Bitles provides no information on its website about who owns or runs the company.
A May 2019 UK incorporation certificate is provided, which corresponds to “Bitles Limited”.
UK incorporation is dirt cheap and effectively unregulated. It is a favored jurisdiction for scammers looking to incorporate dodgy companies.
Bitles website domain (“bitles.eu”) was privately registered on April 11th, 2019.
At the time of publication Alexa cites Japan (24%), India (11%) and Vietnam (7%) as the top three sources of traffic to Bitles website.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
Bitles’ Products
Bitles markets BTL token investment plans as a retail product:
- Limited – invest $50 to $500 and receive a daily ROI for 28 days
- Base – invest $100 to $700 and receive a daily ROI for 63 days
- Medium – invest $150 to $2000 and receive a daily ROI for 98 days
- Stable – invest $50 to $5990 and receive a daily ROI for 280 days
- Optimal – invest $300 to $3000 and receive a daily ROI for 280 days
- Special – invest $5000 to $8000 and receive a daily ROI for 280 days
- Premium – invest $10,000 to $18,000 and receive a daily ROI for 280 days
- Maximal – invest $20,000 to $30,000 and receive a daily ROI for 280 days
Bitles advertises daily returns ranging from 0.3% to 6%.
Bitles’ Compensation Plan
Bitles pays commissions on BTL token investment by retail customers and personally recruited affiliates.
Bitles Affiliate Ranks
There are fifteen ranks within Bitles’ compensation plan.
Along with their respective qualification criteria, they are as follows:
- Coordinator – generate $2000 in binary team investment volume ($1000 in weaker binary team side volume) and receive $50 in accumulated returns
- Manager – generate $5000 in binary team investment volume ($2500 in weaker binary team side volume) and receive $100 in accumulated returns
- Supervisor – generate $10,000 in binary team investment volume ($5000 in weaker binary team side volume) and receive $250 in accumulated returns
- Regional Manager – generate $25,000 in binary team investment volume ($12,500 in weaker binary team side volume), have one Manager on both sides of the binary team and receive $500 in accumulated returns
- Country Manager – generate $50,000 in binary team investment volume ($25,000 in weaker binary team side volume), have one Supervisor on both sides of the binary team and receive $1000 in accumulated returns
- Director – generate $100,000 in binary team investment volume ($50,000 in weaker binary team side volume), have one Regional Manager on both sides of the binary team and receive $2500 in accumulated returns
- Golden Director – generate $250,000 in binary team investment volume ($125,000 in weaker binary team side volume), have one Country Manager on both sides of the binary team and receive $5000 in accumulated returns
- Sapphire Director – generate $500,000 in binary team investment volume ($250,000 in weaker binary team side volume), have one Director on both sides of the binary team and receive $10,000 in accumulated returns
- Diamond Director – generate $1,000,000 in binary team investment volume ($500,000 in weaker binary team side volume), have one Golden Director on both sides of the binary team and receive $25,000 in accumulated returns
- President – generate $2,500,000 in binary team investment volume ($1,250,000 in weaker binary team side volume), have one Sapphire Director on both sides of the binary team and receive $50,000 in accumulated returns
- Golden President – generate $5,000,000 in binary team investment volume ($2,500,000 in weaker binary team side volume), have one Diamond Director on both sides of the binary team and receive $100,000 in accumulated returns
- Sapphire President – generate $10,000,000 in binary team investment volume ($5,000,000 in weaker binary team side volume), have one President on both sides of the binary team and receive $200,000 in accumulated returns
- Diamond President – generate $25,000,000 in binary team investment volume ($12,500,000 in weaker binary team side volume), have one Golden President on both sides of the binary team and receive $300,000 in accumulated returns
- Shareholder – generate $50,000,000 in binary team investment volume ($25,000,000 in weaker binary team side volume), have one Sapphire President on both sides of the binary team and receive $500,000 in accumulated returns
- VIP Shareholder – generate $100,000,000 in binary team investment volume ($50,000,000 in weaker binary team side volume), have one Diamond President on both sides of the binary team and receive $1,000,000 in accumulated returns
Residual Commissions (unilevel)
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
Bitles caps unilevel residual commissions at ten levels of recruitment:
- level 1 (personally recruited affiliates) – 3%
level 2 – 0.5% - level 3 – 1%
- levels 4 to 10 – 0.5%
Bitles’ compensation plan states the above percentages are bumped by 1% if three or more individual investments are made:
Upon purchasing three or more different Bitles savings plans, you earn an additional +1% of the base percentage with each new plan.
If for example, you purchase eight different savings plans, your profit from the Direct Bonus will be 10%.
Unless I’m missing something though, the math doesn’t add up.
Eight investments would correspond to +8%, which when added to level 1’s 3% makes 11%, not 10%.
Residual Commissions (binary)
A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):
The first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).
Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.
Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note there is no limit to how deep a binary team can grow.
At the end of each day Bitles tallies up new investment volume on both sides of the binary team.
Affiliates are paid up to 10% of funds generated on their weaker binary team side.
- Limited tier affiliates receive a 3% binary residual commission rate, capped at $50 a day
- Base tier affiliates receive a 4% binary residual commission rate, capped at $100 a day
- Medium tier affiliates receive a 5% binary residual commission rate, capped at $300 a day
- Stable tier affiliates receive a 6% binary residual commission rate, capped at $500 a day
- Optimal tier affiliates receive a 7% binary residual commission rate, capped at $1000 a day
- Special tier affiliates receive a 8% binary residual commission rate, capped at $3000 a day
- Premium tier affiliates receive a 9% binary residual commission rate, capped at $5000 a day
- Maximal tier affiliates receive a 10% binary residual commission rate, capped at $10,000 a day
Once paid out on, funds are matched with the stronger binary team side and flushed.
Any leftover volume on the stronger binary team side is carried over.
Passive Bonus
The Passive Bonus is paid on returns paid to unilevel team affiliates.
- Regional Managers receive a 3% Passive Bonus on one unilevel team level
- Country Managers receive a 3% Passive Bonus on two unilevel team levels
- Directors receive a 3% Passive Bonus on three unilevel team levels
- Golden Directors receive a 3% Passive Bonus on levels 1 to 3 and 2% on level 4
- Sapphire Directors receive a 3% Passive Bonus on levels 1 to 3 and 2% on levels 4 and 5
- Diamond Directors receive a 3% Passive Bonus on levels 1 to 3 and 2% on levels 4 to 6
- Presidents receive a 5% Passive Bonus on level 1, 3% on levels 2 to 4 and 2% on levels 5 to 7
- Golden Presidents receive a 5% Passive Bonus on levels 1 and 2, 3% on levels 3 to 5 and 2% on levels 6 to 8
- Sapphire Presidents receive a 5% Passive Bonus on levels 1 to 3, 3% on levels 4 to 6 and 2% on levels 7 to 9
- Diamond Presidents receive a 10% Passive Bonus on level 1, 5% on levels 2 to 4, 3% on levels 5 to 7 and 2% on levels 8 to 10
- Shareholders receive a 15% Passive Bonus on level 1, 10% on level 2, 5% on levels 3 to 5, 3% on levels 6 to 8 and 2% on levels 9 and 10
- VIP Shareholders receive a 20% Passive Bonus on level 1, 15% on level 2, 10% on level 3, 5% on levels 4 to 6, 3% on levels 7 and 8 and 2% on levels 9 and 10
Leadership Bonus
The Leadership Bonus is a bonus percentage on binary residual commissions paid to Director and higher ranked affiliates.
- Directors receive a 1% Leadership Bonus
- Golden Directors receive a 1.5% Leadership Bonus
- Sapphire Directors receive a 2% Leadership Bonus
- Diamond Directors receive a 2.5% Leadership Bonus
- Presidents receive a 3% Leadership Bonus
- Golden Presidents receive a 3.5% Leadership Bonus
- Sapphire Presidents receive a 4% Leadership Bonus
- Diamond Presidents receive a 5% Leadership Bonus
- Shareholders receive a 7% Leadership Bonus
- VIP Shareholders receive a 10% Leadership Bonus
Bitles affiliates can continue earning the Leadership Bonus until a personally recruited affiliate reaches their current rank.
Quick Start Bonus
The Quick Start Bonus rewards Bitles affiliates for qualifying at specific ranks within thirty days of signing up:
- qualify as a Regional Manager and receive a $250 gift certificate
- qualify as a Country Manager and receive a $500 gift certificate
Rank Achievement Bonus
Bitles rewards affiliates who qualify at the Diamond Director and higher ranks with the following bonuses:
- qualify as a Regional Manager and receive an iPad Mini
- qualify as a Country Manager and receive a Cartier pen
- qualify as a Director and receive an iPhone 11 Pro
- qualify as a Golden Director and receive a MacBook Pro
- qualify as a Sapphire Director and receive a “luxury cruise in Europe for two”
- qualify as a Diamond Director and receive an engraved Rolex watch
- qualify as a President and receive a Mercedes-Benz E-Class car
- qualify as a Golden President and receive a Mercedes-Benz S-Class car
- qualify as a Sapphire President and receive an “apartment in Dubai”
- qualify as a Diamond President and receive a Rolls Royce Wraith car
- qualify as a Shareholder and receive a “luxury villa in Dubai”
- qualify as a VIP Shareholder and receive a “luxury yacht”
Joining Bitles
Bitles affiliate membership is tied to an initial $50 to $30,000 investment.
The more an affiliate invests, the higher their income potential via Bitles’ compensation plan.
Conclusion
Bitles markets itself as a passive investment opportunity.
Bitles lets you hold your crypto and receive BTL tokens with a profit from 30% per month.
Bitles affiliates invest USD and/or cryptocurrency into BTL tokens, on the promise of daily returns.
BTL tokens are worthless outside of Bitles. Affiliates earn returns and commissions in BTL tokens, which can be exchanged for actual money via an internal exchange.
BTL tokens currently have an internal exchange value of 42 cents.
According to Bitles website, the internal BTL token value increases by 10% every month.
As far as I can tell, there’s no meaningful distinction between Bitles affiliate and non-affiliate investors.
All members immediately have the option to become an agent.
Agents earn agency commissions for sales and affiliate activities as part of the Affiliate Plan.
There might be a small number of retail investors in the lower tiers, however it’s expected the majority of Bitles’ company-wide revenue is sourced from affiliates.
Getting down into the nuts and bolts of the investment opportunity, Bitles claims to generate returns via a trading bot.
Cryp-Spider AI provides registered users with the ability to connect to a single trading fund managed by high-frequency bots that trade intraday using more than 25 complementary scalping strategies.
This trading system has been successfully tested over 14 months to work effectively in periods of both uptrend and downtrend in the cryptocurrency market.
No evidence of external revenue being used to pay returns is provided.
Furthermore, being a passive investment opportunity means Bitles is offering a security.
The company provides no evidence it has registered with financial regulators in any jurisdiction. This means that, despite anything else, Bitles is operating illegally the world over.
Adding to securities fraud is the high probability that the majority of commissions paid out are tied to affiliate investor recruitment. This would additionally make Bitles a pyramid scheme.
As it stands the only verifiable source of revenue entering Bitles is new investment.
Using new investment to pay daily returns makes Bitles a Ponzi scheme.
Bitles will pay withdrawals via the internal exchange until new investment dries up or the anonymous admins want to pull a runner.
When that happens all they have to do is stop paying out, at which point Bitles will have collapsed.
The math behind Ponzi schemes guarantees that when they collapse, the majority of investors lose money.
Update 17th April 2021 – The TSSB has issued Bitles with an emergency securities fraud cease and desist.
Since publication of this review Bitles has transitioned to primarily soliciting investment from US residents.
In researching the current status of Bitles, I discovered the company has hired this actor to play founder and CEO Janis Lacis:
Based on Lacis’ eastern European accent and Bitles’ Twitter account being managed from Estonia, the scam is believed to be of Estonian, Ukrainian and/or Russian origin.