There are so many scams online today, and as the days go by, fraudsters are improving on their techniques to deceive people. I am saying this because some of the investment opportunities that you come across as you research may seem very real and legit. Our question today is “Is BitConnect a Scam?”
Owner: Not known
Price: $100 Minimum 1st Deposit
Clients: Cryptocurrencies Traders
Overall rating: (2.2 / 5)
BitConnect is one of the latest MLM opportunities to be spotted out in the wild, and as such, I figured it would be a good idea to see just what this company is bringing to the table while it’s still young and fresh. Upon looking through BitConnect’s official website, I came away feeling rather disappointed and worried. There isn’t a drop of background information available on BitConnect’s site, and this means that there’s no mention of when the company was founded, who owns it, where it’s physically based out of, etc.
BitConnect is a company that is presently scamming people indirectly without their knowledge. I am saying this because how the system works is different from what people perceive. The BitConnect is a self-regulated financial system where traders invest and expect the company to mine the cryptocurrency and pay a percentage of the profit to them. This system BitConnect is claiming that traders can expect 40% returns on their investments every month if they invest in the BitConnect Coin.
What are the BitConnect Crypto Products
Is BitConnect a Scam? The BitConnect website does not actually provide any digital or physical products. There are actually no goods and services that are offered there and this means that nothing is being sold to wholesale or retail customers. The only thing provided is a show of opportunities that can enable you to earn on a daily basis from the money you invested via an affiliate programme provided by them. In a nutshell, this means that there is no retail activity provided in this opportunity which is literary unexpected in any MLM opportunity.
This is a crystal-clear indication that something fishy is happening and nobody would want to be part of. What basically this entire system means is that you can only get your daily return after you put your Bitcoin into your BitConnect exchange account. On depositing, the Bitcoins becomes your BitConnect coins which will be used as your Return on Investment (ROI) the BitConnect review Company to pay your daily returns. All the BitConnect ROIs claim that they are priced at a profit of 40% of the amount that you invest to the organization and if you join their affiliate program in the BitConnect mining platform you are also entitled to the earning.
BitConnect Coin Price and Registration Fees
With no limitation, joining Bit Connect is entirely free. Additionally, there are no recurrent charges undertaken after you have joined the company. However, for you to join the affiliate programme, start earning returns and importantly be part of the compensation plan, You have to pay an upfront investment fee that ranges between $100 and $100, 000. This means that there are no free services offered by the BitConnect review community and you have to recruit some people or invest for you to earn some profit.
From a general look, this seems to be entirely risky and on the higher end a Ponzi scheme. This is actually what other cryptocurrency organization that has been found to be scams do and BitConnect scam cannot be less but a victim of the sort. What exactly happens is that the investors are paid with the money of new investors but when this no longer becomes an option the entire company shuts down due to incapacities to meet the crazy demands of their investors. The remaining funds of the investors disappear and never to be heard of again.
Bitconnect compensation plan
Moving things over to the compensation plan, affiliates can earn a “daily profit” through BitConnect by investing either bitcoin or USD into the company. That “daily profit” is the company’s way of describing an ROI, and it is paid out to members based on how much money they choose to invest into BitConnect. There are four main investment levels, and they include ;
- Investment between $100 and $1000 provides access to a 40% monthly ROI that’s paid out for 299 days
- Investment between $1010 and $5000 provides access to a 40% monthly ROI that’s paid out for 239 days. Along with this, a bonus ROI of 23.9% is also offered.
- Investment between $5010 and $10,000 provides access to a 40% monthly ROI that’s paid out for 179 days. Along with this, a bonus ROI of 35.9% is also offered.
- Investment between $10,010 and $100,000 provides access to a 40% monthly ROI that’s paid out for 120 days. Along with this, a bonus ROI of 30% is also offered.
Referral commissions exist alongside the direct ROI payments, and this money is paid as a set percentage of funds invested by your downline of other affiliates within BitConnect.Commissions get handed out via a unilevel system, and level 1 of the setup (affiliates you’ve personally recruited) earns you the most at 7%.You can earn on a virtually endless number of levels, but the percentage that you earn decreases the deeper throughout the system that you go.
Is BitConnect a Scam?
Looking at BitConnect, it should be pretty clear that we’re dealing with nothing more than a Ponzi scheme. People join the company by investing money and then that money provides them with an ROI.
However, the way in which BitConnect is going about this is especially fraudulent and confusing.
You see, BitConnect Coin is a real form of cryptocurrency that anyone can mine for a shot at earning some extra income. You can download a wallet for the currency and start mining for a perfectly legit source of money, but this doesn’t have anything to do with the opportunity that’s being offered by BitConnect.
BitConnect says that it’s able to generate the ROI through BitConnect Coins through its “trading bot and volatility software”, but as one might be able to guess, these claims are entirely fictional and only used to try and get more and more people to dump their hard-earned cash into the company.
I cannot at all recommend anyone to join BitConnect scam. I just feel this is a risky business platform that newbies and anyone can easily lose his money. This is entirely a Ponzi scheme that can be termed as fraudulent and confusing to its clients. BitConnect review website doesn’t actually offer everything that it claims to its investors. Additionally, the system uses a variable ROI with their anonymous admin from the behind scenes who are able to gather sufficient amount of cash and sneak never to be heard of again. Think twice before you become a victim of fraudulent.
Is BitConnect a Scam? BitConnect is more of a Ponzi scheme than a trading software. There are many irregularities in the trading system. These unclear factors should warn you to keep your hard-earned money instead of giving them any chance. They promise more returns than what is attainable and even though you can register for free, you must invest before earning on the platform.
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I wish you the best!
Crypto trader and blogger on: