X10 Platform claims to own an automated system that can trade the bitcoins invested automatically to make profits in next 24 hours. It has got some pretty amazing plans on the plate. However, none of them seem legit.
To start with, the company’s domain (x10app.com) registration was made on 23rd August 2018. The registration was made private. So, there was no way to get the information about the owner of the domain. In addition, the marketing videos of the company are narrated by Nick who says that he is from CyptoTech. However, all my attempts to find someone like him was completely unsuccessful.
Moreover, the website’s terms and conditions page has a corporate address listed for a different company’s name (X10 Hosted Solutions – x10hosted.com). The address is from Minneapolis, Minnesota.
When checking the domain information of X10 Hosted Services, I found out that the date of registration was one day later the date of registration of X10 Platform. It was registered on 24th August 2018.
In addition, the address listed on the website is a virtual address that makes me think if these companies even have any physical address. Not that I know of any.
As far as the products and services are concerned, there is nothing else other than the affiliate marketing program to connect with this company.
All these facts make this company a lot suspicious. The company is not transparent and is not wanting to talk about those behind it. This is how every MLM scam starts.
X10 Platform – Joining Fee
There are four options available for you if you wish to invest in the affiliate program. The more you invest, the better profit the company promises to you.
- X10 Go Membership: $97
- Plus Membership: $197
- Pro Membership: $397
- Ultra Membership: 997
X10 Platform – The Compensation Plan
The anonymous admins promise huge ROI in return of the investment made. They have got different returns for different membership plans.
- X10 Go Membership: You must invest $97 for receiving a minimum of $1000 ROI
- Plus Membership: You must invest $197 for receiving a minimum of $2500 ROI
- Pro Membership: You must invest $397 for receiving a minimum $3500 ROI
- Ultra X10 Membership: You must invest $997 for receiving a minimum $14,000 ROI
X10 Platform – The Recruitment Commission
For every recruitment for various membership plans, the company has a different commission plan. After recruitment of every new affiliate you are paid out as per the commission plan:
- Plan 1: You must recruit an X10 Go affiliate for receiving $50
- Plan 2: You must recruit a Plus affiliate for receiving $100
- Plan 3: You must recruit a Pro affiliate for receiving $200
- Plan 4: You must recruit an Ultra X10 affiliate for receiving $500
X10 Platform – Residual Commission
The company uses the uni-level compensation plan to pay for the residual commission. In a uni-level plan, an affiliate is placed on the top. The affiliates who are recruited personally are placed directly under the one who recruited them making the chain to unlimited numbers of recruits.
For example, the recruits done by the top affiliate are placed on level 1. The affiliates who are recruited by the level 1 affiliates are placed on level 2 and so on. The company has capped the payment of residual commission to 5th level.
The funds collected by the new affiliates are used to pay the existing ones as follows:
- Level 1: 10%
- Levels 2 till 5: 5%
X10 Platform – Reviews
John Trevor: I wish I had never joined this company. A total waste of money and time.
Shawn Pick: There is no other company as a cheat as this one. I know how this MLM works. But these guys are beyond words. These guys took my money and never gave me a penny. I invested in them and I also recruited few members. They always say that the ROI was made which never showed in my account. Never there to help.
The Conclusion from the above Reviews
As you can see, these people are scamming investors. The anonymous admins are only for blabbering about their great platform. However, in reality, it is just another MLM scam ready to reach its end any time sooner or later.
The Verdict
As per the company, it is an automated system for making profits through bitcoin trading. So, it’s a security in short. However, they are not registered with the US government for offering securities to its investors.
The company claims to provide huge returns by using their AI bot for trading. However, there is no evidence available that can back that claim. Moreover, if they are able to make such a huge profit with so much less amount, why are they asking for money from people over the internet.
The company is operating the typical Ponzi scheme. As soon as the recruitment will freeze, the money will stop rolling in. It may carry on until the last reserve falls apart. But, it will finally meet the same end as every Ponzi scheme does.
Those joining at the start may be able to get their money back. But, the majority of the clients would lose money and the anonymous admins will run away with a fortune at hand.
So, if you wish to save yourself from that torture later, I would suggest staying away from X10 Platform.