What Is Freebay? Another Typical Pyramid Scheme!
I’ve been noticing a trend these days when it comes to certain Multi-Level Marketing companies.
Where they start off as one company, fail, then come back under a different name. And that seems to be the case with Freebay.
So if you’re wondering if Freebay is a scam or not, I will go over everything you need to know in this review.
Below you learn about their background, the cost to join them, and a look at their products.
After we’re done, you’ll know if joining them is the right move or not.
Freebay Review Summary
Product Name: Freebay
Founder: Jurgen Pulvermuller
Product Type: Cryptocurrency MLM
Price to join: (50 EUR to 480 EUR) paid monthly
Best For: No one
Summary: Just another MLM company operating it’s business in the cryptocurrency investment market. However, it seems that they are just a reboot of another failed company called Karatbars. Regardless, I see Freebay ending up in the same place as its predecessor. A company that failed because it tried to scam people into giving them money.
What Is Freebay?
Freebay is just another one of your typical MLM companies that operates as a cryptocurrency investment business.
On its face, it seems like a business that wants to help people like yourself make money.
But what you don’t see is that Freebay is just a reboot of another failed company called Karatbars International.
I’ve noticed that a lot of MLM companies are doing a lot of this these days.
Where they start off as one company, fail, then come back as another company hoping that no one notices.
So when it comes to Karatbars, we learn that they’re your typical Ponzi scheme marketing gold.
The founder and CEO seems to be Jurgen Pulvermuller.
Who has been involved in countless number of MLM companies where his role was in management.
In this case, he was Head of Global Sales. If you do your research, you may find that Karatbars is working with Freebay.
But it’s all a scam to get you to do business with them.
The first sign that you’re dealing with a scam when it comes to MLM’s, is that they have no products to sell.
By investing money into the business, you would think that at the very least you would get products to sell.
But what you get is access to their Freebay Academy.
From the looks of it, this academy seems to be their education program to learn about cryptocurrency.
The problem is, you won’t be selling this to people you come in contact with. All you’re doing is selling people the opportunity to earn income.
Everything is just a bonus.
Does Freebay Work?
Remember earlier when I told you that Freebay is just a reboot of their other failed company Karatbars?
So if they failed, it's safe to assume that Freebay won’t fare any better.
But let me break it down for you a bit. Karatbars was a pyramid scheme that focused on gold.
They would recruit people into the business to learn about investing in these gold bars. But of course it failed, thus the birth of Freebay, which is just a reboot.
Where you are selling an opportunity to earn income in the cryptocurrency niche.
The problem is, their business model focuses on recruiting people into the business.
The fact that they don't have products to sell and only focus on recruiting, makes them a pyramid scheme.
And because your income is dependent on the amount of people you can recruit into the business, once you stop recruiting, so does your income.
So what about the passive income they promise you? That’s a very good question I doubt they have many answers to.
And I too have questions when it comes to carrying out trades with your coins.
- Are they authorized by the SEC to carry out these financial activities?
- Do they have brokers that are authorized and registered with the SEC?
- Do they have everything they need to operate legally?
My guess to these questions would be no. With that being the case, there’s a good chance they are committing security fraud.
Most legit security traders usually have a page where you can verify their credentials. Freebay doesn’t seem to have any page with this information.
How You Make Money With Freebay
Like most MLM companies, there’s only so many ways in which you can make money. Those ways are:
- Selling products the company provides
- Recruiting others to sell products
How To Get Started With Freebay
Freebay offers you four different ways to join them:
- Free Membership – Free to join, but you have to sponsor new members to rank and qualify for Freebay commissions.
- EVO Academy – This level will require a 50-euro monthly investment or you can pay yearly at 480 euros.
- EVO Expert – This level will require a 190-euro monthly investment or you can pay yearly at 1820 euros.
- EVO Life – This level will require a 480-euro monthly investment or you can pay yearly at 4600 euros.
The amount you are compensated will depend on how much you invest into the company.
Freebay Compensation Plan
Most MLM companies tend to have a very complicated compensation plan. So below I plan on breaking down the plan as best I can to help you understand how you can earn income.
The higher your rank, the more money you could potentially make. The way you are ranked is determined by how much you invest. Also, by how many people you can get to join the business. The more people you can recruit, the higher your rank will go.
With this bonus, they claim you can receive passive returns on your investments. It is marketed as “automated” commissions, but they seem to be only available at the EVO Expert and EVO life level members.
Every person you get to signup with the business, you earn residual income. Every time they bring someone in the business, you also receive commission.
Therefore, building out your downline is key to earning as much residual income as possible.
The more you build out your legs, the higher you go on the rank, and the more you earn in commissions.
This is pretty standard where you get paid to recruit new people into your business. Your commission payout amount is dependent on your ranking.
Matching Bonus Commissions
This bonus is a cool way to make some easy money, but it all depends on the ranking level of your members.
Freebay will match your bonuses based on your binary commissions and who you personally recruit into the business.
But in order to receive this bonus, your members have to reach a ranking of 2 Star Sapphire.
What I Like About Freebay
It’s hard to like anything about this company due to the fact that it’s a pyramid scheme. So I got nothing for ya.
What I Don’t LIke About Freebay
#1. Definitely A Pyramid Scheme
Freebay seems to be no different than its predecessor Karatbars.
There are no products to sell, therefore you’re required to recruit. Which basically makes this business a pyramid scheme.
And depending on the country you live in, this is considered illegal. Because of this, finding success in this type of MLM business is almost impossible.
#2. Fraud With Securities
In order to sell securities, you must be registered with a financial regulatory agency.
And from the looks of it, it doesn’t seem that Freebay meets this requirement. Therefore any method in which income is created could be deemed illegal.
This would constitute securities fraud. So you need to be careful with conducting business or recruiting others to conduct business with these crooks.
#3. Lack Of Proof When It comes To Trades or Investments
When people are giving you their money to invest, it’s important to be transparent in how you tend to grow their money.
But with Freebay, there seems to be no proof of how they grow the money you invest into the company.
They probably try to convince you to get your money back by recruiting others in the program. But it’s obvious that this is nothing but a scam.
Which leads me to the next question.
Is Freebay A Scam?
If after going through this review you haven’t figured out you’re dealing with a pyramid scheme, then I don’t know what to tell you.
There is no doubt that Freebay conducts itself as a pyramid scheme due to the fact that there are so many red flags.
Some of those flags are:
The only compensation you receive is through recruiting others into the business. Nothing more, nothing less.
They offer no proof when it comes to trades or investments. How can anyone trust this company to help grow their money.
They’re just a reboot of the company Karatbars. This deceit is reason enough not to trust this company.
If I’ve convinced you to pass on this clear scam and you’re still interested in making money, then I may have an alternative.
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