Bitcoin Forum

Jus saw it, looks like another ponzi.

What ya think?

i cant say for sure if it is a scam or not but having in mind that nearly all bitcoin investment sites turn to scam sooner or later it might be though its just my opinion

Gives some info that makes him look reliable (names of the team members with pics, a physical address) and the interest they are offering is not off the board (I mean is reasonable). Maybe it is a scam, but it does not scream SCAM! as much as other sites  :D

Yes you are right, but I would still be extremely careful. But to give some benefit of the doubt, people can't be creating such investment scams forever. The day will come that we will have a first legit Bitcoin investment place. Maybe that day has come, maybe magnr.com is such a place.

I would wait for some confirmations of other users though. The site is also very nicely done.

One thing makes me wonder though.

They claim to give 2.16% interest till 2016, while maintaing a 100% reserve.

How on earth are they going to make the money to pay the interest? It is a bit hard to grow their bitcoins without investing it and then they would lose their reserve.

BTC.sx rebranded itself as Magnr...

http://www.coindesk.com/btc-sx-rebrands-magnr-bitcoin-saving-accounts/

A little search about btc.sx is brining up scam accusations...

https://www.reddit.com/r/Bitcoin/comments/2175ct/feedback_dont_use_btcsx_scamtrap/

But, I have not researched further.

There is nothing to back the investment so I believe it is a scam. If you are interested in investing, you shouldn't put in the amount you can't afford to lose.

Ok im not getting into this stuff at all thn :)

I don't think it is a ponzi but the interest rate isn't worth it imo.

You can check out the ANN thread here: https://bitcointalk.org/index.php?topic=1092181.40
This member is also working with magnr: https://bitcointalk.org/index.php?action=profile;u=49269

Its gonnna end ponzi

Looks like they have secure site which can protect your account,

Although the WD request is audit manually.

So is Magnr really another scam/ponzi or is it safe to use? I'm not sure but based on what I have seen (pics of staff, their names, and registered company number in UK) perhaps they are legit. However, I am afraid to make a deposit and then this would turn out a scam and I would lose all my BTC. There is one thing that they do not provide though and that is giving you a private key for you to recover your funds in case something bad happens.... ::)

INVEST what you can afford and calculate the reward if its worth the risk. There is no point in asking their legitimacy because they can always ran away whenever they want and come up with excuses and stuff.

Just to be safe (and also by calculating the reward) I will just stick to save my Bitcoins on a paper wallet and I will even earn interest when the price goes up. It is just that I am afraid to put my BTC into Magnr due to the fact that you do not have access to a private key which leaves you without control of your Bitcoins.  :)

Well I think this says enough:

A new legit company hiding their information.


Admin Name: Identity Protection Service
Admin Organization: Identity Protect Limited
Admin Street: PO Box 795
Admin City: Godalming
Admin State/Province: Surrey
Admin Postal Code: GU7 9GA
Admin Country: GB
Admin Phone: +44.1483307527
Admin Phone Ext:
Admin Fax: +44.1483304031
Admin Fax Ext:
Admin Email: magnr.com@identity-protect.org

Yep... I seriously doubt that this site is legit based on the above information.

No transparency, NO MONEY. So simple. BTW, even if they re legit, 2% interest s really low to risk your BTC.

In mine eyes they are like just another ponzi. No extended info, no transparency, site look like a 2 hour WP theme. Just saying - give us your money and you will earn!

It sounds fishy to me, but I can 't be pointing fingers without any such proof. You better wait for feedback from users and do some more research about these guys

I already smell the Ponzi arount this one, another site that will end for disappearing with users money....let's see...

Hi all,

Joe here, founder of Magnr.com. I can confirm that we are not a scam and we are not a ponzi.

First off here is our about page:

https://magnr.com/meet-the-team

Our team and all of its members have a very public profile that you can look up on LinkedIn, Facebook, Twitter etc.... whatever your preferred method. You could also use private investigators on us, we know other people have before.

Our office address is real as well. If any of this community want to come and visit us, we are there Monday to Friday around office hours. Contact us, come in and have a coffee on us and take a picture with the team to share your experience. I'm always shocked and surprised at how nobody ever seems to take us up on this offer.... Please I would encourage ANY community member based out of London to come by. Please PM me.


All of our team members have left established careers. None of us want to run a Ponzi because in a country like the UK, if you do, you'll quickly destroy any of your own future career prospects. Especially if you want to work in finance which I did previously (as did our current CEO).

We also wouldn't list our public profiles or office address if it was a Ponzi. The reason why should be obvious! We would rather not be hunted down if we were scamming people.

Further to that, our CEO Colin Kwan has just been elected to the board of the (UKDCA), UK Digital Currency Association who's role is to lobby for pro digital currency stance from the UK government. I think he's been doing an excellent job at this given that the UK currently has a very open stance towards crypto businesses.

On top of that, we're actively engaging with the UK's FCA and the CFTC in the US. If you scam, this is a very quick route to jail time!

I'm not sure how much more I could give you but if there are still doubters then I'll endeavour to provide as much as we can. (details about our public VC deals, publicly listed information, incorporation etc...) We know that this industry cannot grow or thrive without the trust of its community. We are all pro-Bitcoin and always wanting adoption to grow, especially in the UK.

To explain our products in as transparent way we can, can help ease your worries by being honest...

Our trading platform generates revenues in two ways, first of all we charge a trading fee, second of all we charge interest on leverage funds borrowed to place these trades out to market. You can see your trade execute on the selected exchange in real-time so you know its happening. This we can't falsify.

Our savings platform uses funds deposited by clients for leveraged positions on our trading platform. We are open and honest about this on our brochureware so let us know if this is not acceptable. Funds for the interest come from charges made to clients who place leveraged trades. This is what makes it a financial product as opposed to a ponzi scheme. Out team has taken lessons it learnt from their collective time working in the banking industry to create these products for the Bitcoin industry.

Hope that helps!

This is our domain privacy provider. Feel free to visit us at the address listed on our website:

https://magnr.com/meet-the-team?scroll=contact-us#contact-us

Our companies house registration details in the UK are also listed.

Tell me, Joe, why the Magnr doesn't give a private key for the registred members? Why?

It is not the only Bitcoin online storing service which doesn't give you access to private key. Some online wallet providers are limiting your access to private keys as well.
And oblivious people are still using their services. Lack of private key access is not definite sign of scammy baheviour. AFAIK Xapo wallet still doesn't give you that.

MAGNR is reliable, but something can be better.

I'm a member of magnr.com and coinsfx.com

MAGNR is reliable but COINSFX.COM you can trade easier on your mobile phone.

http://companydb.uk/10232951-magnr-ltd#.V44izxJGQyY

Magnr Ltd is a Private Company Limited by Shares first registered on 15 June 2016.
Company Registration Number: 10232951 - not 08849225 on their site.

Financial Summary
No financial data available

Previous Names
No previous names

http://companydb.uk/handlers/filing.php?doc=MzE1MDczMDI4MmFkaXF6a2N4&reg=10232951
Statement of Capital
Shares 100 x 0,01 GBP
Aggregate Nominal Value 1.00 GBP


Company Number 08849225 is Coins.sx Ltd. on same adress. Same guys Joe Lee and Kwok Man.
Who holds domain MAGNR.COM it's not clear.

Iive never heard about it. And honestly, even if their were legit, I would first wait out a few months to see what happen, if they are still alive and you really need their service, research them thorougly, mail them, call them, and then forget about them.

I've seen that they have an advertisment at blockchain.com
That would be sick, if they will turn out as a ponzi and blockchain helped them to get funds, lol...

i have been working with them olmost a year, and so far it looks like its legit site.
they only pay 2% interest OF INVESTMENT MONTHLY and i retired my investmant + comisions completly few times to re invest halve of it again with no problem wat so ever.Not sain it cant turn to SCAM but its muchmore realeble then other sites that promise to bouble ore triple your coins in 24 h.wat they do is loan Bitcoins for more interest that wat they pay like any banck would do

Hello Bitcointalk,

I'm surprised that nobody has taken up the offer to come in and visit. If anyone within the community lives in the UK and are based around London, come in for a coffee on us! There is no better way to verify if we are the real deal then to meet us in person and ask us about what we do.

PM me, or use the Magnr Support contact form to get in touch.

scammers stole money and do not respond to emails. Imposes no money in this project.