ShineBit claims to be an investment company that is focused on Bitcoin mining and cryptocurrency trading.
The company offers several investment plans, depending on your deposit you are supposed to get daily returns on your investment between 10% and 12%. This means 300% to 360% per month.
Can it be true?
We have to repeat it every time we review this kind of scams, 10 – 12% daily cannot be offered by any legit business. Period. You can make such returns in one or a few days, if you are lucky, but certainly not regularly, it is impossible.
In Bitcoin mining you will be happy if get your money back in 6 months after buying your own hardware. In cloud mining you will be happy if you break even after one year. And trading cryptocurrencies is easy with hindsight, but when you try it for real, you will find that is far from easy to pick up your entries.
The usual trick of these scams is a company tax registration in the UK. Shinebit Limited is no different, a registration that is only three months old, so authorities know almost nothing about the company. It will dissolve before first accounts are due.
The key thing is that Shinebit is offering investment services, which is a regulated activity licensed by the Financial Conduct Authority.
But as you can see, Shinebit is not registered with the FCA, therefore it is operating illegally.
So how does Shinebit really work? It will collect money from the public and it might initially pay some profits, using just new deposits for this purpose.
There is no real trading or mining going on, just an illegal financial game, a Ponzi scheme. When owners of the Shinebit scam decide they had enough, they will take all the money and disappear.
And you won’t find them, because financial transactions are made in cryptocurrencies only, so anonymous to a high degree.
ShineBit is a new Ponzi scam that will collapse sooner or later. Stay away from it!
If you want to see what money can really be made in crypto trading, try a free demo account with a regulated broker.
You will see that trading is not that easy, that you have to learn and build yourself a proper strategy.