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Dodgy alternate hidden behind shell firm

Primebit fails to offer firm possession or govt data on its web site.

Primebit operates from the web site area (“”), first registered in 2005. The personal registration was final up to date on Might seventeenth, 2022.

Primebit represents it’s run by way of “PrimeBit Ltd.” PrimeBit Ltd. is a shell firm included by way of a PO Field in St. Vincent and the Grenadines.

As at all times, if an MLM firm isn’t overtly upfront about who’s operating or owns it, suppose lengthy and arduous about becoming a member of and/or handing over any cash.

Primebit’s Merchandise

Primebit gives entry to a buying and selling platform.

Primebit’s platform could be accessed over the online, or hooked up to MT5.

Primebit claims to cost buying and selling charges which can be “amongst lowest in the marketplace”.

Primebit’s Compensation Plan

Primebit’s compensation plan pays on charges collected from customers of its buying and selling platform.

  • generate $0 to $5 in buying and selling charges and obtain a 5% fee charge
  • generate $5.01 to $50 in buying and selling charges and obtain a 7% fee charge
  • generate $50.01 to $500 in buying and selling charges and obtain a 12% fee charge
  • generate $500 to $5000 in buying and selling charges and obtain a 15% fee charge
  • generate $5000.01 or extra in buying and selling charges and obtain a 20% fee charge
  • associates who full “particular person negotiation” with Primebit obtain a 30% fee charge

Buying and selling price quantity is tracked over a rolling 30 day interval.

5% is paid on buying and selling quantity generated on stage 2, that’s associates recruited by these you recruit.

Registration Bonus

Primebit’s compensation plan documentation element san “as much as $80” registration bonus.

As much as $80 registration bonus for each consumer utilizing your referral hyperlinks.

The extra you deposit the larger the bonus.

This seems to be tied to how a lot a brand new platform consumer deposits once they enroll.

Becoming a member of Primebit

Primebit affiliate membership seems to be free.

Primebit Conclusion

The largest concern with buying and selling platform oriented MLM firms is automated buying and selling. This drags an organization into securities providing territory, which brings with it stringent regulatory necessities.

So far as I can inform Primebit doesn’t provide automated buying and selling of any sort.

Primebit is extra of an alternate with an MLM compensation plan than it’s an MLM firm.

The issue with Primebit is it comes off as a dodgy alternate, run by individuals unknown.

Primebit began off as a run-of-the-mill crypto buying and selling platform in 2019:

Since then they’ve expanded to different choices:

Owing to its crypto roots, Primebit nonetheless solely accepts cryptocurrency.

PrimeBit accepts quite a lot of cryptocurrencies, together with BTC, USDT, ETH, LTC, BNB, CAKE, BCH, LINK, XRP, ADA, TRX, ATOM, DASH, DOT, EOS, ONT, ZEC, DAI, XTZ, MATIC, BUSD, PAXG, USDC, and DOGE.

You’ll be able to’t commerce shares, foreign exchange and commodities in cryptocurrency, so it seems both Primebit is both doing one thing dodgy on the backend or misrepresenting its providing.

On the finish of the day Primebit is a dodgy platform run by way of a shell firm in a tax-haven jurisdiction favored by scammers, by individuals unknown.

Versus being a legit buying and selling platform, the way in which Primebit is about up lends lends itself to cash laundering and different unlawful actions.

Actually customers of Primebit can anticipate no client safety ought to the folks operating it shut up store.

I’m undecided what’s occurred over the previous few months however Primebit has seen a big discount in visits to its web site:

The US showing because the second largest supply of site visitors to Primebit’s web site is regarding.

As acknowledged on Primebit’s web site:

PrimeBit doesn’t present companies to residents and residents of sure nations listed in our Phrases of Companies, together with the US.

That’s clearly baloney. And in the event that they’re mendacity about that, who is aware of what else Primebit is mendacity about.

As an MLM firm there’s nothing inherently mistaken with Primebit. You enroll merchants, you earn on their charges.

As a buying and selling platform nonetheless, Primebit must be prevented. It’s 2022, there are a bajillion platforms on the market that don’t function from PO Bins on tax-haven islands.



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