New Year has already been darted by the new arrivals of companies into cryptocurrency niche. One such company offering Lending Ponzi Scheme whose domain (saxocoin.io) was registered privately on 4thJanuary 2018, is SaxoCoin. There is no information provided regarding the name of the founders of the company.
There is an address that the company has listed on the website. But, it seems to be a virtual address with only post facility available. ServCorp which provides virtual address across Hong Kong is been used for the same.
Obviously, there is no products or services apart from the affiliate membership program is available with SaxoCoin. If you wish to join their network, you need to pay a minimum of $100. There is a free membership option available as well. But, this option will only provide you access to the referral commission.
However, it would be wise the other way around. A company which is not transparent, should not be trusted with our hard-earned money.
SaxoCoin – Compensation Plan
The admins who are too shy to compromise their identity, are offering worthless SAXO points in exchange for real money. The cost lies between 0.75 dollars to 1 dollar.
After these points are acquired by paying the real money, the affiliates are further encouraged to lend back these points to the platform for huge ROI as promised on the website.
- Plan 1: You must invest $100 – $1000 for receiving variable ROI daily for 299 days
- Plan 2: You must invest $1010 – $5000 for receiving variable ROI daily as well as 0.1% daily bonus ROI for 179 days
- Plan 3: You must invest $5010 – $10,000 for receiving variable ROI daily as well as 0.15% daily bonus ROI for 139 days
- Plan 4: You must invest $10,010 – $100,000 for receiving variable ROI daily as well as 0.2% daily bonus ROI for 120 days
SaxoCoin – Referral Commission
SaxoCoin uses uni-level compensation structure to pay referral commission to its affiliates. In a uni-level compensation structure, an affiliate is placed on the top order. The personally recruited affiliates are placed directly under the one who recruited them.
For example, affiliates who are recruited by the top affiliate are placed on level 1 directly under the top affiliate. The ones who are recruited by the level 1 affiliates are placed on level 2 and so on. This can go up to an infinite number of series.
The percentage of funds invested by the new affiliates are used to pay the existing ones. This goes on for 7 levels of recruitment.
- Level 1: 5%
- Level 2: 3%
- Level 3: 2%
- Level 4: 1%
- Level 5: 0.5%
- Level 6: 0.3%
- Level 7: 0.2%
SaxoCoin is also offering ICO affiliate program up to three levels as follow:
- Level 1: 5%
- Level 2: 3%
- Level 3: 2%
SaxoCoin – Reviews
Marvel: The website offers a link to book the token. I clicked on it and it stayed on the same page. This website does not work, and I am dubious if the ICO will work either.
Jane Stuart: Not interesting at all. SaxoCoin is offering SAXO coins and the ICO begins in February 2018. Until then, there is no way we can believe it to raise the coin price to $100 by the end of this year. Most probably a scam.
Conclusion from the above Reviews
The ICO is still to start and the users are not able to join through the link provided on the website. Even if we believe in everything that the company has to offer, there is no way it would be able to reach the projected price by the end of this year, given the bad performance of the website and an incapability to lure more affiliates to join the program.
SaxoCoin has played the similar trick that most of the companies have done before. It claims to have the trading bot for generating ROI for the affiliates. However, the lack of evidence makes this claim a mere lie.
There is no other source for generating revenue either which makes affiliate membership program, the only option for paying ROI to its affiliates. In short, the funds invested by the new affiliates are used by the anonymous admins to pay the existing ones.
This makes the entire program eligible to be listed with the other Ponzi Scheme in the market. As per the rules, once the recruitment would die, the incoming revenue into the system would also die.
Before starting the scheme, the admins set the threshold limit. After reaching the threshold limit, the admins will stop paying the ROI to its affiliates. Those who would be joining early would be able to earn some profit. However, the majority of the affiliates will lose money in the hands of these anonymous admins. After the platform will collapse, these admins will run away with whatever is left.
This is how the scheme is going to play its part and not the way it has mentioned on the website. So, if you wish to save yourself from the great loss later, avoid joining SaxoCoin.