BitXGroup Review: Hourly & daily ROI crypto “mining & trading” Ponzi
BitXGroup provide no information on their website about who owns or runs the business.
The BitXGroup website domain (“bitxgroup.trade”) was privately registered on December 23rd, 2017.
BitXGroup provide a UK incorporation number on their website, which corresponds to “BitX Group Limited”.
BitX Group Limited was incorporated on December 1st, 2017 through a residential address in London.
“Kyle Horton” is listed at the sole Director of the company, through another residential address in Hampshire.
Given that no information on Kyle Horton and BitX Group Limited exists outside of the incorporation, it’s a good bet Horton doesn’t actually exist.
UK incorporation is dirt cheap and for the most part unregulated. It is a favorite for scammers looking to incorporate dodgy companies.
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.
BitXGroup Products
BitXGroup has no retailable products or services, with affiliates only able to market BitXGroup affiliate membership itself.
The BitXGroup Compensation Plan
BitXGroup affiliates invest funds on the promise of an advertised ROI:
- Standard Plan – invest $20 or more and receive a 3.5% daily ROI for 50 days
- Business Plan – invest $300 or more and receive a 135% ROI after 540 hours
- Traders Plan – invest $50 or more and receive a 115% ROI after 10 days
Referral commissions are available on funds invested by downline affiliates, paid down three levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 5%
- level 2 – 2%
- level 3 – 1%
Joining BitXGroup
BitXGroup affiliate membership is free, however free affiliates can only earn referral commissions.
Full participation in the BitXGroup MLM opportunity requires a minimum $20 investment.
Conclusion
BitXGroup claim to run a “risk-free” opportunity, with ROI revenue generated through ‘mining & trading of the most popular & lucrative cryptocurrency in the digital world today‘.
We are a team of Bitcoin enthusiasts who have been mining Bitcoins since its inception in 2009.
Subsequently, we also have been trading Bitcoins & making great profits.
BitXGroup provide no evidence of any cryptocurrency mining and/or trading taking place.
Furthermore the company’s claims fail the Ponzi logic test.
If BitXGroup’s anonymous owners have been making “great profits” with bitcoin since 2009, why on Earth are they now opting to share revenue with randoms over the internet?
The reality of BitXGroup’s business model is that new affiliate investment is the only verifiable source of revenue entering the company.
Using newly invested funds to pay existing affiliates a ROI makes BitXGroup a Ponzi scheme.
BitXGroup pay referral commissions on recruitment of new investors, adding an additional pyramid layer to the scheme.
As with all Ponzi schemes, once affiliate recruitment slows down so too will newly invested funds.
This will starve BitXGroup of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of investors lose money.
damn it man, the “crypto space” is RIDDLED with scams. so sad.
on a side note, Oz, sent you a message on a company that looks pretty shady through the “contact us” function.
Got it. Will review.
BitxLogic is a def scam. After seeing an advertisement that recommended BitxLogic company advertisement that showed Today Extra hosts David Campbell and the female host now on channel 7 I thought wow this must be good.
Admittedly I jumped the cue and failed to do regular research, and so used my credit card to open an account and spent $250 AUD converted to USD.
It was after I hit the submit button that I discovered the bad reviews. After this, I logged back onto the newly created account and hit “withdraw” which was last Friday night.
On the following Monday, I received an email from the “account manager “Eugene Peters” who was saying he would be in touch with me to discuss my new account and that I would need to pay $250USD to open the account.
My reply to Eugene was the account was opened. I learned that the company is a scam and that $250 was already paid.
Eugene responded that he had sent a generic email, and he reviewed my account to see “withdrawal” pending.
He explained that I would see the refund back into my account as soon as possible. He added that he would still call me to discuss my concerns.
Well, it has been a week now, I have not received my refund, and I have not had any of my follow-up emails respo0nded to.
$250 USD may not seem like a lot, ut to me, it is everything.
If you are considering investing with BitXLogic my suggestion is DONT! Do Your homework first.
BitxLogic is a def scam. After seeing an advertisement that recommended BitxLogic company advertisement that showed Today Extra hosts David Campbell and the female host now on channel 7 I thought wow this must be good.
Admittedly I jumped the cue and failed to do regular research, and so used my credit card to open an account and spent $250 AUD converted to USD.
It was after I hit the submit button that I discovered the bad reviews. After this, I logged back onto the newly created account and hit “withdraw” which was last Friday night.
On the following Monday, I received an email from the “account manager “Eugene Peters” who was saying he would be in touch with me to discuss my new account and that I would need to pay $250USD to open the account.
My reply to Eugene was the account was opened. I learned that the company is a scam and that $250 was already paid.
Eugene responded that he had sent a generic email, and he reviewed my account to see “withdrawal” pending.
He explained that I would see the refund back into my account as soon as possible. He added that he would still call me to discuss my concerns.
Well, it has been a week now, I have not received my refund, and I have not had any of my follow-up emails respo0nded to. $250 USD may not seem like a lot, but to me, it is everything.
If you are considering investing with BitXLogic my suggestion is DONT! Do Your homnework first