- in Not Approved by Caroline So
Is MyMoneyIndustry A Scam? Recruitment Pyramid Scheme MLM Uncovered!
Welcome to My MyMoneyIndustry Review!
Perhaps you’ve come here after hearing about an opportunity called MyMoneyIndustry. It’s been going around online so if you’re interested to learn more, you’ve come to the right place.
MyMoneyIndustry Review Summary
Founders: Not Disclosed
Product Type: Multi-Level Marketing
Price: $22 To $2,560 For The Investment
Quick Summary: MyMoneyIndustry is a multi-level marketing company that has no retailable products or services but what they market in this business opportunity is the MyMoneyIndustry affiliate membership itself.
The only revenue here is the new investments made by affiliates so, basically it’s a Ponzi scheme.
Overall Rating: 1/10
Before jumping into any opportunity, it’s best to know if it’s a scam or not. It’s also worth taking time to find out how it works, its pros and cons, compensation plan, and more, and that’s what we’re going to do in this review.
Our goal in this MyMoneyIndustry review is to enlighten you and will help you come into a logical decision why you should not buy into this program. So let’s get started!
What Is MyMoneyIndustry About?
MyMoneyIndustry is a multi-level marketing company in the investment niche. It also utilizes cryptocurrencies, such as Bitcoin and Etherium in their payment systems. Since there’s no product, what is really promoted here are membership platforms and it’s gonna be the sole source of revenue.
It’s almost the same as Xtreme Coin and Mining City.
It’s said to provide an automated platform and the opportunity to participate from anywhere in the world in which 100% of the funds go to the network and are distributed among the members/affiliates.
There was no mentioned owner or founder of MyMoneyIndustry.
The website domain “mymoneyindustry.com” can’t be accessed anymore and upon checking, it was privately registered on January 9, 2020, and only the town Blackpool and Great Britain are apparent in the registration.
You could tell it’s some bogus details but MyMoneyIndustry’s domain was registered through a Malaysian registrar and a corporate address in Singapore is provided on their website. Too bad, I can’t access the website now to dig in more pertinent details. It may have collapsed already. We don’t know, maybe it was shut for good!
Further digging up would tell that this company belongs to MEA Business Consultancy which is a virtual office provider.
If an MLM company is not openly transparent about who runs or owns it, most of the time, there’s definitely something fraudulent going on with it which is true with MyMoneyIndustry as it’s a pyramid or a Ponzi scheme which we will be further discussed below.
This MLM seems to be mainly targeting Africa and South America, as well as other parts of the world.
MyMoneyIndustry Product Line
MyMoneyIndustry has no retailable products and services. Again, what the affiliates are only able to market in MyMoneyIndustry is the affiliate membership itself.
Is MyMoneyIndustry A Scam?
It’s definitely a scam. There’s even no sign right now that it’s still running.
Perhaps, they have shut down the company for good and have gone in hiding after scamming people. Come to think of it, they just have been registered by the start of this year (2020), so it’s pretty soon that they’ve closed.
Unless something fraudulent is really going on. Major red flags also include their transparency when it comes to who owns and runs the company. They also gave a fake address. This alone is a major danger indicator! It’s also a Ponzi scheme, which definitely points it out to be a scam!
Is MyMoneyIndustry A Pyramid Scheme/Ponzi Scheme?
As I mentioned, MyMoneyIndustry is a pyramid scheme.
Since there are no products sold or services provided and there’s no trading being done to earn real revenue, income comes entirely from recruitment. The only source of revenue in MyMoneyIndustry is the new investments made by the newly recruited affiliates.
So people will just opt to recruit as recruitment is incentivized.
It’s also a Ponzi Scheme as it also deceives people as it offers a way of automated returns but as mentioned above, the only source of income is from investments. People from the higher tie may make the most of the money but those on the lower tier would end up losing their money.
This kind of scheme is unsustainable and will definitely collapse the moment there are no more new recruits because there’s gonna be no more investments which serve as funds for the revenue of affiliates.
And that’s why it’s illegal!
If you want to learn how to differentiate a legit MLM company from a scam, you can watch the video below:
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MyMoneyIndustry Compensation Plan
Since there’s no retail products or services, you only get to earn income in MyMoneyIndustry through recruitment commissions. And in this kind of scheme, the more you pay, the more you make from your recruit's investment.
The compensation plan is simple. It comes in a 3x2 matrix. Basically, you’ll have to pay or invest in order to be able to recruit people.
A 3×2 matrix places an affiliate at the top of a matrix, with 3 positions directly under them:
These three positions for the first level of the matrix. The second level of the matrix is generated by splitting these first three positions into another three positions each (9 positions).
Positions in the matrix are filled as newly recruited and existing affiliates purchase new positions.
Once all nine positions in a matrix are filled, a cycle commission is paid out and the position at the top of the matrix cycles into the next tier.
There are 5 different prices you can pay/invest and it’s costing from $22 (minimum investment) and up to $11300.
Cycle commissions across all 5 MyMoneyIndustry’s cycler tiers are as follows:
- N1 (positions cost $22) – $40 cycle commission and cycles into N2
- N2 – $128 cycle commission and cycles into N3
- N3 – $540 cycle commission and cycles into N4
- N4 – $2560 cycle commission and cycles into N5
- N5 – $74,580 cycle commission
When a MyMoneyIndustry affiliate purchases a cycler position or cycles into a higher tier, the affiliate who recruited them receives a referral commission.
N1 cycler position purchase = $7 referral commission
N2 cycle = $32 referral commission
N3 cycle = $160 referral commission
N4 cycle = $840 referral commission
N5 cycle = $4520 referral commission
FYI: After cycling out of N5, additional cycler position purchases are required to continue earning.
MyMoneyIndustry allows affiliates to purchase ad credits. These credits can be used to display advertising to other MyMoneyIndustry affiliates. And if an affiliate purchases these ad credits, the affiliate who recruited them receives a 20% commission.
How Much To Join MyMoneyIndustry?
In order to become a member of the MyMoneyIndustry platform, you just need a direct or referral link and an email to register for free. However, in order to be eligible for all compensation benefits, you should have of course money in order to invest in the MyMoneyIndustry’s cycler tiers which are as follows:
- N1 – position costs $22 and cycles into N2
- N2 – position costs $80 with $128 cycle commission and cycles into N3
- N3 – $540 cycle commission and cycles into N4
- N4 – $2560 cycle commission and cycles into N5
- N5 – positions requires $11300 with a $74,580 cycle commission
Of course, there’s nothing really to like about MyMoneyIndustry and what it offers. It may entice you with big returns such as the hopes of having $70,000 from a $22 investment which is pretty much too good to be true.
And also, after knowing that it’s a Ponzi or a pyramid scheme, which is a scam in any way, I believe nothing about it may seem appealing and interesting anymore.
Inaccessible Domain, Probably Had Shutdown
Their website domain is inaccessible which may imply that the company might have already collapsed and shut down for good, even their other accounts on other social media platforms such as Facebook are also unreachable. Perhaps they have really shut down and are now hiding from all the people they have scammed.
Owners aren't made public in MyMoneyIndustry plus the address is given is fake.
If a company isn't being totally honest about who runs or owns it and if where it's really located, it’s hard to trust anything else it would say.
Also, such basic information is essential in any business because if they’re not transparent this usually means that it’s up for something bad or perhaps is headed by serial scammers that do this stuff all the time and hide when things go wrong or if the company collapses, making it hard to catch someone to blame because there’s no stipulated owner.
Pyramid And Ponzi Scheme
Since there are no retail products and affiliates will have to buy and promote the membership instead, MyMoneyIndustry is definitely a Ponzi scheme, which is bound to fail and collapse in the end.
You’ll be hyped up to recruit and recruit but in the end, you would lose it all. It’s illegal and it's a scam that would definitely take you nowhere good.
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Their website is nowhere to be found and I can’t find enough resources of what is provided for their affiliates but videos and tutorials are available online. And just like most affiliates, they’ll also be given access to the MyMoneyIndustry’s back office.
My verdict is that MyMoneyIndustry is a scam!
Everything about is not good and just a modus to scam people. MyMoneyIndustry may entice you to invest $22 in the hopes of withdrawing over $70,000 but then again, there’s no such thing as easy money.
It also doesn't say who owns or runs the company and they gave false information such as having a fake address. This alone can be alarming! So don’t be fooled!
With a lot of red flags, it’s enough reason to debunk this MLM that is definitely a Ponzi scheme.
And also, since there are no retail products, recruitment is still the name of the game because the compensation is geared toward recruiting. But since this type of scheme is bound to fail or has already shut down (because it’s even inaccessible), you’ll most likely lose it all and there’s definitely zero chance of success. So definitely not recommending you to this opportunity! Avert such scams!
MyMoneyIndustry is a scam and it’s really a bad opportunity to flee from but the good news is that I have a better alternative!
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Thank you for checking out my MyMoneyIndustry review! If you have any questions and clarifications, please feel free to place below.