Welcome to my MyCoin24 Review.
One of the things that we are going to answer today in this review is if MyCoin24 is a scam or not.
We wouldn’t want to join a program just for the company to close a few months down the road due to bad business decisions or because a company is not in compliance.
We are going to take the time to research and review the information about the company, the products, and the compensation plan to see if they have everything required by law at least and offer our final thoughts in the last section.
We decided to take a closer look at this program due to the increasing social media interest and wanted to learn how what it is, how it works, what you get, and how you can make money with it.
With that said, let’s dig in and see what we can learn about it.
Is MyCoin24 Shut Down?
As I was trying to update my MyCoin24 review, I tried to visit the company website but was hit with a “this site can’t be reached” which means that either the site was taken down, has issues with it, or has been shut down.
I’m not sure what happened at this time. If you have any information about what happened to the MyCoin 24 website or if the company is still in business, please update us below in the comment section.
Thank you!
MyCoin24 Review What Is It?
MyCoin24 is an MLM opportunity that you can join and earn commissions by recruiting others that do the same thing that results in building a team or downline.
The niche that I would consider MyCoin24 to be in would be the investment niche since your investment will not only give you access to earn from the MLM compensation plan they offer but also because they offer their own type of points (mycoin24) that they say will increase in value after a certain amount of time.
The Company Overview
One of the things that we like to see in any opportunity that you can earn money with is information about who owns or runs the company on one of the company pages.
This gives the potential member and customers a chance to check out the background and experience that the owner has so that they can make a decision to join based on that information.
What I mean is that you wouldn’t want to join a company or program where the owner is known to start up a new program time and time again just to shut them down after 6 months to start a new one to stay under the radar of the regulators because they know that their program is not legitimate.
Unfortunately, when taking a look at all of the website pages that MyCoin24 offers, we were unable to locate any information about who owns or runs it.
Here is what was found when we researched the domain name:
- The domain name “mycoin24.net” was registered initially on 5-2018.
- The second update was made in 3-22-2019.
- The latest update didn’t supply any information since it was privately registered.
We found that the company has a Facebook company page that is mostly in German.
There was some contact information that we found that linked back to a guy named Christian Mark Laack.
We then found a social media account with Christian that states that he lives out in the Hamburg, Germany area.
Christian first started out in a company called Network World Alliance in 2010, and then Sisel in 2012 that we found which is an MLM product company that provided retail wellness products.
Christian has been involved with a couple of sketchy businesses after these 2 opportunities.
One of the first programs that we have found was a company called Conligu which was a penny auction investment scheme back in 2014 that eventually shut down in 2015.
The next and following company that he was involved with OneCoin because the database was merged over to their database in 2015 after the collapse.
OneCoin turned out to be an illegal scheme that was shut down in several countries, with several fines served for many of the members that made substantial amounts of commissions.
That is all the information that we have found about the company information, let’s continue on to the next section.
Another great article: Inclusive Cryptos Review – Scam or Legit? Compensation Plan Exposed
What Products Does MyCoin24 Offer?
In this section of the review, we are going to take a look at the products that MyCoin24 offers.
One of the things that we did not find was any retail products that can be purchased by a regular customer.
This is one of the requirements that an MLM company needs to have when running this type of business model along with specific minimum company-wide retail to member product sales to be in compliance.
The “plan” is to introduce an e-commerce platform where affiliate members can earn from but that will not be available for several months.
The only thing that you can do is join by making an investment and becoming an affiliate member.
Another great article: Torq Vita Review – Scam or Legit eCommerce? Compensation Plan Exposed
How Does The MyCoin24 Compensation Plan Work?
In this section of the review, we are going to take a close look at how the compensation plan works and how you can make money with the MyCoin24 opportunity.
There are a couple of ways to earn with MyCoin24.
Getting Started
In order to get started and earn money with MyCoin24, you need to make an investment.
The higher the level that you invest and join, the more money you will be able to earn from the compensation plan overall.
When you make that initial investment, you will also be purchasing MyCoin24 points.
These “points” that you are purchasing with your investment are supposed to increase in value over a certain amount of time which is promised by the company.
Here is a breakdown of the 6 levels that you can get started at with the cost and the MyCoin24 points that the company will give you when you make your purchase:
- Starter Level – You will need to invest €1000 EUR to join at this level. The company will award you with 500 MyCoin24 points.
- Bronze Level – You will need to invest €2500 EUR to join at this level. The company will award you with 1500 MyCoin24 points.
- Silver Level – You will need to invest €5000 EUR to join at this level. The company will award you with 3500 MyCoin24 points.
- Gold Level – You will need to invest €10,000 EUR to join at this level. The company will award you with 7000 MyCoin24 points.
- Platinum Level – You will need to invest €25,000 EUR to join at this level. The company will award you with 20,000 MyCoin24 points.
- Country Leader Level – You will need to invest €50,000 EUR to join at this level. The company will award you with 50,000 MyCoin24 points.
Commissions are earned when you and your team recruit other members that join by making an investment on one of these levels.
The only real fiat commissions that you will earn from is on the unilevel compensation plan and all other commissions that will be explained below are paid out in MyCoin24 points.
Initial Recruiting Commissions
The recruiting commissions are earned when you personally recruit members that make an investment in one of the levels that were described above.
You will earn 15% on any of your personally recruited member’s investments that were made in your first 30 days after you join.
After your first 30 days, you will earn 10% of all of your personally recruited member’s investments.
Residual Binary Commissions
The company also gives you the opportunity to earn MyCoin24 points through the binary compensation plan.
For those that don’t understand how the binary compensation plan works, here is a quick breakdown:
- Binaries have only 2 legs, left and right.
- You can only earn from the binary when you have a personally active and recruited member on both legs at all times.
- Each leg counts for its own volume.
- Either leg can be built to unlimited depth.
- The commissions are based on having the volume on both legs.
- The commission will cycle each week on a 1 to 1 basis.
- You will always get paid on the weaker or leg that has less volume.
The commissions are tallied or cycled and will pay you 10% of the total volume on your weaker leg.
The amount per week that you can earn will be based on the level that you are at currently.
Here is a breakdown of what you can earn on your binary compensation plan each week depending on the investment level that you got started at:
- Starter Level – When you invest at this level you will be able to earn €2500 per week.
- Bronze Level – When you invest at this level you will be able to earn €75000 per week.
- Silver Level – When you invest at this level you will be able to earn €20,000 per week.
- Gold Level – When you invest at this level you will be able to earn €50,000 per week.
- Platinum and Country Leader Level – When you invest at this level, there is no cap at the amount that you can earn per week.
Residual Unilevel Commissions
The unilevel compensation plan is the only payment model that pays you in regular currency.
For those that are not familiar with how the unilevel compensation plan works, here is how it works:
- 1st Level – The first level of your unilevel compensation plan will only have your personally recruited members on it.
- 2nd Level – The second level of your unilevel compensation plan will only have team members that your level 1 members personally sponsored on it.
- 3rd Level – The third level of your unilevel compensation plan will only have team members that your level 2 members personally sponsored on it.
- and so on…
Commissions are made on your unilevel compensation plan structure when investments are made through all levels that you are qualified to earn from.
Depending on the investment level that you are currently on will determine how many levels you can earn from.
Your investment level membership will also determine the percentage on all investments made on that level that you can earn from.
Here is a breakdown of what you can earn on your unilevel compensation plan structure depending on the investment level that you are on:
- Starter Level – At this level, you will be able to earn 5% on level 1 only.
- Bronze Level – At this level, you will be able to earn 5% on level 1 and 10% on level 2.
- Silver Level – At this level, you will be able to earn 5% on level 1, 10% on level 2, 5% on levels 3 to 5 and 1% on level 6.
- Gold Level – At this level, you will be able to earn 5% on level 1, 10% on level 2, 5% on levels 3 to 5, 1% on level 6 and 2% on levels 7 and 8.
- Platinum Level – At this level, you will be able to earn 5% on level 1, 10% on level 2, 5% on levels 3 to 5, 1% on level 6 and 2% on levels 7 to 9.
- Country Leader Level – At this level, you will be able to earn 5% on level 1, 10% on level 2, 5% on levels 3 to 5, 1% on level 6, 2% on levels 7 to 9 and 1% on level 10.
Country Leader Country Bonus
When you qualify for the Country Leader by simply investing at that level, you will earn 1.5% of the investment volume generated in the country that the member lives in.
Production Rank Bonuses
When you get started at any investment level that the company offers and you generate a total downline investment sales volume at a certain amount, the company will reward you a bonus.
These bonuses are based on your binary compensation plan structure.
Here is a breakdown of the bonuses that you will earn when you generate a total team investment volume and also qualified at the levels described below:
- Crown Bronze Level – When you generate a total team investment of €50,000 on both sides of your binary compensation plan structure you will be rewarded an iPhone.
- Crown Silver Level – When you generate a total team investment of €125,000 on both sides of your binary compensation plan structure you will be rewarded an iPhone and notebook.
- Crown Gold Level – When you generate a total team investment of €250,000 on both sides of your binary compensation plan structure you will be rewarded a Dubai trip for 2.
- Crown Platinum Level – When you generate a total team investment of €500,000 on both sides of your binary compensation plan structure you will be rewarded a Florida trip for 2 adults and 2 children.
- Crown Leader Level – When you generate a total team investment of €1,000,000 on both sides of your binary compensation plan structure you will be rewarded a €50,000 EUR bonus.
That is all the information that we have about how the compensation plan works and how you can make money with the MyCoin24 opportunity.
Another great article: Pure Review – Scam or Legit? Compensation Plan Exposed
My MyCoin24 Q and A Section
In this section of the review, we are going to answer some of the questions that people may have when thinking about joining the MyCoin24 opportunity.
Is MyCoin24 BBB Accredited?
No, MyCoin24 is not accredited with the Better Business Bureau at this time.
This is not an indication that the company is a scam or not legitimate, it just means that the BBB doesn’t recognize the company at this time and may never recognize them.
There have been a TON of companies and programs that we have run across that were 100% legitimate and have been running for years that are not listed with the BBB so we don’t usually ever take into consideration what rating the BBB has on any company.
What’s The Cost to Join MyCoin24?
The minimum cost to join MyCoin24 will require an investment of €1000 to get started.
They have various levels that you can get started out on that comes with different benefits that range from €1000 to €50,000 EUR.
You will be able to find the difference between the investment level benefits in the compensation plan section above.
Now, to answer the question that many of you have been waiting for which is…
Is MyCoin24 a Scam or Legitimate Opportunity?
In my opinion, there are some issues that the company needs to fix in order to be 100% in compliance, but I wouldn’t call it a scam.
There are a few issues that I see with it that makes me worried about this opportunity which are:
- Not having any owner information listed
- Not having any retail products offered
- Offering points that have zero value outside of the company.
Related articles: MLM Reviews, Scams, and Compensation Plans
My Final MyCoin24 Review and Thoughts
In the last section of the review, we are going to share my final thoughts about the MyCoin24 opportunity as a whole.
We have taken the time to research and review the information about the company, the products, and the compensation plan.
We have also shared some of our concerns about the business model in our “Is MyCoin24 is a scam or not” section.
At this point, you should have a good understanding of what the company offers, what it is, how it works, and how you can make money with it.
What are your thoughts about it this far?
But here is the question…
Would we recommend the MyCoin24 opportunity?
No, not at this time due to the issues that we have discovered and shared above.
We have come to the end of my MyCoin24 review.
If you found this review helpful, make sure to click on the social share buttons on this page and share it with others so that people can learn exactly what the MyCoin24 opportunity is really all about.
Thank you for your support!
