My Trader Coin Review – Legit Business or Big Scam? Find Out Here…
Welcome to My Trader Coin Review!
With so many new MLM companies popping up every day, it can be hard to wade through the duds to find that diamond in the rough…
So how can you be sure that the company you join is the right one for you?
Read and learn as much as you can before signing up!
This blog will provide you with all the information you need about the company, the products and the compensation plan.
Keep reading to learn more about My Trader Coin!
My Trader Coin Review – The Company
The first thing I found when I visited the My Trader Coin website is that it doesn’t provide any information about who owns or operates the company.
As of today, online traffic estimates show that the top five traffic sources to the company website are Ecuador, Brazil, Spain, the US and the Dominican Republic.
This isn’t surprising considering the website can be translated to English, Spanish or Portuguese.
So what this means is that whoever is running My Trader Coin is most likely based out of Spain, South America or the US.
A little more digging revealed that an individual named André Feitosa is listed as a “top leader” in My Trader Coin.
Feitosa has been linked with Sann Rodrigues, who was involved in the iFreeX business opportunity in early 2015.
It is unclear whether or not Feitosa was also an investor in TelexFree.
Feitosa was promoting a company called Bit Trader Banking last year, and after reading through the My Trader Coin business model, it is pretty clear that both of these businesses have a near identical compensation plan.
Online stats show that Bit Trader Banking seems to have collapsed around February, 2017.
The fact that My Trader Coin was launched in March suggests that it is a reboot of Bit Trader Banking.
My Trader Coin Reviews – The Products
My Trader Coin does not have any retail products or services, to offer.
Affiliates who join My Trader Coin can only market the affiliate membership.
Each My Trader Coin affiliate membership also offers access to “AliveApp”, which is a mobile-based social network.
I also found a reference to “LifeCoin” cryptocurrency on the website, but the website link that is provided does not work.
The My Trader Coin Compensation Plan
Affiliates who want to join My Trader Coin’s compensation plan are required to invest between $100 and $50,000 for an ROI that is paid out over 300 days.
- Plan 100 – Invest $100 and receive a $300 ROI ($1 a day)
- Plan 500 – Invest $500 and receive a $1800 ROI ($6 a day)
- Plan 1K – Invest $1000 and receive a $3600 ROI ($12 a day)
- Plan 5K – Invest $5000 and receive a $16,800 ROI ($56 a day)
- Plan 10K – Invest $10,000 and receive a $33,600 ROI ($112 a day)
- Plan 50K – Invest $50,000 and receive a $165,000 ROI ($550 a day)
There is also a 20% referral commission that is earned on funds invested by personally sponsored affiliates.
My Trader Coin commissions are all subject to a 10% fee and are only paid out in bitcoin.
Residual commissions are paid and tracked through a binary compensation structure.
A My Trader Coin binary compensation structure puts an affiliate at the top of a binary team that splits into a left and right side.
Level 1 of the binary team holds two positions and level 2 is made by adding another two positions under each of the first two, for a total of 4 positions.
Additional binary team levels are created as needed, with every new level holding twice as many positions as the level above it.
Binary team positions are filled by direct and indirect sponsorship of affiliates.
Currently, there is no limit as to how big the binary team can grow.
Every My Trader Coin affiliate membership package correlates to a certain number of points:
- Plan 100 – 50 points
- Plan 500 – 250 points
- Plan 1K – 500 points
- Plan 5K – 2500 points
- Plan 10K – 5000 points
- Plan 50K – 25,000 points
The company counts up the accumulated points on both sides of the binary team at the end of every day.
Affiliates earn a percentage of the points they earn on the weaker side of their binary, and any leftover volume on the stronger side is carried over.
The exact percentage that the affiliate earns depends on the amount they have personally invested:
- Plan 100 – 10% commission (capped at $300 a day)
- Plan 500 – 11% commission (capped at $1000 a day)
- Plan 1K – 12% commission (capped at $10,000 a day)
- Plan 5K – 14% commission (capped at $15,000 a day)
- Plan 10K – 16% commission (capped at $20,000 a day)
- Plan 50K – 20% commission (capped at $30,000 a day)
It should be noted that in order to qualify for residual commissions, affiliates are required to personally sponsor at least 2 affiliates who both invest.
There is also a Matching Bonus that affiliates can earn.
This bonus is a percentage commission that is earned and paid on the residual commission earnings of downline affiliates.
The company pays out this Matching Bonus through a unilevel compensation structure.
This type of compensation structure puts an affiliate at the top of a unilevel team that places every personally sponsored affiliate right underneath on level 1.
When a level 1 affiliate sponsors new affiliates, they are put the second level of the original affiliate’s unilevel team.
When a level 2 affiliate sponsors new affiliates, they are put on the third level, and this continues on down as many levels as are needed.
Payable unilevel levels are capped by My Trader Coin at 5, with percentage commissions paid out like so:
- Level 1 (Personally sponsored affiliates) – 20%
- Levels 2 to 5 – 5%
The company rewards its affiliates with the Career Bonus, which is subject to the amount of points they have accumulated on their weaker binary side.
- Sub Manager – Generate 25,000 points and receive a “sea cruise for two”
- Manager – Generate 50,000 points and receive a “trip to Dubai”
- Director – Generate 200,000 points and receive a Honda Civic car
- Executive Director – Generate 500,000 points and receive a MV Agusta F4 CC motorcycle
- Superintendent – Generate 1,000,000 points and receive a Range Rover Evoque SUV
- Vice President – Generate 3,000,000 points and receive a “fully furnished apartment”
- President – Generate 5,000,000 points and receive a McLaren P1 car
Cost To Join My Trader Coin
The cost to join My Trader Coin as an affiliate is an investment of between $100 and $50,000.
- Plan 100 – $100
- Plan 500 – $500
- Plan 1K – $1000
- Plan 5K – $5000
- Plan 10K – $10,000
- Plan 50K – $50,000
Verdict on My Trader Coin
So, what’s my opinion on this company?
Well, to start, they have no real products or services to offer retail customers or affiliates…
This means that all of their earned income is coming from recruiting affiliates…
They talk about cryptocurrency exchange, but the website they provide doesn’t even work…
To me, this seems like they are just trying to come off as a legitimate company…
But without anything real to offer, they are simply relying on bringing in new income to pay off existing affiliates…
So, my advice here is proceed with caution and be sure you know exactly what you are getting into…
I hope you enjoyed this My Trader Coin review and if you have any questions, please leave them in the comments below…
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