iCoin Market is not a full-blown scam yet. But rest assured that it’s headed there. Anyone who thinks they can secure a fortune with the infamous iCoin Market is clearly mistaken.
You’ve probably seen it on social media or elsewhere on the internet.
But did you know that there is close to no information on the internet which would suggest that iCoin Market business opportunity is legitimate?
The website is just a simple landing-page with a stand-alone sales pitch video.
Instead of using a real person to explain what iCoin Market is all about, the video makes use of voice-over narration with some graphical illustrations here and there.
Also, we could not lay our hands on verifiable facts pertaining to the people behind this scheme. The narrator does not even say his name throughout the sales pitch.
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The iCoin Market website tries to run an illegal Ponzi scheme which combines crypto-currency trading with Multi-level marketing.
On one hand, the narrator says that their team of experienced traders will handle investments on your behalf.
On the other, he says that you should sign up and start spreading the word on social media using your referral link.
Actually, the owner of this website is very inconspicuous especially when it comes to giving out information pertaining to his identity.
While he invites people to join his system and invest real money, he is also very careful not to tell his audience where this business is run from or what their real names are.
The website doesn’t have an address yet. This prompted us to look up the domain on who.is.
We ended up with a jar of worms because this domain verification tool (who.is) proved to us that the owner of this site was malicious.
The owner of iCoinmarket.com is registered as private. All information pertaining to this domain name is concealed, so users have no way of conducting investigations to learn more about this person.
We were only able to find out that the domain was last updated on 19/07/2017.
It’s very strange that an ”investment opportunity’ is opening its doors to members of the public while hiding crucial information that would lead to their identity. This is against the law, and unethical in all business standards.
So, let’s find out what iCoin Market plans to do with your money:
Before you can fall for the phrase ”crypto-currency trading done for you”, ask yourself whether this website is consistent with information.
What products or services are they offering? And how are you going to benefit when you join them?
Clearly, those questions have gone unanswered. You will never find answers to these questions throughout the video.
Those who have the time to watch it are requested (at the end of the video) to sign up and start marketing their affiliate links on social media.
All of a sudden, you realize that focus has shifted from cryto-currency trading to marketing affiliate links on social media.
It now occurs to everyone that this is just an MLM website using the name of crypto-currency trading to sound sophisticated.
Their aim is to target the layman who doesn’t understand much about crypto-currency trading. And when they fuse this idea with that of multi-level marketing, it tends to work best for them.
Therefore, since this website is anonymous and does not intent to offer any information pertaining to the owner, you should just mark it with a big red flag.
It’s extremely difficult to investigate a scam website that has chosen to hide its identity.
Thankfully, we managed to track some footprints which the owner obliviously left behind because he seems to have been involved in a couple of fraudulent schemes last year.
The real owner of iCoin Market is associated with a Hong Kong address that first appeared on Click Intensity — a now defunct website belonging to him.
Further investigations reveals that Click Intensity was founded in 2016 by a man called Nick Johnson.
This man spends most of his time on social media promoting his MLM schemes, and iCoin Markets is one of the products which he is promoting on social media.
When Click Intensity went under, he switched to another program called Ads Cash Coin in the same year.
Initially, Ads Cash Coin started with the promise that it would compensate its affiliates in points worth 2 cents, and that this amount would increase over time.
This never happened, and so this scheme started to decline, which saw members abandoning ship in search for greener pastures elsewhere.
This led to the formation of iCoin Market, a brainchild of Mr. Johnson himself.
The website claims that users who invest in their program will have their money traded in crypto-currency.
However, the truth is that this website is not involved in any form of trading. Instead, it is an MLM website where growth is entirely dependent on referrals spreading the message and getting more recruits.
The idea of crypto-currency trading was introduced to counter the question of; ”What if this MLM business is not sustainable, will members miss payment? Where will the money come from?”
They plan to respond with a very convincing answer that all their profits come from trading crypto-currency. This profit is then distributed to members — which is clearly false.
The website promises a 300% return on investment in a short time which isn’t realistic.
Depending on the plan which they choose, recruits are supposed to earn anywhere between 10-60% in 3 months. 10% is the lowest you can earn in a month.
Their compensations structure looks like this:
If you invest a minimum of $100, you get 10% commission on new referrals.
If you put $1,000, you get 3% commission. And finally, if you invest 10k, you get 2% commission.
You can clearly see that emphasis is on referring new recruits as opposed to trading. So can you say that iCoin Market is all about trading? Not really.
They are very economical in terms of giving information. It will take a long time just to discover that joining this system requires money.
Of course their aim is to make you believe that joining and making money is free.
But you also realize that this is not the case since anyone who wants to make money with this program must commit a minimum of $100.
If you decide to join, be prepared to kiss your money good bye because these guys have no problem swallowing whatever little you will put into their bank accounts.
They claim that this is a trading platform while in the real sense, no trading is involved.
That is the reason no one is producing the history of past-performance for their trades. The pitch video is just taking you for a ride because novice investors are the target here.
And in most cases, those who join the opportunity will only realize (when it’s too late) that this is an MLM scheme as opposed to a trading opportunity.
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