Network MarketingDodgy change hidden behind shell firm

Dodgy change hidden behind shell firm

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Primebit fails to supply firm possession or government data on its web site.

Primebit operates from the web site area (“primebit.com”), first registered in 2005. The non-public registration was final up to date on Could seventeenth, 2022.

Primebit represents it’s run by way of “PrimeBit Ltd.” PrimeBit Ltd. is a shell firm included by way of a PO Field in St. Vincent and the Grenadines.

As all the time, if an MLM firm isn’t brazenly upfront about who’s operating or owns it, suppose lengthy and laborious about becoming a member of and/or handing over any cash.

Primebit’s Merchandise

Primebit affords entry to a buying and selling platform.

Primebit’s platform could be accessed over the net, or connected to MT5.

Primebit claims to cost buying and selling charges which might be “amongst lowest available on the market”.

Primebit’s Compensation Plan

Primebit’s compensation plan pays on charges collected from customers of its buying and selling platform.

  • generate $0 to $5 in buying and selling charges and obtain a 5% fee charge
  • generate $5.01 to $50 in buying and selling charges and obtain a 7% fee charge
  • generate $50.01 to $500 in buying and selling charges and obtain a 12% fee charge
  • generate $500 to $5000 in buying and selling charges and obtain a 15% fee charge
  • generate $5000.01 or extra in buying and selling charges and obtain a 20% fee charge
  • associates who full “particular person negotiation” with Primebit obtain a 30% fee charge

Buying and selling price quantity is tracked over a rolling 30 day interval.

5% is paid on buying and selling quantity generated on stage 2, that’s associates recruited by these you recruit.

Registration Bonus

Primebit’s compensation plan documentation element san “as much as $80” registration bonus.

As much as $80 registration bonus for each person utilizing your referral hyperlinks.

The extra you deposit the larger the bonus.

This seems to be tied to how a lot a brand new platform person deposits after they join.

Becoming a member of Primebit

Primebit affiliate membership seems to be free.

Primebit Conclusion

The most important concern with buying and selling platform oriented MLM firms is automated buying and selling. This drags an organization into securities providing territory, which brings with it stringent regulatory necessities.

So far as I can inform Primebit doesn’t supply automated buying and selling of any sort.

Primebit is extra of an change with an MLM compensation plan than it’s an MLM firm.

The issue with Primebit is it comes off as a dodgy change, run by individuals unknown.

Primebit began off as a run-of-the-mill crypto buying and selling platform in 2019:

Since then they’ve expanded to different choices:

Owing to its crypto roots, Primebit nonetheless solely accepts cryptocurrency.

PrimeBit accepts a wide range of cryptocurrencies, together with BTC, USDT, ETH, LTC, BNB, CAKE, BCH, LINK, XRP, ADA, TRX, ATOM, DASH, DOT, EOS, ONT, ZEC, DAI, XTZ, MATIC, BUSD, PAXG, USDC, and DOGE.

You’ll be able to’t commerce shares, foreign exchange and commodities in cryptocurrency, so it seems both Primebit is both doing one thing dodgy on the backend or misrepresenting its providing.

On the finish of the day Primebit is a dodgy platform run by way of a shell firm in a tax-haven jurisdiction favored by scammers, by individuals unknown.

Versus being a authentic buying and selling platform, the way in which Primebit is ready up lends lends itself to cash laundering and different unlawful actions.

Definitely customers of Primebit can count on no client safety ought to the individuals operating it shut up store.

I’m unsure what’s occurred over the previous few months however Primebit has seen a big discount in visits to its web site:

The US showing because the second largest supply of site visitors to Primebit’s web site is regarding.

As said on Primebit’s web site:

PrimeBit doesn’t present companies to residents and residents of sure international locations listed in our Phrases of Providers, together with the USA.

That’s clearly baloney. And in the event that they’re mendacity about that, who is aware of what else Primebit is mendacity about.

As an MLM firm there’s nothing inherently unsuitable with Primebit. You join merchants, you earn on their charges.

As a buying and selling platform nevertheless, Primebit must be averted. It’s 2022, there are a bajillion platforms on the market that don’t function from PO Bins on tax-haven islands.



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