Are you looking for a means to make money online? If this sounds like you, then there’s a good chance that BitConnect is an opportunity that you are looking to invest in. It’s getting popular on Social Media, with affiliates trying to get people interested.
Or perhaps you’ve already been approached by a BitConnect affiliate and you now want to check whether the company is legit or a scam of some sort. I don’t blame you for thinking that!
In any case, you are here at the best place on the internet to read about the latest MLM opportunities. ?
In this BitConnect review I will be pulling the company apart to check out their product range and seeing what their compensation plan looks like.
Can you really make money with BitConnect or is it all indeed a big scam?
Let’s check them out.
BitConnect Review – What can you tell me about the Company?
First I checked the domain registrar and found that BitConnect.co was registered on February 9th 2016.
However, there is no information here regarding who registered the domain. So they obviously don’t want anyone to know who they are.
BitConnect Review – What does the Product Line-up look like?
Unfortunately, there is no product range for BitConnect. This is yet another company that only has the affiliate membership itself for affiliates to market and sell.
A legit MLM company should always offer products and services for affiliates to market and sell.
BitConnect Review – How does the Compensation Plan Look?
If you were to join BitConnect as an affiliate, you would be looking at investing Bitcoin currency to receive a promised daily ROI. BitConnect convert the Bitcoin into their own pre-mined BitConnect coins by means of an internal exchange.
When the coins are exchanged, affiliates can then opt to transfer their new Bitconnect Coins into BitConnect to start earning the ROI.
These are the options: –
- Affiliates invest $100 to $1000 and receive up to 40% a month for 299 days
- Affiliates invest $1010 to $5000 and receive up to 40% a month for 239 days plus bonus 23.9% ROI
- Affiliates invest $5010 to $10,000 and receive up to 40% a month for 179 days plus bonus 35.9% ROI
- Affiliates invest $10,010 to $100,000 and receive up to 40% a month for 120 days plus bonus 30% ROI
Referral commissions are also available, which are tracked through a unilevel compensation structure.
What this basically means is that you can recruit as many people as you can into your BitConnect downline, and those you recruit can go on to do the same, and so can those they recruit etc etc, down to an infinite number of levels.
When these people in your downline invest their money, you receive a percentage which depends on how many levels down they are. The percentages look like this: –
- Level 1 (personally recruited affiliates) – 7%
- Level 2 – 3%
- Levels 3 and 4 – 1%
- Level 5 – 0.5%
- Level 6 – 0.3%
- Level 7 – 0.2%
- Level 8 – 0.1%
- Level 9 – 0.05%
- Level 10 – 0.03%
- Level 11 onward – 0.01%
How much is it to join BitConnect?
To get started with BitConnect as an affiliate, membership is free.
However, if you want to get earning money, you will need to invest between $100 and $100,000.
Should you invest in BitConnect or is it a scam?
I wouldn’t be surprised if BitConnect Coin sounds familiar to you. That’s because it already a form of cryptocurrency tradeable on the public market. It’s possible to generate your own BitConnect Coin wallet right now, and start mining for the coins.
But I’m afraid the BitConnect MLM opportunity reviewed above, doesn’t have anything to do with this at all.
Those who join BitConnect invest their hard earned real money (whether its Bitcoin or USD) and have it converted into BitConnect Coins.
These Coins then get parked inside of the BitConnect company for either 120 or 299 days, which supposedly creates a ROI.
The impression is that this 40% per month ROI being offered is generated through the company’s “bitconnect trading bot and volatility software”.
However, there is no information anywhere to prove that this software actually exists or if any trading is done at all.
When you pull back the covers and look where the money is really being generated, it’s from new BitConnect affiliates pumping in their investment money.
These funds are then used to pay the ROIs promised to existing members, and of course the admins take a nice cut too.
So what we in fact have here is a Ponzi scheme which I wouldn’t recommend to anyone. So early investors might make some money, but it won’t be long before new affiliates realize what’s going on, stop pumping money in, which will lead to an inevitable collapse and lots of people losing their money…
If you are serious about building a home based business, there are better MLM companies out there that do offer products and services which you could market and sell as an affiliate.
Sign up in the box to the right to find out more.
Well, I hope you found this BitConnect Review interesting, and as always, if you have any questions, please leave them in the comments section below.