![Is BitTrain a Scam_ Yet Another Crypto Ponzi Scheme [SCAM EXPOSED]](https://bestaffiliatemarketingtools.org/wp-content/uploads/2020/03/Is-BitTrain-a-Scam_-Yet-Another-Crypto-Ponzi-Scheme-SCAM-EXPOSED.png)
Welcome to my BitTrain review!
There is always a high chance that a cryptocurrency scheme is a scam, unfortunately scammers are jumping on this relatively new way to make money online.
Any investment platform requires a level of trust, especially with cryptocurrency but unfortunately BitTrain has some serious flaws that we will share with you in our full review!
First off, let us share with you that we are not affiliated with BitTrain in the slightest (we wouldn’t want to associate with a known scam) and we find it extremely good to find that you are doing your research for entering into any program online. It is the best way to avoid these online scams that are littering the internet.
But the harsh reality is that there are too many schemes out there that are only there to line the owners pockets and not help the individual find financial freedom (unlike with our top recommended program).
Are you ready to dive into our BitTrain review? Then let’s get into it…
BitTrain Review Summary
Product Name: BitTrain
Founder: John Kin & Allen Coko
Product Type: Cryptocurrency Investment Scheme (Ponzi Scheme)
Price: $100 – $250,000 + Monthly Subscription
Best For: No One!
Pros
- None
Cons
- Unrealistic Claims
- No ICO Announcement
- Obviously a Ponzi Scheme
Summary: BitTrain is a cryptocurrency investment scheme that resembles a Ponzi Scheme. It has a total reliance on recruitment and that is the only way to make money with BitTrain. It is a mixture of both a pyramid scheme and a ponzi scheme. That makes it illegal in many places, there are also a high number of red flags that make us nervous and our advice is to stay away from this scheme.
Rating: 1/100
Recommended? No!
Table of Contents
What is BitTrain?
BitTrain is a money-making business opportunity that markets a Bitcoin ICO (Initial Coin Offering) and is based on an MLM or multi-level marketing compensation structure.
But quite early on, it is evident that this is not a legit MLM.
BitTrain claims to offer you the ability to make a substantially large income passively by trading cryptocurrencies. It also offers the ability to make money by recruiting other people into the company.
Sounds a bit dodgy, right?
When we got into looking at the details around this business, we find that there is very little information about BitTrain, like who owns the company and who is running it… The names given on the site do not help make them look like real people or that they even exist… On the website, the owners are listed as John Kin & Allen Coko.
Who's Behind BitTrain?
There is very little information to be found about John Kin & Allen Coko. We are led to believe John Kin is real because there is a YouTube video of him, but other than that there is no information to prove that they are real or not. The same can be said for Allen Coko.
It is a huge red flag when you cannot find anything, good or bad about someone who is claiming you can make money using their system.
But the only time you will see these names appear is when you type in BitTrain and not any social media or any proven businesses they have had in the past either. Very suspect!
Transparency is an important factor in whether you can trust a business or not, with no transparency or details with BitTrain, how could anyone trust it?
BitTrain Lawsuits?
As part of our research, we want to check whether there have been any legal action taken against a business – if you are going to invest your money, it needs to be with a legit company, right?
From our research, we have seen that there has been some legal action taken against BItTrain and it is stop them trading. The City of Statesville have filed a lawsuit to prevent them from continuing to do business.
BitTrain also appears on a list of companies from the SEC Advisory Board that have received a large number of complaints.
This shows us that it will not be too long before legal action is taken against BitTrain. If it does any money that you have invested into BitTrain will be long gone…
BitTrain Product Line
Simply put, there are no products or services to speak of. The only product, for want of a better word is the membership to BitTrain for distributors to market.
For an MLM opportunity to be considered legit, it requires a retail element. Now that could be a digital element, etc. But when it is only a membership or subscription, that is what doesn’t count as legit.
The BitTrain opportunity reminds me of a Ponzi scheme and that is not a good thing. I would say that the majority of any earnings would be from recruiting new members and that is a clear (illegal) Ponzi Scheme setup.
Scam or not, MLM opportunities are extremely difficult to succeed in, regardless of the company or the opportunity they are offering.
The main reason being, the lack of training on offer with these MLM businesses. They always fail to teach you the key skills require to succeed online and earn a passive income. They expect you to already know how to market the products and services on offer.
Our top recommend product will help you make a living online by giving you the training you need, and they will also help you develop the skills required to become successful online.
Click HERE to set up your FREE account.
This training program is ideal for any online business, including MLM opportunities as it will teach you how to build your website and drive free highly targeted traffic to your offer.
Haven't Made Your First $1 Yet?
BitTrain Compensation Plan
MLM’s usually offer two routes to make money with them. There is a slight twist with BitTrain with the first route as they claim it is total passive income. But here are the two:
- A “Passive Income” from Investing in BitTrain
- Recruitment Commissions – Recruit others into the BitTrain opportunity and earn commissions
When we explore the first option, BitTrain has no product or services what you are buying is an investment – with BitTrain promising that this will give you a return on your investment.
But either way, as they are using the MLM business model this is still a product less MLM opportunity and that is a red flag in the eyes of the FTC.
Before we get into more detail about their compensation plan, lets explore how much it will cost you to join BitTrain and who the opportunity is for…
Who's BitTrain For?
Let’s get down to the facts, BitTrain is an investment scheme that is not meant for anyone, we will explain thoroughly as we go through the review.
If you want to find a legitimate way to make money online, then you need to read about our Top recommended program that has a proven success rate.
Getting Started with BitTrain
To take part in their business opportunity, you are going to need to invest at least US$100. There are also ongoing monthly subscription fees. Any investments you do make will need to be via Bitcoin. This is odd, as they are asking you to use Bitcoin in return for their own cryptocurrency. If their cryptocurrency was any good, surely you would buy theirs with cash? This is another red flag.
BitTrain Compensation Plan
The claim is that the main source of income will be an 8% ROI or return on investment, but this also depends on the membership package you invest into. This ROI is returned on a weekly basis.
If you do decide to join, you will be asked to invest money into BTRC or their BitTrain Coin Points. The Investment levels are:
- Starter Pack – Invest $100 + $5 (monthly) subscription fee
- Medium Trader – Invest $250 + $10 subscription fee
- Active Trader – Invest $500 + $15 subscription fee
- Advance Trader – Invest $1000 + $20 subscription fee
- Pro Trader – Invest $3000 + $20 subscription fee
- Tycoon Trader – Invest $5000 + $25 subscription fee
- Elite Trader – Invest $10,000 + $25 subscription fee
- Premium Trader – Invest $25,000 + $50 subscription fee
- Combo Trader – Invest $50,000 + $100 subscription fee
- Mega Combo Trader – Invest $100,000 + $100 subscription fee
- Millenium Combo – Invest $250,000 + $500 subscription fee
Whilst we are not entirely sure what the subscription period is, our belief is that it is a monthly fee.
Any withdrawal fees incur a 10% fee, and when you compare the value of Bitcoin which has a limited number, one bitcoin is worth US$4,511.
The value of BTRC points is worth $4. Just saying…
The alternative route to making money with BitTrain is through recruitment commissions.
BitTrain Recruitment Commissions
BitTrain recruitment commissions are paid using the Unilevel compensation plan. It makes it much easier to understand than a lot of complicated MLM compensation plans.
Basically, you are placed at the top of your direct recruits, these are placed below you on your level 1. If any of your recruits go and recruit members themselves, they will appear on your level 2. This goes on and on and will resemble what looks like a Pyramid.
You will earn a 10% commission for any direct recruit you make when they buy into a membership level. You can also earn 10% as you climb up the Unilevel ranks, but this will also require you to invest more too:
- Invest a minimum of $1,000 and unlock 4% commission from level 2, 3% from your level 3 and 2% commission from level 4 recruits
- Invest at least $5,000 and unlock a 1% commission from levels 5, 6, 7 & 8.
BitTrain Residual Commission
Residual Commission come in the form of a Binary Compensation plan. To qualify for these residual commissions, you are required to recruit at least 2 individuals. Each one of these recruits will sit either side you and below you. One to the left and one to the right.
These two recruits each need to introduce and recruit 2 members each. You are fundamentally doubling the number of recruits each time.
On a daily basis, BitTrain tally up how many new investments have been made on each side of your binary team.
Members earn 10% from what is generated from the weaker leg, once you have been paid the remaining funds are then matched on each side and then flushed. Anything that is left over from the stronger leg carries on into next week’s fund.
BitTrain Rewards
There are also some rewards for hitting certain targets or criteria with regards to accumulating investment volumes:
- BitTrain Executive Trader: Generate $15,000 from your weaker binary legs total volume – Earn $150
- BitTrain Executive Leader: Generate $30,000 from your weaker binary legs total volume – Receive a “Luxury Watch” or $600 cash
- BitTrain Sapphire: Generate $100,000 from your weaker binary legs total volume – Receive the latest iPad or $1000 cash
- BitTrain Ruby: Generate $250,000 from your weaker binary legs total volume – receive the latest iPhone or $1500 cash
- BitTrain Emerald: Generate $500,000 from your weaker binary legs total volume, have at least one BitTrain Ruby rank on each leg of your binary team – get a trip to Ibiza or $3000 cash
- BitTrain Diamond: Generate $1,000,000 from your weaker binary legs total volume, have at least 2 Emerald ranks on each side of your binary legs – receive a Mercedes Benz C-Class or $40,000 cash
- BitTrain Blue Diamond: Generate $3,000,000 from your weaker binary legs total volume, have 1 diamond rank on both sides of your binary leg – received a Mercedes Benz E-Class or $70,000 cash
- BitTrain Black Diamond: Generate $10,000,000 from your weaker binary legs total volume, have at least 3 Blue Diamond ranked distributors in your team (two on your stronger leg and one on your weaker leg) – Receive a Porsche Panamera or $150,000
- BitTrain Crown Diamond: Generate $25,000,000 from your weaker binary legs total volume, have at least two Black Diamond Ranks on both sides of your binary legs – Receive a Lamborghini Aventador Sports car or $500,000 cash.
The Real Truth About BitTrain...
When you break it down though, the reason they are claiming that you will be able to make money back on any investments you make is because they are claiming to have predicted the projected growth in value of the BitTrain cryptocurrency. They were predicting huge leaps in value and it being 10 times the original investment. By May this year, they are predicting that the value of the BitTrain coin is going to be worth $50,000!!
This is utter nonsense. When you factor in the crypto markets and assuming that the BitTrain coin actually exists, these are wild claims that are nowhere near accurate.
Even Bitcoin, which is a legit crypto currency is only worth $4,000 (at time of writing).
They are just pulling numbers out of the air, in the hope that you fall for it and hand over your money.
I am sorry to say that anyone who falls for their promises will end up out of pocket, possibly losing thousands and not receiving anything in return. Many people have fallen for these crypto claims, because they think all cryptocurrencies are like Bitcoin, but they are not.
I could just make up a fancy name and tell you that you are going to get crypto coins for money. But there is no proof it would be real, and we all know that these scammers are really good at getting you to think that you will make money from it.
I go back to the age-old piece of advice – if it looks too good to be true, it probably is!
When it comes this BitTrain, that is definitely true!!
What We Liked About BitTrain
This might not come as a surprise, but there is nothing I could honestly say that would put a positive light on this clear Ponzi Scheme. The owners will take your money and claim that the reason they cannot give you a return on your investment is because the market didn’t act like they predicted… Shocking!
What We Didn't Like About BitTrain
Here is what we didn’t like:
#1 Unrealistic Claims!
You cannot get away from the fact that they are making some huge unrealistic claims, I cannot understand where their confidence is coming from that this cryptocurrency will be bigger than Bitcoin. But that is because this is a scam and they don’t really care whether you make any money or not. They just want you to drop a few thousand dollars into their pockets and then they hope they can just slink away and get away with it.
Claiming that their currency will be worth $50,000 by May (2020) is totally unrealistic and it is currently nowhere near that value. Even Bitcoin is currently trading for $4,000 roughly.
The other thing is that no one has even heard of this BitTrain.
Expert Traders are not going anywhere near this, neither should you!!
You have to remember that any investment has risks. Legit platforms will formally warn you that any investment you make could go down as well as go up. It is the risk you take when dealing with volatile markets. But there is no such warning with BitTrain. Sounds fishy? That is because it is…
#2 No ICO Announcement!
BitTrain claims that they have had a successful ICO, but then why couldn’t we find any information about any trades about their token?
There are no news articles or forum postings, no nothing. The reason is clearly that it is because it is false. There have been no transactions. So, if there have been no trades going on, where is any profit of yours going to come from?
#3 Obvious Ponzi Scheme
Without any trades going on, the only realistic output is that the only money you will be making is by recruiting other unsuspecting people into the scheme. That makes this an obvious Ponzi Scheme.
Their platform encourages you to recruit more people instead of teaching you how to trade cryptocurrencies. If the FTC have not formally flagged them yet, it won’t be long.
If you carefully watch their compensation plan vide, you will see there is no way for you to make any passive income, instead they focus on the recruitment side.
All of their sales pitch is that you will be making easy passive income just by investing some money and watching it grow, but the harsh reality is that it is all utter lies. Recruitment is the only real way for you to make money with BitTrain and Ponzi Schemes only have a limited lifespan anyway. If the FTC doesn’t catch them, there will be a point where no new members join and then the income goes and the owners quietly close it and run away with any money that is left in the platform. Leaving you penniless…
#4 BitTrain Will Collapse
Ponzi Schemes do not have a sustainable business model, as soon as people realise it is a scam there will be no new members putting money into the system. The income stream stops and there is no longer any way for you to make money. Once the members stop making money, this will expose the owners behind the program.
But the owners just close the business once it has been exposed or once they are happy with the amount of money they have taken from their victims.
Hopefully the FTC gets in there first and helps expose it and save those victims some money.
#5 No Real Owner Information!
When it comes to investment schemes, you need to know that the owners have some experience. But that is not the case with BitTrain, there is a total lack of information about the owners and even less to back up that they are real people.
They are claiming they have years of experience with investments, etc. But there is very little to back this up…
I would question the validity of a scheme where you cannot find out anything about the owners who are asking you to invest money into it…
Haven't Made Your First $1 Yet?
Can You Make Money With BitTrain?
Whilst it might be technically possible for you to make money with BitTrain, there is not real guarantee and it would come at the cost of duping other people into the same system to recruit them into your downline. Like most MLM schemes, this would start with your family and friends… Could you do that to your friends in the hope that the unknown owners pass this money onto you?
I would suggest that you would lose a lot more than you would ever make…
Is BitTrain a Scam?
If you are still unsure, BitTrain is clearly a scam. This is a classic Ponzi Scheme and it is happening with a lot of these Crypto Make Money Online schemes. Just to be clear why we say that.
If you take BitTrain, the owners can make unlimited numbers of this BTRC coin. The reason why Bitcoin is so valuable is because there is only a limited amount. It is the supply and demand mentality. As there is only so many Bitcoins out there, each one of them becomes valuable.
The same cannot be said for the coin that BitTrain is trying to fob you off with.
That is why the only real option to make money with BitTrain is by recruiting others into the scheme.
Even if you were to receive 1 million BTRC, it would still be worthless. If you received 1 Bitcoin, that would be worth $4,000 at this moment in time.
With BitTrain you are betting on a loser…
Other Cryptocurrency Ponzi Schems To Avoid...
There are a number of these Cryptocurrency Ponzi scams operating at the money, all operating an MLM structure. The end result is very similar with worthless tokens as the prize.
Other known Crypto Scams to watch out for include:
- Bitcoins Wealth Club
- PayAsian
- Coinbulb
- Davor Coin
- iCoin Pro
- ShareNode
- My Passive Trades
All of these are known scams and you should avoid them at all costs.
My BitTrain Review - Final Conclusion
You might have read our review and thought it was a complete contradiction to other reviews you will have found online and that is for a very good reason. Those are people who are trying to get you to buy into the scam. We are staying objective and do not affiliate ourselves with dodgy schemes.
We will only promote and recommend products or platforms that have been proven to be legit and actually work.
There will also be positive reviews about scams because there is a financial incentive to these people if they get you to pay up. That is unethical, but you will always have someone who wants to benefit from someone else’s misfortune.
But we want to help people find genuine and legit opportunities to make money online, and to do that we always look through these schemes with a fine-tooth comb and tell you the facts!
BitTrain is a clear scam that is out to benefit the owners only. People might be able to make money, but it will be by recruiting unsuspecting people into the scheme and that makes this a clear Ponzi scheme.
One that you should avoid. Legit cryptocurrency schemes will focus more on teaching you how to trade for them properly. Scams will focus more on getting you to recruit your friends and family and live a beach lifestyle.
How We Make Money Online
Making money online is possible, and it doesn’t have to come from investing thousands into a questionable scheme. Affiliate Marketing is our top recommended business model for making money online, both for beginners and those that are a little more experienced.
The reasons are simple:
- No huge start-up costs
- No selling face to face!
- No need to recruit!
- No stock to keep or manage!
- You can Get Started for FREE
- You can operate in any market – even start with your hobby
- Earn a full-time income or more (there is no limit to your earning potential!)
In fact, thanks to affiliate marketing we are regularly earning a 4-figure monthly passive income online…
With the right training and support (we can offer both), you can achieve your financial goals too. To start your own passive income stream, you need to press the button below and learn more about our top recommended training platform for learning Affiliate Marketing.
Click HERE NOW
Thanks for checking out our BitTrain Review! iF you have any questions or comments to add, then please write them in the comments section below. 😉
Sharing is Caring…
Affiliate Marketing Vs MLM – Which One Is Best Option For You?
Financial Education Services Review – Legit MLM or Pyramid Scheme?
BitTrain
$100 - $250,000 + a monthly subscription
Pros
- Nothing
Cons
- Unrealistic Claims
- No ICO Announcement
- Obvious Ponzi Scheme
- BitTrain Will Collapse
- No Real Owner Information
