My Cryptobit Review: Crypto trading bot & pyramid recruitment
My Cryptobit operates in the MLM cryptocurrency niche.
Although My Cryptobit provides a full list of executives on their website, most have little to no social footprint – which is always suspicious.
Two names I was able to peg to My Cryptobit are David Bras and Ozcan Come.
On the My Cryptobit website Come is cited as the company’s owner, CEO and founder.
David Bras is only cited as “Department Marketing Content”, however on his Facebook profile he also identifies himself as a My Cryptobit owner and founder.
Ozcan and Bras appear to be based out of Switzerland and circa 2017 launched something called Capital Solutions:
Whatever Capital Solutions was, it was abandoned in October 2017. Ozcan and Bras founded My Cryptobit a month later in November.
Read on for a full review of the My Cryptobit MLM opportunity.
My Cryptobit Products
My Cryptobit has no retailable products or services, with affiliates only able to market My Cryptobit affiliate membership itself.
My Cryptobit affiliate membership provides access to an app, which the company claims is
the world’s first cryptocurrency application that includes everything important about the cryptomarket.
Specific informational areas mentioned on the My Cryptobit website include:
- ICO research
- a long-term coin portfolio
- an airdrop service
- daily bitcoin analysis
- one tap trading and
- important market news
The My Cryptobit Compensation Plan
My Cryptobit affiliates invest funds on the expectation of a ROI.
The public are of My Cryptobit’s website does not provide any information on the investment side of the business.
My Cryptobit affiliates pay up to $1500 in membership fees when they sign up, which the company uses to pay recruitment commissions.
My Cryptobit Affiliate Ranks
There are thirteen affiliate ranks within the My Cryptobit compensation plan.
Along with their respective qualification criteria they are as follows:
- Rookie – sign up as a My Cryptobit affiliate
- Bronze – generate $1500 or more in accumulated downline membership fees
- Silver – generate $5000 or more in accumulated downline membership fees
- Gold – generate $25,000 or more in accumulated downline membership fees
- Platinum – generate $50,000 or more in accumulated downline membership fees
- Sapphire – generate $100,000 or more in accumulated downline membership fees
- Ruby – generate $250,000 or more in accumulated downline membership fees
- Emerald – generate $500,000 or more in accumulated downline membership fees
- Diamond – generate $1,500,000 or more in accumulated downline membership fees
- Double Diamond – generate $3,000,000 or more in accumulated downline membership fees
- Blue Diamond – generate $7,500,000 or more in accumulated downline membership fees
- Black Diamond – generate $18,000,000 or more in accumulated downline membership fees
- Imperial Diamond – generate $48,000,000 or more in accumulated downline membership fees
My Cryptobit pays recruitment commissions via 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.
My Cryptobit cap payable unilevel team levels at ten, however affiliates initially only qualify to earn commissions on three levels.
After personally recruiting at least three affiliates and building a total unilevel team of at least fifteen affiliates, a My Cryptobit affiliate earns residual commissions on all ten available levels.
My Cryptobit pay residual commissions on funds invested across ten unilevel team levels as follows:
- level 1 (personally recruited affiliates) – 15%
- levels 2 and 3 – 5%
- level 4 – 4%
- level 5 – 3%
- level 6 – 2%
- level 7 – 3%
- levels 8 and 9 – 4%
- level 10 – 5%
Global Bonus Pools
My Cryptobit take 10% of “weekly profit” and place it into ten separate Global Bonus Pools.
Sapphire and higher ranked My Cryptobit affiliates qualify for an equal share in a rank corresponding Global Bonus Pool as follows:
- Sapphire – 2% Global Bonus Pool
- Ruby – 2% Global Bonus Pool
- Emerald – 1% Global Bonus Pool
- Diamond – 1% Global Bonus Pool
- Double Diamond – 1% Global Bonus Pool
- Blue Diamond – 1% Global Bonus Pool
- Black Diamond – 1% Global Bonus Pool
- Imperial Diamond – 1% Global Bonus Pool
Joining My Cryptobit
My Cryptobit affiliate membership is either
- $500 for three months
- $900 for six months or
- $1500 annually
Additional funds are required to participate in My Cryptobit’s attached investment opportunity.
At its core, My Cryptobit is an MLM cryptocurrency investment opportunity with a prohibitively expensive entry-fee.
There’s a few reasons for this I can think of; namely that there’s an expectation most investors will front $500 for three months, see if they get paid and then commit.
Secondary to this is the need to divert affiliate fees to pay affiliates participating in the attached investment opportunity.
Although they claim to generate ROI revenue through trading, My Cryptobit provides no hard evidence of trading revenue being used to pay affiliates.
My Cryptobit do offer a list of purported trades on the “performance” section of their website. These however are meaningless and are not a substitute for audited accounting.
Owing to the passive nature of My Cryptobit’s investment opportunity, it’s obviously a securities offering.
Nowhere on their website does My Cryptobit provide any information to suggest it is registered with securities regulators in any jurisdiction it operates in.
This alone makes My Cryptobit illegal in every country that regulates securities (almost all of them).
Below securities fraud investors also run the risk My Cryptobit is engaged in Ponzi fraud.
In the absence of any evidence whatsoever to the contrary, the alternative is David Bras and Ozcan Kome, neither of whom have visible trading backgrounds, woke up one day and started generating a 695% ROI every 40 days.
And they’ll let you in on the gravy train for a measly $125 a month.