CryptoBestFX247 Review: 2% a day Ponzi scheme
CryptoBestFX247 provides no information about who owns or runs the company on its website.
CryptoBestFX247’s website domain (“cryptobestfx247.com”) as privately registered on September 16th, 2020.
Despite not existing until late 2020, on its website CryptoBestFX247 falsely claims to have launched in 2010.
In an attempt to appear legitimate, CryptoBestFX247 represents it is incorporated in the UK as CryptoBestFX247 LTD.
UK incorporation is dirt cheap and effectively unregulated. It is a favored jurisdiction for scammers looking to incorporate dodgy companies.
For the purpose of performing MLM due-diligence, UK incorporation is meaningless.
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.
CryptoBestFX247 has no retailable products or services, with affiliates only able to market CryptoBestFX247 affiliate membership itself.
CryptoBestFX247’s Compensation Plan
CryptoBestFX247 affiliates invest funds on the promise of advertised returns.
- invest $100 to $250 and receive 1% a day
- invest $251 to $1000 and receive 1.5% a day
- invest $1001 or more and receive 2% a day
The above returns are advertised as paid for the “lifetime” of investment.
Referral commissions on invested funds are paid out down three levels of recruitment (unilevel):
- 4% on level 1 (personally recruited affiliates)
- 2% on level 2
- 1% on level 3
CryptoBestFX247 affiliate membership is free.
Full participation in the attached income opportunity however requires a minimum $100 investment.
CryptoBestFX247 markets itself as an “investment management company”.
Supposedly it’s also “the No.1 Broker”. This claim is based on the company receiving “70+ International & UK Awards”.
I couldn’t find any evidence of these awards, which isn’t surprising in light of other claims made on the company’s website.
Without any verifiable source of external revenue CryptoBestFX247 is a low-effort Ponzi scheme.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.
This will starve CryptoBestFX247 of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.