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Eaconomy Review: Most Likely a Scam

Eaconomy Review: Most Likely a Scam

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Eaconomy surfaced three or four weeks ago under “Global Takeover” prelaunch branding. After a cringey “we won’t tell you the company name but plz sign up anyway” period, Eaconomy was revealed about a week ago. Heading up Eaconomy is President Hassan Mahmoud. Mahmoud (right) first appeared on BehindMLM back in January, as co-owner of Silverstar Live.

Silverstar Live was a short-lived MLM company, offering unregistered securities under the guise of automated forex bot trading. We’ve been loosely tracking SilverStar Live’s collapse. Apparently as it was collapsing there was a fallout between Mahmoud and his wife, and convicted fraudster David Myer. At some point SilverStar Live was renamed AI Global, and then again to Ai expert advisor.

Note: These trading products are highly recommended by the community.

There’s no information about who’s running AI Expert Advisor on its website, but presumably it’s still Myer.Bear in mind there’s not much of a company left, with Alexa pegging AI Expert Advisor with a 2.5 million rank (good as dead for an MLM company). After splitting with Myer, Mahmoud seems to have taken what he collected and launched his own opportunity. Mahmoud’s wife, Candace, joined him as co-owner of SilverStar Live.

There’s no mention of her on the Eaconomy website, and she seems to have deleted all her social media profiles. Not sure what the story is there, but I’m sure she’s enjoying the money she received from SilverStar Live affiliates. One last note on Eaconomy management; I couldn’t help but notice Sal Leto credited as Vice President of Operations. Leto is best known for spearheading attempts to market the OneCoin Ponzi scheme in the US.

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Eaconomy Review

Let’s discuss the kind of products that this service sells in order to know whether or not the site is addressing the needs of the trading community.

Eaconomy market two forex bots, which for some reason they’re misrepresenting as “expert advisors”:

Traide Ringer – “this advanced expert advisor creates a ring around price like a wheel that rotates and captures profit as the wheel turns”

Traide Runner – “this top forex expert advisor can make over a hundred trades a day collecting small wins that add up like a scalper”

Traide Compass – “this advanced expert advisor creates a ring around price like a wheel that rotates and captures profit as the wheel turns”

Eaconomy’s sell access to their bots for $247 and then $169 a month.

Discounts are offered on multiple bot purchases, however these are not disclosed on Eaconomy’s website.

How are participants compensated?

At the time of publication, Eaconomy fail to provide a copy of their compensation plan on their website. The following is sourced from a Global Takeover prelaunch marketing video and various marketing presentations.

Eaconomy is not trading

A closer look at Eaconomy reveals that the program is not really about Forex trading nor self-development. Because when you look at the rewards plan, you will quickly see that this a Multi-Level Marketing scheme (MLM).

This means that Forex Alerts and CEED are just some products that are here just to make Eaconomy somehow legal.

The structure is clearly built this way: you have to refer other paying members to the system in order to make money. This is all it is about. Paying monthly fees and getting commissions from people you referred to the system.

We did not pay for the product, so we cannot really judge the quality of Forex Alerts and CEED, but let us put this way: We have never seen a quality Forex trading product being sold in a MLM.

An MLM opportunity

In order to qualify for MLM commissions, each Eaconomy affiliate must maintain 55% retail customer volume on their first three recruitment legs. A recruitment leg is created when you personally recruited an Eaconomy affiliate. Retail and recruitment commissions are paid when retail customers and recruited affiliates purchase access to Eaconomy trading bots. A $40 one-time commission is paid on the first bot subscription purchases by an affiliate’s fourth retail customer and/or recruited affiliate. Note that additional bot purchases by the same retail customers and/or recruited affiliates only generates a $15 commission.

Team Coded Bonus

The Team Coded Bonus is a bonus paid on the first three downline retail customers or recruited affiliate bot purchases. That is affiliates you recruit selling Eaconomy bots to retail customers or affiliates they recruit, and you getting paid 15% on their first three bot sales. If any of those first three retail customers become affiliates (or all are affiliates), 15% of their first three retail customer and/or recruited affiliate bot purchases is also paid out.

The truth about EAconomy service

You sign up as an Eaconomy affiliate, pay fees and collect a guaranteed weekly amount based on fees paid by those who join after you (retail customers or affiliates). Retail customers make it not quite a total Ponzi scheme, but up to 45% of that weekly payout can be sourced from fees paid in by subsequent affiliates. That drags us into pay to play pyramid scheme territory, unless Eaconomy can prove the majority of affiliates are using the bot and turning a profit.

Which brings us back to SEC/CFTC registration and providing prospective subscribers and public with legally required disclosures. Marketing screenshots with no context (or even with context) are not a substitute. And can I just say that nothing kills retail sales faster than requiring affiliates to pass up retail commissions.

Our best advice for you

Nobody is going to sign up and generate three retail sales, only to watch the commissions flow upline. With zero information disclosed about Eaconomy’s Traide bots, it’s easy to imagine they were sourced from the same provider of Silverstar Live’s Hamilton bot. Mahmoud was after all a co-owner and definitely had the access. At the end of the day though I suppose it doesn’t really matter to the average affiliate or retail subscriber. You can go and look up the mess that Silverstar Live left behind. Eaconomy provide no evidence to suggest it’ll turn out any different. So stick to these recommended trading apps.

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