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Before delving into topics related to Toucanwin we need to clear many points of this website. So, moving further I discovered some important questions linked with ToucanWin.
What is ToucanWin?
ToucanWin is a website that is processing in the MLM penny auction trading field. If you look at its website, its trading is not mentioned in the list of official sites. Hence, in my view trading on such websites, like ToucanWin is not safe & reliable.
Who is the founder of ToucanWin?
Don Fiechter and Kelley Foote are the co-founders of ToucanWin who serve as the president & the CEO of the company, respectively. They both are running this unreliable scheme together.
Although Kelley Foote seems to have settled himself in Bellamora in earlier times.
You may follow the mentioned social links of the co-founders of the website ToucanWin:
When Bellamora closed in 2011, Foote operated on a number of gaming-related. These were actually mentioned to be non-gambling enterprises for close to ten years.
The details collected for Don Fiechter show that yes he does not have any prior knowledge connected to MLM experience. On the other hand, I can prove that he has the experience that is of approximately 32 years in the field of gaming & casino business.
When the ToucanWin was established?
Don Fiechter and Kelley Foote established the website of ToucanWin in January 2022 as is mentioned on their LinkedIn profile. But actually, If we talk about the reality this company actually started its operations from September to November 2022.
The official location or address of the company is not visible on the website. But actually what I found in my research is that Foote and Fiechter, according to their individual LinkedIn pages, are based in Missouri and Arizona, respectively.
How does the ToucanWin work?
Now if we talk about the working process of ToucanWin we can divide it into the following points:
- Products of ToucanWin
- Compensation Plan
- Affiliate Ranks
- Direct Referrals
- Residual Commissions
- Bonus Plans
- Auction Commissions
Well, I know you won’t get these points clear but wait I will explain you in an elaborate way.
Products of ToucanWin
This website provides a different way of bidding. Here, in a penny auction, individuals bid on products in which the price of the item rises by their bid from a low amount, approximately just one cent. The issue is that each bid has a price attached to it, usually approximately $1.
One dollar can be spent on bids to use the platform; they can be bought in packages of $10, $25, $50, $100, $250, $500, or $1000.
Additionally, auto-ship “smart bid” packages in the following denominations are offered: $50, $100 (10 bonus bids), $250 (35 bonus bids), $500 (75 bonus bids), and $1000 (200 bonus bids).
Retail or commercial customers are allowed to place one free bid every eight hours, but they must sign in and click an option to do so each time. They are also limited to only one free bid per eight hours.
Access is sold by ToucanWin to Mr. Pennyworth, an artificially intelligent bidder. For $9.99 per month or $80 per year, users can access the auto-bidder.
If you sign up for a $100 smart bid auto-ship plan, this price drops to $4.99 per month. If a $250 smart bid auto-ship package is purchased, the cost is waived.
Affiliates of ToucanWin can buy bids and use them as promotional tools. Keep in mind that any bids “gifted” to retail customers must be utilized within 10 days, after which they must be returned to the affiliate.
Compensation Plan of ToucanWin
If you look at the compensation plan of this website it provides the bonus pools & direct referral commission. The bid transactions of the Penny auction that are made by referred commercial clients & attracted affiliates produce a significant amount of commission.
ToucanWin Affiliate Ranks
The compensation structure of ToucanWin has twelve affiliate ranks. I will tell you about it in a descriptive form in the table below:
|Affiliate Ranks||Qualification Criteria|
|Bidfluencer||Sign up as a ToucanWin affiliate|
|Successful Bidfluencer||Refer 2 retail clients and/or recruited partners who collectively purchase at least 150 bids within 30 days, or suggest 1 retail client and/or recruited partner who purchases at least 100 bids within 30 days.|
|Active Successful Bidfluencer||This criterion each month and place 50 personal bids, sell 50 personal bids to referred retail clients, or hire 50 affiliates.|
|Active Influential Bidfluencer||You must either buy 50 bids per month, refer 50 customers or affiliates who buy at least 600 bids per month, or refer 2 customers or affiliates who buy at least 1200 bids per month to keep your membership active.|
|Motivating Bidfluencer||To maintain benefits, buy or refer 50 bids monthly and have 35 retail customers/affiliates buying 1600 bids or refer 4 customers/affiliates and generate 5000 bid purchases from a downline of at least 10 bidders (max 60% from one leg).|
|Mentor Bidfluencer||To continue receiving the benefits of your membership, you must individually refer six clients who produce 15,000 bid purchases per month from a downline of at least 100 bidders, or you must refer 25 customers who buy 3,000 bids each month.|
|National Bidfluencer||You must buy or refer 100 bids each month to qualify for rewards, and you must have 60 clients or affiliates who collectively spend 8000 bids each month. Alternatively, you might individually introduce 8 clients or affiliates and generate 50,000 bid purchases per month from 350 bidders in your downline (maximum 60% counted from any one team leg).|
|National Mogul Bidfluencer||You must either make transactions or refer 100 bids each month to be eligible for incentives, as well as have at least 60 customers or affiliates who jointly buy a minimum of 8000 bids each month. As an alternative, you can recommend 8 clients/affiliates and produce 50,000 bids each month from 350 downline bidders (with a limit of 60% counted from any one team leg).|
|International Bidfluencer||To be eligible, you must buy or recommend 100 bids per month, refer 15 or more customers or affiliates, and generate 250,000 bid purchases per month from a downline of at least 2000 bidders (with a maximum of 30% from any one team leg).|
|International Mogul Bidfluencer||Data is not provided|
|Global Bidfluencer||Data is not provided|
|Global Mogul Bidfluencer||Data is not provided|
In a unilevel compensation plan, an affiliate is at the head of the unilevel team, and each affiliate that was personally recruited is positioned immediately below them (level 1):
The level 2 affiliates that any level 1 affiliate brings on board are added to the original affiliate’s unilevel team.
If any level 2 affiliates add new affiliates, they are promoted to level 3, and so on down a theoretically endless number of levels.
On bids acquired by personally suggested clients and affiliates they have recruited, ToucanWin affiliates receive a 10% commission. Affiliates of ToucanWin who spend $39.95 on ToucanWin University get a 20% commission on referrals.
Affiliates at different tiers can participate in ToucanWin’s 10 Bonus Pools to share in 50% of the money from bid sales. The pools are 20% for Active Successful Bidfluencers and 2% for Global Mogul Bidfluencers. Affiliates must maintain their rank for three months in order to be eligible for payouts, and payments are given every three months. Notably, 1% of the Bonus Pool is still unaccounted for.
What is the process of joining ToucanWin?
Membership for ToucanWin affiliates is free. Only decreased referral commissions are earned by free affiliates. ToucanWin’s MLM opportunity has a yearly fee of $39.95 for full participation.
Paid affiliate membership is referred to by ToucanWin as “ToucanWin University”. This is in line with the training that some affiliates must endure.
ToucanWin: Is this a scam or legit?
After going through the entire details of ToucanWin it is clear that this website is a scam./ And we need to beware of such auction scammer.
Around 2010, MLM (Multi-Level Marketing) penny auctions were popular. Participants may bid on products starting at $0.01, with each bid raising the price by one penny and extending the auction timer. Win prizes at absurdly low prices was the aim.
The consumers, however, suffered as a result of this business strategy. One illustrative instance is ToucanWin, which held auctions for commodities like homes. For instance, a home with a beginning bid of $0.001 came up for auction, and the house had a list price of $1,599,000.
A reserve price was implemented by ToucanWin, but when checked, none of their bids exceeded it. A small portion of the retail price, such as $15,990, would function as the reserve price in this scenario.
The price of the auction went up by $0.01 for each bid, which cost $1. As a result, approximately 1,599,000 bids would need to be made, which is equal to the home’s retail value, for the winning bid to reach $15,990. Participants placed a total of 1,599,000 bids on the house, if it sold for $15,990, spending that amount on the one winning bid.
Zeek Rewards, which merged the penny auction idea with a Ponzi scheme, was one notorious MLM penny auction. This demonstrates how unappealing the penny auction concept was to the point where it was utilized as a cover for dishonest practices.
Get Justice Suspicious
In conclusion, MLM penny auctions were common in 2010, however, they ended up being bad for customers. Only one individual would win the auction, leaving the other bidders out of pocket. Bidders would pay money on each bid.
Participants frequently overbid as a result of the sunk cost fallacy, which increased their losses. Instances like Zeek Rewards serve as additional evidence of how flawed this business strategy is.
Hence, it is clear that ToucanWin is a Ponzi scheme, & you need to be aware of such Ponzi schemes.