Is BlitxTrade described as an MLM crypto Ponzi scheme? (2024)

BlitxTrade
This is a user-generated post. Gripeo does not take responsibility for accuracy of any statements made in this post.
BlitxTrade's website lacks ownership and executive information. On June 15th, 2023, BlitxTrade's website domain ("blixtrade.com") was privately registered.
Before we get started with this review
Such posts are made possible by the collective efforts of our contributors. If you can provide any kind of insight into BlitxTrade or a similar company/individual, then share your information with us using our secured form.

You can help us put a stop to online scams before they grow too big and end-up ruining thousands of lives. A scam is a scam, doesn’t matter if it’s big or small. Now that this is out of the way, let’s get started with the review.

BlitxTrade’s website lacks ownership and executive information. On June 15th, 2023, BlitxTrade’s website domain (“blixtrade.com”) was privately registered.

BlitxTrade presents incorporation details for Blixt Group Limited in an attempt to appear authentic.

Blixt Group Limited was established in the United Kingdom in March 2020. Blixt Group Limited is unlikely to be associated with BlitxTrade, given that its website domain was registered less than a month agdpzKMRbVJeaZJ fEy2QqPvNLxjP u cg7PDhC1KscvsVRZ7MrORR7vCAqbT6hg4cJu7daKHfUOlbaa3CtslBAQ1jgKPuycbqo9KSMjrNfBnSbvOEmKZQqGYHbm8dtiT1 QI bDqL7v

Although not definitive, this suggests BlitxTrade is being run by Eastern Europeans. Typically this means Russia and/or Ukraine.

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.

Our Methodology

We look at 34 different data points when analyzing and rating online money-earning opportunities. Once the research on these data points is submitted, expert contributors reach out to the company’s customers and associates to get more insight into their operation. Finally, all the collected information is presented in the form of this expert review.

All the data is extracted from publicly available information and the sources are given in the transparency section at the bottom of every report.

These reports are made possible by the collective efforts of contributors like you. If you would like to become a contributor then contact us here.

24/11/2023 Update
As of now, BlitxTrade has not responded, nor has it apologized for its misdeeds. They have ignored our efforts to highlight the problems faced by their victims. Furthermore, they have only focused on propagating their fake PR.

BlitxTrade- What they have to offer

BlitxTrade has no retailable products or services. Affiliates are only able to market BlixTrade affiliate membership itself.

BlitxTrade- Compensation Plan

BlitxTrade affiliates invest USD equivalents in cryptocurrency.

This is done on the promise of advertised passive returns:

  • Affiliate Plan – invest $100 to $900 and receive 1.8% a day for 6 days
  • Deluxe Plan – invest $1000 to $50,000 and receive 2% a day for 7 days
  • Blix Trade Diamond – invest $51,000 to $9,999,999 and receive 3% a day for 7 days
  • Compound Plan – invest $50,000 to $9,999,999 and receive 3.5% a day for 60 days

BlitxTrade-Commissions for Recommendation

On cryptocurrencies invested by individually recruited affiliates, BlixTrade provides an 8% referral commission.

BlitxTrade-Bonus for Recruitment

A $ 4,000 bonus is awarded to a BlitxTrade affiliate who recruits 30 other affiliates.

It should be noted that recruited affiliates must have invested in order to qualify for the Recruitment Bonus.

BlitxTrade-Participating in BlitxTrade

BlitxTrade affiliate membership is completely free. A $100 commitment is required to fully participate in the linked income opportunity.

BlitxTrade is looking for investors in Bitcoin, Ethereum, and Tether.

BlitxTrade- Conclusion

BlitxTrade is a particularly lazy MLM crypto Ponzi – even the logo of the company isn’t spelled right.

Photos on BlitxTrade’s website are poorly photoshopped:

db2aP9WiGaM G7FSc5XPAYEJypFM3TSuyBTCSbQL1sOL7TbGXaOB7K3mOxGh9Y qP4zz14Sb8kxO hAJ7qqjXruOA0awhzqNjDj 46RZKhQTDMEKIbWyVPUG4ePlkrnPKfdvrSK1Yt35AscaBGkJfJM

Furthermore, marketing copy is plagiarized from other websites.

Although Blixt Group Limited’s incorporation data are supplied in BlitxTrade’s marketing presentation, a different UK incorporation number is provided on its website:

Yes, it is a legitimately registered company in the United Kingdom with the Licenced Company Number 5702162.

That number is not associated with any UK-registered company.

As with other MLM Ponzi schemes, once affiliate recruiting is exhausted, new investments will dry up.

This will deprive BlitxTrade of ROI revenue, eventually leading to its demise.

Ponzi schemes’ math ensures that when they fail, the vast majority of participants lose money.

If you have sensitive information or have had a personal experience with BlitxTrade but want to stay anonymous, then submit it using our secured form. You can connect with our expert contributors and help in finding the truth. We never share your information with 3rd parties.

BlitxTrade-What is a Ponzi Scheme? (Like the one Betatraders is)

fv9TK5UO8X1eYQ9l9SKm3A9nAfDeikNihMIFJG

A Ponzi scheme is a deceptive investment strategy that promises high rates of return with no risk to investors. A Ponzi scheme is a fraudulent investment scheme in which money is collected from later participants to produce profits for earlier investors. This is comparable to a pyramid scam in that both rely on new investors’ finances to pay off previous investors.

Both Ponzi and pyramid schemes inevitably fail when the influx of new investors stops and there isn’t enough money to go around. The plots begin to crumble at that time.

  • By recruiting new investors who are promised a huge payoff with little to no risk, the Ponzi scheme produces returns for existing investors.
  • The fraudulent investment strategy is based on using funds from new investors to pay off previous donors.
  • Companies that run a Ponzi scheme concentrate their efforts on enticing new clients to make investments; otherwise, their system will become illiquid.
  • The SEC has provided recommendations on what to look for in suspected Ponzi schemes, such as guaranteed returns or investment vehicles that are not registered with the SEC.
  • Bernie Madoff perpetrated the greatest Ponzi scheme, duping thousands of investors out of billions of dollars.

Some of the red flags of the Ponzi Scheme like the one Betatraders

1Izcw1P i3s6jb NOY7L7dpS9H3PCcg2a5aqJOoYLYn8DZ

Regardless of the technology utilized, the majority of Ponzi schemes have similar characteristics. The Securities and Exchange Commission (SEC) has recognized the following characteristics to be on the lookout for:

  • A promise of high rewards with no risk.
  • A steady stream of returns regardless of market conditions
  • Unregistered investments with the Securities and Exchange Commission (SEC)
  • Clients are not permitted to access official papers for their investment strategies that are kept secret or described as too hard to comprehend.
  • Clients who are having difficulty withdrawing their funds

What is the purpose behind the name?

9zRmKmKtGrdFEofh 3243jO5oKAacj4i0iMF0rB5sFlphC0P DKZ1Tw9XbrXS7uPR4FIPtsdyPV0YWd3uGtOW9 AETEwpPAhyssaNPe8PoGnrFi18verdIsiT17L9lhBTBgNivbMkXt8zXrcrUtppUs

Ponzi scams are named after Charles Ponzi, a businessman who enticed tens of thousands of clients to invest their money with him in the 1920s. Through the purchase and selling of discounted postal reply coupons, the Ponzi scam promised a specified amount of profit after a certain amount of time. Instead, he was utilizing newly invested funds to pay off previous debts.

BlitxTrade- What is the method to identify whether Betatraders was a Ponzi scheme or not?

oSQlxzkJouXq2

The SEC has discovered a few characteristics that frequently indicate a fraudulent financial plan. It is critical to remember that almost all types of investment involve some level of risk, and many do not offer assured results. If an investment opportunity 

  • offers a certain return, 
  • guarantees that return by a specific period, and
  • is not registered with the SEC, the SEC recommends investors proceed with care because these are indicators of fraud.

Wrap-Up- Some of the measures to avoid Ponzi schemes like Betatraders in the future

75I1Q sPDCNmclBJ1oMZGVG2I0DFa
  • Keep an open mind.

If someone tries to sell you an investment with big and/or immediate profits for little or no risk, it could be a scam. For example, before everything fell apart, Bernie Madoff promised investors a constant monthly return of 1-1.5%.

  • Be Wary of Unsolicited Offers

Someone unexpectedly contacting you, say inviting you to an investment seminar, is generally a red indicator. Investment scams frequently target the elderly or those nearing or in retirement. 

  • Check out the Seller 

Use the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck to research a broker, financial adviser, brokerage company, or investment advisory firm.

  • Check to see if the investment is registered.

According to the Securities and Exchange Commission (SEC), Ponzi schemes frequently include unregistered investments. Begin by questioning the individual providing the investment: If the investment isn’t registered, find out why (not all investments are required to be registered). 

  • Recognize That Investment

Never put money into an investment that you do not completely comprehend. There are numerous online tools, like this one, to assist you in learning how to invest and evaluate prospects for risk and potential gain. Don’t send a check or start an account with anyone who refuses to completely answer your questions or tries to discourage them by claiming the investment employs secret, proprietary, or too-complex-for-laypeople tactics.

  • Report Wrongdoing

If you think an investment is a Ponzi scheme or any other type of scam, or you’ve been victimized, file a complaint with the Securities and Exchange Commission, FINRA, and your state securities regulator (here’s a North American Securities Administrators Association list). One sign that you’ve put your money into a Ponzi scheme is that you’re unable to obtain promised payments or cash out. 

2.5
Shield

Get Your Money Back Suspicious

If you have been scammed by BlitxTrade, then you can get justice by sharing your complaint with us. We will connect with you experts and journalists who will help you get your money back and get heard by the right people.
It is strongly suggested that you do your own research before spending money online. This is a user-generated report.

Bottom Line

When clients give money to their financial advisers or investment businesses, they expect fiduciary responsibility. Unfortunately, those funds can be fraudulently mismanaged through Ponzi schemes. Ponzi schemes are not legitimate investment plans since they use the funds of one investor to return the funds of another. They are misleading investment schemes that have cost billions of dollars.

Is BlitxTrade described as an MLM crypto Ponzi scheme? (2024)
Is BlitxTrade described as an MLM crypto Ponzi scheme? (2024)

We will be happy to hear your thoughts

Leave a reply

Gripeo
Logo
Register New Account