It isn’t surprising that companies operating underbelly cryptocurrency niche is surging every day. The lack of laws around the world for virtual coins has given predators a reason to grow under this domain. UKey is one such company that claims to be the global decentralized cryptocurrency. However, the owners are still unknown. There is no information provided on the website about the founders of the website.
The domain (ukey.io) of the company was registered privately on 3rd December 2017. So, I could not find name of the owner of the domain as well. This leaves us with a company with huge claims and no transparency.
Their website does not provide any evidence for products or services that are verifiable as the retailable. The only program that seems obvious is the affiliate recruitment program. If you wish to join this program, you must invest a minimum of $100. They do have free entry to their membership program, but that would only give you access to the referral commission.
I believe that a company needs to be transparent if it wants to win the trust of its customers. In this case, it is pretty clear that the anonymous owners do not want any limelight for the scam they are operating under the pretense of cryptocurrency domain.
UKey – Compensation Plan
UKey points are sold to the affiliates between the range of 0.30 dollars to 1 dollar. These points, after being acquired are lent back to the platform for huge monthly ROI.
The company has also allowed an early withdrawal for a fee of 25% on the initial investment.
- Plan 1: You must invest $100 – $1000 for receiving variable ROI daily for 240 days
- Plan 2: You must invest $1001 – $5000 for receiving variable ROI daily for 180 days
- Plan 3: You must invest $5001 – $10,000 for receiving variable ROI daily for 120 days
- Plan 4: You must invest $10,001 – $25,000 for receiving variable ROI daily for 90 days
- Plan 5: You must invest $25,001 – $250,000 for receiving variable ROI daily for 60 days
UKey – Referral Commission
UKey uses unilevel compensation structure to pay referral commission to its affiliates. In unilevel compensation structure, an affiliate is placed on the top order. The affiliates who are recruited personally are placed directly under the recruiter.
For example, the affiliates who are 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 affiliates are placed on level 2 and so on. This goes for an infinite number of series.
The company pays the affiliates till level 7. The percentage of funds invested by the new affiliates are paid as referral commission to the existing ones.
- Level 1: 7%
- Level 2: 4%
- Level 3: 2%
- Levels 4 & 5: 1.5%
- Levels 6 & 7: 0.5%
Donald Rice: I was referred to this platform by a friend. He wanted me to join but after checking the website, I was disappointed. This company is a Xerox of other scams that are happening under the name of cryptocurrency offering. Beware!
Nema: Nothing surprising. Bluntly fake. I am not getting in this mess, not this time. After a lot of hard lessons, I very well know which company to trust and which not to.
Conclusion from the above Reviews
These reviews are not from the affiliates who have joined the platform. However, there are lot more dents that still need to be uncovered. I am sure that more reviews will be soon out after the pre-ICO is completed.
According to the website that UKey admins have put online, the ROI is generated by developing optimal investment plans through monitoring of trends, assessing of risks, and creating the analysis prediction.
As always, there is no evidence that can back their claim of analysis happening for cryptocurrency trading and for trading happening at all.
So, the only option left to pay the affiliates is the affiliate recruitment program. This signifies that the company is running a Ponzi Scheme under the claims of cryptocurrency trading.
The admins are selling the worthless UKey tokens to the affiliates for exchange of real money. These tokens have no value outside the platform of UKey. This money is used to pay the existing affiliates. Once the recruitment will freeze, the ROI will stop as well, and the affiliates will be left on their own.
Those who would be joining early would be able to make some profit, however, majority of the affiliates will lose money in the hands of the anonymous admins who would run away as soon as the platform will collapse.
Hence, it would be wise to stay away from UKey and its fake promises. You would be able to save yourself from a lot pain later.