Are you looking into IX Wallet and wondering if it's a scam or not.
If so, this post is what you're looking for. Below you'll find everything you need to know about IX Wallet including background information, compensation plan, and more.
You'll know if IX Wallet is right for you by the time you're done reading.
Product: IX Wallet
Price to join: Free but there's a minimum crypto investment
Do I recommend? No!
Summary: IX Wallet is a ponzi scheme that claims it can get you a high ROI on cryptocurrency investments (they claim to have a bot that can do this).
The problem is the bot most likely doesn't exist and revenue is coming solely from recruitment. This is ponzi scheme 101 and means this is an outright scam.
Eventually the scam will collapse when recruiting dries up and most people lose their money.
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What Is IX Wallet?
IX Wallet is a crypto MLM and this means you can make money from this company by recruiting people into the system and investing crypto.
The problem here is the company is full of misleading statements, lies and outright fraud.
From reading the about section on the website it's pretty clear the real brains of the operation are hiding their identity.
You can't find any information on the three owners, Yang Li, William Clark and Sergey Ctorojuk. This is a major red flag and usually means the true owners are remaining anonymous because they know this is a scam.
The whole operation revolves around the idea that there's an arbitrage bot that supposedly does investing and makes you money when you invest.
This bot most likely doesn't exist and is similar to other crypto scams Bittrain, Weenzee (collapsed already), and Cloud Token.
Because the bot's returns are made up or highly exaggerated this means the main source of income comes from recruitment (or entirely comes from recruitment). This means it's a pyramid scheme and ponzi scheme.
I'll explain more in the next section.
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Is IX Wallet A Pyramid Scheme?
It's both a pyramid scheme and a ponzi scheme.
A pyramid scheme is when there's no product or the product is a scam and the only real way to earn money is through recruitment. It's represented by the picture below:
If you get in early enough with a pyramid scheme there's a chance you make money but the odds are slim - the vast majority will lose money because pyramid schemes always collapse.
Once recruiting stops the money to pay everyone out dries up. Payments stop going out, everyone quits and scheme goes belly up.
IX Waller is also a ponzi scheme because they're deceiving investors on where the revenue is coming from.
They claim they have a bot that picks winning investments but this isn't true. The revenue is coming from recruitment.
IX Wallet isn't registered with any financial regulators - this means they haven't shown any paperwork to back up their revenue claims.
Ponzi schemes like pyramid schemes are also doomed to collapse 100% of the time and this opportunity will collapse as well.
This Scheme Is Illegal!
Again, IX Wallet isn't registered with financial regulators which is necessary with these kinds of opportunities.
If they had registered with regulators they'd have to turn over proof of their revenue claims. Doing this would obviously show they're lying and they'd be shut down.
By going around regulators they're just just trying to make as much money as possible and then exit (hoping not to get caught).
Usually once the money runs out to pay affiliates a company will claim they were hacked or something along these lines.
The problem here is that the people operating this scheme and the affiliates promoting it (that would be you) are committing crimes - mainly security fraud.
Ponzi schemes and pyramid schemes are illegal in basically all countries around the world.
So not only is it unethical to promote this opportunity it could land you in legal trouble.
IX Wallet Compensation Plan
The compensation plan is broken into two parts and how much you make is determined by:
- How much you invest
- Your recruiting efforts
In order to be eligible for payouts you have to invest a certain amount of crypto into the scheme. The minimum is .15 BTC, .25 BCH or .5 ETH.
The more you invest the bigger the return you get.
Recruitment is paid out in a unilevel structure and looks like the following:
How much you make and to what level you earn from depends on how much money you bring in from new recruits.
The Arbitrage Bot Doesn't Exist
I just want to repeat something one more time because it's important to understand - the "trading bot" that supposedly invests your crypto is made up.
The revenue is coming from recruitment and that's why it's a ponzi/pyramid scheme.
So if you were to sign up and get money back it's not from the bot. It's just from other affiliate's recruitment efforts.
If there were a bot that could earn 240% returns I promise you it would cost a lot of money to get access to and the owners most likely would just use it for themselves to make millions.
IX Wallet Is A Complete Scam
When you add up everything (fake owners, lying about revenue and trading bot, most money coming from recruitment, etc.) you get to IX Wallet to be a scam.
I listed a bunch of other companies that operate in the exact same manor and they've all collapsed or are on their way to collapse.
IX Wallet will collapse - all ponzi schemes do.
I can't pinpoint the exact date but it'll happen. If you get in early enough you can make money but this would require you to recruit people into a system you know is going to fail.
It's basically stealing and it's illegal. Ponzi schemes and pyramid schemes are illegal and people go to jail for running and promoting them.
So definitely skip IX Wallet.
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