No doubt that My Trader Coin is making a buzz all over the internet and it seems like everyone is trying to pitch it to you. If you have not been approached before by someone to join My Trader Coin, then it is just a matter of time before they do.
I wish to state that I am not an affiliate of My Trader Coin neither do I promote it in any way, therefore my review will be just based on my findings.
Now, you wish to know if My Trader Coin is a scam, If it worth your time and money to invest in it, and probably you are thinking if you if can build an online income through it. Well, by the time you are done reading this review I can assure you that you will be able to make an informed decision.
What is My Trader Coin?
First of all, as the result of it success so far, it has got traffic coming from several countries with Ecuador topping the list. Ecuador accounts for about 25.4 percent of its traffic while Brazil is 16.3 percent, Spain 15.5 percent, the United States with 15.3 percent, Dominican Republic 12.9 percent, etc. This is mostly so because My Trader Coin operates in 3 languages and that is English, Spanish and Portuguese. It will be convenient to say that whoever that is behind the My Trader Coin is from one of those countries, but I suspect Ecuador.
My Trader Coin is one those MLM without products for retailing. The members only have to promote it and earn commissions. I will get to the part of its compensation plan and how it works.
The reason why I am speculating as to where the founder is from is because there is no background information regards to that on their website and which is a big red flag for me. If you notice a lot of legitimate websites online you will find out that their background is well stated and that shows that they don’t have anything up their sleeves.
However, after some snooping around I found out that a man named Andre Feitosa is possibly the owner or one of the owners of My Trader Coin because there was a time he was promoting Bit Trader Banking in 2016 and the compensation plan for these websites or schemes are similar. So, it will suffice to say he probably got some inspiration from Bit Trader Banking and decided to go solo.
It is also important to notify you that Bit Trader Banking has collapsed about mid of February 2017 and My Trader Coin could just be seen as a reboot.
My Trader Coin Product
Like I earlier mentioned, My Trader Coin does not have any product other than the members to promote the scheme to others. Individuals that are already members pitch the scheme to others in order to make commissions and the new recruits are expected to do the same. Not having a product is not going to end well with this type of scheme because they solely rely on the new members, and what happens when there are no new members or when the new recruits begin to dwindle.
My Trader Coin Compensation Plan
This is how the compensation plan works. Aside from recruiting others, you are expected to register with money in order to be in a position to receive commissions. You invest a certain amount of money with the expectation to receive what is called Return on Investment (ROI) in about 300 days.
There are several plans you can choose from depending on what you can afford.
- Plan 100 – Members invest $100 in this category to get $1 everyday ROI x 300 days = $300
- Plan 500 – Members invest $500 in this category to get $6 everyday ROI x 300 days = $1800
- Plan 1K – Members invest $1000 in this category to get $12 everyday ROI x 300 days =$3600
- Plan 5K – Members invest $5000 in this category to get $56 everyday ROI x 300 days = $16800
- Plan 10K – Members invest $10000 in this category to get $112 everyday ROI x 300 days = $33600
- Plan 50K – Members invest $50000 in this category to get $550 everyday ROI x 300 days = 165000
Now, where the recruitment comes into play is that when a member recruits a new member he gets a 20 percent of whatever amount the person has invested into the scheme.
Every member is also charged 10 percent of their investment.
Is My Trader Coin a scam? NOT QUIT, but if you are interested to know you should be able to understand what My Trader Coin is all about through this review. Have you asked yourself where the ROIs are coming from? It is simple; it is coming from new members. The other question to ask is, is it sustainable? NO, because at some point there will be not enough new recruits that could cover the ROIs of the existing ones and then it will crash.
The beneficiaries of this type of scheme are usually the Admin which is the owner(s) and then the early participants. You should count your cost before joining if you must, but if you are willing to try something different and legitimate, then I recommend my #1 make me online money program. It is free to join but here, you are required to work and put time and effort into your online business in order to succeed.