Bitdax Global Review: Token-based cryptocurrency Ponzi scheme
Bitdax Global claim to be
a Fintech institution registered offshore to provide research, financial partnerships to blockchain start ups and in housed developers in AI Application in trading.
The only reference to a corporate address is in Bitdax Global’s Terms and Conditions.
The UK address provided however belongs to Blue Square Offices, a virtual office provider.
Bitdax Global do provide names and photos of executives on their website, however these are just as vague as the company’s description of itself.
Andrew Savvides and Robert Slattery are cited as founders of Bitdax Global.
Andrew Savvides (right) appears to have a history pushing forex schemes (binary options). With Bitdax Global he’s now focusing on cryptocurrency.
On his Facebook profile Savvides claims he’s living in London, UK.
Robbert Slattery meanwhile is a complete mystery. I was unable to find any external information on him, which I’m flagging as suspicious.
On the marketing front Bitdax Global is primarily targeting Africa.
At the time of publication Alexa cite Ghana (58%) and Nigeria (20%) as the top two sources of traffic to the Bitdax Global website.
Marketing material suggests Andrew Savvides personally attended Bitdax Global recruitment events in Nigeria in late May.
Read on for a full review of the Bitdax Global MLM opportunity.
Bitdax Global Products
Bitdax Global has no retailable products or services, with affiliates only able to market Bitdax Global affiliate membership itself.
The Bitdax Global Compensation Plan
Bitdax Global affiliates invest $50 or more worth of cryptocurrency on the promise of a 5% weekly ROI for 200 days.
ROI payments are made in an internal Bitdax Global token, which affiliates convert to bitcoin or ethereum through an internal exchange.
Bitdax Global affiliates can also auto reinvest their ROI payments to generate more tokens.
Note that ROI withdrawal amounts are limited based on rank (qualification criteria below):
- regular affiliate – $50 a day
- Bit Bronze Leader – $100 a day
- Bit Gold Leader – $200 a day
- Bit Diamond – $750 a day
- Bitcoin Leader and higher – no limit
Bitdax Affiliate Ranks
There are five affiliate ranks within the Bitdax Global compensation plan.
Along with their respective qualification criteria they are as follows:
- Bit Bronze Leader – invest in at least 2000 tokens, personally recruit at least ten affiliates and have a total downline investment of at least 10,000 tokens
- Bit Gold Leader – invest in at least 5000 tokens, personally recruit at least twenty affiliates and have a total downline investment of at least 20,000 tokens
- Bit Diamond Leader – invest in at least 10,000 tokens, personally recruit at least thirty-five affiliates and have a total downline investment of at least 60,000 tokens
- Bitcoin Leader – invest in at least 20,000 tokens, have at least 200,000 bonus tokens and personally recruit at least fifty affiliates
- Bit President – invest in at least 100,000 tokens, have at least 1,000,000 bonus tokens and personally recruit at least one hundred affiliates
Bitdax Global affiliate investors can qualify for bonus tokens by recruiting new investors.
The Bitdax Global compensation plan represents bonus tokens are initially awarded at a rate of 50% of tokens invested in by personally recruited affiliates.
Higher ranked affiliates are awarded bonus tokens through a unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
By recruiting and building larger teams of Bitdax Global affiliate investors, additional Bonus tokens are awarded as follows:
- Bit Bronze Leader – 50% on level 1 (personally recruited affiliates) and 10% on level 2
- Bit Gold Leader – 50% on level 1 and 10% on levels 2 and 3
- Bit Diamond Leader and higher – 50% on level 1 and 10% on levels 2 to 4
Bonus tokens pay a 0.5% daily ROI.
Rank Achievement Bonus
Bitdax Global reward affiliates for qualifying at the Bit Bronze Leader and higher ranks as follows:
- Bit Bronze Leader – $700
- Bit Gold Leader – $1000 one-time payment once rank held for two months and then $500 a month for ten months
- Bit Diamond Leader – $2000 one-time payment once rank held for two months and then $1500 a month for ten months
- Bitcoin Leader – $5000 one-time payment once rank held for two months and then $3500 a month for ten months
- Bit President – $20,000 one-time payment and then $20,000 a month for ten months
Global Mining Pool
The Global Mining Pool is a monthly pool made up of 5% of Bitdax Global’s company-wide revenue.
Bitdax Global affiliates who invest and/or reinvest in 5000 or more tokens in a month receive a share in the Global Mining Pool for that month.
Joining Bitdax Global
Bitdax Global affiliate membership is tied to a minimum $50 investment in tokens.
Bitdax Global claim to generate external ROI revenue through a “unique Grade A classified trade algorithm” that was originally developed for “the stock and forex market”.
No evidence of the algorithm existing or any trades being made with it are provided.
Furthermore Bitdax Global’s business model fails the Ponzi logic test.
If the secret algorithm is successful when applied to forex, why is it being repurposed for cryptocurrency?
Surely Andrew Savvides should be plenty rich by now and have no need to drum up investment from gullible Africans?
As it stands the only verifiable source of revenue entering Bitdax Global is new affiliate investment.
Using newly invested funds to pay existing affiliates a ROI makes Bitdax Global a Ponzi scheme.
In reality Bitdax Global tokens are worthless outside of the company itself.
The tokens primarily serve as a vehicle for gullible investors to hand over bitcoin and ethereum to Savvides.
Through Bitdax Global’s internal exchange, Savvides will continue to pay ROI withdrawals until a minimum amount is triggered.
That will coincide with a decline in affiliate recruitment, which starves Bitdax Global of ROI revenue.
Savvides then does a runner with what’s left, leaving another wave of gullible African investors wondering where their money went.
We’ve seen this play out time and time again as cryptocurrency awareness spreads throughout the continent.
Time to stop falling for it guys.