Welcome to our BankCoin Review!
There has been some buzz about this ICO so we decided to investigate what it was all about…
Some say it’s a scam while others BankCoin reviews are saying legit so what is it?
The good news is we are going to walk you through the company, products and compensation plan so you can make the right decision.
Let’s dig into this BankCoin review…
BankCoin Review
No information has been provided by BankCoin on their website about who owns or runs the business.
bankcoin.io, the BankCoin website domain was privately registered on August 15th, 2017.
If an MLM company does not reveal who is running or owns it, think twice before joining and/or investing any money.
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Products of BankCoin
BankCoin does not offer any retailable products or services. The affiliates are only able to market BankCoin affiliate membership itself.
The Compensation Plan
The affiliates of BankCoin acquire BANK points from BankCoin.
BankCoin sell BANK points to affiliates for a rate of 50 cents to $1.20 each.
BANK points can be invested with BankCoin once acquired, or “lent” back to the company on the promise of a daily ROI.
BANK Point Investment
BankCoin offer affiliates 4 BANK point investment plans:
- 105% ROI after 7 days
- 300% ROI after 15 days
- 900% ROI after 30 days
- 1575% ROI after 45 days
The affiliates of BankCoin must invest at least $50 to participate in the above plans.
Lending ROIs
The affiliates are paid by BankCoin who lend BANK points back to the company a daily variable ROI for a set number of days.
How many days the daily ROI is given out for is determined by how much a Bank Coin affiliate invests:
- $100 to $1000 worth of BANK points = daily ROI plus 0.1% bonus daily ROI for 210 days
- $1001 to $5000 worth of BANK points = daily ROI plus 0.25% bonus daily ROI for 150 days
- $5010 to $10,000 worth of BANK points = daily ROI plus 0.35% bonus daily ROI for 120 days
- $10,001 to $50,000 worth of BANK points = daily ROI plus 0.4% bonus daily ROI for 90 days
- $50,001 or more worth of BANK points = daily ROI plus 0.45% bonus daily ROI for 60 days
Referral Commissions
Direct referral commissions are paid by BankCoin down 2 levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) : 5%
- level 2 : 2%
Residual referral commissions are given out through a binary compensation structure.
An affiliate is placed at the top of a binary team by a binary compensation structure, divided into 2 sides (left and right).
The 1st level of the binary team holds 2 positions. The 2nd level of the binary team is created by dividing these first 2 positions into another 2 positions each (4 positions).
Following levels of the binary team are created as required, with each new level holding twice as many positions as the previous level.
Positions in the binary team are filled through direct and indirect recruitment of affiliates. There is no limit to how deep a binary team can grow.
BankCoin tally up new investment volume at the end of each day on both sides of the binary team.
A percentage of matched volume on both sides of the binary team is given out as follows:
- invest $100 to $1000 to get a 3% residual binary commission
- invest $1001 to $5000 to get a 5% residual binary commission
- invest $5010 to $10,000 to get a 7% residual binary commission
- invest $10,001 to $50,000 to get an 8% residual binary commission
- invest $50,001 or more to get a 10% residual binary commission
Lending ROI Referral Commissions
Lending ROI referral commissions are given out as a direct commission (1 level of recruitment).
How much of a commission on lending ROI payments to affiliates who are personally recruited is paid is determined by how much a BankCoin affiliate has invested:
- invest $100 to $1000 to get a 5% lending ROI referral commission
- invest $1001 to $5000 to get a 6% lending ROI referral commission
- invest $5010 to $10,000 to get a 7% lending ROI referral commission
- invest $10,001 to $50,000 to get an 8% lending ROI referral commission
- invest $50,001 or more to get a 9% lending ROI referral commission
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BankCoin Membership
The affiliate membership of BankCoin is free. However, free affiliates can only earn referral commissions.
To fully participate in the BankCoin MLM opportunity needs a minimum $50 investment in BANK points.
Summing Up
BankCoin ststaes they strongly believe that there should be an efficient alternative to the existing payment and banking systems.
Problem is, BANK as a cryptocurrency brings nothing new to the table other than rosy anti-finance rhetoric.
The only distinguishing factor between BANK and every other “me too” altcoin out there, was the penalizing of BANK holders who cash out.
BankCoin claim to create ROI revenue via use of an “AI Trading Bot”.
There is no evidence of the bot existing. Ditto the use of revenue created by bot activity to pay BankCoin affiliates a ROI.
In addition, BankCoin’s claim of external revenue fails the Ponzi logic test.
If BankCoin was able to legally produce a 1575% ROI every 45 days (that’s 12,775% annually, without compounding), they won’t be wasting their time soliciting investment from randoms over the internet.
12,775% yearly is an astronomical return, easily able to transfer the most modest beginnings into a fortune in no time.
The simple answer is BankCoin’s “AI Trading Bot” is smoke and mirrors. A newly invested affiliate fund is the only verifiable source of revenue entering BankCoin.
The use of newly invested funds to pay existing affiliates a daily ROI makes BankCoin a Ponzi scheme.
Lending ICO Ponzis like BankCoin play out as follows:
Anonymous Admins offload valueless pre-generated points in exchange for real money. In this case it’s BANK points.
The admins then use some of this money to give out promised ROIs for as long as new affiliates sign up.
Once affiliate recruitment slumps down, so does the ROI reserve.
When a set threshold is reached, the anonymous admins of BankCoin pull a runner with what’s left. We have reviewed another company like this. You can see that review here.
Early investors of BankCoin make a bit of money (mostly through recruitment of new investors). But like any other Ponzi scheme, the reality of such scams is that most of the participants eventually lose money.
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