Is QubitTech a Scam? Ponzi in Disguise, The Truth is Revealed!
Welcome to my Qubittech review. Just a quick heads up, Qubittech has now rebranded to Qubitlife. Is Qubittech a scam? Yes, it is.
You will see all the red flags that point out that QubitTech is in fact a Ponzi scheme. Many folks are under the impression that if a company has been in business for a long time and people are making profits, then it's not a Ponzi scheme.
This is not true. Ponzi schemes can last long and I will show you what drives them to exist. How long can Qubittech last? What can and will drive its collapse in time to come?
WHAT IS QUBITTECH ALL ABOUT?
Qubittech is company that markets cryptocurrency via the MLM(or multi-level) marketing business model.
The way in which the company operates is to sell cryptocurrency packages(starting from $100 all the way up to $100 000) to its members and promising 250% ROI, as well as additional bonuses or commissions by introducing new members to the company.
Whilst it might not necessarily be considered as a red flag, there still is no credible explanation as to why the company did the rebranding.
The main additions now to the Qubitlife package is two new cryptocurrency licenses(namely the Corporate and CashBack Licenses)
WHO IS THE OWNER OF QUBITTECH?
Greg Limon is the general director of Qubittech.
According to the official website, he organized 3 successful IPOs. He personally raised more than $300 million in blockchain projects.
Apparently, he is also a co-founder of the Canadian investment bank DigiMax.
According to his LinkedIn profile, he has experience in various sectors such as such as Medtech, Biotech, Real Estate, Fintech, and Trading Commodities.
It's strange though that Qubittech is not listed as one of the companies that he has a vested interest. And this looks like his first experience in the multi-level marketing world.
There is another company website, Icomax he listed as a contact, but it's not active at this time.
HOW MUCH DOES IT COST TO JOIN QUBITTECH?
Qubitlife has an affiliate program. To become one of their activate affiliates, you would have to purchase one of their education licenses.
The minimum purchase is $100.
Here is the breakdown of the other packages :
- Bronze $100
- Bronze + $500
- Silver $1000
- Silver + $5000
- Gold $10 000
- Gold + $25 000
- Platinum $50 000
- Platinum + $100 000
HOW TO MAKE MONEY WITH QUBITTECH? THE QUBITTECH COMPENSATION PLAN
In order to earn ongoing commissions, you would have to get 4 people to join your team. 2 persons on the left and right leg of your binary tree.
These 4 folks would also need to be active members so that you can be a qualified commission earner.
The comp. plan is typical of those seen with traditional MLM-type businesses. You have the regular direct bonuses, quick start bonuses, matching bonuses, etc.
See my other MLM Reviews -
There are 5 types of bonuses from which you can earn as a Qubittech Ambassador. They are :
- Direct Bonus
- Matching Bonus
- Binary Bonus
- Rank Bonus, and
- Quick Start Bonus
With the Direct and Binary Bonus, you need to have the correct number of points on the weaker leg in your binary tree to qualify.
The rank bonus is worked out on your binary team investment volume that is generated.
For example, to earn a $100 rank bonus, you would need to have $2500/$750 volume within your binary tree.
To earn a $500 rank bonus, you would need to have $25000/$7500 volume within your binary tree, and so forth.
The matching bonus is paid out via a uni-level compensation plan. If you are an affiliate, and you recruit new members, they are placed on level two(below you).
Then if these direct affiliates recruit new members, they go on the level tree of your structure and so the cycle repeats itself infinite levels down.
The higher the ranks you achieve, the more matching bonuses you can unlock.
Rank 1 affiliates earn a 5% match on level 1.
Rank 2 affiliates earn a 5% match on levels 1 and 2.
Rank 3 affiliates earn a 5% match on levels 1 and 2, and 2% on level 3.
Refer to the image below to see the breakdown from Rank 4 and upwards.
BOTTOM LINE: The more an affiliate invests, or get's people to invest with him or her, the more money an affiliate can earn!
THE MANY RED FLAGS OF QUBITTECH
RED FLAG NR.1 : Company Registered on a Shell Address
According to the official website, the corporate head offices are located in Estonia.
There are no business operations taking place at this address. It's actually a non-descript office building using Google maps.
On further investigations, I learned that a certain company does registrations from one of the offices within that building. You can check it out on this link.
They have registered more than 5000 companies.
And they help lots of foreign companies to establish shell companies in Estonia.
RED FLAG NR.2: Qubittech Issued a securities fraud warning in Spain
Spain issued a securities fraud warning against the company. The fraud warning was issued on 11 Feb 2021.
RED FLAG NR.3: Qubittech Banned In Italy for operating Illegally
CONSOB is Italy's highest financial regulator. They have issued a press release on 26 Feb, to block access to the websites of 6 financial business operations. One of them being Qubitech.
RED FLAG NR.4: Deposit in Crypto Then Converts to USD
According to the companies terms and conditions, you have to make a license purchase using crypto currency(ETH or BTC).
They hold your investment for a period of 2 days. They then convert it to dollars as a final payment.
Within this time the price can fluctuate as a result of the exchange rate.
As a result of this fluctuation, you might need NOT make the full asking price and you will not get a plan and your money sits in the account.
Folks on trustpilot.com have had an experience where they had to pay for another license, just because the previous payment dropped in value.
RED FLAG NR.4 : The $100 Million Dollar Insurance Mean Nothing
On their site, they claim the company is insured against a $100 Million loss. In other words, your investment should be secure with the company.
Whether the company is insured or not really makes no difference. At the end of the day, if they have a number of securities warnings and are operating illegally, the people who invest are still going to lose their money.
WHAT I LIKE ABOUT QUBITTECH
They have a real owner
WHAT I DO NOT LIKE ABOUT QUBITTECH
No money-back guarantee
Can only start earning after 15-days of registering for your first license.
Digital licenses are time-sensitive.(after you reach the target result of 250%, you have to purchase a new license).
The packages are expensive.
You need to have cryptocurrency to start.
No REAL products you are buying.
You have to recruit to earn the higher paychecks.
IS QUBITTECH A SCAM? MY PERSONAL OPINION
Now I am going to share with you the main reason as to why I would not recommend Qubittech to anyone.
The companies main business model is offering members a passive ROI on their investment. And since they are practicing as an MLM, that makes it a securities offerings.
And by law, an MLM with securities needs to register and be regulated. As you have seen in the red flags section, many countries are stopping Qubittech from operating in their territory, as the company is not registered with the relevant authorities.
Since there are NO REAL products, the main way in which investors can earn is by introducing new members to the company. This by definition is classified as a Ponzi operation.
The thing with Ponzi schemes is that they might not stop operating immediately. They can last long.
How long can Qubiitech last?
As long as people will buy into their 'empty promises' and feed into the system, it will go on.
And that's one of the reasons you will hear people defending the company saying things like, "I am still getting paid." The truth is that the money is not coming from companies' profits or external revenue but rather from someone who really wanted a chance at making money and has fallen into a trap!
And whilst we on the topic of cryptocurrency MLM businesses, watch out for Mining City. They too have been issued fraud warnings. Check out my Mining City review.
BOTTOM LINE: Qubittech is unregulated and blocked by certain countries. They do not market products or services to customers. They operate as a pyramid scheme.
LEGIT WAY TO MAKE MONEY ---- INVEST IN YOURSELF...IT OFFERS HIGHER DIVIDENDS
If you want to get into the multi-level marketing game, you are safer if you invest in one that is focused on the health and wellness niche.
Other legit ways of investing would be trading cryptocurrency yourself, or mutual funds, or S$P 500 fund and real estate.
But one of the best ways to earn a passive income online is to start your own online affiliate marketing business. I created a passive income using this business model.
I was a newbie to the internet world when I first started 5 years a go.
Thanks so much for joining me on this Qubittech MLM review.
I hope that you got all the answers that you need to make an informed decision.
Talk to you later.
JumpStart Your Online Career
Thinking of Starting An Online Business?
Learn What It Takes To Build a Solid Foundation For Your First Online Venture.
No Credit Card Needed. No Obligation.