Ideacoin Review 2018- Scam Or Legit?

Ideacoin ReviewIdeacoin Review– Talks on ideacoin can be found virtually on 1 out of every 7 top crypto related blog, online community or forum.

Its popularity can also be seen on social media as everyone seems to have a question or two about Ideacoin. Has someone been trying to talk you into investing in this business opportunity? Are you feeling sceptical and will like to know more about Ideacoin before making a move?

Before you jump ship to join the bandwagon, here are a couple of facts about Ideacoin you really need to know.

It is important to note that, this is an honest, undiluted, unreserved and well-researched review of Ideacoin. I am in no way affiliated with Ideacoin, and so have no reason to promote their brand. What you see here is the truth and nothing but the truth, intended to guide you towards making an informed decision.

Is Ideacoin legit? Or just another sophisticated scam?

Well, let’s puts our heads together and see if we can come to a plausible conclusion.

Shall we? Okay, let’s go.

What Is Ideacoin?

After a thorough inspection of Ideacoin’s official website, it can be discovered that the site holds limited information as to the ownership, legality and even the actual situation/location of the website.

The only noteworthy information that can be found on their official website is the date that its domain name was registered; the domain “ideacoin.io” was registered on the 19th of October 2017. Besides that, since it was not done publicly it is impossible to ascertain the location where it took place or its actual owner’s information.

That is practically the only information available, the owners of the organisation were never mentioned, the date Ideacoin was launched is not mentioned, the location where Ideacoin is based is not mentioned etc.

My opinion is that it is not very inspiring, considering the fact that there have been tons of similar sites in the past that ended up not delivering on their promises, and Ideacoin might not be an exception.

What Are The Products offered by Ideacoin

Talking about products on offer, Ideacoin offers none!

There are no goods or services on offer for retail and as such there can be no trade activities for income generation.

The only available income source for its members is the affiliate program, where members are to invite others and earn commissions from their membership fee, so therefore it is safe to say that, the only thing on sale here is the membership fee.

The only factor available to attract members to the platform is the promise of making commissions from inviting more members to the platform. Nigerians are familiar with schemes such as this, a very good example is Ultimatecycler and we all know how that turned out.

Ideacoin is pure multi-level marketing, except for the fact that it has no tangible products on offer to its affiliates but the sale of membership slots. This membership slots come with a membership fee, this fees generate revenue for the site owners and its active affiliates.

What this basically means is, the income generated from the membership fees paid by new members is used to pay up both old members and the site owners. So in an invent where new members become short in supply, the site owners can choose to abscond with whatever revenue they have been able to generate, leaving members with huge loses and debt.

Ideacoin’s Compensation Plan

Here is how Ideacoin works.

New members are required to purchase IDEA points from the organisation, a single point cost between N300 NAIRA (85 cents)to N379 NAIRA ($1.05).

Upon a successful purchase of your IDEA points you will be required to lend this IDEA points back to Ideacoin, after fulfilling the conditions above you will be qualified to earn a monthly ROI of up to 45% of your initial investment. By initial investment here I mean, the total amount you spent in purchasing IDEA points.

Ideacoin offers different investment levels, and members are allowed to choose from any level of their choice. The packages in the first investment level range from N36,050 NAIRA ($100) to N180,250 NAIRA ($499) and offer a monthly ROI for 240 days.

Though all levels offer the same ROI, investing more will provide extra bonuses. For example.

  • Investing between N180,250 NAIRA ($500) to N360,500 NAIRA ($999) will earn you up to 45% ROI monthly and an extra bonus of 0.05% for 210 days
  • Investing between N360,500 NAIRA ($1000) to N1,802,500 NAIRA ($4999) will earn you the same monthly ROI and an additional bonus of 0.1% for 180 days
  • Investing between N1,802,500 NAIRA ($5000) to N3,605,000 NAIRA ($9999) will earn you the same monthly ROI of up to 45% and an additional bonus of 0.2% for 150 days
  • Investing between N3,605,000 NAIRA ($10000) to N18,025,000 NAIRA ($49999) will earn you the same monthly ROI and an additional 0.25% bonus for 120 days
  • Investing between N18,025,000 NAIRA ($50,000) to N36,050,000($99,999) will earn you a monthly ROI of up to 45% and an additional bonus of 0.3% for 90 days.

Members can also take advantage of the referral feature. Here they can invite family, friends, associates etc… and earn commissions. Ideacoin operates a uni-level referral system and offers the following rates.

  • Level 1 pays 8% commission
  • Level 2 pays 3% commission
  • Level 3 pays 2% commission
  • Level 4 to 6 pay 1% commission
  • Level 7 pays 0.5% commission.

How Much Do You Need To Join Ideacoin?

You can join Ideacoin as an affiliate for free and be limited to inviting others to the system to earn commissions from their investment,while to earn from both the affiliate program and a monthly ROI you will have to invest a minimum of N36,050 NAIRA ($100).

Is Ideacoin scam or legit?

There exist a lot of scam sites on the internet today, analysing a site is one thing, coming to a conclusion is another. Ideacoin might be a scam or a legit platform, but for the purpose of this article I will like you to ponder on the following highlights of the Ideacoin system before making your decision.

  • Ideacoin has a multi level marketing system just like ultimatecycler, icharity etc.
  • The owner of the platform is unknown.
  • Its actual launch date is unknown.
  • Its country of origin is unknown.
  • It offers no tangible products except for the promise of a 45% monthly ROI and additional bonuses should you choose to take the risk of investing higher amounts.
  • There is no guarantee that you will make profit
  • Ideacoin has no refund policy

If I am to rate its credibility, I will give it a score of 2/10.

What Are My Final Thoughts On Ideacoin?

When I first heard of Ideacoin and their promise of a 45% monthly ROI, the first thing I asked myself was “how do they generate enough income to pay 45% monthly to members?” then I did a little digging for an answer and this is what I found.

Ideacoin claims to generate income on a 24hr bases through a software they call the “Ideabot”. This is what Ideacoin had to say “At the outset, we were also trading on signals, investing in various funds, ICO. And we lost a lot of money too.”

This might sound convincing to the gullible, but the wise will ask questions such as;

If the bot is so potent and can actually make profit every 24hrs, why will the admins need people to invest on the system when they can simply bank on it to make massive profits for themselves?

On a second thought, there seems to be no proof that this bot actually exists. The only real proof of income that can be paid out in monthly ROI is new member’s investments, and deducing from this we can clearly see that the ROI is paid by new members to old members.

So therefore, Ideacoin is a Ponzi scheme and is not trust worthy.

My Advice

Only participate with your spare cash (if that even exists). You can also read my review on USI-Tech they seem to be a better alternative to Ideacoin.

 

 

 

 

 

 

 

 

Comments (2)

  1. Peter Obi 19th January 2018
  2. Johnson 18th January 2018

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