Ross here, welcome to my review of PetronPay!
This review is quite long but I will make sure that you will have sufficient information about PetronPay once your done reading.
You probably learned about this program through a colleague, a friend, or even a member of your family. Whoever introduced you to this, I am certain that this was introduced to you with enthusiasm.
If you have not yet joined or become a member of PetronPay, thank heavens because you came here first trying to find out about the platform before enrolling. In this PetronPay review, I’ll share with you all you need to know about PetronPay and try to answer the bigger question is PetronPay a scam?
Before diving into reviewing PetronPay, I would like to clarify that I’m not promoting PetronPay, nor may I recommend it to anyone. In this PetronPay review, my target is to give an honest and factual detail about PetronPay, what it offers, and whether it is legit or a scam.
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What is PetronPay?
PetronPay regards itself as an Investment Company where you purchase a package at a certain price. The company is, however, not registered, and this one for the red flags about it. More so, the unregistered companies can not be trusted to start with.
Their website looks good and seems professional, but as we all know, “looks can be deceiving”. For PetroPay, this phrase is very much applicable.
The company also claims they invest in oil and promises a high return on investment. But their company has set out one only way to buy the package using Bitcoin.
As I have reviewed other companies operating under MLM, such as cloud token, whenever a company tries to use cryptocurrency as their mode of payment, there is a huge possibility that it is indeed a scam. But for the sake of fairness, let us dig further to be certain if it is true.
PetronPay is a Ponzi Scheme
The business model used by Petronpay is similar to that of an HYIP (High Yeilding Investment Program). Unfortunately for this type of business, this is almost always a fraud.
If you are familiar with a Ponzi Scheme, for sure you would understand that the mechanics resemble that of a Ponzi. Ponzi scheme is illegal since the company can only pay the investors if there is money from new investors. That means, the first few investors could possibly earn, but eventually, the whole business will collapse.
In a typical Ponzi, usually, only the top 3% will benefit, the rest will lose their money, so we have to be very careful about this business type. The company is not sustainable since it does not have a real product to sell.
PetronPay was established in 2019, and their website, petronpay.com, was published in December of that year. The CEO is a person named John Grant, according to its website.
No other information is available about this person. One would assume that both LinkedIn and the CEO are such a great company. It’s not the case, however. This guy has a profile only available on Instagram from Petron’s website.
PetronPay’s website contains no information about who owns or operates the company. PetronPay’s website domain (“petronpay.com”) was registered for the first time in December of this year.
On PetronPay’s official YouTube page, however, there are marketing videos. They have actors that have a strong eastern European accent. PetronPay has focused on Africa since then, as shown by its marketing and website traffic figures.
PetronPay’s website has a corporate address in Switzerland to appear official. Swiss regulators have also taken note of this, issuing a securities fraud alert against PetronPay’s office existence in Switzerland.
How to Join PetronPay
Joining PetronPay is actually very easy. You must fill in your name, user name, email address, and phone number in a simple registration form.
You must have a referrer to complete the registration form; otherwise, you would be unable to do so. Confirm your registration in your email, and you’ll be able to use the PetronPay dashboard.
After accessing the dashboard then you can make your investment. There are different packages to choose from depending on the amount you would like to invest.
PetronPay package prices
PetronPay’s Compensation Plan
After buying your package, PetronPay promises 0.2 percent to 2.5 percent ROI per day. Returns on investment are limited to 300%, which requires reinvestment to remain profitable.
PetronPay Affiliate Ranks
PetronPay works like a pyramid scheme; thus, you have to be an affiliate to earn every referral you make. There are 11 affiliate ranks, and this determines the amount you get to earn. There are qualifications for each rank; they are as follows:
|Star||Earn 3000 points in your weaker binary team side|
|Two Star||generate an accumulated 6000 points in your
weaker binary team side
|Three Star||Earn 15,000 points in your weaker binary team side|
|Ruby||Earn 25,000 points in your weaker binary team side|
|Emerald||Earn 100,000 points in your weaker binary team side|
|Sapphire||Earn 250,000 points in your weaker binary team side|
|Diamond||Earn 750,000 points in your weaker binary team side|
|Ambassador||Earn 1,500,000 points in your weaker binary team side|
|President||Earn 3,000,000 points in your weaker binary team side|
|Emperor||Earn 6,000,000 points in your weaker binary team side|
|Diamond Emperor||Earn 10,000,000 points in your weaker binary team side|
PetronPay uses a uni-level compensation system to pay direct commissions. An affiliate is placed at the top of a uni-level team, with any individually recruited affiliate placed directly underneath them (level 1):
If a level 1 affiliate hires new affiliates, they will be assigned to the original affiliate’s unilevel team’s level 2. In case any level 2 affiliates hire new affiliates, they are elevated to level 3, and so on, up to an imaginary limit of an infinite number of levels.
PetronPay uses a binary compensation structure to pay residual commissions. In a binary compensation system, an affiliate is positioned at the top of a binary squad divided into two sides (left and right): The binary team’s first stage has two places. The binary team’s second level is formed by dividing the first two positions into two more positions each (4 positions).
The binary team’s subsequent levels are developed as required, with each new level containing twice as many positions as the previous level. Affiliates are hired both directly and indirectly to fill roles on the binary squad. It’s worth remembering that a binary team can go as far as it likes.
The Points are generated across the binary team when the affiliates placed in the team invest. PetronPay assigns new points on both sides of the binary team at the end of each day. Affiliates are paid 50% of the points won on their binary team’s weaker side. When points have been paid out, they are balanced and flushed against the stronger binary team side. Any points won by the stronger binary team are carried over.
Rank Achievement Bonuses
After qualifying to higher ranks, you get to be rewarded as follows;
|Three Star||iPhone and Apple Watch|
|Emerald||trip to Cancun and $1000|
|Sapphire||trip to Europe and a “game ticket.”|
|Diamond||Mini Coupe from BMW|
|President||Mercedes Benz Class G|
|Diamond Emperor||house worth up to $250,000|
Is PetronPay a Scam?
PetronPay is yet another Ponzi scheme used by Europeans to scam African victims. There is no indication that PetronPay is linked to the oil industry. Besides, the firm is not licensed to sell shares in any jurisdiction.
This means that, at the very least, PetronPay is committing securities fraud and working illegally worldwide (as shown by the FMA’s warning). New investment is actually the only verifiable source of revenue entering PetronPay.
In general terms, PetronPay is a scam, and you should not even try how it works nit is all complicated, and sooner or later, the company will go away after realizing people know their scam game.
PetronPay is in the MLM industry, but its works are far different from other companies as some offer products while PetronPay has no products. The only way it works is through making investments and gets to recruit other members. It is more of a pyramid scheme.
For instance, if you buy the Barrel 25 package and sign up as an affiliate. You’re informed that the daily return on investment varies from 0.2 percent to 2.5 percent. Regrettably, your investment will not yield a return. This money is forced upwards in the system for the top line to benefit. The only way to make money is to sell PetronPay memberships to new people.
Many people fall into this kind of trap because of greed. We all want to make money, but investing in a typical Ponzi scheme could possibly hurt your finances. There are a lot of people who were already a victim of these kinds of scam.
The sad part is that most of them don’t have much money to invest, some even have to borrow a huge amount of money just to invest in the hopes of high ROI.
The rule of thumb in identifying whether a platform is a scam or legit is that if it offers very high interest, there is almost a hundred percent probability that it is a scam.
If a company says that it can double your money in a month, then you should be very careful. Real businesses don’t do that.
To tell you honestly, making money online is not easy, it requires effort, some money, and time. Don’t be tempted with get-rich-quick schemes, it will lead you to nowhere.
As for PetronPay, beware of it and save your money. I hope this PetronPay review made you realized that this will eventually become a scam similar to workmines.
Workmines was also very popular, and in less than a year, it collapsed. Hundreds of investors did not get their money back.
Don’t be one of them, stay away from PetronPay as soon as possible!