BitXGroup provide no information on their website about who owns or runs the business.
The BitXGroup website domain (“bitxgroup.trade”) was privately registered on December 23rd, 2017.
BitXGroup provide a UK incorporation number on their website, which corresponds to “BitX Group Limited”.
BitX Group Limited was incorporated on December 1st, 2017 through a residential address in London.
“Kyle Horton” is listed at the sole Director of the company, through another residential address in Hampshire.
Given that no information on Kyle Horton and BitX Group Limited exists outside of the incorporation, it’s a good bet Horton doesn’t actually exist.
UK incorporation is dirt cheap and for the most part unregulated. It is a favorite for scammers looking to incorporate dodgy companies.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
BitXGroup has no retailable products or services, with affiliates only able to market BitXGroup affiliate membership itself.
The BitXGroup Compensation Plan
BitXGroup affiliates invest funds on the promise of an advertised ROI:
- Standard Plan – invest $20 or more and receive a 3.5% daily ROI for 50 days
- Business Plan – invest $300 or more and receive a 135% ROI after 540 hours
- Traders Plan – invest $50 or more and receive a 115% ROI after 10 days
Referral commissions are available on funds invested by downline affiliates, paid down three levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 5%
- level 2 – 2%
- level 3 – 1%
BitXGroup affiliate membership is free, however free affiliates can only earn referral commissions.
Full participation in the BitXGroup MLM opportunity requires a minimum $20 investment.
BitXGroup claim to run a “risk-free” opportunity, with ROI revenue generated through ‘mining & trading of the most popular & lucrative cryptocurrency in the digital world today‘.
We are a team of Bitcoin enthusiasts who have been mining Bitcoins since its inception in 2009.
Subsequently, we also have been trading Bitcoins & making great profits.
BitXGroup provide no evidence of any cryptocurrency mining and/or trading taking place.
Furthermore the company’s claims fail the Ponzi logic test.
If BitXGroup’s anonymous owners have been making “great profits” with bitcoin since 2009, why on Earth are they now opting to share revenue with randoms over the internet?
The reality of BitXGroup’s business model is that new affiliate investment is the only verifiable source of revenue entering the company.
Using newly invested funds to pay existing affiliates a ROI makes BitXGroup a Ponzi scheme.
BitXGroup pay referral commissions on recruitment of new investors, adding an additional pyramid layer to the scheme.
As with all Ponzi schemes, once affiliate recruitment slows down so too will newly invested funds.
This will starve BitXGroup of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of investors lose money.