Running behind the schedule, as Piggy Bank claims to have their existence back from 2000 but registered their domain on 2nd June 2017. The company’s website does not provide any information about the names of the founders and the domain (piggy-bank.io) was registered privately, so there was nothing relevant I was able to find as well.
Alexa Traffic, in addition, reveals that their incarnation or better say that their online connections with users started few weeks back in January itself.
The website further claims that the company is incorporated in UK which is the highly vulnerable as its unregulated and dodgy companies like Piggy Bank use this opportunity to register themselves with UK corporation. The incorporation happened on 6th June 2017 which was right after the domain was registered.
You can find the name of the sole director of the company as Bruce Whatley. But, my research points out that the profile is non-existent.
There is no retailable product or services found on the website of Piggy Bank that was verifiable. If you wish to connect with the company, you need to join their affiliate recruitment program. To join, you need to invest 0.001 BTC. They do have the free membership plan, but that would give you access to the referral commission only.
After all these finding, it would be wise to stay away from Piggy Bank and invest your funds somewhere which is safe and rewarding.
Piggy Bank – Compensation Plan
The affiliates of Piggy Bank are encouraged to invest bitcoin to earn huge profit, at least this is what they advertise on their website.
- Plan 1: You need to invest 0.001 – 4.999 BTC for receiving 3.12% ROI daily
- Plan 2: You need to invest 5 – 7.99 BTC for receiving 3.36% ROI daily
- Plan 3: You need to invest 8 – 12.99 BTC for receiving 4.32% ROI daily
- Plan 4: You need to invest 13 – 100 BTC for receiving 5.28% ROI daily
There is a 7% withdrawal fee for the affiliates, however, no expiry date for the funds invested.
Piggy Bank – Referral Commission
Piggy Bank uses unilevel compensation structure to pay its affiliates the referral commission. In a unilevel structure, an affiliate is placed on the top order and every personally recruited affiliate are placed directly under the affiliate who recruited them.
For example, if the top affiliate recruit more affiliates, they would be placed on level 1, directly under the top affiliate. The affiliates who are recruited by any of the level 1 affiliate are placed on level 2 under that level 1 affiliate and so on. This goes for unlimited rows.
The referral commission is paid till 2nd level of recruitment.
- Level 1: 5%
- Level 2: 2%
Piggy Bank offers Representative level and at this level, the referral commission increases to 7% at level 1 and 3% at level 2. However, they have not provided any qualification criteria for this level on their website.
Piggy Bank – Review
John: There is no way one can get an answer from these folks. I was stuck with the system and when tried to contact them, they raised their arms. This is not acceptable. If you are good at taking money, you should be good at giving it back too.
Rehan: This platform is bogus. I was never able to get through their sign up page. It was a minor problem, but the team made it huge. They keep telling lies and do not do anything that they promise. I assume that the feedbacks that are singing songs for the company are all plotted and not legit.
Conclusion from the above Reviews
These reviews are not fake as they are talking some sense. The ones that have decorated the image of the Piggy Bank, must have been done by the members themselves. How a company that lied about the name of its director should be trusted for any promise further.
Piggy Bank is nothing, but another Ponzi Scheme trying to make its way through the gullible clients which is not something that we have not seen so far.
Lol, they are involved in cryptocurrency mining. Is this the biggest joke of the year? It may be, the year has just started.
If you have reached so far, where is the trail, guys? There is no evidence to prove that the company is involved in mining of cryptocurrency. The only way they are able to pay the affiliates is through affiliate recruitment program. The funds invested by new affiliates are used to pay the existing ones.
This makes Piggy Bank, a Ponzi Scheme. Hence, the platform will collapse sooner or later. Once, there will be not enough recruitment to fill the spaces, the ROI will dry out. The admins may be able to process the funds until the pre decided threshold is reached. After that, everything will go in dark.
The company will stop paying its affiliates and the anonymous admins will run away with the money left with them, enough to cover all the inputs and making them rich.
Because they have not disclosed their identity, they would hide in the darkest place and people will lose money.
Those joining early may get lucky enough to get back their money, but majority of the affiliates will lose money in the hands of these scammers.