Welcome to My Freebay Review!
When it comes to multi-level marketing (MLM), many people shrug away from this opportunity simply because of its negative stigma.
But just to be clear, the business model itself is legit; however, if a networking company focuses more on the recruitment part or worse, doesn't have any other source of income other than the referral, that’s when it becomes a problem.
Freebay Review Summary
Founders: Not Disclosed
Product Type: Multi-Level Marketing
Price: Starting From $58 Per Month Or $480 Per Year
Quick Summary: Freebay is an MLM company that is said to be a rehash of Karatbars, a pyramid scheme.
Like Karatbars, it has no tangible products and a lot of things are questionable about it so before you join Freebay, I suggest that you read the entire review first!
Overall Rating: 1/10
According to the Federal Trade Commission (FTC), the most obvious sign that a company is a scam is the “lack of retail sales” or even if they do, the main goal is to force members to purchase more products that they could ever sell.
Now, why am I telling you this?
It’s because first, I want to help you determine a pyramid scheme from a legit MLM program and second, to use this as a basis for today’s topic.
In this post, we will talk about Freebay, an MLM company that’s allegedly rehashed by another networking brand.
Let’s discuss everything you need to know, including its pros and cons, compensation plan, and whether it is a scam or not in this unbiased Freebay review.
What Is Freebay About?
Freebay is a brand new company founded just this year, June 2020. It’s supposed to be managed by Jürgen Pulvermüller as its CEO, who, by the way, is the Head Of Global Sales of another MLM brand called Karatbars.
As mentioned above, Freebay is supposed to be a rehash of an MLM company, which, again, is Karatbars.
While there’s no direct statement connecting it to Harald Seiz, the owner of Karatbar, it referred to it as a “partner.”
To watch the update of Karatbar stating about the new company, Freebay, you can watch the video below:
I won’t directly say that Seiz is the sole owner of this brand but it’s somehow obvious that he, along with the other shell companies, have a role in it.
Just to give you an idea of what Karatbars is about; this MLM company offers 999.9 pure gold bullion. While it seems to offer legit products, it has received several charges against it.
For one, the Financial Sector Conduct Authority says that it’s not authorized to provide intermediary services. Another thing is the cease-and-desist order issued by the Bank Of Namibia against it, calling it a pyramid scheme.
Considering this, I don’t think it’s a good idea to invest time and money in a company that has “partnered” with a scam.
Freebay Product Line
If the statement above is not enough to convince you that something fishy is going on with Freebay, here’s another thing -- it has no retail products and again, as per FTC, this is a red flag.
The only product offered is membership. This means that for you to be able to make money from it, you have to recruit people and encourage them to buy into the membership program.
As per FTC, one common characteristic of Ponzi schemes is that it promises members huge profits through recruitment. That’s the sole source of income since there are no retail sales from tangible or digital products.
The problem here is that once recruitment stops, so is the income. It’s not stable and often, if this happens, the people behind shut the company with or without paying its members.
Is Freebay A Scam?
It’s a brand new company that started only a few months ago so it’s too early to call it a scam.
However, if you’re wise enough, you can assume easily based on the red flags stated above. For one, the owner of Freebay has not been mentioned and the only thing we know now is that it’s partnered with Karatbars, which is a scam.
It has no retail products and the only way to earn is to buy into the membership and recruit people who can do the same.
The amount you need to invest is huge -- like you need to pay $58 a month and that’s the lowest membership fee they have.
Is Freebay A Pyramid Scheme/Ponzi Scheme?
Again, it’s too early to assume but considering how it works, it has a making of a pyramid scheme.
The obvious reason is the sole source of income, which is through recruitment.
You invite a person and encourage the person to do the same, and ask your downline to encourage their downline, too, and so on. Thus, being a pyramid scheme.
Also, since they are offering V999 as an investment or a source of passive income, it should be registered with regulators. Otherwise, the brand is committing fraud, and what happened to Karatbars can happen to Freebays, too.
Just so you know, Freebay has failed to register with regulators so other than the risk of losing your money, you might get yourself in trouble, too in case you become a member.
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Freebay Compensation Plan
As for the compensation plan of Freebay, it’s long and complicated so I’ll just give you an outline of what its affiliate rank looks like.
The higher your rank is, the bigger incentives you get but to be able to do this, you have to refer to as many people as you can. This also means encouraging them to purchase the most expensive membership that I’ll discuss below.
Anyway, here is Freebay’s affiliate ranks:
- One Star Sapphire
- Two Star Sapphire
- Three Star Sapphire
- One Star Emerald
- Two Star Emerald
- Three Star Emerald
- One Star Ruby
- Two Star Ruby
- Three Star Ruby
- One Star Ruby
- Two Star Ruby
- Three Star Ruby
- One Star Diamond
- Two Star Diamond
- Three Star Diamond
The first rank you get depends on the type of membership you purchase.
For instance, you bought EVO Academy, then you begin as a Three Star Sapphire; One Star Emerald if you purchase EVO Expert; and Two Star Emerald if you choose the most expensive membership, EVO Life.
As for the commission rates, it starts at 7% and can go as high as 32%.
Other than your own sales, you also get residual commissions from the sales that your downline makes, which is common for all MLM companies and pyramid schemes.
You can also invest in V999 Token so you can receive .02% of funds invested daily.
There are also bonuses, such as Generation Bonus, Matching Bonus, and Daily Investor Bonus.
How Much To Join Freebay?
Another red flag about Freebay is a huge investment.
You can join for free; however, you can’t earn a commission unless you are willing to pay for its membership, such as:
- EVO Academy - €50 every month or €480 every year
- EVO Expert - €190 every month or €1,820 every year
- EVO Life - €480 every month or €4,600 year
That’s roughly $58 a month or $561 every year for the EVO Academy. Of course, the catch here is that the higher your membership is, the bigger the commissions.
Let’s say you have extra cash for this, would you really invest it on a brand new program that’s allegedly a rebrand of an old scam?
I don’t like anything about Freebay so I’ll just talk about its cons instead.
No Owner Disclosed
The name of the owner of Freebay has not been mentioned and maybe, it’s because the founder or the people involved in this company don’t want to be blamed in case any problem occurs.
This is a red flag! You are going to invest time and money in this brand so it's just fair to know who the person/people is/are behind the program.
Joining Freebay is free but you need to buy into its members to earn commissions, and that means paying at least $58 a month or $480 a year. The brand will encourage you to buy a higher membership so you can get a higher commission but then again, do you think this is worth your time and money?
Possible Pyramid Scheme
There are no real products here at Freebay, thus no retail sales and that’s already a red flag. The only way to earn money is to recruit people so I won’t be surprised if one day, it will have been tagged as a pyramid scheme, just like Karatbars
Also, it’s not registered with the right regulators so obviously, it’s illegally operating.
Rehash Of A Scam
Although they mentioned “Freebay” only as a partner of Karatbars, we can’t deny the fact that it’s actually a rehash of the brand.
Karatbars has faced a lot of allegations and has even been tagged as a pyramid scheme and maybe, its owners are looking for ways on how to continue their illegal scheme. The way Seiz talks about it and the similarities Freebay has with the brand also gives us an idea of what it’s really about.
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Members of Freebay have access to “Freebay Academy.”
It’s a video library that contains several topics, such as social media, cryptocurrency trading, and more. There’s also “Trader Academy,” a nine-lesson module for Freebay’s affiliates.
Freebay poses as an MLM but if you look at it, there are no tangible products sold, let alone digital ones. The only way to earn an income through this is by recruiting people, which is a telltale of a pyramid scheme.
There are too many red flags, such as no owners disclosed, expensive membership fees, and its involvement with a pyramid scheme called Karatbars so without any hesitation, I don’t recommend this program.
It’s hard to lose money, especially on an opportunity that’s obviously a scam so if you’re reading reviews first to avoid such things, I would like to commend you!
While pyramid schemes won’t easily stop luring people, we can all avoid it if we choose to learn more about the opportunity before signing up.
Now that you know what Freebay is about, I hope that you make wise decisions and if you want to earn money on a legit and profitable way, I suggest that you jin our #1 recommended program:
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Thank you for reading our Freebay review and if you have questions or comments, please feel free to share it below.