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It's a CONFIRMED scam broker/company, recover your stolen funds by filling out the form below and you will get a FREE Mychargeback consultation today:
The company omits every executive detail about itself. You need not be a rocket scientist to figure out that a broker not straight up with information is up to mischief. CoinMarketBull is posing as a legit multi-level marketing (MLM) entity when it is a Ponzi scheme.
A Ponzi scheme is an investment fraud in which money obtained from new investors is used to pay out old investors. Ponzi scheme operators frequently purport to invest your money and produce significant returns with little to no risk. Nevertheless, they do not invest your money. Instead, they pay individuals who made earlier investments while keeping part for themselves.
Ponzi schemes need a steady inflow of new money to stay afloat because they have little to no actual earnings. These schemes frequently fail when it becomes challenging to find new investors or when many existing investors withdraw their money. Fortunately, there are ways to distinguish a legal MLM company from a scam.
Investors should be privy to the company’s product, management, services, and finance details. Subsequently, it is a red flag if an entity lacks registration by SEC or respective state regulators. On the same note, MLM entities should have licensure to operate, but Ponzi schemes are rarely licensed.
Another sign that investment is dubious is secretive strategies, promising returns with no clear-cut plan to making that money. Also, most shady companies promise consistent positive returns regardless of market inclinations, which is weird because investments fluctuate due to varying market forces. Read the below review to find out more.
This company has no retailable services or products. Thus, affiliates can only promote the CoinMarketBull affiliate membership. This company charges $50 a year for affiliate membership. If you decide to join the affiliate program and take advantage of the investment opportunity, you must invest $100 or more.
Despite the entity trying to give the impression that it has solid market experience, it registered its domain with whois on December 4th, 2022. The same domain expires in 2027. This is a little strange, considering that a video on the entity’s YouTube channel appeared on November 3rd. How did the entity operate without an official domain? Of course, the video was script-generated, repeating the content on CoinMarketBull’s website.
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CoinMarketBull insinuates that it is based in Hungary. We say insinuate, because the telephone contacts suggest a different location (the UK). You can only find such discrepancies in a suspicious company.
Another essential factor for an investment company is its customer service. Telephone contacts are ideal as they have instantaneous reach and response. However, you should not trust every entity that offers such. As a precaution, only contact a legitimate company. This ensures you are not setting yourself up for Ponzi schemes or identity theft by rogue companies.
Since the entity deals with cryptos, the only accepted payment method is cryptos. Investors can pay via USDT or Bitcoin. Before you decide to invest here, there are things you should know about crypto transactions. The first is that they are entirely anonymous. Such anonymity makes it convenient for the entity to steal from you and precludes the option to take legal action. Secondly, crypto transactions are irreversible. Once you deposit, you have no further control over your funds.
Given this investment venture’s questionable reputation, it would not be smart to deposit to this entity. We always emphasize that you only use crypto payments if the company is legitimate. But if you must risk, ensure it’s negligible with minimal impact on your pocket.
There are two methods through which you allegedly profit from CoinMarketBull platform. The first method is to open an account with them, make an investment, and begin receiving a guaranteed return. You can earn through their AI trading bot’s daily ROI of 1.2% to 1.8% when you deposit $100 or more on the investment side. Nonetheless, there is no sign of a trading bot on this platform.
The second method is to find new customers who register for an account, deposit some money, and then earn a commission based on those deposits. Investors will allegedly receive a referral commission of 10 percent.
No one can lawfully generate 1.8 percent daily, consistently, and then give you access for only $50 a year. If that were actually possible with the broker’s alleged trading bot, they wouldn’t need you for that and would run it by themselves. We also noticed a somewhat shady suggestion where the firm asks to buy $100000 in bitcoins for lucrative returns. As expected, the company does not explain how you will get the so-called “abundant” gains.
The company uses a uni-level compensation system to distribute referral commissions on invested monies. With this structure, the affiliate is at the top of the uni-level team while their recruits are below them. New affiliates brought on by any level 1 affiliates are added to the original affiliate’s unilevel team at level 2.
If any level 2 affiliates bring on newcomers, they are promoted to level 3, down a theoretically endless number of levels. The maximum number of payable team levels on CoinMarketBull is ten.
Referral fees are calculated as a proportion of the money invested at each level. Personally recruited affiliates (level one) earn a commission of 10 percent. Level two earns 5 percent, while levels 3 and 4 earn 2 percent. Similarly, levels 5 and 6 get 1 percent, level 7 rewards 0.75 percent, while level 8 makes 0.5 percent. Lastly, levels 9 and 10 earn 0.3 percent.
CoinMarketBull claims to be in Hungary. However, this company is not registered with the National Bank of Hungary(NBH). Again, the NBH has distanced itself from overseeing any crypto-related transactions, which happen to be this entity’s main line of business. Thus, we can confidently label this company as an illegal investment.
There are several risks inherent in investing with unlicensed entities. The first risk is that you don’t access the protection that the financial ombudsman accord those investing with legit companies. This implies you are on your own when the company goes tits up. In a similar line of reasoning, investors cannot take legal action against the company as it is not answerable to the authorities. Lastly, you are not eligible for any losses incurred if the entity goes bankrupt. This company is not worth the risk; stay away.
We came across implicating reviews for this broker. While you should not entirely rely on customer reviews, you should make an exception if the reviews are negative. This is because there is a high chance that the victims called out the company on its shady deals and to warn others about it.
According to the reviews, the company only wants you to recruit continuously but has no interest in cashing out money. That is typical of Ponzi schemes, and you shouldn’t be counted among the victims. If you must invest with affiliate marketing companies, ascertain their legal standing first.
CoinMarketBull is a Ponzi scheme that only uses fresh investments to pay off its current members. Companies like this will extort their investors when recruitment slows down. The anonymous broker ensures that there is no one to hold accountable when it swindles investors.
Besides risking your funds, you will jeopardize your relationship with friends and family. So why take this trouble? Look for a legal forex company that can give you decent proceeds from your sales.
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