iPro Network Review: Pro coin cryptocurrency with cashback
The iPro Network website provides no information about where the company is based out of. It does however name Armando Contreras as iPro Network’s CEO.
Curiously, the iPro Network website claims Contreras (right) has owned ‘multinational businesses in various industries Travel, Insurance, IT, and Live Event Conference‘. He also purportedly ‘over 15 years experience in direct sales industry‘.
Yet I couldn’t find anything about Contreras non-MLM or MLM businesses. That’s pretty strange for “over 15 years” of network marketing experience.
I’m not saying Contreras’ corporate bio is completely made up, but the lack of verifiable third-party information (or even a professional footprint) is highly suspicious.
Read on for a full review of the iPro Network MLM opportunity.
iPro Network Products
iPro Network has no retailable products or services of its own, with affiliates only able to market iPro Network affiliate membership itself.
Once signed up iPro Network affiliates invest in Pro coin.
iPro Network claim there will be 15 billion Pro coins circulated, with a starting value of 2.5 cents each.
Pro coin is not publicly tradeable and is currently only available via an iPro Network affiliate membership.
The company has also announced plans to launch a “Retail Discount Platform”, through which holders of Pro Coin (affiliates) can purchase products and services from third-party retailers.
A rebate is available on purchases made through the platform, paid to affiliates in Pro coin.
A company by the name of “Pro Commerce” seems to be developing Pro coin, as well as the e-commerce platform (Pro Rewards).
Carlos Contreras is the cited “project founder” of Pro Commerce. Whether he’s related to iPro Network’s Armando Contreras is unclear.
The iPro Network Compensation Plan
The iPro Network compensation plan sees affiliates invest in Pro coin. Commissions are paid when they recruit others who do the same.
Note that 70% of commissions earned by iPro Network affiliates are paid in cash. The remaining 30% is paid in Pro coin.
When an iPro Network affiliate recruits a new affiliate who invests in Pro coin, they are paid a 10% recruitment commission.
- recruit a $100 package affiliate and receive $10
- recruit a $500 package affiliate and receive $50
- recruit a $1500 package affiliate and receive $150
- recruit a $2500 package affiliate and receive $250
- recruit a $5500 package affiliate and receive $550
iPro Network pay residual commissions via a binary compensation structure.
A binary compensation structure places an iPro Network 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 in the same manner, with each new binary level housing twice as many positions as the previous level.
Positions in the binary team are filled via direct and indirect recruitment of new iPro Network affiliates. Note there is no limit to how deep a binary team can grow.
At the end of each week iPro Network tally up investment volume on both sides of the binary team.
Affiliates are paid a 10% commission on investment volume generated on the weaker side of their team.
Unmatched volume on the stronger binary side is carried over.
Note that weekly residual binary commissions are capped, based on how much an affiliate invested when they signed up:
- Basic affiliates are capped at $500
- Intermediate affiliates are capped at $2500
- Accelerated affiliates are capped at $7500
- Advanced affiliates are capped at $12,000
- Professional affiliates are capped at $35,000
iPro Network affiliates earn a 10% matching bonus on residual commissions on up to four levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 10%
- level 2 – 10%
- level 3 – 20%
- level 4 – not disclosed
How many levels the matching bonus is paid out on is determined by how much an iPro Network affiliate invested when they signed up:
- Basic affiliates do not earn a matching bonus
- Intermediate affiliates earn the matching bonus on level 1
- Accelerated affiliates earn the matching bonus on levels 1 and 2
- Advanced affiliates earn the matching bonus on levels 1 to 3
- Professional affiliates earn the matching bonus on levels 1 to 4
Leadership Rank Bonus
The Leadership Rank Bonus is a rank-based bonus, corresponding with qualification of the following iPro Network affiliate ranks:
- Pro 1 – $50
- Pro 2 – $200
- Pro 3 – 1% bonus commission on investment volume generated by personally recruited affiliates
- Pro 4 – 1.5% bonus commission on investment volume generated by personally recruited affiliates (Pro 3 ranked affiliates reduce the percentage to 0.5%)
- Pro 5 – 2% bonus commission on investment volume generated by personally recruited affiliates (0.5% paid on recruited Pro 4 ranked affiliate teams and 1% on Pro 3 ranked teams)
- Pro 6 – 2.5% bonus commission on investment volume generated by personally recruited affiliates (0.5% paid on recruited Pro 5 ranked affiliate teams, 1% on Pro 4 ranked teams and 1.5% on Pro 3 ranked teams)
- Pro 7 – 3% bonus commission on investment volume generated by personally recruited affiliates (0.5% paid on recruited Pro 6 ranked affiliate teams, 1% on Pro 6 ranked teams, 1.5% on Pro 4 ranked teams and 2% on Pro 3 ranked teams)
A “ranked team” refers to the rank of a personally recruited affiliate and their downline.
Eg. You recruit an affiliate who eventually qualifies at Pro 3. That affiliate’s downline (which is within your own downline) is now a Pro 3 ranked team.
Note iPro Network have not publicly disclosed affiliate rank qualification requirements.
Joining iPro Network
iPro Network affiliate membership is $50 plus a fixed investment in one of the following five packages:
- Basic – $100
- Intermediate – $500
- Accelerated – $1500
- Advanced – $2500
- Professional – $5500
The primary difference between the investment packages is income potential via the iPro Network compensation plan.
Despite the heavy marketing of iPro Network’s planned Retail Discount Platform, there are two disconnects that need to be addressed.
The first is whether or not third-party merchants will be accepting Pro coin or fiat currency on the backend.
The impression I got was that iPro Network were just offering a regular affiliate network, on top of which they’re overlaying Pro coin.
That is to say while it looks like you’re paying for goods and services in Pro coin, on the backend iPro Network are sending fiat currency to merchants.
If merchants are accepting Pro coin off the bat, who are they and given Pro coin is not publicly tradeable, how are they converting Pro coin to a currency they can run their businesses on?
The second disconnect is that whatever does or doesn’t happen on the Retail Discount Platform is entirely detached from the MLM opportunity.
iPro Network’s MLM offering is a speculative investment opportunity, no different to the mountain of MLM altcoins already launched.
Affiliates sign up, invest money, receive non-publicly tradeable tokens in exchange and hope the price goes up – so that eventually they can cash out.
With Pro coin not being publicly tradeable, iPro Network wholly control the value of the coin – which is the same old Ponzi points story we’re all pretty familiar with now.
New investment eventually dries up, iPro Network are starved of cash and affiliates are hit with withdrawal problems.
Pay to play is also a compliance issue, with the more an affiliate invests resulting in a higher income potential.
Speaking of compliance issues, the iPro Network website claims Armando Contreras has ‘a global management teams with a specialized US attorney‘.
A quick search of the SEC’s Edgar database meanwhile turns up nothing for iPro Network.
iPro Network are quite obviously offering a security by way of affiliate investment packages. Without appropriate registration with the SEC, iPro Network are committing securities fraud.
With Alexa currently estimating over 90% of traffic to the iPro Network website originates out of the US, this is a major red flag that should not be ignored.
The Achilles’ Heel of every MLM altcoin is usability of the coin outside of the income opportunity.
The only buyers and therefore users of Pro Coin are speculative affiliate investors investing thousands of dollars. For no other reason than they hope to cash out a ROI at later stage.
This isn’t going to attract legitimate merchants who directly accept Pro coin, which in turn means nobody but affiliates are going to use the coin.
Retail customers (non-affiliates) aren’t going to go anywhere near it.
Once all the pyramid recruitment commissions have been paid out and short of continued artificial manipulation by the issuer of the coin, ultimately iPro Network affiliates will be left holding yet another worthless MLM altcoin.
Update 29th April 2017 – As of April 27th, ProCurrency (formerly Pro Coin) is now publicly tradeable.
The current public value of the coin is 8 cents.