My Cryptobit: Crypto MLM Scam Or Convincing Investment?
Lately, My Cryptobit has been pitching itself as a business opportunity for individuals looking to earn from cryptocurrency. However, it’s safe to start this review by saying the site is far from a safe option to invest in as it remains shady in the name of a specific investment platform.
But which reasons would be substantial enough to warn against investing with Cryptobit?
Well, to start, a good reason that catches your attention is the names behind the ownership. Although My Cryptobit does provide its list of executives, there is little to indicate that the characters own the crypto trading bot or even exist. For example, Ozcan Come and David Bras are enlisted as the owner and content marketing manager on their profiles. Both the said official of My Cryptobit indicates little about their trading background with the defunct Capital Solutions their only experience.
Cryptobit Features Available
My Cryptobit lacks any selling point, and the multilevel marketing scheme is their only marketable niche. Members who register to the affiliate membership get access to an app with informational products they include in their app such as an airdrop service, ICO research, daily BTC analysis, instant trading, and relevant news. A long-term coin portfolio is also among the products on offer through the My Cryptobit app.
What's the Compensation Plan?
Apart from the informational products available, affiliates for My Cryptobit get access to an attached income opportunity depending on their level and profile. The affiliate ranking system works on a qualification criterion that lists members into thirteen compensation plans, ranging from a rookie to an apparent “Black Diamond” profile.
Alongside, the affiliate ranking there is also a uni-level recruitment structure that enables affiliates to earn a commission. Successful recruiting three members would build the user a total uni-level team to grow to at least fifteen affiliates. Affiliates could, therefore, earn residual commissions on ten available levels. Personally recruited affiliates are expected to receive up to 15% commission while level 10 affiliates should expect a 5% residual income.
My Cryptobit also claims to run a Global Bonus Pool system that takes 10% of the weekly profits to save in ten separate bonus pools. Only higher ranked My Cryptobit affiliates will be eligible to a share of the benefits corresponding to their rank. Sapphire and Ruby-ranked affiliates stand to gain the most from Global Bonus Pool, with the profiles receiving 2% of the funds.
Fees Payable to Joining
Like most MLM scams, My Cryptobit requires hefty initial fees for their investment opportunities. Affiliate membership starts at $500 for three months or $900 for six months. Members can also opt for an annual group of $1500 when they sign up.
Is My Cryptobit a Ponzi Scheme?
My Cryptobit is similar to other Bitcoin scams advertising themselves as investment opportunities with high ROI. In reality, there is no proof of My Cryptobit working as advertised or even customer feedback on its existence. Ultimately, all the information points to a potential scam rather than a legitimate opportunity.