It’s likely that you have come across Coinspace through an email list, on social media or got it recommended by a friend or family member.
Is Coinspace a scam? The reasons why you’re here is because you have want answers right so, that’s what I’m going to provide for you within this Coinspace review.
First and foremost I must commend you for actually doing a bit of extra research before committing to joining PRODUCT. For all you could have known, the product could be a major scam so the fact you’re here right now, researching whether or not that’s the case is a pretty smart move on your part.
To be fully transparent with you, I am personally not a member of Coinspace so I can assure you that I will not attempt to sell you it unless of course it’s worth investing in.
What I will aim to do is provide you with an unbiased 3rd party look at Coinspace that will hopefully help you to make the best decision you can in the end.
PRODUCT NAME: Coinspace (coinspace.eu)
OWNER/S: David Pawl?
TYPE OF PRODUCT: Crypto/investment MLM
PRICE: €300 – €12000
SUMMARY: Yes I personally would say that Coinspace is a scam and a pyramid scheme as it showcases red flags that the FTC would personally deem as that of a pyramid scheme.
These red flags include the sole reliance on recruitment to make any kind of money with the opportunity, the lack of any non affiliate based retailable products and one I’ve personally found to be common among scams being the lack of transparency regarding the owner along with income statements showing off the success rates within the company.
So, it should come as no surprise that I personally would not recommend wasting your time on Coinspace as all it will do is waste your time and most definitely your money of you join.
FINAL RATING: 0/5
RECOMMENDED: NO!!
Table of Contents
WHAT IS COINSPACE?
Coinspace appears to be a another alt coin /crypto currency MLM company where the whole business model is reliant on an individuals ability to invest in their coins or recruit others to do the same. Also, just so you don’t get confused, this Coinspace is not the legitimate crypto wallet called “Coinspace Wallet” but something completely different.
Anyhow, in regards to when the company was founded and who runs it, the domain itself appears to have been registered in March 11th 2015 under the name David Pawl, which of course insinuates that David is the individual behind the operation however, besides the name there isn’t any info on who David actually is.
The company is also said to be located in Malta but this is yet another element that can’t be confirmed.
In short, Coinspace does not come across as a legit entity and does in fact showcase some pretty huge red flags in not being entirely transparent about the owners background and its use of a really slow website among other damning characteristics.
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COINSPACE PRODUCTS
Coinspace does not offer any retailable products, instead you can only join the affiliate membership and invest in their alt coins called S-coins and ask other to do the same whilst using you as their referrer.
The lack of retailable products is actually one of the most common red flags among pyramid schemes and is something that is officially recognised by governing bodies like the FTC being as such.
Therefore, based off of this lack of retailable products for non affiliate customers, it’s probably not the greatest of ideas to invest in it
HOW DO YOU MAKE MONEY WITH COINSPACE?
As is the case with pretty much all MLM businesses there are 2 ways to make money with them, Coinspace being no exception.
1. The first method is by purchasing the S – Coins in order to hopefully make a passive ROI
2. You can also make money through your recruits and downline, via residual income by following and meeting certain criteria as well as through bonuses and incentives due to meeting company set goals.
HOW TO GET STARTED
If you want to join Coinspace, you’d need to be willing to purchase one of the mining packages.
These packages include :
- Minimum Mine – €300 EUR (30 S – Coins)
- Basic Mine – €700 EUR ( 100 S – Coins)
- Quarter Mine – €1500 EUR (250 S – Coins)
- Half Mine – €3000 EUR (500 S – Coins)
- Full Mine – €6000 EUR (1000 S – Coins)
- Double Mine – €12,000 EUR ( 2000 S – Coins)
These coins at the writing of this review are roughly equivalent €0.50 which of course does mean you’d be making an astronomical loss when investing in it. Then again this is the nature of the crypto market.
The membership for each pack is valid for 12 months whilst only the Double Mine package is valid for 24 months.
COMPENSATION STRUCTURE
There are many elements to the compensation plan that you’d need to learn if you were planning on joining Coinspace (which of course is not something I’d recommend you do) which is why I’ll be covering it here so that you at least understand the basics of how affiliates can earn with the Coinspace.
Recruitment Commissions
Whenever an individual decides to sign up under you and purchases one of the 6 packages, you will receive the following commission :
- Minimum Mine – €35 EUR
- Basic Mine – €84 EUR
- Quarter Mine – €180 EUR
- Half Mine – €360 EUR
- Full Mine – €720 EUR
- Double Mine – €1440 EUR
Passive ROI
Coinspace say that you’ll receive a passive return on investments for the following amounts :
- Minimum Mine – €36.50 a month for 12 months
- Basic Mine – €84 EUR a month for 12 months
- Quarter Mine – €182.50 EUR a month for 12 months
- Half Mine – €365 EUR a month for 12 months
- Full Mine – €730 EUR a month for 12 months
- Double Mine – €1520 a month for 24 months
Of course I highly doubt that this will ever happen, especially considering it has been in the market for multiple years and the coin itself has plummeted in value multiple times over.
Residual Commissions
Coinspace claims to pay its affiliates residually using a binary structure. A binary structure in simple terms places an affiliate at the top, allows this affiliate to recruit 2 members, one on the left leg and one the right leg. Then the recruits recruit 2 people each and the whole pattern can continue on for a theoretically infinite number of levels vertically.
The amount of money an affiliate can earn is dependant on the number of points generated within each leg of the structure. The points start off at 50 points from minimum package mine members and 2000 points for Double mine members.
These points are then tallied up at the end of the week and will result in the affiliate at the top of the structure making 50% of the profits generated on the weaker of the two legs.
As for how much an affiliate can earn through these binary commissions, they include the following :
- Coordinator (recruit at least two affiliates and generate an accumulated 6000 binary points on both binary sides) = €1000 EUR a day
- Team Leader (maintain 1 active affiliate and generate an accumulated 12,000 binary points on both sides of your binary team) = €2000 EUR a day
- Supervisor (maintain 2 active investors and generate an accumulated 36,000 binary points on both sides of your binary team) = €3000 EUR a day
- Executive Director (maintain 2 Coordinator ranked affiliates and generate an accumulated 120,000 binary points on both sides of your binary team) = €5000 EUR a day
- Diamond – (maintain 1 Team Leader and 1 Supervisor ranked affiliates and generate an accumulated 300,000 binary points on both sides of your binary team) = €8000 EUR a day
- Blue Diamond (maintain 2 Supervisor ranked affiliates and generate an accumulated 500,000 binary points on both sides of your binary team) = €10,000 EUR a day
- Black Diamond (maintain 1 Supervisor and 1 Executive Director ranked affiliate and generate an accumulated 1,000,000 binary points on both sides of your binary team) = €15,000 EUR a day
- Royal Diamond (maintain 2 Executive Director ranked affiliates and generate an accumulated 2,500,000 binary points on both sides of your binary team) = €20,000 EUR a day
- Crown Diamond – (maintain 1 Diamond and 1 Blue Diamond ranked affiliate and generate an accumulates 5,000,000 binary points on both sides of your binary team) = €25,000 EUR a day
There are also other bonuses such as the Matching Bonus, the S – Coin Bonus and the World Pool Bonus but, they’re not really worth learning if your just starting out.
THE NOT SO GOOD THINGS
Recruitment Is Essential For Success
As Coinspace don’t offer affiliates the ability to make commissions off of tangible products or commissions from non affiliates, the only true way to make money is through recruitment.
This is actually a very big problem and a red flag that all pyramid schemes seem to show, as in the reliance on recruitment to make money and bring in more money to distribute among the upper echelon of the company.
In fact I’m pretty sure that the main way David pays his affiliates is through the initial and possibly recurring costs affiliates pay to join the opportunity to do so.
Therefore, in order to keep the money coming in and in to just continuing paying affiliates, recruitment is essential.
No Retailable Products Are Offered
As I mentioned earlier, Coinspace does not offer products that non affiliates can buy which of course is something that the FTC deem as huge red flag and indicative of a pyramid scheme, much like the heavy emphasis in recruitment coinspace also employs.
Lack Of Transparency
Firstly, the owner isn’t very transparent about who he is or what he does. In fact without digging up the domains registration and in turn seeing the name David Pawl it would essentially have been impossible to know who the owner was. However, even then there isn’t much information on his background, his vision and anything along these lines.
On top of this the lack of an income disclosure statement is another issue with transparency but, having seen so many other income statements over the years, I’d assume the chances of success are pretty minimal at best, we’re talking a 1% chance of making a full time income of around $2k+/month.
THE GOOD THINGS
There is literally nothing good about Coinspace, it’s just another overhyped crypto scam that you should avoid personally and if necessary, tell other people you know to do the same.
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IS COINSPACE A PYRAMID SCHEME/SCAM?
Yes I personally would say that Coinspace is a scam and a pyramid scheme as it showcases red flags that the FTC would personally deem as that of a pyramid scheme.
These red flags include the sole reliance on recruitment to make any kind of money with the opportunity, the lack of any non affiliate based retailable products and one I’ve personally found to be common among scams being the lack of transparency regarding the owner along with income statements showing off the success rates within the company.
So, it should come as no surprise that I personally would not recommend wasting your time on Coinspace as all it will do is waste your time and most definitely your money of you join.
MY PERSONAL RECOMMENDATION
I personally will always recommend against using a MLM business model to make money, not because you can’t make money through it (you totally can) but, the system has always seemed shady to myself and is kinda synonymous with the likes of a pyramid scheme or scams (MOBE and Digital altitude).
Instead I prefer working with something created through ones own means and is ultimately dependent on yourself and your work ethic alone.
This method I’m talking about is affiliate marketing.
The reasons as to why I recommend it over MLM based structures are because
– there is no need to recruit constantly
– it is a legitimate method that has been working consistently and continues to grow as more businesses want individuals to promote products
– and because it is free to start up, no unnecessarily large start up funds needed.
The service I recommend is Wealthy Affiliate. It’s free to sign up to and will get you set up and ready to start your affiliate marketing journey within minutes, as it did for me when I begun my journey.
If you have any questions that you would like to ask me regarding Coinspace, feel free to do so in the comments section below and I will get back to you as soon as I can. If you have your own thoughts about Coinspace and would like to talk about it, again feel free to do so in the comments below!
Thanks
Amhil