims ‘advanced crypto technology’. The company is selling its investment services from the domain KingFinance.trade but we don’t trust it.
This website is offering 4 cloudminig plans dubbed ETHHash contract (2% daily), SHA-256 contract (2.2% daily), SCRYPT contract ( 2.4% daily) and EQUIHASH (2.6% daily). The minimum investment that KingFinance.trade is asking for is $10 and they are offering 4 tiers referral program upto 20% from your referrals.
Looking at the details of the domain KingFinance.trade, we find that it was registered a couple of weeks ago and updated about a day now. It is just about 2 months old. So for them to give us promises of how they’ll generate daily returns to their clients, we need to see the seriousness in their presentation.
This seriousness is lacking, and this is the first red flag anyway, so we find it difficult to include it in this page where we’ve talked about reputable investment tools to work with.
KingFinance allegedly collect funds from members of the public with the intention of investing the money in various mining contracts for a stake in the crypto mining business.
From the surface, this looks like a legitimate company with a solid investment approach. However, due to our experience with cloudmining scams, we have decided to investigate KingFinance because we don’t believe everything they say.
First of all, the owners of KingFinance are anonymous. The vendor can’t answer the reason as to why their company executives are 100% anonymous.
There is also a section labeled “Rental Amount” attached to each cloud mining contract. This is where we let our imaginations run wild since we can input any imaginary figure to calculate what investment return we will earn daily.
Thanks to their calculator, we tried using a figure like $500 for the ETHHASH contract. The calculator returned a profit of $10 daily which means we would earn $300 monthly in pure profits.
At this point, KingFinance begins to feel too good to be true, considering the increasing difficulty in crypto mining, bitcoin price fluctuation, electricity demands, taxes and hardware maintenance.
Always trust your instincts when you begin to ask yourself how a deposit of $500 in crypto mining can yield steady returns up to the tune of 60% every month, starting from the first day.
It is technically not possible. And this is definitely not crypto mining. So what is it?
KingFinance is a scam!
Before we concluded that this website is a scam, we considered various factors like ownership details and investment operations.
100% anonymous – The first red flag is that the company’s executives are 100% anonymous. This should never be the case if they are truly a serious investment company.
Fake business – Secondly, it takes a long time, effort and patient to break even mining cryptocurrencies, and it does not guarantee any steady returns but KingFinance is actually guaranteeing daily, weekly and monthly returns. So how is it possible that the company will pay “profits” even when an investment project dubious?
No mining records – Thirdly, we ask ourselves why KingFinance is reluctant to show us their mining track record. If they have been doing well investing in contracts of other crypto mining companies, it should be very easy to produce their track record or atleast we should see testimonials from real investors.
This leaves us wondering why there is no proof that KingFinance is actually purchasing contracts of other mining companies and earning returns which they share with their customers.
No investment license – Finally, KingFinance does not say anything about their regulatory obligations. It’s clear that this company is offering a financial service. So where is their license from the financial regulator in their jurisdiction?
You cannot “invest” with a scam. You can only lose money and that’s what KingFinance wants you to do.
With zero proof of investment in crypto mining, the surest thing that can happen is that victims will eventually lose their money. It is as simple as that. So stay away from this scam.