Today our blog will review iCash. This new crypto trading bot is based on Telegram and has been called a Ponzi scheme by many. Is it true? Should you trust iCash? Read the review and find out.
What Is iCash?
To understand about iCash, we have to look back and see what iCenter was all about. iCenter was a simple Telegram trading bot that promised a daily return on investment (ROI) for the investors. The network worked just fine up until investors decided to stop pumping money into the system, which happened last week.
According to many reports from social media, iCenter pulled the plug on its program last week and many investors were left without their money. It was clear: iCenter was a lousy scam. However, as soon as iCenter pulled the plug, iCash appeared. Are these companies related? Probably, and this means that it can be very dangerous for you to invest in iCash.
How Does iCash Work?
iCash is an investment program in which you invest in “ad packs” with a promised ROI of 120%. The company has no retailable systems and only markets the membership in the program, which is a huge red flag for a possible scam.
Basically, you have to purchase iCSH points, which are an internal system for the ad packs. The more you pay to the company, more money you are actually able to earn with it. You also get referral commission for calling people to the system. Personally recruited affiliated get you 10%, while level 2 gets you 3% and level 3, 1%.
The membership is free but subscriptions for premium and VIP services are the way to make more money unless you recruit people.
The iCash Verdict
iCash seems like a Ponzi Scheme. The scheme that the company has set up seems highly illegal and very sketchy, so watch out for this scam. Most of the iCenter investors lost their money and you will probably lose it too if you give any money to the company.
While you might make some money by convincing people to join, you would be fooling these people and it is important to notice that marketing Ponzi schemes are illegal in most countries, including the United States.
The whole scam is unremarkable, looks a lot like iCenter which was proven to be a scam and the iCSH tokens are worth nothing outside of the platform.
Basically, iCash received real cryptos worth money and gives you worthless points in exchange. The points are used to give the investors their “ROI”, which is only imaginary as it is not actually money. When someone wants to cash out, the company uses the funds to give this person the money in order to create an illusion that the system works, but it does not.
This way, as long as investments are being made, there is the chance that the money will not dry up and the scam will continue, but it will eventually shut down and the unlucky people who did not cash out will have lost all their money.