BitXGroup has provided no names of the founders of the company on their website. I tried to check the WHOIS search for the domain (bitxgroup.trade) of the company which was registered privately. Hence, I could not find the name of the owner of the domain as well. The domain was registered on 23rd December 2017.
The company has provided their incorporation details on the website which is of the UK. As per the incorporation number, the company came into existence on 1st December 2018. The correspondent address is a residential address in London. ‘Kyle Horton’ supposed to be the sole director of the company with another residential address located in Hampshire. However, the research suggests that the guy do not exist in real.
BitXGroup has no products or services that are verifiable and the only source of revenue for paying the ROI is, Affiliate recruitment program.
You can join their affiliate program for free to get access of the referral commission. However, if you want to enjoy the full participation, you need to invest at least $20.
I believe, if a company is not transparent about its business, it is wise to keep distance from it. In case of BitXGoup, there are a lot of red flags that signals us towards a well-planned scam underbelly cryptocurrency niche.
BitXGroup – Compensation Plan
The company offers various plans to earn ROI. The more you invest, the more you can earn. With the same aim, the advertised ROI is planned to engage affiliates into investing more for greater profits.
- Standard Plan: You need to invest $20 or more for receiving 3.5% RO daily for 50 days
- Business Plan: You need to invest $300 or more for receiving 135% ROI after 540 hours
- Traders Plan: You need to invest $50 or more for receiving 115% ROI after 10 days
BitXGroup – Referral Commission
BitXGroup referral commission is paid via unilevel compensation structure. In Unilevel structure, an affiliate is placed on the top order and the new affiliates who are recruited directly are placed directly under the one who recruited them.
For example, the affiliates who are recruited by the top affiliate, are placed on level 1. The affiliates who are recruited by any of the level 1 affiliates are placed on level 2 under the one who recruited them and so on. This continues for an unlimited series.
The percentage of funds invested by the new affiliates are used to pay the existing ones. The cap is put on third level of recruitment.
- Level 1: 5%
- Level 2: 2%
- Level 3: 1%
BitXGroup – Reviews
Carol T: The website looked great when I first checked about the investment. But, when I tried to talk to someone online, I found the person rude. I tried to know a little about the background of the owners and he did not answer my question and said that I can ask for the plans if I wish to join. I am not going to join this company.
Tera: It is a damn bad solution. They have not provided any detail about the mining and trading that is happening. I have been working with various platforms and none of them seemed as naïve as this one. Waste of money and time.
Conclusion from the above Reviews
Here is the thing, the company was started two months back and there are not enough followers to actually rate the company’s services. In terms of transparency, I was able to find some of them which clearly indicates that BitXGroup has not got much of the popularity.
BitXGroup states on the website that it is offering risk-free opportunity and at the same time, ignores the fact that the trust is based on transparency. It claims that the ROI is not just a part of the affiliate program but is backed by the profits generated through mining and trading of various popular cryptocurrency.
However, they have provided no information to prove these claims. Affiliate program is the only verifiable source for ROI. The funds invested by the new affiliates are used to pay the old ones, this makes it a Ponzi Scheme.
As soon as the recruitment would freeze,s and the company will reach its minimum threshold, it will stop paying the promised ROI and the platform will collapse. Once that happens, the anonymous admins will make a run and the affiliates will lose money.
Those who would join early, would be able to make some money out of it, but majority of the affiliates will lose. Hence, it would be wise to stay away from BitXGroup.