RothCard Review: €650 EUR VISA debit card?
RothCard fails to provide ownership or executive information on its website.
RothCard’s website domain (“rothcard.com”), was privately registered on December 15th, 2023.
Of note are the only contact points for RothCard on its website being a Telegram channel and address in Sharjah, UAE.
Sharjah is just a stone’s throw away from Dubai, the MLM crime capital of the world.
RothCard’s website Terms and Conditions cites “Streamline LLC”. Where this shell company is incorporated, if at all, is not disclosed.
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.
RothCard’s Products
RothCard has no retailable products or services.
Affiliates are only able to market RothCard affiliate membership itself.
RothCard’s Compensation Plan
RothCard affiliates pay €650 EUR for a VISA debit card.
Commissions are paid when they recruit others who pay the same.
RothCard pays commissions down two levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – €175 EUR
- level 2 – €20 EUR
Joining RothCard
RothCard affiliate membership is tied to a €650 EUR VISA card purchase.
RothCard Conclusion
RothCard claims its VISA card service “effortlessly turn your crypto into spendable fiat.”
RothCard’s revolutionary Virtual and Physical Cards seamlessly merge the worlds of cryptocurrency and traditional finance, empowering you with unrivaled convenience, security, and accessibility for all your financial interactions.
This service is nothing new. Typically crypto is converted in-house (or via a third-party) and fiat is loaded onto a card.
This is done through a shell company or companies, usually hooked up to a dodgy merchant processor.
With RothCard you have major red flags with branding, zero disclosure with respect to company ownership and ties to the UAE.
Having to rely on a Telegram group for support if something goes wrong with your card also doesn’t inspire confidence.
Notwithstanding RothCard’s card itself costing €650 EUR. There are plenty of these “crypto” cards out there, most of which don’t come anywhere near to €650 EUR.
And if you’re thinking this might be due to KYC requirements being waived, that’s not the case. RothCard’s website advises a “complete KYC Process” is “coming in February at relaunch”.
Mention of a “relaunch” suggests RothCard has already collapsed once. This is another red flag seeing as RothCard’s website domain was only registered a few months ago.
From an MLM compliance perspective, RothCard operates as a pyramid scheme. Nothing is marketed or sold to retail customers, with 100% of commissions coming out of recruited affiliate fees.
Even then, RothCard isn’t a very “good” pyramid scheme. Just €195 EUR out of every €650 EUR paid in goes to commissions.
This leaves a healthy €455 EUR per card for whoever’s running RothCard. And there’s also a 2.5% loading fee charged.
Even taking backend fees into account, it’s pretty obvious who’s making out on top.
As with all MLM pyramid schemes, once affiliate recruitment dries up so to do commissions.
Math guarantees that when a pyramid scheme collapses, the majority of participants lose money.