Nowadays, you’ve probably heard about Bitcoins or cryptocurrencies. Maybe someone you know (or don’t know) highly suggested you to start trading Bitcoins because it is “the currency of the future,” and you must not miss that.
Since Bitcoins become more and more popular, many companies start to appear. Here, I’m mostly talking about “digital schools” teaching to newbies or anyone else how to trade bitcoins. One of these “schools” is iCoinPro, and it will be the subject of my review. I wonder: Is iCoinPro a Scam? This is the question I’ll answer through this review.
If you have any questions, comments, experienced or opinions you would like to share, leave them in the comment section below. Without any further due, let’s dive in!
Founders: Paul De Sousa & Justin Clark
Price: $99.95 per month
iCoinPro was launched in May 2017 by Paul De Sousa and Justin Clark, both being experts in marketing and cryptocurrencies. Since both of them are good in these domains, it was a good match to create this company, which regroup both network marketing and cryptocurrencies.
I didn’t find much information about these two, so if you don’t mind, I will describe them with the information given on their website.
Known for his dedicated leadership and training abilities to help others in the network marketing industry, along with his vast knowledge, understanding, and experience utilizing Bitcoin and Cryptocurrencies in various capacities, nobody has more passion and enthusiasm for iCoinPro than our CEO, Paul De Sousa.
What’s most exciting about having Paul on board is his love of helping others. When you combine that energy with the most powerful Cryptocurrency training program available anywhere, along with a network marketing opportunity unmatched in the industry, it’s no surprise iCoinPro is one of the most exciting companies in the world!
Justin Clark is well known as an entrepreneur and someone who has made a name for himself in Online Marketing, Business Development, Network Marketing and Campaign Management for almost 2 decades full time.
Justin got a taste for trading cryptocurrencies and after extensive research, testing and hours and hours of actual real trading, designed and developed the flagship product – The Micro Profit System, which has been a resounding success.
Except for these short presentations, I couldn’t find any other information. This is one thing I find disagreeable because when you want to join a new business, it’s essential to know about the people who created it, it builds trust.
The one thing that I feel trustable is the fact that they seem to know what they are talking about. I mean, you can feel the confidence in their descriptions. Other than that, it’s not exceptional, and I think there could be trust issues toward the founders.
The last point I would like to add it’s the fact that the company is very young; only two years and a half. Usually, we can say a company will last when it breaks the five years of living (it’s not always the case but let’s say in general). So, before entering this company, think about it and maybe look for some alternatives that could have more than five years of experience. Does that make iCoinPro a Scam?
Now, the exciting part: the business model!
The way this company works is not very complicated. Like many other companies, they use the MLM business model (see my article What Is an MLM Business Model). Shortly, what that means is that you are a customer by buying their products, which is a course about bitcoins and cryptocurrencies, and you can recruit members to earn a commission through a compensation plan.
iCoinPro sells a monthly subscription that will give you access to their training and tools on bitcoins and cryptocurrencies. Here is what you have access to 24/7 (this information comes from their website):
Their primary tool is The Micro Profit System, where they share with you through this system good trades to enter. It mostly helps beginners to understand how the market moves and when to enter good trades. I don’t know the accuracy of this tool, neither who gives these signals, so I cannot tell you if it’s a useful tool or not.
On their website, we can find testimonials where people say they are pleased with the product, that they learned a lot about bitcoins and cryptocurrencies, and they made a lot of money. It’s hard to tell if these testimonials are real or fake, but I wouldn’t make a decision based only on these testimonials.
Other than that, I didn’t find any other products or services offered by the company. If we talk only about the products, I would say I would be tempted to try it. Before making any verdict, I want to go through the entire review.
So, since iCoinPro works under an MLM business model, you can become a distributor and sell the product to others. This way, you’ll be eligible for their compensation plan to earn commissions on your sales.
Their compensation plan is not that complicated, but at first sight, it is. So, I’ll try to go through it with you and be as clear as possible. If there is something you don’t understand, I will share with you at the end of this chapter, the video that helped me understand better. This video is done by one of the founders. Other than that, all the information comes from their website, so if you want to learn more, you can go on their website here.
So let’s start by the beginning. Depending on how many members you recruit, you will have a rank (like in any compensation plan). Here are those ranks.
Unranked: “you don’t have any enrolled active members.”
1 star: “you must have 3 personally enrolled active members, each of whom have paid their membership for the current month.”
2 stars: “you must have a total of 20 active members in your enroller tree with no more than 40% of that volume counting from any one individual leg.” What that means is that you have 20 active members under you in total, but there cannot be more than 40% of these 20 members in one leg.
3 stars: “you must have a total of 100 active members in your enroller tree with no more than 40% of that volume counting from any one individual leg.”
3 stars elite: “you must have a total of 500 active members in your enroller tree with no more than 40% of that volume counting from any one individual leg.”
3 stars presidential: “you must have a total of 5,000 active representatives in your enroller tree with no more than 40% of that volume counting from any one individual leg.”
That said, depending on these rank, you will have different commissions. Now, to earn these commissions, they offer different “plans.”
The first plan is called Fast Start Bonuses, which means that for every new active member, you earn a commission on their first monthly fee depending on the rank you are. It looks like this:
So, the more your rank is high, the more commissions you make on the under levels. These bonuses are paid weekly.
The second plan is Fast Start Infinity Overrides. You are eligible for this plan when your rank is above 3 stars. What it does is that it adds a $3 for every new active member who pays its first monthly fee.
Let’s do an example: you are ranked 3 stars, so instead of earning $50 as a commission with the Fast Start Bonuses, a $3 is added, so it becomes $53. If you are ranked 3 stars elite, there is another $3 added, so it becomes $56 for every new member. This plan is paid weekly.
The third plan, called Binary Commissions, is different and it’s where it gets a bit complicated. It is paid monthly and to qualify it goes like this :
“To qualify for Binary Commissions, the distributor must have at least 1 personally enrolled active member (customer or distributor) on each leg. 3 Stars and above must have at least 10 active members (customers or distributors) in their enroller tree on their weaker leg.”
I admit I didn’t understand everything about this plan, so if you would like to hear it directly from the founder, it’s at 0:00 in the video I shared below.
The last plan is the Matching Bonuses.
This one is also paid monthly. For the same reasons as for the Binary Commissions, I didn’t quite well understand how it works, so I invite you to check it out in the video at 0:00. I’m sorry about that, but it’s quite a long and complicated compensation plan.
To learn more, I suggest you watch this short video describing what iCoinPro’s compensation plan is about (if you want it to go faster, change the speed to 1.25x!).
Even if there are some parts I didn’t correctly understand, I hope you have a better idea of how their compensation plan works. As I said, if you would like to learn more, you can go on their website or check the video I shared above.
Now, maybe you’re asking yourself: how do we become a distributor? The answer is simple. First, to become a distributor, you need to be a customer. That means that you bought their monthly plan to use their course. To become a customer, you need to know someone else in the company (this is how MLM companies work), or if you don’t know anyone, iCoinPro will find one for you. Once you are a customer, you can become a distributor. Simple, huh? Now, can we tell if iCoinPro is a Scam?
Now the question we all want an answer: is iCoinPro a scam?
Let’s recap what we went through this review.
First, the founders seem to have experience in network marketing, bitcoins and cryptocurrencies, so that might be a good point. However, there isn’t any more information about them, and when I tried to do some research on the web, they are not known, so there isn’t anything about them. This bugs me a bit.
Second, their course looks interesting, but the fact that they don’t give much information about it makes me feel unsure. I feel like it has not made its proof yet. It is the same thing with their tool The Micro Profit System; maybe it is an excellent program to learn crypto and bitcoins, but since it is still young and not much information is available, I feel unsure about it too.
Third, their compensation plan is probably one of the positive points since it seems to pay fairly its distributors. The one inconvenient is that it looks complicated at first sight when you don’t have any explanation.
My verdict for this young company would be that it is not a scam (yet), BUT I would warn you to join them. Why? Because the company is young, there isn’t much information about the founders, we don’t have real proof that their tool works, AND it operates under an MLM business model. This is not a business model I recommend for different reasons that you can find in my post about MLM business models. I just want you to be careful.
Are you still interested in learning crypto and bitcoins? I have another program to recommend you (and by recommend, let’s say it is a little better than iCoinPro, but it’s definitely not the best).
This program is called IM Mastery Academy. They have a lot more products and tools to learn crypto and bitcoins. Plus, if you are interested in Forex, they also have training for that.
I encourage you to read my full review before joining them, though. Even if it has a larger variety of learning tools, that doesn’t make them perfect. It is still a company under the MLM business model, which, as I said, is not a business model I recommend.
Still, you are free to take a look!
Plus, you can take a look at a lot more legitimate company called Falcon Trading Guidance. It is a school and community teaching a proven technique to trade on the Forex market. I’m sure you will like it more than iCoinPro or IM Mastery Academy.
I hope all your questions were answered (or at least most of them), and don’t hesitate to leave me a comment below if you would like to share an experience, opinions or anything else.