BeConnect, a name very similar to BitConnect which recently was declared a crypto scam is out with some lucrative Lending Scheme and promises for 56% monthly ROI. Although, the similarity is name does not provide any clue to relate both these companies, however, we need to make sure all the pages are turned before getting to the conclusion.
Hence, I did a thorough research to check the legitimacy of the company. The website does not list names of the founders of the company. It is only mentioned that the company a based out of Switzerland with no street address. Now, that cannot be considered a mailing address. The facebook account also lists the address as Zug, Switzerland, again an incomplete one.
The WHOIS search was not able to reveal much information either as the domain (beconnect.net) is registered privately. The registration happened on 28th May 2014 and is updated recently on 1st January 2017.
The only verifiable product or services available with BeConnect is the affiliate recruitment program. There is no other way to get connected with the BeConnect platform. You need to join their autoship program to enjoy these promised ROI. To join the affiliate program, you need to invest a minimum of $100. They have the provision to join for free, but it will only give you access to the referral commission.
We cannot conclude that BeConnect is same as BitConnect, but we do understand that it offers the same program and at the same time, does not reveal the names of the team members associated with it, which makes BeConnect a risky investment.
BeConnect – ICO Offering
The initial coin offering will start on 1st February and will continue till 1st March. The company is targeting to release 7 million tokens at a price of 0.50 dollars and this will increase to 1.10 dollars per token by the end of the ICO.
BeConnect has kept 90% of the token for its company with confusing names, marketing – 40%, maintenance – 30%, and developer – 20%. In addition, the whitepaper claims that there are 6 million tokens available for PoW mining.
BeConnect mentions that they have got total 30 million tokens. I do not think that their calculations have been reviewed and not sure how much tokens do they really possess.
BeConnect – Compensation Structure
BeConnect offers BCT points in exchange of real money to its affiliates. Once, the affiliates start accessing these points, they have the option to take it out or lend it back to the platform for daily ROI as promised on their website.
- Basic: You need to invest $100-$1000 for receiving a monthly ROI of 47%. The capital is returned in 199 days.
- Standard: You need to invest $1010-$10,000 for receiving a monthly ROI of 47% and bonus as well as 0.10% daily ROI. The capital is returned in 159 days.
- Business: You need to invest $10,010-$50,000 for receiving a monthly ROI of 47% and bonus as well as 0.20% daily ROI. The capital is returned in 129 days.
- Premium: You need to invest $50,010-$100,000 for receiving a monthly ROI of 47% and bonus as well as 0.30% daily ROI. The capital is returned in 99 days.
BeConnect – Referral Commission
BeConnect uses unilevel compensation structure to pay referral commission to its affiliates. In a unilevel structure, an affiliate is placed on the top of the order and newly recruited affiliates who are referred personally are placed directly under the one who recruited them.
For example, the affiliates recruited by the top affiliate are placed on level 1, directly under the top affiliate. The affiliates who are recruited by any of the level 1’s affiliate, are placed on level 2, directly under that affiliate who recruited them and so on. There is no limit to the rows and it can grow to any depth.
The cap for referral commission payment is made at level 4.
- Level 1: 9%
- Level 2: 3%
- Level 3: 2%
- Level 1: 1%
BeConnect – Reviews
Rasy Soun: I just learning about it . So i am not sure yet it is very good or not , but i hope it is good.
Raymond Mwampashe – Let’s wait, time will tell us. whether it will let us go to the moon or not.
Conclusions from the above Reviews
As the ICO has not started yet, you can see that people are sceptical about the company and its offering. There is no way, you will be able to find some concrete feedback that would let you know what they are going to be like.
However, the way they are approaching towards the roadmap they have designed all by themselves and the mismatched data that I have found out on their website, surely direct us towards another scam underbelly cryptocurrency niche.
While people are hoping for the best, the decision cannot be forecasted with 100% surety unless few gets hurt. But, we do have our instincts and some common failures that can help us stay away from such scams.
BeConnect claims to own trading bot which is able to generate such great profits and let its affiiates earn 56% monthly ROI. So, here is the question for you guys, where is the evidence if you own any such arbitrage software and even if you do, why are you planning to share it with random over internet?
And, if you are so sure about your plans and there is nothing to run away from, where are the names and those great minds behind the BeConnect platform?
These questions do raise a lot of red flags and clearly point out that the newly generated funds are being used to pay ROI to the existing affiliates. This makes this entire scheme, a Lending Ponzi Scheme.
As usual, once the recruitment would freeze, as it always happens, the ROI will stop as well. After reaching the minimum threshold, the anonymous admins will run away with whatever is left, a lot to make them rich.
Hence, I believe that a company which is not transparent and making assumptions and claims without proofs, must not be trusted.