EigenCoin Review: Scam or legit?

EigenCoin provides EICG points in exchange of the bitcoins invested. It also proposes ICO investment and Ad banners for providing its customers the huge ROIs. However, there is no proof for any claims made so far.
EigenCoin Review: Scam or legit?
3 (60%) 4 votes

EigenCoin claims to be an investment firm which invests the funds of the customers into the ICOs. However, the company has kept the information secret about the minds behind it. There is nothing mentioned about the founders of the company or who runs it.

I also checked the whois for the domain, eigencoin.co, but could’t find a lead. The domain was privately registered on 4th April 2017. This is really suspicious and raises a lot of question. I have always remarked about the chances of scam when a company is not true about its background.

Although, the company claims to be involved in ICO investment, but no proof was found and the only product that I could associate with the company was, the affiliate recruitment program. You can join the affiliate program for free, however, to enjoy the full participation, you need to invest into the EIGC points.

EigenCoin – Compensation Plan

The funds are invested by the affiliates for the EIGC points which are lent back the EIgenCoin for receiving huge ROIs.

  • Tier 1: You can invest a maximum of $1000 for receiving daily ROI as well as 0.03% bonus daily
  • Tier 2: You need to invest $1001 – $5000 for receiving daily ROI as well as 0.04% bonus daily
  • Tier 3: You need to invest $5001 – $20,000 for receiving daily ROI as well as 0.05% bonus daily

The company has promised that the ROI will go upto 1%.

EigenCoin – ROI Rate

EigenCoin pays the 100% ROI rate after a period of 60 days. However, an affiliate has an option to increase the ROI in total by increasing the maturity period for the same.

  • Plan 1: You need to invest for 100 days to receive a bonus of 1.1x ROI
  • Plan 2: You need to invest for 199 days to receive a bonus of 1.3x ROI
  • Plan 3: You need to invest for 299 days to receive a bonus of 1.5x ROI

EigenCoin – Referral Commission

The company uses a unilevel investment plan to pay referral commission to its affiliates. The structure places an affiliate at the top level and the directly recruited affiliates are placed on level 1. If any level 1 affiliate recruits new affiliates, they are placed on level 2 and so on.

The cap is put on level 5 for the commission payment and the funds generated from the new affiliates are used to pay the old ones.

  • Level 1: 5%
  • Level 2: 3%
  • Level 3: 1%
  • Level 4: 0.5%
  • Level 5: 0.2%

There is the provision of VIP referral rate as well. But, the company has not proposed the qualification criteria for VIPs.

EigenCoin reviews 

Daniel Todd: 1 star

Of all the ICO’s I’ve invested in, this one was the most poorly managed. It was sloppy, unorganized, and not well planned. You guys destroyed your own momentum which is why round 4 is still open. I regret investing in this platform and telling others about it. I’m sure many feel the same way I do. It would be better, honestly, if you just refunded us the money from the coins we purchased. I thought that you guys would be awesome because you actually spent the time to make sure the grammar and spelling were perfect, but now it makes it speculative at best to say that this platform will be up and running smoothly when you guys obviously have limited technological know-how and poor execution skills. You should hire a professional to come in and help take this to the next level if you are going to be in this business. You took something great and managed to beat it into a pulp. Great ideas don’t make great businesses, but great businessmen (or women) make great ideas into great businesses. You guys really need to get your act together and admit to yourselves that you have made the majority of us completely disappointed in this ICO.

Deejay Mack: 1 star

Very bad service, even a little scammy. I deposite btc in my wallet and it did not show but they fix it after i asked them to fix this problem. A day later my btc was out of my wallet again. So i missed 2 rounds without even having btc in my wallet because they stole it, 2 times. But they promised me several times i would get my btc before round 2 crowdsale start! They lied and didn’t give me shit and now don’t even answer me back. I filled 3-4 forms and sent it to support but same shit NO ANSWER and NO BTC. I believe i got scammed, beware before you invest in this bad ico!

Conclusion from the above reviews

The above reviews talk about the bad service and the second one also adds the story about the scam. It is not surprising. A company like EgienCoin which is poorly managed and do not worry about the losses of its customers, would end up soon, leaving its affiliates in between.

Hence, I would advise to stay away from such companies.

The Verdict

The owners who are unknown and do not care about maintaining transparency, lure the gullible customers to invest into EigenCoin for worthless EIGC points which has no value out of its original platform.

The company claims that it would invest the funds into trending ICOs and would share the profit back with the customers. It has also claimed that as the community will grow, it would use the ad banners to earn profits and would share that too with the customers.

However, there is no proof provided by the company about the same.

At this point, I could only verify for the affiliate program and there is no evidence of another source for ROI generation. This makes EigenCoin, a lending Ponzi Scheme.

Keeping that in mind, once the company’s recruitment would die, the ROI will freeze as well. Although, few early joiners will get some profit cashed, but majority of the affiliates would lose their money in the hands of these scammers.

So, think hard before you take a decision to join EigenCoin.

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