The RreferABit is yet another scheme that getting a lot of attention on the internet especially the social media. Many people are pitching and promoting it left, right and center all over the internet. If you approached by someone to sign up I won’t be surprised at all because that is even the most possible way of getting people to sign up.
But I wish to let you know that I am not a member of ReferABit neither do I promote it in any way. Therefore, my review will be based on my findings free from any bias of any sort and hopefully by the time you are done reading the review you will be able to make an informed decision.
What is ReferABit?
From all indications, ReferABit is another MLM Ponzi scheme without any product line on the prowl, registered on the 20th of May 2017, very new. However, due to the private nature of the domain registration made it very impossible to get more information as to who owns or runs it. Moreover, there is no background information on the website either which means whoever that is running it wants to remain anonymous and this is not a good sign at all because this is to show you the level of transparency you could get from this scheme.
However, after much digging around, I found that ReferABit.com has similarity with bitcoinbanking.com website. The two websites have almost the same website template as if it was copied or duplicated from bitcoinbanking.com and this website was registered barely two months earlier before the registration of referabit.com which was on the 23rd of March 2017. Further investigation reveals that Bitcoin Banking is being run and managed out of India and there is also the possibility that ReferABit is also from the same location.
So, in a bid to get to know how the ReferABit system works I engaged one of their agent who called himself William in a chat and he told me how this system works in a nutshell. Basically, there are 3 packages, namely Starter Pack, Professional, and Expert. Investing in any of these packages gives you a certain percentage of ROI daily and you can withdraw your earnings daily according to him, but it mustn’t be more than $10.
I will put more details about their compensation plan below.
ReferABit Product Line
Unfortunately, ReferABit does not have any compensation plan but rather than to invest in any of their packages and recruit others because that also comes with bonuses.
ReferABit Compensation Plan
In order to be able to earn a commission in ReferABit, you have to at least invest $50 as that is the least of the amount you can invest to earn ROI. There are basically 3 packages you can invest in and you can choose to withdraw daily or leave it to accumulate, which means you have control on when to withdraw your money according to them. Also, all investments are done by Bitcoin, therefore; you have to own a Bitcoin wallet in order to participate.
Below are their packages and compensation plan.
- Starter Pack- Members are expected to invest $50 to $999 to earn 2% daily ROI withdraw daily to up 100 days, maximum daily withdrawal is $10.
- Professional Pack- Members are expected to invest $1000 to $1999 to earn daily 2.25% ROI withdrawable daily but not more than $10 or can leave it for up to 100 days.
- Expert Pack – Members are expected to invest $2000 and above to earn 2.5% daily ROI withdrawable daily not more $10 or leave it up to 100 days.
Members can also earn a referral bonus of 5% to 1% depending on the level of the referrals in your structure. Members could make up to 30% from referrals and this is designed to encourage members to recruit more people that are willing to invest a huge amount of money.
How Much Does it Cost to Participate in ReferABit?
You can sign up for free but in order to earn commissions you have to invest at least $50 and if you wish to maximize your chances of earning more you may invest up to $2000 and above, it is up to you.
Is ReferABit a pure Scam or Legit?
Honestly, in my opinion, this type of scheme is all about enriching the admin or the owner of the website. People can make money from it especially the early participants but it is not guaranteed that you can make money from it as they said; you can even lose your money to the scheme.
So, it is difficult to use the word scam to qualify ReferABit but in the real sense that is what it is and I know many may disagree with me on this.
ReferABit is not a scheme I can honestly recommend to anyone really except I am an affiliate of it but I am not. Participating in this scheme is a total waste of time and money in my view as I have seen people lose their money when it eventually collapses.
Oh, I didn’t mention the fact that it will crash? Well, crashing is one inevitable ending of such schemes and it is a matter of time for it to happen. This is because the ROI the company provides come from new registrants and new funds that come into the website, but it crashes when new registrants dwindle.
At the end of the day, the admin makes the most of it by diverting funds to his coffers and by the time the website or the company collapses he would have made a lot of money. Think of it.
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