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Uibit.io Review: Is Uibit Legit or Scam?

Uibit.io Review: Is Uibit Legit or Scam?

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Uibit proclaims that it is the largest Bitcoin cloud mining company with over 12,000 registered users. Unfortunately, Uibit does not disclose ownership information to ensure transparency and neither does it tell us how long they have been around to attract such a big number of alleged users. Having run this website through domain inspection tools, we are convinced that the owner is clearly not interested in disclosing their information or that of the company that oversees the activities of Uibit. We are also not sure when this website came into existence. So it may be a little bit difficult to tell whether or not this is a new site but according to our research, we have observed that most of the sites that operate like Uibit started in 2018. Possibly Uibit is not more than a year old.

They have 9 investment plans which they claim will generate revenue through mining of Bitcoin. These mining plans are all suspicious because the website does not disclose what amount of hash power we are getting for the amount invested. Instead, they are only quoting the average daily returns and the length of the contract. This is how scam Bitcoin mining sites usually list their plans. They generally don’t give specific details of what a customer will get and you see, this is quite different from the regular Crypto currency mining sites which actually do the mining. These sites usually tell you the specific amount of hash power that can be bought for a particular amount of money. They are never vague about their investment plans. That’s why we always encourage our readers to sign up with these sites because of their transparency. It’s definitely where you will be looking if you consider mining Bitcoin or any other Crypto currency.

Uibit review

We cannot verify the statement that Uibit is the largest Bitcoin mining company since there are no facts to support this assertion. Also, there are larger and more popular Bitcoin mining sites which we cannot even compare to this alleged Bitcoin mining operation. It would be a big fat lie to claim that Uibit is the largest Bitcoin mining company. Among the things which they are touting on this site include instant deposit and withdrawals, fixed fees, free plan, 10% referral commission for every member recruited and 24/7 customer support.

Uibit

The site does not provide support through chat. It is only through email which makes it difficult to even believe that they will respond to our queries. Most serious websites that have 24/7 customer support will have a phone number and possibly a chat feature on their website so that clients can engage them anytime. But this site is only providing their support email. All mining contracts with the exception of the free one runs for 90 days. The reason why these mining plans are suspicious and are possibly not mining plans at all is because the best plan of all promises 110.6% in a duration of 90 days.

It should be noted that even in 2017 when the price of Bitcoin was skyrocketing, we still could not generate those returns in 3 months. We could not recover our initial deposit in 3 months. So it is practically not possibly to return 100% of your deposit in 3 months. These plans are simply too good to be true. By the way, one would think that if they tested this website with the free plans, that they would make some money and even withdraw it. But that is not how these suspicious sites work. Yes, you could try their free mining plan but you also need to understand that once you hit the withdrawal threshold and request for a withdrawal, the owner will ask you to upgrade your plan (means paying Bitcoins) in order for them to let you access your freely mined Bitcoin.

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What beats logic in this statement is that if the owner truly mined Bitcoins for you, why are they asking you to send some Bitcoins so that they can release the ones which they have already mined? That is the big question which scammers will never answer you.

Reasons why Uibit is just a scam

Uibit does not provide a verifiable payment ledger other than a table of fabricated deposits and payouts. There is no way to verify the truthfulness of the information that has been published on this table. Moreover, there is always a way to use blockchain records to verify that indeed a transaction took place. This website does not disclose this information and yet it is needed in order to verify whether the alleged transactions on their website took place. This means that Uibit is not transparent and there is no reason as to why you should ever trust such a website.

Secondly, their FAQ page fails to serve us with the necessary identifying information needed in order to trust this site with our hard earned money. They did not list the ownership of this website including their physical address. This also gives us reasons to doubt whether they truly have miners which mine the alleged Bitcoin  since all evidence point to the fact that this site does not generate Bitcoin through mining.

What we know so far is that Uibit has not actually proved that they have data centers. This is an area which was not addressed at all and yet they still want us to believe that they have invested in data centers for mining Bitcoin. The possibly source of revenue is member deposits. When they collect enough, the anonymous owner would be willing to spend 10% of those deposits to keep the site up and running, meaning that they will basically be making payouts based on what they have collected. This is how ponzi schemes operate, and they have been shown to fail historically.

Our best advice for you

We don’t think a site that is run by jokers like Uibit can bring you any income. We strongly believe this site will scam you at some point. To mine Crypto currencies, we advise that you sign up with these sites. 

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Uibit
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One Reply to “Uibit.io Review: Is Uibit Legit or Scam?”

  1. So, why the internet authorities are not stopping the suspicious site until some kind of investigation may be developed and the appropiate actions may be taken, SCAM = CLOSE of the site
    LEGIT = OPERATE under authorities surveillance, I mean even with cryptocurrencies, some kind of security must be expected i.e. supposedly somebody bought a Lamborghini with bitcoins, well but how may you know that the bitcoins are real?

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