QoinPro Review: BitCoin ewallet opportunity?
QoinPro is currently in beta and launched earlier this year.
The company provides a corporate address in Hong Kong, with Wouter van der Schagt credited as QoinPro’s CEO and Managing Director.
On his LinkedIn profile van der Schagt (right) credits himself as a NuSkin affiliate, primarily targeting the Asia region.
During these years, while expanding my company in Asia, I also became an independent executive distributor for the direct sales company “NuSkin Enterprises”.
Seeing the growth of NuSkin in the Philippines I decided to invest and became a co-founder and shareholder of their product distribution center in Iloilo in the Philippines.
Although the shares were sold when I left the Philippines, the distribution center still exists today.
Over the course of these years I’ve literally held hundreds of seminars. All were held in Asia.
It started as a result of being a distributor for NuSkin Enterprises and initially the seminars were about sales and marketing promoting their products.
As time passed, topics shifted to motivational sessions, goal-setting and time management.
Read on for a full review of the QoinPro MLM business opportunity.
The QoinPro Product Line
QoinPro has no retailable products or services, with affiliates only able to market membership with the company itself (currently free).
The QoinPro Compensation Plan
The QoinPro compensation plan rewards affiliates for signing up and recruiting new affiliates.
Affiliates who sign up to QoinPro are awarded a small amount of BitCoin daily:
Do you plan to increase the daily amounts?
Yes, we realize the daily amount right now is quite small; however, we’re in beta and we must ensure everything is working properly. Otherwise, it could become very expensive very fast.
QoinPro also pay affiliates using 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):
In turn, if any of these level 1 affiliates go on to recruit new affiliates of their own, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 1 affiliates recruit new affiliates they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
QoinPro cap payable levels to four, with how much of a percentage earned on each level determined by affiliate recruitment:
- Member – 7.5% on level 1, 5% on level 2, 3% on level 3 and 1.5% on level 4
- Supporter (recruit 3 affiliates) – 9% on level 1, 6% on level 2, 3.5% on level 3 and 1.7% on level 4
- Senior Supporter (recruit 5 affiliates) – 10.5% on level 1, 7% on level 2, 4% on level 3 and 2% on level 4
- Associate (recruit 10 affiliates) – 12% on level 1, 8% on level 2, 4.5% on level 3 and 2.2% on level 4
- Senior Associate (recruit 25 affiliates) – 13.5% on level 1, 9% on level 2, 5% on level 3 and 2.5% on level 4
- Ambassador (recruit 100 affiliates) – 15% on level 1, 10% on level 2, 5.5% on level 3 and 2.7% on level 4
- Senior Ambassador (recruit 250 affiliates) – 16.5% on level 1, 11% on level 2, 6% on level 3 and 3% on level 4
- Advocate (recruit 1000 affiliates) – 18% on level 1, 12% on level 2, 6.5% on level 3 and 3.2% on level 4
- Senior Advocate (recruit 2500 affiliates) – 19.5% on level 1, 13% on level 2, 7% on level 3 and 3.5% on level 4
The QoinPro compensation plan does mention that an additional three unilevel levels are unlockable, however no unlock criteria is provided.
Note that the recruitment of affiliates also increases an a QoinPro affiliate’s own share of BitCoin payouts. At the Senior Advocate level an affiliate receives 40% over the rate paid out at the Member rank.
Joining QoinPro
Affiliate membership with QoinPro is currently free.
Conclusion
First up, let’s deal with the obvious:
How do you make money and how can you give away coins for free?
We realize that our business model isn’t immediately apparent if you look at the website right now. However, rest assured that we have a comprehensive business plan.
The primary objective of step one is to educate people about crypto-currencies and make it easy for people to get started. Simply sign-up, start receiving coins and learn more about bitcoin.
In other words, “Educate and Facilitate”.
Step one was the multi-coin faucet where we give coins away for free every day. Step two was the launch of a complete multi-currency online wallet where you (will continue to) receive free coins every 24 hours.
In the coming weeks (and months) additional functionality will be added to the website that will provide us with the necessary revenue streams. Until that time (and after that) we’re backed by private investors.
In marketing terms, QoinPro is currently little more than an email harvester for the company’s planned ewallet service.
Given that QoinPro opened its doors back in February, one can assume that, for whatever reason, the ewallet has been delayed or is experience some sort of problem with the rollout.
In the interim, you have QoinPro’s founders “giving away” BitCoin. There’s no mention of withdrawals on the QoinPro website so for now it appears to be monopoly money.
Withdrawals are possible, but unlikely given the fractions being paid out:
The minimum withdrawal threshold is coin dependent and is usually slightly higher than the dust level of that coin.
Dust refers to any transaction lower than the predefined minimum for that coin. Any amount lower than the dust level will not be accepted by the network.
For coins that require network transaction fees, the threshold is usually the same as the transaction fee, because this is usually higher than the dust level.
This transaction fee isn’t determined by us, nor does it go to us. It goes to the miners validating all transactions.
QoinPro’s plan no doubt is to eventually collect transaction fees on transfers made within their ewallet. Those affiliates who don’t sign up will probably have their accounts terminated, minimizing QoinPro’s costs during the email harvest phase.
Right now with membership being free and the monopoly money funded by “private investors”, being a pyramid scheme isn’t really an issue.
If at some point QoinPro start charging fees however, and if those fees are commissionable through the unilevel, then QoinPro ventures into murky pyramid scheme territory.
The pyramid scheme side of the business is obvious enough, although a joining fee is not currently charged, affiliates are still rewarded to recruit new affiliates, with how much they recruit directly impacting their income potential.
The second fees are charged or affiliate funds are in some way pushed through this genealogy, the fact that it was built on recruitment incentives cannot be ignored.
And even if membership remains free after the ewallet launches, fees charged being pushed through the unilevel will remain problematic (digital currency transfers are not a viable MLM product).
Retail is also an issue with all members of QoinPro being affiliates.
Meanwhile if QoinPro fizzled and the ewallet never eventuates, the lack of fees charged participants means no harm no foul.
If the goal with QoinPro is to launch a crypto-currency ewallet and they already has investors, I’m at a loss as to why they didn’t just launch it. Offering up free BitCoin as a marketing tool can be done with the ewallet launched, so why it hasn’t materialized in almost a year is a mystery to me.
Something doesn’t smell right…
I’m very leery of anything related to Bitcoins and especially after finding out there is a company in the US (and perhaps there are others too) that actually created machines that make bitcoins (kind of like a printing press) and then sell or lease the machines to “investors” so they can make their own Bitcoins.
And no one regulates these companies so they’re basically creating fake money out of thin air.
Not that the Fed is any different but at least the Fed has to answer to congress and the president (sometimes). Investor beware.
The way the racket works is the investor buys or leases the high tech bitcoin production machine but he has to pay a hefty monthly fee for the maintenance and storage of the machine, which is stored at the company’s manufacturing plant.
In addition to the thousands of dollars he pays for the machine. Which he never really “owns” because the company keeps it in their facility under their control.
The only way the investor can make money is if the price of bitoins goes sky high. But if the price stays the same or goes down, he loses money. Lots of it.
How on earth does someone forge then produce a virtual currency ???
Sounds like someone is playing on peoples’ lack of knowledge about cryptocurrencies.
Assuming the bitcoin mining machines even exist in the first place. It’s a new twist on an old scam.
Scammers from Europe send you adverts about buying gold bars and claim they can get them cheap and store them for you in their vaults. For an extra fee, they’ll even send you a certificate of authenticity.
They throw in a little line or two about how the world economy could potentially collapse and your gold will somehow help you then.
Of course no one ever flies to London to personally see if the gold is real. Who knows how many people these guys scam?
It’s interesting to watch bitcoin and see all of the predation that takes place around it. It’s a real feeding frenzy of people looking to exploit every aspect of it.
This gets even better as you try to form your own crypto currency. Doing the same thing this guy is doing.
If anyone can look at GOLD COIN RESERVE. You will see what I mean.
Since the mining for bitcoin by the low level consumer is really expensive to get a few coin. Someone comes up with the idea of say lets just start our own coin and we can mine all we want and charge people mlm style to promote invest and earn the same coin.
Then hype it up as their own coin eco system with atm machines auctions and all the other frills that come with spending money. Yet since the coin has no proven value no one can really cash it out.
There are Bitcoin miner (machines) out there. It’s basically a specially designed computer that doesn’t really do anything else.
As explained before in that **other** Bitcoin bull**** scam you can buy one for less than one Bitcoin, and you won’t ever make back your money due to electricity costs, even with the most efficient “rig” out there.
But the Bitcoin they produce are “real” (i.e. BTC exchanges will take them).
The “virtual rigs” you can lease though, are likely to be Ponzi schemes.
amlmskeptic.blogspot.com/2014/08/scam-alert-bitcoin-as-disguise-for.html
Actually, he just said he’ll launch a digital wallet to hold various online currencies. Did he say something about launching his own currency like Phil “WCM Ponzi” Ming Xu did about his “KingdomCoins?”
Seem to have recalled that Moola, a British exchange, the owner ran off with 1.5 million worth of DogeCoins (a competitor to BitCoin)
KChang, yes that’s exactly what it is. A Bitcoin Miner high tech computer that has figured out the digital Algorhythm used by the orginal founders in Japan.
The company is based out of Atlanta and they claim to be the only ones that can mine bitcoins but I doubt it. I’m sure there are others doing the same thing trying to find suckers to sell to.
It’s been 3 years since the review on Qoinpro. The ewallet is now available.
Is there any chance that you can do an updated review?
Thanks,
Scott
Can you actually withdraw the bitcoin you’re supposed to be getting daily? Or is it still just numbers on a screen?
Pyramid recruitment was the drawcard in QoinPro. That still the case?
Seems odd it’d take a company three years to develop an ewallet for withdrawals.
I deposited crypto into a qoinpro wallet and tried to then withdraw it. It didn’t work. You have been warned.
1. I had opened a Qoinpro account on user id ‘intutkri2’ around six months back
2. I had received many promotional emails from support regarding deposit of BTC for claiming BCH and BTG.
3. ***At last I think I had fallen prey to their emails and deposited some amount of BTC to claim my BCH and BTG and that’s it after that I never received a promotional mail from them after the deposit
4. ***I had sent many BCH and BTG claim mails to support and wouter and contacted them on email, Twitter and Telegram many times but no reply or response from them.
5. ***I had submitted support tickets also at support under user id ‘intutkri2’ but they were closed without any proper resolution
6. ***After checking my qoinpro BTC address 1K5JDqh7LVWEV1uvmQhbdKBdyN86iTZWfm on blockchain it is showing zero balance whereas the amount is supposed to be X BTC and there were also many transactions which I had not carried out.
May be they are carrying out insider trading with the BTC deposited bt people like me and generating profits for themselves.
7. ***I had withdrawn X amount of BTC from my Qoinpro (user ; intutkri2) BTC address 1K5JDqh7LVWEV1uvmQhbdKBdyN86iTZWfm to my personal BTC address 154UWpunPRyVT9LPfgrdcQKWj6276rrnMB but till now I had not received it.
8. ***Websites : qoinpro.com and vdschagt.com (is never working)
9. ***Company Office Address :
10. *******Will update this post once I receive a positive reply from Qoinpro or Mr. Wouter
11. ***So, Dear Friends ! Please decide whether this is scam or legitimate on your own diligence. I had put down my own genuine experiences with Qoinpro.
I’ll add that due-diligence should primarily focus on an MLM company’s business model.
Not whether someone else successfully scammed people out of money or your own ability to do so.
Scam it is!
I think that calling QoinPro as a scam is not fair. QoinPro doesn’t ask nothing but only give.
The giving is very, very few but is gratis. And there are various bonuses which can increase earnings until 1250%.
So join and see. If want, do the requisites to earn bonuses and if not, nothing. No one will touch your everyday earnings.