Igofx is one of the more recent network marketing companies that is making rounds all over the web. Many internet marketers are trying to sell this opportunity out there, especially on social media networks. The fact that you are here suggests that you have heard about this opportunity or someone has tried to sign you up and now you want to find out more about the business.
Read on to learn more about the company, their product line, compensation plan, what it takes to join and if it is legitimate or just a scam.
Igofx Review – The Company
Igofx appears to be one of those business opportunities that hide very important information to the general public. According to their official website, there isn’t any information in regards to who owns the business or where in the world it is located.
The company’s website domain appears to have been registered initially on 13th of August, 2012. The registration was later updated on 16th February this year (2017). After registration, the domain was set to private. This means that you can’t find any information about the person that owns this domain or where the registration took place.
A little more research reveals that Igofx have registered themselves under the company name “IGO Global Limited” in Vanuatu. They claim that they are a company that specializes in securities.
Well, it is very disturbing that Igofx have used another company’s name to register their business with the Vanuatu Financial Services Commission. You wonder why they can’t use their own business name. Again, this suggests that they are hiding something from the general public.
Alexa rankings indicate that the largest source of traffic to the Igofx domain is coming out of Malaysia (55%). China is also listed as the second largest source of traffic (19%). With this information, it is safe to assume that Igofx may be based out of Malaysia.
Igofx Review – The Product Line
Igofx is in essence a trading platform company.
Moving on to the Igofx product line side of things, it seems like Igofx is trying to make things work without any form of product line. Affiliates do not have any product or service to promote or sell, their only task is to market and sell the affiliate membership to interested parties.
The absence of a product line here also means that there is nothing to sell to the retail customers. It seems like Igofx is only relying on the funds generated from the sale of affiliate membership to pay the already existing affiliates and run the business. Smells sneakily like a Pyramid Scheme to me.
Igofx Review – The Compensation Plan
When it comes to the Igofx compensation plan, once you sign up as an affiliate you are required to invest $100 or more with the company in order to receive a passive monthly return on investment (ROI) of between 10% and 30%. The amount of ROI that you will receive is directly proportional to the size of your investment. This means the higher you invest the higher amount you will earn in terms of ROI.
Apart from the passive monthly ROIs, Igofx also pay its affiliate referral commissions. This type of commission is paid out when you sponsor someone new into the business. If you do this, you will earn a referral commission of 5% on funds invested by all the affiliates that you recruit personally.
In addition to the above commissions, the opportunity also pays residual commissions. Igofx puts aside 10% of monthly ROIs payments to affiliates and use these funds to pay out residual commissions.
The opportunity pays out residual commission via a unilevel compensation system. This payment structure places one member at the top of a team, and all the affiliates that are recruited by him or her are placed directly beneath them (level 1).
If any affiliate from level 1 manages to sponsor a new member, he or she will be placed directly under them (level 2). All the affiliates sponsored by members from level 2 are placed directly beneath them (level 3) and so on and so forth down to a theoretical infinite number of levels.
The opportunity only pays out residual commission up to the forth level. The commissions are paid out as a percentage as follows:
· Level 1 – Earns you a commission of 5%
· Level 2- Earns you a commission of 3%
· Levels 3 and 4 – Earns you a commission of 1%
It is important to note that Igofx does not pay out residual commission to affiliates who have not sponsored at least three new members into the business.
Apart from the passive monthly ROIs payments that Igofx affiliates receive, they are also able to “mirror” trades supplied to them by Igofx.
All this is possible because of the third party MT4 trading software. Performances differ from one month to another.
Igofx Review – The Cost to Join Igofx
If this business opportunity sounds like the type of business that you are interested in, you will have to pay or invest a minimum of $100 in the company in order to take part in their compensation plan. However, you can decide to invest more if you want to earn a bigger ROI.
Is Igofx A Scam Or Pyramid Scheme?
Like many other MLM business opportunities out there, there will always be people who say that Igofx is nothing but a scam and others who think it is legit. So, after going through the above review, what is your opinion? It may be hard to tell if Igofx is legit or a scam, but to be honest, Igofx is not a complete scam.
It looks like Igofx is following the footsteps of the already collapsed MLM business opportunities like FX United and VenusFX. These opportunities turned out to be nothing but Ponzi schemes.
Just like its predecessors, Igofx’s website is filled up with general information about forex. In addition, the company is registered in a country that is still unknown or a country that is unlikely to detect fraud. This makes it easier for Igofx to manipulate people and scam them.
The fact that the company has decided not to disclose any background information about the person(s) that run it, is enough to make you think really hard before you decide to invest your hard earned money with them. If you don’t want to find yourself in the situation that FX United and Venus FX affiliates found themselves, stay away from this business opportunity.
I hope you enjoyed my Igofx Review post. If you would like to know what company I fully endorse and am actually presently involved with myself then read on….
So This Company Is A Dud, Not One Of Your Top Recommendations But What Do You Promote Manny?
So I fully recommend the opportunity that you can access below. I have gone right through the whole system with a fine tooth comb and think it is one of the better opportunities out there which is why I now personally endorse it.
I have been marketing it for just a short while and am already making thousands of dollars using it and I know that this works for absolute newbies as you will see if you click the image below.