- in Not Approved by Caroline So
What Is iQuandex? Pyramid Scheme CryptoMLM Exposed!
Welcome to My iQuandex Review!
Cryptocurrency incorporated with MLMs is not new in the business scene. However, the majority of the people are not yet very well-educated about the cryptocurrency industry.
Oftentimes, they just jump into it because of the appealing huge income that comes from it without realizing that though there are legit ones, scams are still becoming a common option.
So, with opportunities like this, it’s best to be well aware and vigilant.
iQuandex Review Summary
Founders: Denis Derkach
Product Type: Multi-Level Marketing
Price: $25 To $5000 For The Investment
Quick Summary: iQuandex is a crypto multi-level marketing company that basically offers an opportunity to its affiliate members by making an investment and expecting returns.
However, the real source of revenue here is the investments made by the affiliates. In schemes like this, recruitment is definitely the name of the game, making iQuandex a definite Pyramid scheme!
There are just a lot of red flags in this opportunity!
Overall Rating: 1/10
That is why you’re probably here checking on a new crypto MLM on the block - iQuandex. Is it legit or is it a scam? Would it be worth your investment?
Is it really a pyramid scheme?
That and more, we will tackle in this iQuandex Review!
What Is iQuandex About?
iQuandex is a cryptocurrency investment company that disguises itself as multi-level marketing (MLM) brand.
It offers an opportunity to make an investment and earn as it grows in return.
It promises to have an automated trading bot, which trades cryptocurrency, such as BitCoin, Ethereum, Ripple, etc.
But apparently, checking on its landing page, you’ll get nothing but just a login page with no other information about the company or whatsoever, and what you’ll see there is just a link on its Telegram and YouTube Channel.
What’s amusing is that checking on those videos, you’ll definitely have a hard time as I was, as the videos were all in Russian.
There were no founders mentioned but a quick check on who is about iQuandex’s website domain, “www.“iquandex.com”, appears to have been registered on March 18th, 2020. It was under Abrarov Rinat Fanozovich through an address in Tatarstan, Russia.
Yet, searching on this name “Abrarov Rinat Fanozovich” into Google, you’ll definitely have any results. Thus, it still remains unclear if it’s an actual person or just another alias. But further digging would reveal the name Denis Derkach on Quandex’s marketing material features. Derkach is apparently an “international cryptoexpert” and might probably be the one running the company.
His profile states that he’s from Russia but living in California. His bio says that he started with investing $15k in cryptocurrency investments and has grown it to $350K ever since. His Facebook feed was even full of offers like this: “Start making nothing less than $15k $350k BTC weekly trading Bitcoin under my supervision”.
But what is suspicious about him is that his Facebook account was just created just this August 2020 while his active VKontakte profile says that Russia is his current city.
Why on earth would he be pretending to be in California though?
There’s just definitely a lot of shady reputation about this man, as he was even involved with Kannaway and also in the BitClub Network Ponzi scheme in 2017.
iQuandex Product Line
iQuandex apparently comes with no physical or retailable products or services.
What it truly offers is the affiliate membership itself and the opportunity to gain passive ROIs automated from its claimed trading bot.
Is iQuandex A Scam?
Yes, it appears that iQuandex is a scam and there are just a lot of red flags in this opportunity! They may promise an ROI from investments made and from the trading bot they claim but with no physical products and services, income comes from the investments made by recruited affiliates.
Obviously, it’s a pyramid scheme.
It claims to offer a passive ROI through their bot, thus it should have securities offering. However, it appears that it’s not registered so it’s most likely operating illegally! It’s also pretty new in the scene and perhaps, it will not take that long for governing authorities to see them as a scam and shut them down for good.
Is iQuandex A Pyramid Scheme/Ponzi Scheme?
It appears that making money in iQuandex is based on recruiting an ever-increasing number of investors. Since there are no retail products to sell, recruiting is definitely the name of the game.
We can’t even prove if income is really automated by their trading bot.
With all the red flags, it’s easy to conclude that iQuandex is a pyramid scheme and this is illegal!
It’s also a Ponzi scheme as it deceives affiliates about the true source of the revenue. They may claim there’s trading going on but there’s no proof for it.
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iQuandex Compensation Plan
Basically, commissions are earned residually and are all apparently made from recruitment.
iQuandex members are paid out depending on the amount of their investment.
It’s basically the corresponding amount of their investment made from their supposed iQ Bot. Below are the promise of advertised returns:
- Pay $25 to be able to invest $250 to $1500 on the promise of a 110% ROI
- Pay $250 to be able to invest $250 to $1500 on the promise of a 150% ROI
- Pay $750 to be able to invest $200 to $5500 on the promise of a 150% ROI
- Pay $1500 to be able to invest $7500 to $15,000 on the promise of a 150% ROI
- Pay $5000 to be able to invest $20,000 to $60,000 on the promise of a 160% ROI
Note that the first option is only available to new members and can be used only once and there’s no fixed term for investing in iQuandex. Once the advertised return has been paid, affiliates must once again pay the full membership fee to reinvest.
Being an MLM, iQuandex’s also comes in Affiliate Ranks as follows: (with their respective qualification criteria)
- Bronze – Generate $1000 in downline investment volume
- Silver – Generate $3000 in downline investment volume
- Gold – Generate $10,000 in downline investment volume
- 1 Star – Generate $30,000 in downline investment volume
- 2 Stars – Generate $80,000 in downline investment volume
- 3 Stars – Generate $240,000 in downline investment volume
- Diamond – Generate $720,000 in downline investment volume
- Red Diamond – Generate $2,180,000 in downline investment volume
- Blue Diamond – Generate $6,500,000 in downline investment volume
- Grand Blue Diamond – Generate $20,000,000 in downline investment volume
Recruitment Commissions - You get a commission for recruiting new members. These rates are based on how much the recruited member paid out in membership fees:
- Pay $25 or $250 in membership fees and get 8% on recruited affiliates
- Pay $750 or $1500 in membership fees and get 10% on recruited affiliates
- Pay $5000 in membership fees and get 12% on recruited affiliates
You also get a $100 recruitment bonus if a new iQuandex member recruits two new members who pay out more than $250 or higher within the first 72 hours.
Residual Binary Commissions - iQuandex also pays out residual commissions on initial fees paid out by your members. This follows a binary compensation structure placing your members at the left and right leg of your team. Their members will also be placed under their legs, following the same structure. You get a percentage from these legs, up to a specific level.
Residual Unilevel Commissions - iQuandex also pays out residual commissions via a unilevel structure. Your members are placed under you and dubbed as level 1. Their recruits are your level 2 and go on from there. iQuandex caps these out at 10 levels. And this is how much they pay you per level:
- Pay $25 or $250 and receive 5% on level 1 (personally recruited affiliates)
- Pay $750 and receive 5% on levels 1 to 3
- Pay $1500 and receive 5% on levels 1 to 5
- Pay $5000 and receive 5% on levels 1 to 10
To learn more about iQuandex, you can watch the video below:
How Much To Join iQuandex?
To take part in their income opportunity and join as an affiliate in iQuandex, one should invest anywhere between $25 and $5000.
once you get your advertised return rate, you still have to continue paying another membership fee or reinvest to continue receiving the benefits from its compensation plan.
The thought of automated ROIs and passively earning from investments made is indeed appealing but always be cautious in such schemes. iQuandex may also come with a promising ROI but with all of those red flags, there is really nothing to like about what it is or what it can offer. It’s a pyramid scheme! So don’t get scammed!
As always, if an MLM company is not openly transparent about who runs it, think twice and really investigate well.
As you know, in every company, an established leader is essential as he or she represents the company.
Denis Derkach, the name associated with iQuandex has been involved in other Ponzi Crypto MLM schemes. His profiles were even suspicious and questionable.
Would you trust your investments to a company led by someone unreliable and suspicious like him? Definitely not!
Lack Of Transparency
As discussed, their landing page definitely lacks vital information. All they have are links, one of which is redirected to a YouTube channel full of iQuandex marketing videos that are in Russian. So, how are the public supposed to understand the opportunity, especially with language barriers?
Or perhaps they just don’t want the crowd to fully understand and figure out the fraudulent scheme they are running. It’s definitely a shady opportunity I wouldn’t want to try if I were you.
Unregistered Crypto MLM
iQuandex offers a passive earning opportunity and they should be registered. However, it is not registered with the SEC (Securities Exchange Commission).
Without proper registration, it simply means that this company and its promoters are committing securities fraud. Thus, it runs illegally!
And if you’re part of this company, you might get in trouble as well.
A Pyramid Scheme
It’s a definite pyramid scheme!
Just by looking at their compensation plan, you could tell right away. It’s an income that is solely built on recruitments. You only get paid when you recruit people into the program. It may hide in the facade of a trading bot but it’s really nothing but a pyramid scheme in disguise. Remember, pyramid schemes are illegal and are bound to collapse.
I can’t see much information about iQuandex training and support since the website is not that transparent.
It lacks information but probably just like most crypto MLM opportunities, joining as an affiliate, you’ll have access to their back office and necessary tools and materials.
However, further digging led me to Facebook groups offering support to the iQuandex crypto opportunity and there were even business presentations in English.
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With all the red flags that come with this opportunity, I am definitely not recommending iQuandex. It’s clearly a Pyramid Scheme which makes it an absolute scam.
So why join in an opportunity that is bound to fail and eventually collapse? Don’t waste your money on a worthless investment or wait to lose it all for nothing.
Don’t be fooled by such deceiving claims of passive ROIs from trading bots.
Better skip this platform and avert such scams!
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Thank you for finishing this review!
If you have any questions or comments, please feel free to share it below.