Today I am going to review IQ Mining and let you decide if they are a scam. I have put money into IQ Mining so can give you the facts and an honest review.
So what is the IQ Mining Scam? Scam is a harsh word, is it appropriate? What is the meaning of a scam? A scam is a deceptive scheme or trick used to cheat someone out of something, especially money. Scam is also a verb meaning to cheat someone in such a way.
Let’s get into it, and I will show you why I believe IQ Mining is a SCAM.
IQ Mining Review
Name: IQ Mining
Price: Mining contracts start @ $51USD
Owners: Tunewo Limited
Overall Rank: Two Thumbs Down – Scam
IQ Mining Product Overview
IQ Mining is a smart cloud mining service. They provide smart cloud mining services, developed and masterminded by various cryptocurrency enthusiasts and blockchain experts to provide affordable and most efficient mining service with frequent payouts for small and large investors.
That is the claim on their website. They also provide a trading platform to trade various CFD & Options contracts on FX, Crypto, Commodities, Indicies & Stocks.
IQMining platform combines cloud mining with daily payments and Forex margin trading, options and cryptocurrencies, giving the opportunity to multiply potential income.
- I have used their trading platform, and I find it very primitive with large spreads compared to the larger well-known trading exchanges.
The Good & the Bad
- Honestly, I am struggling to find anything good to say. My personal experience has been bad with IQ Mining so let’s look at exactly what is bad.
- Misleading right from the start, what they promote is not what you get. They hype up the advertising and make it look very profitable when, in fact, the mining will run at a loss. The rates are in the small print, but it is very deceptive how they market it, so I consider them a SCAM.
- Support – I have had several dealings with support, and it is NOT good. They lie and do not get back to you.
- The Exchange for trading is primitive & poor with large spreads. The worst exchange I have traded on.
- Withdrawing money – I personally have not tried to withdraw my money yet because I have pledged my mining contract but thought it was worth mentioning withdrawals because that is one of the biggest complaints on Trustpilot.
Who is IQ Mining For?
IQ Mining promotes themselves in a way as if you can make BIG daily profits from cloud mining on their platform.
Cloud Mining is for anyone who wants to earn crypto from mining without the hassle of setting up & running mining rigs. So mining at IQ Mining would appeal to a lot of people.
With claims like that (if you believe them) you would want to start mining with them, wouldn’t you?
My 1st Experience with IQ Mining
Unfortunately, that is not the reality. It may be different for some contracts, but the ones I bought have not made a profit, and I supposedly bought them at a 30% discount. Mind you they have had that 30% discount going for 6 months now.
If I had stopped and read the fine print I would have realised that it was not profitable, but I was excited, I hadn’t had anything to do with cloud mining and just wanted to check it out, and they were claiming Daily Payouts.
I thought I was going to make around 50% ROI for a 1-year contract. I knew there were maintenance fees to take into account, but they appeared to be minimal. After putting my money in (only a few $100) I started looking into it all on the platform, I found the fees.
It was not clear, but I did some calculations, and it appeared I was going to make a loss on my contract. How could this be? I keep crunching the numbers, and the mining was going to run at a loss. I contacted support, and they eventually confirmed what I had thought, the mining was running at a loss.
Support at IQ Mining
Now my experience with support was not good right from the start probably because I called them out on being a scam straight up. I said, “How can you take peoples money from them when you know it is running at a loss” they had all sorts of excuses. They blamed the recent halving in BTC said I should have read the fine print etc… they were right. I should have read the fine print, and then I would have RUN.
I asked for a refund immediately, but they would not give one. They did offer to pledge my contract. Which basically means the money is transferred to a trading account, and then I can use my investment to trade. The mining contract is locked for a year, meaning I have to wait until it expires to withdraw any money. The other option is to pay out the mining contract.
I eventually decided to pledge the contract because I thought at least I could make some profit trading. This turned out to be a hassle as well. I had trouble with ID verification. I had to get verified before they would open my trading account. I won’t go into detail, but it was much harder then it should have been or needed to be.
My Trading Experience
Finally, I got onto the trading platform. I trade crypto full time, so I know a little bit about it, this was my chance to make some money out of IQ Mining I thought. Well, the trading platform is absolute crap, it’s like it came out of the ’80s-’90s. I have used it and made a profit in my account, but I think they rely on the average person losing their money trading, and this is why they let you pledge the contract.
I have doubled my money trading on their platform, and I am now waiting until my contracts expire ( I have a few months to go), and I will try and withdraw my money. I wouldn’t say I like the platform, and I consider 100% ROI enough; this is why I will not continue with IQ Mining.
Withdrawing from IQ Mining
I have not tried to withdraw any money from my account, but I hope it will be easy when I do. From what I have read, this is a BIG issue at IQ Mining if you read the Trustpilot reviews, many people have issues getting money out of IQ Mining.
IQ Minings ratings on Trustpilot is POOR with 2.3 stars. They do have some good reviews, but IQ Mining has paid these people to write good reviews from what I have seen. I have also found IQ Mining trying to get people to remove bad reviews with incentives.
My Final Opinion of IQMining
I would NOT recommend IQMining because they are very deceptive in promoting their product, let me remind you what the Definition of a SCAM is. A scam is a deceptive scheme or trick used to cheat someone out of something, especially money. My personal opinion is that this is exactly what IQMining is doing to innocent people.
If they told the truth, which is “Give us your money, and we will mine crypto for you, we will charge you fees which are higher than the profits you will make from mining.” You would NOT invest a cent.
So they are asking you to invest in a NON-VIABLE mining contract. They will make money, but you will not.
My final opinion is run from this one. DON’T get caught in the IQ Mining SCAM. I will be adding this one to my SCAM LIST.
They get TWO Thumbs Down from me.
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Don’t fall for the Scams and Remember…
Be the Best you can Be
❗ DISCLAIMER: I am not a financial advisor. This is not financial advice. The content and material I provide on 2dsirecrypto.com is my opinion only and general in nature. Always do your own research before investing any money. You should always understand the risks involved in trading and investing and seek advice from licensed professionals before undertaking any investments of your own.