The BidRace web site gives no details about who owns or runs the enterprise.
As I write this the BidRace web site is nothing greater than an affiliate login kind.
The BidRace web site area (“bidrace.com”) was first registered in 1999.
The area registration particulars have been final up to date in October 2018, suggesting that is when the present proprietor(s) took possession of it.
I used to be capable of verify this with a Wayback Machine archive from August 2018, displaying the area was lately was bought.
The final Wayback Machine snapshot was November seventeenth, 2018, and nonetheless reveals the “area has been bought message”.
Because of this the present BidRace web site didn’t go stay till late November, early December 2018 on the earliest.
Regardless of not current up till a couple of months in the past, BidRace advertising and marketing materials states;
The headquarters of BidRace has been in Spain since 2010, and now we have developed technological options and instruments for the medical and pharmaceutical areas.
In 2012, our workforce started creating software program and instruments within the FOREX monetary market.
Together with the inclusion of a number of trademarked manufacturers, none of which have something to do with BidRace, the corporate’s advertising and marketing claims are assumed to be baloney.
As I write this BidRace seems to be being closely promoted in Togo, a rustic in west Africa.
Alexa at the moment cite Togo as the one notable supply of visitors to the BidRace web site (12%).
Using euros within the BidRace compensation plan in the meantime suggests BidRace is being operated out of Europe.
Replace 14th February 2019 – It seems Joao Severino is likely to be operating BidRace.
As per Spanish company information for “BIDRACE TECH SOCIEDAD ANONIMA”, Joao Severino lately tried to cover possession of the corporate.
Severino, as Fernandes Severino Joao Filipe, seems to have switched out sole possession of BidRace Tech Sociedad Anonima with somebody going by “Palmera Guedes Da Silva Pedro Manuel Do Nasciment”.
The name-change was recorded by the Official State Gazette Company on December twenty sixth, 2018.
Joao Severino is greatest generally known as one of many co-founders of USI-Tech.
After setting the corporate up Severino retreated to the shadows.
USI-Tech collapsed early final 12 months following securities fraud stop and desist notices issued by a number of regulators.
Regardless of tens of millions believed to have been misplaced by USI-Tech victims, thus far Severino and people he labored with haven’t been held accountable. /finish replace
As all the time, if an MLM firm just isn’t overtly upfront about who’s operating or owns it, suppose lengthy and onerous about becoming a member of and/or handing over any cash.
BidRace Merchandise
BidRace has no retailable services or products, with associates solely capable of market BidRace affiliate membership itself.
The BidRace Compensation Plan
BidRace’s compensation plan might be damaged down into two major elements, affiliate charges and funding into “BID” factors.
Affiliate charges quoted in BidRace’s advertising and marketing supplies are as follows:
- Bid Begin – 10 EUR a month or 120 EUR a 12 months
- Bid Go – 50 EUR a month or 600 EUR a 12 months
- Bid Professional – 150 EUR a month or 1800 EUR a 12 months
The BID level aspect of the enterprise is murkier.
An instance of an “energetic shopper” in BidRace’s advertising and marketing materials cites a minimal month-to-month spend of 11 EUR on 100 BID factors (0.11 EUR every).
This implies that Bid Begin associates should buy no less than 11 EUR price of BID factors every month.
It follows that Bid Go and Bid Professional associates would have greater minimal BID level purchases, however this isn’t clarified.
I’m additionally a bit confused over a secondary set of EUR quantities offered in BidRace’s compensation plan materials;
At first look these seem like ROI quantities however I’ve famous the 30 EUR for the Bid Begin is fairly near the whole minimal energetic shopper value of 28.5 EUR. So it might simply be a rounded up complete minimal month-to-month value.
An instance of “month-to-month features” cites common 35 EUR month-to-month spend, so it’s positively attainable for BidRace associates to spend greater than the 28.5 EUR minimal.
Once more, this isn’t correctly defined within the compensation materials so I don’t have loads to work with.
Residual Commissions
What we do know is that BidRace makes use of a unilevel compensation construction to pay commissions on affiliate charges (presumably together with BID level funding).
A unilevel compensation construction locations an affiliate on the high of a unilevel workforce, with each personally recruited affiliate positioned instantly below them (degree 1):
If any degree 1 associates recruit new associates, they’re positioned on degree 2 of the unique affiliate’s unilevel workforce.
If any degree 2 associates recruit new associates, they’re positioned on degree 3 and so forth and so forth down a theoretical infinite variety of ranges.
BidRace caps payable unilevel workforce ranges at twelve.
Residual commissions are paid out as a share of charges paid by associates throughout these twelve ranges as follows:
- degree 1 (personally recruited associates) – 25%
- degree 2 – 10%
- degree 3 – 7%
- degree 4 – 5%
- degree 5 – 3%
- ranges 6 and seven – 2%
- degree 8 – 3%
- degree 9 – 5%
- degree 10 – 7%
- degree 11 – 10%
- degree 12 – 11%
Observe that every unilevel workforce degree is “unlocked” by means of recruitment.
An energetic affiliate is a BidRace affiliate who’s updated with affiliate payment funds.
Recruit and preserve one energetic affiliate to unlock residual commissions on degree 1. Recruit and preserve two energetic associates to unlock residual commissions on degree 2 and so forth and so forth.
Rating Pool
BidRace takes 1 EUR of each affiliate payment fee and put it right into a Rating Pool.
The Rating Pool is then “distributed by the ten greatest leaders of the world”.
Qualification for the Rating Pool seems to be tied to downline funding quantity.
BidRace’s compensation plan materials doesn’t state how usually the Rating Pool is paid out (assumed weekly or month-to-month).
Prime Racer Bonuses
BidRace takes 1.5 EUR of each affiliate payment fee and places it right into a Prime Racer pool.
Every month this pool is paid out to the affiliate with the “most accrued factors within the present month”.
1 EUR can be put aside for an annual Prime Racer Bonus.
The annual Prime Racer Bonus is paid out yearly to the BidRace affiliate with “probably the most accrued factors within the present 12 months”.
In keeping with the BidRace compensation plan, every BID level invested in equals 10 factors.
Prime Shopper Bonuses
Whereas the Prime Racer Bonus doesn’t observe how factors are obtained, the Prime Shopper Bonus is particularly focused to level funding.
1 EUR from every BID level funding is positioned right into a month-to-month Prime Shopper Pool.
The Prime Shopper Pool is paid out to the BidRace affiliate who invests in probably the most BID factors every month.
0.5 EUR can be put aside and paid to the BidRace affiliate who invests in probably the most BID factors yearly.
Month-to-month Raffle
1 EUR of every BID level funding is put aside and positioned right into a raffle.
The raffle is drawn month-to-month and paid to an energetic BidRace affiliate.
BidFounder Bonuses
The BidFounder Bonus rewards high associates in every nation with 1% of that nation’s affiliate payment and funding quantity.
The affiliate who launched BidRace to a brand new nation receives 0.5% of that nation’s affiliate payment and funding quantity.
Becoming a member of BidRace
BidRace affiliate membership is both month-to-month or annual:
- Bid Begin – 10 EUR a month or 120 EUR a 12 months
- Bid Go – 50 EUR a month or 600 EUR a 12 months
- Bid Professional – 150 EUR a month or 1800 a 12 months
The extra an affiliate invests the upper their revenue potential through the BidRace compensation plan.
Conclusion
BidRace appears arrange as a fast money seize.
So far as I can inform, on the entrance finish you’ve your traditional pyramid scheme recruitment commissions.
On the back-end is a few level funding baloney, unfold out over three layers;
- layer one is BID level funding;
- layer two is factors generated at a price of ten factors per 1 BID; and
- layer three is the BDR altcoin, which isn’t talked about wherever in BidRace’s compensation documentation.
BID factors, the factors used to calculate bonuses and BDR are nugatory exterior of BidRace.
The primary two are in-house currencies, which BidRace accepts in alternate for bitcoin.
BDR might be going for use to exit-scam BidRace buyers by means of when the time comes.
So principally you’ve affiliate’s handing over BidRace’s nameless admins bitcoin, in alternate for nugatory BID factors.
I think about there’s in all probability an inside alternate to transform BID factors to BDR, with the identical alternate used to money out BDR.
That’ll proceed for so long as BidRace’s admins need to seed the rip-off with invested bitcoin.
This recycling of newly invested funds to pay current associates makes BidRace a Ponzi scheme.
After BidRace’s admins determine they’re completed seeding returns, BDR will get listed on some dodgy alternate and so they’ll exit stage-right.
BidRace’s affiliate bagholders will probably be left to commerce amongst themselves, as BDR’s public “worth” approaches $0 (BidRace’s admins will naturally money out the second BDR has a public alternate worth).
Prime BidRace associates who greater than recovered their funding losses by means of recruiting will stall, maintain webinars, blame victims, yada yada yada. It is best to by now be acquainted with how an MLM cryptocurrency rip-off collapse performs out.
There’s in all probability some finer factors I’m lacking because of BidRace’s hopeless compensation materials, however that’s just about the gist of it.
And it’s sufficient to certify that BidRace’s passive funding alternative is a safety.
With a purpose to function legally, BidRace would want to register themselves with the suitable securities regulator in each jurisdiction they function in.
To that finish BidRace gives no proof of their web site of getting registered their securities providing wherever.
As an alternative, the corporate laughably expects folks to consider they’re safeguarding funding in banks.
The BDR guarantee will probably be deposited in first-rate Banks.
BIDRACE will probably be audited and controlled, displaying to our associates that we’re a dependable enterprise.
Regulation of securities choices begins with registration with securities regulators.
But right here now we have BidRace actively soliciting funding, earlier than they’ve registered to function legally.
Positive factor guys…