Global Crypto Mining MLM Program or Straight Up Ponzi Scheme?
With more crypto mining schemes popping up every day, it can be quite difficult for unsuspecting individuals who just want a decent source of passive income, to choose the right programs to invest in.
This is because many of these companies intentionally distort the facts and provide you with just enough half-truths to convince the average individual to part with their hard earned monies. This review is about one of those programs.
HelixxMine states that they are a cryptocurrency mining program that guarantees monthly returns on investment for investors. Is this true? Let’s take a closer look.
First the website has zero details about who or what corporation owns it. The “owner” is listed as HelixxMine, which is not even a name.
For starters if you would be investing in a business, surely, you would want to know who owns it –particularly when you might be willing to invest thousands of dollars. Also the business hasn’t been in existence for too long –was registered in March 2018 and incorporated in in the UK in May as Helix Global Co Ltd.
That a business is new is not necessarily a bad thing. it’s just if you want to invest in a program, you want one that has an established track record of providing predictable returns, and has been doing so for a couple of years at least.
That, and the fact that incorporations in the UK aren’t expensive makes it very easy for scam entities to do this there.
What Does HelixxMine Do?
The company claims that it owns crypto mining facilities in South East Asia, with offices in both countries. This means that any investor who pays to join will be “partaking of their returns” from their mining activities. Think of it as remote crypto mining.
Unfortunately, there’s no concrete information or details to back up their claims. If anything, their claims appear to be similar with that of other scam companies that sell similar crap.
In fact, it appears that its sole business is the recruitment of affiliates to sell its phantom mining services and more importantly, recruit new individuals into their affiliate program.
Here’s something you need to know: if a multilevel marketing firm doesn’t provide detailed information about who is in charge of or managing it, it’s possible it’s not legit.
Participants in their marketing/mining scheme are meant to enjoy approximately 25 percent returns on their investment.
Compensation Plans For Affiliates
Affiliates who promote the company’s services are guaranteed residual commissions through its unilevel payment structure. New affiliates are automatically placed at the top of their level, with their recruits placed directly under them.
If their affiliates recruit other affiliates, they will be moved a level higher, and you, the first, bumped higher too. This goes on for as long as five unilevels. All affiliates are then paid based on percentages invested by their newly recruited affiliates.
Pay rates are usually between 1-10 percent depending on your level, with 4-5 being the lowest and level 1 being the highest. Then, there’s the Platinum status where affiliates earn 10.8 percent. The information on how anyone can achieve the status is unsurprisingly missing on their website.
Becoming an affiliate costs nothing. But to be active, you’ll need to invest a token –minimum acceptable investment is $20.
Our Take On The HelixxMine Scheme
This is nothing more than a fraudulent MLM crypto mining scheme. There’s nothing to prove that they are a real company. They have done little or nothing to shore up investor confidence. They have no traceable address.
Then, there’s the possible problem of them committing securities fraud, seeing as they aren’t properly registered as a securities trading company. There’s no real documentation regarding how they intend to help investors make money, apart from the bogus claim of crypto mining.
If anything, they only make money from activating affiliates, who even though don’t have to pay anything to join, will need to pay a minimum of $20 to start promoting their program.
This investment is what’s used to pay previously registered affiliates and participants. This essentially makes it a Ponzi scheme, and one you should flee from.
If you’re looking for a worthwhile crypto mining scheme that will provide passive income, HelixxMine isnt it. Please save your money and keep looking. Good luck.