Is IX Wallet A Scam? [2021 Updated Review] Legit CryptoMLM Or Another Pyramid Scheme?

Welcome to my IX Wallet Review!

Cryptocurrencies keep appearing over the business world that even MLM opportunities incorporate these. But like usual businesses, there would only be a handful of legit ones and a lot more of scams.

For those who are not familiar, cryptocurrency is an internet-based medium of exchange which uses cryptographic functions to conduct financial transactions. Some of the popular platforms under this scheme are Bitcoins, Ethereum, Ripple, Litecoin, and many more.

Meanwhile, here are some crypto-based MLM that we’ve reviewed in the past:

• FXTrading Corp
• Exitus Elite
• BitTrain
• Xtreme Coin
• IM Mastery Academy

And now, we will uncover another crypto-MLM opportunity and see if it’s legitimate or not, and it’s called IX Wallet. 

IX Wallet is a cryptocurrency investment under the multi-level marketing (MLM) structure. It was founded by Yang Li, Sergey Storojuk and William Clark.

Above are the founders’ profiles that can be found on the company’s website. 

But mind you, take this with a “grain of salt”. Why? Because when you search Yang Li and William Clark’s names in Google, their names are too generic and it’s too difficult to spot and verify an MLM history. 

While Sergey Storojuk is completely invisible. He doesn’t appear to exist outside of IX Wallet which is definitely suspicious for me. 

The company also claims that its “team” works from the US, China, and Israel.

IX Wallet Product Line

IX Wallet, just like most investment schemes, doesn’t have a lot to show with regards to products or services, for in this kind of platform, what you are actually marketing are affiliate memberships programs on top of investing money into cryptocurrency trading.

How To Make Money With IX Wallet?

As mentioned, there are no actual products. So basically what you market are affiliate memberships that you will invest through cryptocurrency. You’re going to have to invest a lot of money and recruit a lot of people to take advantage of their MLM program.

Basically in this kind of platform, since there are no retail sales and actual products, you’ll gain and earn money through recruitment/referral commissions. 

FYI: IX Wallet affiliates invest bitcoin, bitcoin cash, and ethereum.

See the advertised returns below that shows crypto invested and ROI promised:

• Cat 1 – Invest 0.15 to 0.1 BTC, 0.25 to 1.75 BCH or 0.5 to 3 ETH and receive a 9% monthly ROI
• Cat 2 – Invest 0.1 to 0.5 BTC, 1.75 to 8.5 BCH or 3 to 15 ETH and receive a 12% monthly ROI
• Cat 3 – Invest 0.5 to 1.85 BTC, 8.5 to 33.5 BCH or 15 to 60 ETH and receive a 15% monthly ROI
• Cat 4 – Invest at least 1.85 BTC, 33.5 BCH or 60 ETH and receive an 18% monthly ROI

IX Wallet investment is converted into IX tokens which the company sells to affiliates at an arbitrary internal value. Monthly returns are based on and also paid in IX tokens.

Referral Commissions

IX Wallet compensates affiliates via a unilevel compensation structure like most MLM structures are. 

Basically there’s an affiliate at the top of a unilevel team, with every recruited affiliate placed directly under them (level 1) downline:

If any level 1 affiliates recruits someone, they are placed on level 2 of the original affiliate’s unilevel team. If any level 2 affiliates recruit someone, they are placed on level 3 and so on infinitely.

Referral commissions are paid on funds invested across the unilevel team as follows:

• Rank I – Maintain a minimum 0.03 BTC, 0.5 BCH or 1 ETH investment amount and earn 100% on level 1 and 10% on levels 2 to 10
• Rank II – Generate $125,000 in total unilevel team investment volume and earn 100% on level 1, 10% on levels 2 to 10 and 6% from level 11
• Rank III – Generate $250,000 in total unilevel team investment volume and earn 100% on level 1, 10% on levels 2 to 10 and 10% from level 11
• Rank IV – Have at least two Rank III affiliates in levels 1 and/or 2 of your unilevel team and earn 100% on level 1, 10% on levels 2 to 10 and 14% from level 11
• Rank V – Have at least two Rank IV affiliates in levels 1 and/or 2 of your unilevel team and earn 100% on level 1, 10% on levels 2 to 10 and 18% from level 11

See more about IX Wallet and their compensation plan in this video

We can’t accuse them of being a SCAM but with all the red flags uncovered behind this MLM opportunity, definitely there is something fraudulent to IX Wallet. The company doesn’t even try so hard to mask itself as a legit program. 

With all the red flags laid down as a pyramid and Ponzi scheme, we can predict its closing in the near future. The founders are even non-existent and their trading bot doesn’t also exist. So in our point of view, it’s most probably a scam. There’s even no proof that shows its legitimacy. Definitely not recommending you this one so better skip this program and look for a legit opportunity instead.

To be an affiliate and be eligible for commissions, you’ll have to make a minimum investment of the following: (Cryptocurrency with corresponding USD conversion)

• 0.15 BTC (Bitcoin) = $1,066.34
• 0.25 BCH (Bitcoin Cash)= $58.68
• 0.5 ETH (Ethereum) = $86.85

This is the cryptocurrency conversion rate to USD as of April 18, 2020.

PROS

Actually, there’s nothing to like about IX Wallet can give. It has even the red flags of being a Pyramid Scheme and even of a Ponzi Scheme. 

CONS

Ponzi Scheme

As mentioned above, IX Wallet has all the red flags of being a Pyramid and Ponzi Scheme. 

A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products.

While a Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.

With the description of two schemes, it pretty much speaks of what IX wallet is. They rely solely on recruitment and the likens of it since there’s no trading bot, it will probably end up paying earlier investors with the investment of the recent ones.

It’s most probably a fraud! So don’t give in to their promised advertised returns.

Founders/Owners Are Mysterious

As mentioned above, the founders’ profiles can be only seen on the company’s website but outside IX Wallet, they are hard to find and verify and even non-existent. 

This is a major alarm! Since having legitimate owners also reflects the legitimacy of a company. Even any cryptocurrency trading platforms that have been successful will brag about its owners and vice versa. With this, it’ll be hard to find and accuse someone to blame when things go wrong with IX Wallet. 

Trading Bot Non-existent

Their trading bot is the one in charge of generating an affiliate’s income. However, it appears to be inexistent. So if the system that is supposed to generate income is inexistent, what will happen to your earnings? 

Since their trading bot is completely made up. The revenue supposedly coming into your account isn’t from your investments but will solely come from your recruitments. So when this happens, the one on top of the pyramid will win and those in the downlines or at the bottom of the pyramid will probably end up losing all of their money. 

Definitely not recommending you this program! Avoid it now and save your investment for something legit and better. 

Pretty Costly 

Such investment schemes always appear pretty expensive. It will even cost you up to a thousand dollars upon a minimum investment in IX Wallet. And that’s already a big capital for something without any retail products. 

Indeed, cryptocurrency trading is not for all, especially in IX Wallet, monetary investment is greatly involved. But there’s even no proof that affiliates are indeed earning. 

It's a business opportunity intended for those who are proficient with MLM platforms (since recruitment is greatly involved) and for those who are too engrossed with trading cryptocurrencies most especially with bitcoins, ethereum, and bitcoin cash. And it’s also for those who are well-off, since such investment schemes will cost a lot of money.

As a member and affiliate of the IX Wallet, like most platforms, you’ll have access to their back office along with materials and resources you’ll need in your cryptoMLM business. 

Well, on what we’ve dug, we can say that most information points out that the CryptoMLM- IX Wallet is a scam. 

With the red flags of being a Pyramid and Ponzi Scheme, there is indeed really fraudulent going on with its operations. Being an MLM in nature, would definitely require you to recruit since they don’t have any physical products or services. 

And also, with an inexistent trading bot that is responsible to generate income, it appears that the sole pool of income is from the affiliate memberships which simply means that the people on the higher tier of the pyramid would most probably be successful and those on the lower tier will end up losing their investment. 

The founders’ are even hard to find outside their company website. So, something really is suspicious. Most probably, you’ll hear news saying that the FTC has already shut down the company in the near future. 

And also investing in their program will even cost you up to a thousand dollars which are already a big amount of money I should say! So better not be fooled and evade this opportunity. Invest in something that assures income and safety. 

Of course, definitely not recommending IX Wallet to you!

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Thanks for acknowledging this! I hope this IX Wallet Review has helped you in your decision! Feel free to place your comments and suggestions below. Have a great day!