Today, there are many network marketing business opportunities out there for you to choose. It doesn’t matter if you are an expert or a newbie in the MLM world, it can be really difficult for you to find an opportunity that works for you. The only recommended way to find a company that suits you is to do thorough research online about each company that you are interested in.
Engofor is one of the recent MLM business opportunities that have been getting a lot of attention lately on the web. There are many people out there who are trying to recruit new members into the business. So, is this opportunity right for you? Read on to learn more.
Engofor Review – Important Information about the Company
While Engofor is the present name for this business opportunity, it wasn’t always so. The opportunity first came onto the network marketing industry as “Cryptocoins Invest” back in June last year (2016).
The company that hosted the official website for Cryptocoins Invest appears to have been terminated since Engofor was first launched as Cryptocoins Invest. If you try to visit this website you will be welcomed by a message that says “account suspended”.
Instead of being honest and explain what’s going on, the people behind Cryptocoins Invest have decided to come up with a cover story that goes this way:
“To our dismay we realized that the hackers have caused more damage to the CCI network than we initially thought. They succeeded to manipulate the system that there are now quite a number of accounts at another final balance than expected. This, both positive and negatively. It has proved impossible to recover the data.”
Unfortunately, there isn’t any official record as to how much money was lost when Cryptocoins Invest was shut down. Instead of being honest and try to explain to people what happened, the folks running Cryptocoins Invest have decided to rebrand the business and re-launch it under the name of Engofor.
Even after re-launching the business under a new name, the business model appears to be the same as the one that was being used by the previous company (Cryptocoins Invest).
There is a business address on the official website that suggests the business may be based in the Netherlands; however there isn’t any background information about the people that run or owns the company.
A little more digging revealed that the business was managed by Diego Van Der Veen (the owner). What’s more, Wendy van Dijk and David Vink are also listed as the co-CEOs.
All these three guys appear to be real people and not just statues as the case sometimes is with many direct selling companies, however due to language barriers; it is not possible to collect any background information about these folks and their history in the MLM world.
Engofor Review – The Product Line
When it comes to products side of things, it appears that Engofor is lacking product line. The business has made a terrible decision to not include any type of product line in their business model. However, this does not come as a surprise because its predecessor Cryptocoins Invest also lacked a product line in its business model.
The absence of retail products here means that the business only relies on the money generated from the sale of affiliate membership. This isn’t a good sign for a direct selling company, but it appears that they prefer to operate this way.
Engofor Review – The Compensation Plan
Moving right along, the compensation plan that Engofor provide allows affiliates to earn commissions by investing in one of the following packages. Investing in any of the following three packages enables an affiliate to earn a return on investment (ROI), and the payout are as follows:
Package 1: Allows affiliates to invest any amount between $10 to $50,000 and in return you earn a 40 day ROI that pays a return of 4% per day (daily withdrawal is limited to $500)
Package 2: Allows affiliates to invest any amount between $10 to $50,000 and in return you earn a 500 day ROI that pays a return of 0.5% per day (daily withdrawal is limited to $500)
Package 3: Allows affiliates to invest $10,000 or more and in return you earn a 730 day ROI that pays a return of 10% per month
Along with these ROI payments, Engofor also pays its affiliate referral commissions. These commissions are paid out via a unilevel payment system, and it pays out only up to three levels of recruitment.
Level 1: This are affiliates that you sponsored personally into the business. Level 1 affiliate earns you a referral commission of 5%.
Level 2: These are affiliates that are recruited by members from level 1. Level 2 affiliate earns you a referral commission of 2%.
Level 3: These are affiliates that are recruited by members from level 2. Level 3 affiliate earns you a referral commission of 1%.
The Cost to Join
If you are interested in joining this opportunity, you will be required to make an investment of at least $10 into the company. However, if you want to make more money, you will have to invest more money into the business.
Engofor Review – Is Engofor Scam?
There will always be rumors about a new business opportunity being a scam. So, is Engofor a scam or a legitimate business? To be honest, it isn’t a complete scam. However, if you want to earn some serious cash here, you will have to work on your sales and marketing skills.
Given that Engofor doesn’t offer any retail products, the only way to make money here is by selling the company’s affiliate membership. Using the money generated from affiliate membership to pay the existing affiliates makes this company a Ponzi scheme. According to their official website, company acquisitions, forex, binary options, and real estate are all mentioned as some sources of revenue, however just like any other Ponzi scheme, there isn’t any information provided.
Like any other Ponzi scheme out there, if the company fails to recruit new members it will lack funds to run the business. If this happens, the people behind the company will run away with all the remaining money and everyone else will end up losing. So, think hard and long before you decide to join this company.
I hope you enjoyed my Engofor Review post. If you would like to know what company I fully endorse and actually presently endorse myself then read on….
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