Of late, CoinSpace has been getting a lot of attention on the internet. I have had people pitching this to me daily, and I have seen it on social media as well.
I felt a need to do a quick review, but want to state first that I am NOT promoting this business opportunity as an affiliate or distributor in any way, nor have I ever done so in the past.
CoinSpace Review – The Company
Again, we are dealing with yet another company that has provided as little background information as possible on their website. This is a trend that we have been seeing quite regularly in the MLM world.
Withholding this information makes it very problematic to get a good feel for any given company, and often makes the company seem quite dishonest right off the bat.
This company appears to have been first registered back on March 11, 2015. According to the registration, a Danjel Pawl is listed as the owner. Furthermore, the registration provides an address in Malta.
However, this is where the refuting information begins.
The CoinSpace website provides an address where the company is allegedly physically located, but that address differs from the one that is tied to the domain registration. And, there is no clarification whatsoever for why we have two addresses for CoinSpace, and it is pretty unlikely that we will ever get one.
As for Danjel Pawl, the name does not appear anywhere at all on the CoinSpace website. Pawl’s name only appears in the domain registration, and once again, there is no reason whatsoever as to why. It definitely seems shady to us, and that shadiness is only intensified with the fact that the company does not provide any explanation for this.
CoinSpace Product Line
With regard to the product line, there are not any actual products or services at all.
With no actual product line to speak of, the only thing that affiliates are able to market and sell to prospective investors is the membership itself for the affiliate program.
Upon signing up to be an affiliate for CoinSpace, you will be given the option to invest in several packages. These packages are needed in order to partake in the MLM opportunity, and there are six different ones to choose from.
Each package comes with S-Coins. S-Coins are the form of virtual currency that CoinSpace is running their entire company on. Each S-Coin equals out to be worth about 0.5 EUR.
CoinSpace Compensation Plan
These S-Coins don’t come cheap at all. The cheapest plan one offered, which is called Minimum Mine, comes with 30 S-Coins and costs 300 EUR. The most extensive plan, the Double Mine, comes with 2,000 S-Coins and costs affiliates a total of 12,000 EUR.
When an affiliate decides to invest in the S-Coins, they then become eligible to earn a passive return on investment. In addition, more cash can be earned through recruitment and residual commissions.
Something to keep in mind: when an affiliate decides to withdraw the money they’ve earned, 25% of it needs to be reinvested back into CoinSpace, not surprisingly.
When an affiliate recruits someone new to join the company, they are then eligible to earn a commission. The commissions begin at 35 EUR and go all the way to 1440 EUR. The real amount that is earned is wholly dependent on which package the new affiliate decides to invest in when they initially sign up.
Again, one of the main selling points for the CoinSpace affiliate program is the passive ROI. These ROIs start out at 36.50 EUR every month for 12 months, and go up to as much as 1,520 EUR every month for 24 months. Since the ROIs are passive, they will not vary up or down. While that might sound nice on the surface, it is something that is very frequently associated with Ponzi schemes.
With regard to the residual commissions offered, they are organized through a binary system. When an affiliate invests in one of the packages, so many points are produced. These points are used to fund the residual commissions, and investing more money into S-Coins will result in more points being produced.
Cost To Join CoinSpace
You will be required to invest in one of the six investment packages that the company offers. Those packages include:
- Minimum Mine for 330 EUR
- Basic Mine for 700 EUR
- Quarter Mine for 1,500 EUR
- Half Mine for 3,000 EUR
- Full Mine for 6,000 EUR
- Double Mine for 12,000 EUR
CoinSpace – Bottom Line?
The world of cryptocurrency is presently one of the most popular ones to launch an MLM company around. It makes for a somewhat easy theme to launch a company off of, but regrettably, they are often used with schemes of some kind.
CoinSpace is trying to sell the impression that a passive ROI can be earned off of investing in their S-Coins, but since the only money coming into the company is coming from investments of other affiliates, CoinSpace is using this money to pay off the ROIs and commissions that they owe. CoinSpace is rather obviously operating as a Ponzi scheme. It’s unfortunate, but it really doesn’t come as a surprise.
This company is also using a strong element of pay-to-play, as higher commissions and ROIs are earned by investing more and more money into their company. Earning more money in a legitimate company should come as a result of strong performance, not your ability to throw more money into the company.
CoinSpace will cease to exist once the levels of recruitment and investment begins to die down. Once this happens, CoinSpace will run out of funds to pay off their affiliates, and the company will then begin to fall into an instant collapse.
And, once again, the majority of people who have invested into this company will end up losing.
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