PetronPay offers no info on its web site about who owns or runs the corporate.
PetronPay’s web site area (“petronpay.com”) was first registered in December 2019. The personal registration was final up to date on September seventeenth, 2020.
Advertising and marketing movies on PetronPay’s official YouTube channel characteristic actors with distinctly eastern-European accents.
The earliest movies date again to Could 2020. Since then PetronPay has honed in on Africa, which is mirrored each of their advertising and marketing and web site site visitors statistics.
Alexa presently ranks Cameroon (22%), Liberia (13%) and Cote d’Ivoire (12%), as the highest three sources of site visitors to PetronPay’s web site.
Additional analysis lead me to PetronPay advertising and marketing movies on unofficial channels. These movies cite “Johnny Grant” as CEO of the corporate.
As with PetronPay’s different movies, Grant is performed by an actor with a definite jap European accent.
In an try to look respectable, PetronPay offers a company handle in Switzerland on its web site.
This has already caught the eye of Swiss authorities, who issued a securities fraud warning towards PetronPay earlier this 12 months.
One different oddity I seen it the usage of random French phrases in what is meant to be PetronPay’s English compensation materials. Forex decimals are additionally represented by commas, as is widespread throughout Europe.
As at all times, if an MLM firm will not be overtly upfront about who’s working or owns it, suppose lengthy and exhausting about becoming a member of and/or handing over any cash.
PetronPay’s Merchandise
PetronPay has no retailable services or products, with associates solely capable of market PetronPay affiliate membership itself.
PetronPay’s Compensation Plan
PetronPay associates make investments funds on the promise of an marketed 0.2% to 2.5% every day ROI:
- Barrel 25 – $25
- Barrel 50 – $50
- Barrel 99 – $99
- Barrel 249 – $249
- Barrel 499 – $499
- Barrel 999 – $999
- Barrel 1999 – $1999
Funding returns are capped at 300%, after which reinvestment is required to proceed incomes.
PetronPay Affiliate Ranks
There are eleven affiliate ranks inside PetronPay’s compensation plan.
Together with their respective qualification standards, they’re as follows:
- Star – generate an amassed 3000 factors in your weaker binary crew facet
- Two Star – generate an amassed 6000 factors in your weaker binary crew facet
- Three Star – generate an amassed 15,000 factors in your weaker binary crew facet
- Ruby – generate an amassed 25,000 factors in your weaker binary crew facet
- Emerald – generate an amassed 100,000 factors in your weaker binary crew facet
- Sapphire – generate an amassed 250,000 factors in your weaker binary crew facet
- Diamond – generate an amassed 750,000 factors in your weaker binary crew facet
- Ambassador – generate an amassed 1,500,000 factors in your weaker binary crew facet
- President – generate an amassed 3,000,000 factors in your weaker binary crew facet
- Emperor – generate an amassed 6,000,000 factors in your weaker binary crew facet
- Diamond Emperor – generate an amassed 10,000,000 factors in your weaker binary crew facet
Direct Commissions
PetronPay pays direct commissions through a unilevel compensation construction.
A unilevel compensation construction locations an affiliate on the high of a unilevel crew, with each personally recruited affiliate positioned straight below them (degree 1):
If any degree 1 associates recruit new associates, they’re positioned on degree 2 of the unique affiliate’s unilevel crew.
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.
PetronPay caps payable unilevel crew ranges at 6.
10% of funds invested are paid out as direct commissions throughout these six ranges as follows:
- degree 1 (personally recruited associates) – 50% (of 10%)
- ranges 2 to six – 10% (of 10%)
Residual Commissions
PetronPay pays residual commissions through a binary compensation construction.
A binary compensation construction locations an affiliate on the high of a binary crew, break up into two sides (left and proper):
The primary degree of the binary crew homes two positions. The second degree of the binary crew is generated by splitting these first two positions into one other two positions every (4 positions).
Subsequent ranges of the binary crew are generated as required, with every new degree housing twice as many positions because the earlier degree.
Positions within the binary crew are crammed through direct and oblique recruitment of associates. Be aware there isn’t any restrict to how deep a binary crew can develop.
Every PetronPay funding tier corresponds with a binary level worth:
- Barrel 25 – 5 factors
- Barrel 50 – 10 factors
- Barrel 99 – 20 factors
- Barrel 249 – 50 factors
- Barrel 499 – 100 factors
- Barrel 999 – 200 factors
- Barrel 1999 – 400 factors
Factors are generated throughout the binary crew when associates positioned into the crew make investments.
On the finish of every day PetronPay tallies up new factors on each side of the binary crew.
Associates are paid 50% of factors generated on their weaker binary crew facet.
As soon as paid out on factors are matched towards the stronger binary crew facet and flushed. Any leftover factors on the stronger binary crew facet carry over.
Three Star Bonus
On each group of three personally recruited associates, 10% of preliminary funds invested are paid out because the Three Star Bonus.
Rank Achievement Bonuses
PetronPay rewards associates for qualifying at Star and better ranks as follows:
- qualify at Star and obtain $100
- qualify at Two Star and obtain $200
- qualify at Three Star and obtain an iPhone and Apple Watch
- qualify at Ruby and obtain a MacBook
- qualify at Emerald and obtain a visit to Cancun and $1000
- qualify at Sapphire and obtain a visit to Europe and a “sport ticket”
- qualify at Diamond and obtain a Mini Coupe from BMW
- qualify at Ambassador and obtain a Jeep Cherokee
- qualify at President and obtain a Mercedes Benz Class G
- qualify at Emperor and obtain a Porsche Carrera
- qualify at Diamond Emperor and obtain a home value as much as $250,000
Becoming a member of PetronPay
PetronPay affiliate membership charges are tied to how a lot an affiliate desires to speculate:
- Barrel 25 – $5 admin charge + $25 funding
- Barrel 50 – $5 admin charge + $50 funding
- Barrel 99 – $10 admin charge + $99 funding
- Barrel 249 – $15 admin charge + $249 funding
- Barrel 499 – $15 admin charge + $499 funding
- Barrel 999 – $30 admin charge + $999 funding
- Barrel 1999 – $30 admin charge + $1999 funding
Upon recording a 300% ROI within the backoffice, the above charges are repayable as recurring funding.
Conclusion
PetronPay claims it
represents a privileged funding that permits traders to invest on the worth of a barrel of oil.
In actuality its one more Ponzi scheme via which Europeans are scamming African victims.
There is no such thing as a proof of PetronPay having something to do with oil. Neither is the corporate registered to supply securities in any jurisdiction.
Which means that at a minimal, PetronPay is committing securities fraud and working illegally the world over (the FMA’s warning is obvious proof of this).
Because it stands the one verifiable income coming into PetronPay is new funding.
Utilizing new funding to pay associates a 300% makes PetronPay a Ponzi scheme. Paying commissions on funds invested by recruited associates provides an extra pyramid layer to the scheme.
As with all MLM Ponzi schemes, as soon as affiliate recruitment dries up so too will new funding.
It will starve PetronPay of ROI income, ultimately prompting a collapse.
The mathematics behind Ponzi schemes ensures that once they collapse, nearly all of members lose cash.
Replace twenty eighth Could 2021 – PetronPay collapsed in late April. The corporate has since initiated a PETRON token exit-scam.