MyCoin24 Review – Legit Company or Huge Scam?
Welcome to my MyCoin24 Review!
Whether you have been in the MLM business world for decades or this is the first time you are checking it out, it’s always important to do your research.
Determining which companies are legit and which ones aren’t can be a difficult task, and it’s one that I want to help you with!
In my review, I will provide you with all the info you need about the company’s history, products, compensation plan, and cost to join, in addition to my own verdict.
So, keep reading to learn more about MyCoin24!
MyCoin24 Review – The Company
First things first, the MyCoin24 website doesn’t offer much information about who owns or operates the business.
I did discover that the MyCoin24 website domain was registered as “mycoin24.net” for the first time in May 2018 and was updated again as a private domain on the 22nd of March, 2019.
The official MyCoin24 Facebook page features quite a few posts in German.
What this likely means is that whoever is running MyCoin24 probably lives and operates out of a German-speaking country.
Looking through the support section of the company compensation plan, I found a Skype address listed as “calas.biz”.
This Skype account links back to Christian Mark Laack, who promoted Conligus in 2014 with the same account.
Established as a penny auction MLM company, Conligus collapsed early in 2015.
The owners of Conligus sold their affiliate database to OneCoin later the same year.
Before getting involved with Conlingus, Laack promoted Sisel (2012-2014) and Network World Alliance (2010-2011).
Laack’s LinkedIn profile reveals that he is based out of the Hamburg Area in Germany.
MyCoin24 Reviews – The Products
MyCoin24 has no retail products or services to buy or sell.
Affiliates who sign up simply market the MyCoin24 affiliate membership.
The MyCoin24 Compensation Plan
Affiliates who want to take part in the compensation plan must invest in MyCoin24 points, with the expectation that the value of their invested points will increase.
- Starter – Invest €1000 EUR and receive 500 MyCoin24 points
- Bronze – Invest €2500 EUR and receive 1500 MyCoin24 points
- Silver – Invest €5000 EUR and receive 3500 MyCoin24 points
- Gold – Invest €10,000 EUR and receive 7000 MyCoin24 points
- Platinum – Invest €25,000 EUR and receive 20,000 MyCoin24 points
- Country Leader – Invest €50,000 EUR and receive 50,000 MyCoin24 points
Affiliates earn commissions when they sponsor new affiliates who also invest.
One thing to take note of is that besides unilevel residual commissions, all other commissions and bonuses are paid in MyCoin24 points.
MyCoin24 affiliates earn commissions on money that is invested by personally sponsored affiliates.
New affiliates earn a 15% recruitment commission rate throughout their first 30 days with the company.
Once the first 30 days have passed, affiliates earn a 10% recruitment commission.
Residual Commissions (binary)
A binary compensation structure puts an affiliate at the top of a binary team that is divided into a left and right side.
Level one of the binary team holds 2 positions and level two is made by dividing these first 2 positions into another 2 positions each, for a total of 4 positions.
Additional binary team levels are made as needed, with every new level holding twice as many positions as the level above it.
Binary team positions are filled through direct and indirect sponsorship of affiliates.
There is no limit as to how far a binary team can grow.
MyCoin24 counts up new investment volume on each side of the binary team at the end of every week.
Affiliates earn 10% of money invested on the weaker side of the binary team.
Residual commissions are capped by MyCoin24 and are based on the amount an affiliate has invested themselves:
- Starter package affiliates can earn up to €2500 a week
- Bronze package affiliates can earn up to €75000 a week
- Silver package affiliates can earn up to €20,000 a week
- Gold package affiliates can earn up to €50,000 a week
- Platinum and Country Leader package affiliates don’t have a residual commission cap
Residual Commissions (unilevel)
A unilevel compensation structure puts an affiliate at the top of a unilevel team, which then puts every personally sponsored affiliate immediately under them on level 1.
When level 1 affiliates sponsor new affiliates, they are put on the 2nd level of the original affiliate’s unilevel team.
When level 2 affiliates sponsor new affiliates, they are put on the 3rd level, and this continues down as many levels as are needed.
Unilevel commissions are earned on invested money across the unilevel team.
The amount of unilevel team levels a MyCoin24 affiliate earns on depends on the amount they have invested themselves:
- Starter package affiliates earn 5% on level 1 (personally sponsored affiliates)
- Bronze package affiliates earn 5% on level 1 and 10% on level 2
- Silver package affiliates earn 5% on level 1, 10% on level 2, 5% on levels 3 to 5 and 1% on level 6
- Gold package affiliates earn 5% on level 1, 10% on level 2, 5% on levels 3 to 5, 1% on level 6 and 2% on levels 7 and 8
- Platinum package affiliates earn 5% on level 1, 10% on level 2, 5% on levels 3 to 5, 1% on level 6 and 2% on levels 7 to 9
- Country Leader package affiliates earn 5% on level 1, 10% on level 2, 5% on levels 3 to 5, 1% on level 6, 2% on levels 7 to 9 and 1% on level 10
Country Leader Bonus
Any affiliates who invest in a Country Leader package get a share of 1.5% of the investment volume that is produced in the country they reside in.
Affiliates earn rewards for producing downline investment with the following bonuses:
- Crown Bronze – Generate €50,000 in investment volume on both sides of your binary team and receive an iPhone
- Crown Silver – Generate €125,000 in investment volume on both sides of your binary team and receive an “iPhone and notebook”
- Crown Gold – Generate €250,000 in investment volume on both sides of your binary team and receive a “Dubai trip” for two people
- Crown Platinum – Generate €500,000 in investment volume on both sides of your binary team and receive a “Florida trip” for two adults and two children
- Crown Leader – Generate €1,000,000 in investment volume on both sides of your binary team and receive a €50,000 EUR bonus
Cost to Join MyCoin24
The cost to join MyCoin24 as an affiliate is an investment between €1000 to €50,000 EUR.
The amount an affiliate invests directly influences how much they can earn through MyCoin24’s compensation plan.
Verdict on MyCoin24
Okay, so now it’s time for my verdict…
The truth about these MyCoin24 points is that the value is set by the company itself…
These points have absolutely no value outside the company and affiliates are expected to invest real money in exchange for them…
The company claims that affiliate investment is going towards real estate, hotels, a bank, and other “stable” businesses…
The company is also stating that they will be listing the points publicly at the end of the year…
So, what does this all mean?
Well, the company will spend this time pumping up the value of their points under the guise of real, tangible investment and then once the value is up, they will list it publicly, cash out and run…
My advice here is to save your investment for another company…
Thanks for reading my MyCoin24 review! Feel free to leave a comment or question down below…
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