Coinomia Review

What is Coinomia – Is it legit or a scam?

Is Coinomia legit or is it a scam? Are you wondering whether you can make money with this company the legit way? Let me give you some information on this money making opportunity and what I found when I did my research on this company:

coinomiascam

 

Website: coinomia.com
Address: London, UK
Category:   MLM with cryptocurrencies
Product:   Coinomia
Owner: Hammad Khurshid Qadri
Price:   Free to join but additional costs
Overall ranking:  5/100

 

Coinomia is a new business opportunity which was in prelaunch mode until the 1st Nov. 2016.

It combines mining cryptocurrencies like Bitcoin and Ether with a Multi-Level-Marketing plan. You earn money by mining and by recruiting people into the program.

Cryptocurrencies are becoming more important as the fiat currencies like US-$ and € are losing their importance more and more because they are not backed up by gold or any other commodity anymore but only by the faith people put in these currencies.

If you don’t know anything about cryptocurrencies and all the hype about them then the following explanation might provide an insight into them:

  • What are Ether and Bitcoins?
    Bitcoin, unlike the fiat currencies, is a digital currency which is created electronically and is used to pay for services or products anonymously. Bitcoins can be bought and sold for Dollars and other fiat currencies. The big advantage is, that transaction fees are very low.
  • How are Bitcoins produced or mined?
    In order to be able to produce Bitcoins and get them into circulation, you need specialized hardware and the knowledge to solve what is known as computer maths problems. Persons who solve the problems first, get the Bitcoins and can put them into circulation.
  • Cloud mining:
    A shared data processor which can be accessed anywhere around the world is used to mine Cryptocurrencies. This way of mining is offered by Coinomia. Basically, people can rent access to the hardware and take part in the mining process. For any individual, this is much less expensive than buying and running your own mining hardware.

How can you make money with Coinomia?

There are two ways to make money:

  1.   Through recruiting people into the company (MLM)
  2.   Through mining Cryptocurrency coins

Are you not really into recruiting people or solving maths problems?

Check out a simpler way to make money online here>>

Earning through recruiting people into Coinomia:

The referral rates are indicated in the pricing table below:

coinomiapreistabelle-001

 

Free member:

  • 5 % referral commission on contract purchase from direct referral
  • No binary commissions, no repurchase commissions
  • Mining and repurchase commissions possible if user buys contract within 24 hours
  • Withdrawal of commissions only possible after paying affiliate fee of $ 100,–/year
  • Conclusion: no real “free membership” available!

Pool contract:

  • 8 % referral commission, binary income
  • Mining income
  • Repurchase income
  • $ 100,–/year membership fee

Machine contract:

  • 10 % referral commission, binary income
  • Mining income
  • Repurchase income
  • $ 1000,–/year membership fee

Rack contract:

  • 12 % referral commission, binary income
  • Mining income
  • Repurchase income
  • $ 10000,–/year membership fee

This is an example, how a binary structure works with the machine contract:

rack-contract

 

Earning through mining:

In order to be allowed to mine Cryptocurrencies, you need to buy one of the above-mentioned contracts. The contract you buy determines the power level of mining you will get.

The earning potential for mining under each of these contracts will not make you rich as you can see from the contracts below. On the contrary, they are pretty average. From the rack contract, which is the highest, you will be able to earn about 23 Bitcoins/year. With the machine contract, you can only earn 2,37 Bitcoins. If 1 Bitcoin is worth about $ 600,–, that’s about $ 1400,–/year.

coinomiaincome

 

This basically points to the fact, that you will only be able to earn good money through commissions you receive by recruiting people into the system. This is a huge red flag!

Please watch the video below which explains more facts, why you should be cautious when investing into this company:

Summary of the video above:

  • The phone number indicated on the website does not work.
  • The company indicated on the website “Coinomia Technology Ltd” with a y in the name does not exist when checking with companieshouse.co.uk
  • There are 184 companies registered at the address indicated on the website (1st Saviours Wharf, 23 Mill Street, London). It’s a small office block.
  • They are not registered where they say they are registered.
  • Phil Lewis on Facebook seems to be the CEO of the company. His first post has been created only on 25th of Sept. which means his profile is quite new. Is his profile real?
  • The CEO was asked for the company registration number which he refused to answer.
  • When searching for the owner of the domain name coinomia.com on whois.com it shows that the owner is Coinomia Technologies Ltd, 1 St Saviours Wharf, 23 Mill Street, London
  • The owner is Hammad Khurshid Qadri since 17th Aug. 2015 (the company claims to be in mining business since 2014)

After releasing the video above they have changed

  • Their name on the website to Coinomia Technologies Ltd (ies in the end)
  • They changed the company address on 14th Oct. (now it is 85 Great Portland Street First Floor, London). The registered address had been 54 Naseby Road Luton LU1 1LF, England. The address on the website had been 1st Saviours Wharf, 23 Mill Street, London.
    rsz_1coinomiaaddress
  • The statement of capital of this company according to Companies House is 1 GBP:rsz_coinomiashares

 

Just imagine, a company that is practically worth GBP 1 asks you to invest either $ 100,–, $ 1000,– or $ 10.000,– into their company! To me, this is a big red flag.

They also made several changes to their website after the above video was released pointing out all “mistakes” on the website.

Verdict:

In my personal opinion, this company is a SCAMpicture

Beware of investing your money into it. There are just too many unanswered questions.

If you really want to earn money online I can only recommend you to read my blog on how to get started the legit way here>>

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