This website advertises for a one time fee of only $49.95, you will have unlimited access to downloading e-books, no monthly or "pay per download fees" and a huge media selection on millions of titles available. They advertise books like Harry Potter, Diary of a Wimpy Kid, Twilight and many more major titles.
In reality all this website does for the $49.95 is register you for a free account to another website of www.feedbooks.com. Feedbooks.com only offers free e-books from new unheard of authors who have uploaded their books on this website and books that the copyright is over 50 years old or so that you can get for free on any other e-book website out there.
You can go to feedbooks.com directly and register for free and get the same exact benefits that you do through this website and save the $49.95. There is no phone number to call their customer service support team yet they advertise free 24 hour tech support.
I found this website on www.ibooks-r.us.com that lists 7 other e-book websites that look similar to www.thereadingsite.com . I have a feeling they are all scams. Please be aware!