BitinForex & Top10Cap Review: Sann Rodrigues is baaaaaaaaaack…
The BitinForex website provides no information about who owns or runs the business.
The BitinForex website domain (“bitinforex.com”) was privately registered on December 17th, 2018.
Through its business model (see compensation plan section below), BitinForex is inextricably linked to Top10Cap and CoinFinexx.
Top10Cap and CoinFinexx have their own websites, neither of which provides management or ownership information.
The Top10Cap and CoinFinexx website domains were privately registered on March 6th and December 3rd, 2018 respectively.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
BitinForex has no retailable products or services, with affiliates only able to market BitinForex affiliate membership itself.
The BitinForex Compensation Plan
BitinForex affiliates invest in Top10Cap points on the promise of a maximum 600% ROI or six-month maturity period, whichever comes first.
How much of a daily ROI is paid is determined by how much a BitinForex affiliate invests:
- invest $100, $200 or $600 and receive up to 2% a day
- invest $1200, $2400, $5000 or $8900 and receive up to 3% a day
- invest $10,000 and receive up to 4% a day
Note that all investment deposits, ROI payments and commissions within BitinForex are paid out in TPX (Top10Cap points).
BitinForex pays recruitment commissions on funds invested by personally recruited affiliates.
How much of a recruitment commission is paid out is determined by how much a newly recruited affiliate invests:
- recruit an affiliate who invests $100, $200 or $600 and receive a 5% recruitment commission rate
- recruit an affiliate who invests $1200 or more and receive a 10% recruitment commission rate
Residual Commissions (unilevel)
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.
BitinForex caps payable unilevel team levels at five.
- affiliates who invest $100, $200 or $600 receive a 2% residual commission down three unilevel team levels
- affiliates who invest $2400 or more receive a 2% residual commission down five unilevel team levels
Residual Commissions (binary)
A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):
The first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).
Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.
Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note there is no limit to how deep a binary team can grow.
Residual binary commissions are calculated via points.
Points are generated when binary team affiliates invest as follows:
- $100 investment = 25 points
- $200 investment = 50 points
- $600 investment = 150 points
- $1200 investment = 300 points
- $2400 investment = 600 points
- $5000 investment = 1250 points
- $8900 investment = 2225 points
- $10,000 investment = 2500 points
At the end of each day BitinForex tallies up new investment volume on both sides of the binary team.
Affiliates are paid a residual commission on the volume balance of their weaker binary team side (the side with less investment volume).
How much of a commission is paid on weaker binary team side investment volume is determined by how much the affiliate themselves has invested:
- invest $100 and receive a 50% residual binary commission rate, capped at $200 a day
- invest $200 and receive a 50% residual binary commission rate, capped at $400 a day
- invest $600 and receive a 50% residual binary commission rate, capped at $1200 a day
- invest $1200 and receive a 60% residual binary commission rate, capped at $3000 a day
- invest $2400 and receive a 70% residual binary commission rate, capped at $6000 a day
- invest $5000 and receive an 80% residual binary commission rate, capped at $15,000 a day
- invest $8900 and receive a 100% residual binary commission rate, capped at $20,000 a day
- invest $10,000 and receive a 100% residual binary commission rate, capped at $30,000 a day
BitinForex rewards affiliates who encourage others to invest with the following rewards:
- accumulate 10,000 weaker binary team side points = 100 Top10Cap points
- accumulate 50,000 weaker binary team side points = 500 Top10Cap points
- accumulate 100,000 weaker binary team side points = 1000 Top10Cap points
- accumulate 1,000,000 weaker binary team side points = 10,000 Top10Cap points
- accumulate 7,000,000 weaker binary team side points = a Ferrari Portofino
BitinForex affiliate membership is free.
A minimum $50 investment in Top10Cap points is required to participate in the attached MLM opportunity.
In order to break down BitinForex you need to understand the relationship between itself, Top10Cap and CoinFinexx.
Top10Cap initially launched in early 2018. The company held an ICO for its TPX cryptocurrency beginning April 2nd.
As the screenshot from Top10Cap’s original website shows, TPX was flogged to investors for $1 from April 2nd to $16 by the end of the month.
Top10Cap’s TPX ICO flopped and the altcoin disappeared until BitinForex emerged on or around December 2018.
BitinForex is a marketing website, which promotes what is obviously yet another MLM cryptocurrency Ponzi scheme. More on that in a bit.
BitinForex only accepts investment and only pays out returns and commissions in TPX.
TPX is currently not publicly tradeable and doesn’t exist outside of BitinForex and Top10Cap.
So where do BitinForex investors get TPX from?
The owner(s) behind BitinForex and Top10Cap have set up an internal exchange they’ve called “CoinFinexx”.
This is not to be confused with CoinFinex (one “x”), a public cryptocurrency exchange launched in April 2018.
There’s of course no legitimate reason for BitinForex’s internal exchange to be named so closely after an actual public exchange. It’s just a really bad attempt to dupe people.
So anyway, through their CoinFinexx internal exchange, Top10Cap’s owner(s) dump their pre-generated TPX points onto gullible BitinForex investors.
BitinForex investors then park those funds with the company, in exchange for advertised daily ROI payments.
In a nutshell, BitinForex == Top10Cap == CoinFinexx. It’s all the same company run by the same person/people.
With that explained, from here BitinForex is your typical MLM cryptocurrency Ponzi scheme.
BitinForex claims to generate daily returns through ‘artificial intelligence (that) simultaneously trade(s) in the largest exchanges and Crypto Currency and Forex markets in the world‘.
Naturally there’s no proof of BitinForex’s bot existing.
Furthermore BitinForex’s business model fails the Ponzi logic test.
If BitinForex’s owners actually had a bot capable of generating returns of up to 4% a day, they’d quietly run it themselves and get rich.
It makes no sense to whore out the golden goose to randoms over the internet for $100 a pop.
Furthermore neither BitinForex, Top10Cap or CoinFinexx are registered to offer securities in any jurisdiction.
This means the company is operating illegally in any country where securities are regulated (pretty much all of them).
And if all that wasn’t enough, BitinForex is also a pyramid scheme, by way of neither marketing or selling anything to retail customers.
So where does Sann Rodrigues fit into all of this?
As I write this, the BitinForex, Top10Cap and CoinFinexx websites are all “unranked” by Alexa. This means traffic to the sites is so low it’s not worth measuring.
Fair enough owing to the scam surfacing just last month, but guess who’s heavily promoting the opportunity?
Yup, that’s Sann Rodrigues of TelexFree fame.
After returning the $1.7 million he stole through TelexFree in 2017 by way of settlement with the SEC, Rodrigues all but disappeared.
Last we heard he’d left the US and uprooted his family to Portugal.
It’s believed to be from there Rodrigues is now promoting BitinForex, although he’s being awfully coy about it.
I couldn’t find Rodrigues pitching BitinForex directly, and a lot of his promotional material has disappeared over the past week.
He is however still going hard on Top10Cap.
The following since-deleted Facebook post was made by Rodrigues on or around January 1st;
Friends this information is not for everyone. But I decided to share it here ok.
Kisses and HAPPY 2019 later I have a SURPRISE FOR ALL !!!
The Top10Cap was developed with an innovative algorithm that makes it not suffer so much from the high volatility and manipulations of the market because, in addition to being directly connected and backed by the 10 largest crypto-coins, which guarantees a dominance of more than 90% of the world market of crypto-coins.
The super criptomoeda will be launched in the first week of 2019 for a minimum value of US $ 15.00 (fifteen dollars) each with a minimum valuation forecast of 30% per month, and the market expectation may reach a value higher than U $ 1,000 (one thousand dollars) after 24 months, this would be a valuation of almost 7,000%.
Here’s the thing, direct investment into Top10Cap benefits nobody but the owner(s) of Top10Cap.
On their own Top10Cap TPX points are worthless. Investors have to park them with BitinForex if they want to make any money.
And then bear in mind, if a BitinForex affiliate wants to realize their ROI, they can only if there’s gullible suckers to buy their TPX points through CoinFinexx at whatever value the company has set.
If Rodrigues isn’t participating in BitinForex, he’s earning his dough on direct investment of TPX points…
…which means either he’s running the show or has cut a deal with whoever is (iFreeX anyone?).
Either way a scam is a scam. Be it VOIP packages or bullshit cryptocurrency claims, Rodrigues has evidently once again dived into the Ponzi pool.
BitinForex’s exit-scam will materialize when they decide it’s no longer profitable to prop up the internal exchange.
This means there’s not enough new investment coming in to justify subsidizing withdrawal requests through the exchange with invested funds (if there’s enough new investors buying Top10Cap can hold onto more funds).
Note that unlike a regular MLM company, in cryptocurrency scams like this commission liabilities create no actual liability for the company (commissions are paid in monopoly money points).
When BitinForex decides they don’t want to honor withdrawals anymore, a public listing for TPX will be announced.
Some dodgy exchange out there will opt to list TPX, after which BitinForex’s owners exit stage left (along with what’s left of invested funds).
Their affiliate investors are left holding the bag. The less gullible ones will cash out during the initial public exchange pump.
The majority of investors however will lose most or all of their money in the inevitable panic-selling dump that follows.