Is Freebay A Scam? Here’s How To Avoid Shady Cryptocurrency MLMs

Is Freebay A Scam?

This multi-level marketing company is attempting to disguise itself as a different brand, however, we’ve uncovered lots of red flags to conclude that it is part of the same network.

The former company built up a bad reputation and was exposed as a Ponzi scheme. In today’s review, I’ll be showing you whether Freebay is a profitable product that you can turn into a full-time business.

The fact that you’ve taken a moment to scrutinize this product before signing up should be applauded. You’ve done yourself a huge favour. Your due diligence will save you from potentially wasting your time and money.

A good bit of research always goes a long way in the fight against online scams. Creating a sustainable full-time online business is not difficult. You just need to know where to look.

Before we proceed I’d like to let you know that I’m not linked to Freebay in any sort of way and I’m not trying to sell you this product.

Instead, I’d like to unravel what this Cryptocurrency investment program is trying to hide…

Freebay Product Review

Name of Product: Freebay
Owner: Jurgen Pulvermuller
Type of Product: Cryptocurrency Investment MLM
Cost of Product: Investment of €50 EUR – €480 EUR per month
Who Is This Product Best For? NOBODY!

Freebay Product Summary

Freebay is a cryptocurrency investment product that offers members an income opportunity within the multi-level marketing industry. Be that as it may, it’s merely a relaunched version of a previous pyramid scheme. The company’s business model is practically the same as the older one.

Product Rating: 1/100

Would I Recommend This Product? Definitely Not!

Freebay Explained

Freebay positions itself as an MLM business that specializes in cryptocurrency investments as well as being an academic resource for members.

On first impressions, it appears as though the company is authentic, however, it’s far from legit.

Unfortunately, Freebay is a reincarnation of a gold Ponzi scheme known as Karatbars International. Today, I’ll be revealing whether the owners have learnt the error of their ways and are offering a better product or if they’re up to the same old tricks.

Freebay is owned and operated by a guy named Jurgen Pulvermuller. Prior to Freebay, Jurgen worked for several multi-level marketing businesses in various management positions.

This list of MLM businesses included a company named Karatbars. During his stint there, he was the Head of Global Sales.

From Karatbars’ perspective, the company states that they are associated with Freebay. Each company conducts seminars via their own social media platforms. Every seminar features the founders as the guest speakers, however, my guess is that they are all part of the same company.

Harald Seiz is the founder of Karatbars, however, it’s never clarified what percentage of Freebay he owns. It’s more than likely that Harald, Jurgen and several other shareholders own Freebay.

Freebay Product Range

If you’re wondering about the types of products available on the Freebay program, the answer is zilch.

From the onset, it appears that you’re receiving a product/service if you make an investment into the program. This is because you are given access into the Freebay Academy, which looks like a cryptocurrency educational resource.

But this won’t be what you’re promoting. Instead, you’ll be marketing the company’s earning opportunity, whereas, Freebay Academy is just an after thought.

Does Freebay Work?

The earlier version of Freebay was called Karatbars, a pyramid scheme that specialized in gold. Members were given the opportunity to invest in gold bars. After the program was exhausted, it switched to cryptocurrency. It then relaunched as an investment opportunity named KaratbarsGold Coin.

Therefore, I would not be surprised if Freebay was a spin-off of Karatbars to fool people into thinking that it’s a separate business to KaratbarsGold Coin.

The reality is that this program is a pyramid scheme because the only thing that you’re promoting is their income opportunity instead of an actual product. You’ll be funneled into the recruitment program and incentivized to sell people the idea that you’re building a passive income by getting more members to sign up.

Let’s take a look at the concept of earning a passive income for one second. Freebay assures you that trading will be carried out with your own investments and various cryptocurrencies. But there are a few concerns:

Is the company regulated by the SEC to handle your money and perform these type of activities?
Are their brokers approved or registered by the financial regulators?
Has the company done their due diligence to ensure that they are operating to the required legal standards.

If any of the above questions are in doubt then the company could be liable for securities fraud. If you review any of the reputable trading programs such as IQ Option, you’ll see that they are transparent about their registrations, certifications and authorizations. Therefore, as a potential member, you’ll be able to easily verify the authenticity of the business.

Freebay does not provide this kind of transparency.

How To Profit with Freebay

There’s just a single option to make money with Freebay. Which is recruitment!

To make back the money that you’ve invested, you will need to recruit more people onto the program.

You can’t profit from promoting the Freebay Academy program.

Getting Started

Freebay offers 4 different options to sign up:

Free Membership: Free to sign up, however, to be eligible for Freebay commissions you will need to recruit new members.
EVO Academy: Pay a monthly investment of €50 EUR or a yearly fee of €480 EUR to qualify for this level.
EVO Expert: Pay a monthly investment of €190 EUR or a yearly fee of €1820 EUR to qualify for this level.
EVO Life: Pay a monthly investment of €480 EUR or a yearly fee of €4600 EUR to qualify for this level.

Your rank and the level of your investment will also determine the amount of profit you can earn from their compensation plan.

Freebay’s Compensation Plan

Below, I’ve included a video which explains Freebay’s compensation plan in more detail.

But I’ll summarize the crucial aspects that you need to know.

Company Ranks

When you sign up with Freebay they are 12 different ranks that you can work your way up to. Your rank depends on your investment amount and the number of new members that you can personally recruit.

Naturally, your rank increases when you get more members to join the program.

Freebay’s Passive Trading Bonus

Supposedly, this is an automated trade bonus, however, it’s only available to members that are at EVO Expert and EVO Life levels.

At these ranks, you are rewarded with passive earnings from your investments.

Freebay’s Residual Commissions

Furthermore, the company rewards you with residual commissions for each new member that you get to sign up to the program. You can then create your own team and receive commissions that are based on a binary compensation model.

Therefore, your direct recruits are positioned at your right and left legs on level 1. And your recruits’ recruits are subsequently positioned on their right and left legs on level 2. The structure will continue to expand using this pattern.

You’ll be rewarded commissions for each level.

Freebay’s Sponsoring Commissions

You’ll receive commissions for recruiting new people to Freebay. Your commission will be calculated according to your current rank.

Freebay’s Matching Bonus Commissions

The company also matches bonuses according to your direct recruits and binary commissions.

The bonus starts when your members get to the rank of 2 Star Sapphire.

Below is the video that I mentioned earlier which guides you through the entire compensation plan.

Freebay Exposed!

1). Blatant Pyramid Scheme

It’s quite blatant that FreeBay is a pyramid scheme. It shares the same business model as its predecessor.

Freebay’s compensation plan purely rewards members to recruit more people. The red flag here is that the company does not offer an actual retail service or product.

This would make the entire business a pyramid scheme according to the guidelines from the financial regulators.

2). Securities Fraud

Freebay is not authorized by the financial regulators, therefore, they’re not allowed to handle trades or investments. As a result, the company is generating profits illegally and this means that they could be liable for securities fraud.

You could end up getting into trouble with the law for promoting Freebay. Take a look at how a similar company named OneCoin got shut down.

3). No Evidence Of Trades or Investments

The company does not provide evidence that they are actually performing trades or investing money to generate profits for its members.

Freebay gives you the illusion that you’ll be receiving a profitable return on the money that you’ve invested. The only money that you’ll potentially make is from the new members that you recruit.

This circles back to my originally red flag, that the business is a pyramid scheme.

Advantages of Freebay

You will NOT benefit financially from investing into this program It’s a bonafide pyramid scheme!

Is Freebay a Scam or a Genuine Business?

Freebay is far from legit. There’s no doubt that it’s a complete pyramid scheme. We’ve uncovered plenty of concerns with this program to conclude that it’s a scam.

The focus here is to recruit, recruit recruit! The program offers no real products.
Where’s the proof that actual trades are being placed? There’s no evidence that your money is being invested to generate profits.
The company works in the same way as the previous version, Karatbars.

I’d strongly advise keeping away from Freebay. You could end up losing your money when this pyramid scheme collapses!

How Do I Use The Internet to Make a Full-Time Salary?

I’m not a big fan of get-rich-quick schemes or Cryptocurrency MLM programs, let’s just say that I’ve been caught short a few times.

Instead, an Amazon FBA Business is my leading recommendation for people that want to build a thriving full-time online business working from home.

Here are my reasons why…

There’s no pressure to recruit family and friends, or anyone else for that matter.
Learn a unique method to source incredible, high profit, low-competition products that are virtually hidden from your competitors.
You don’t need to sell hundreds of different products to create lucrative profits with this fresh, exciting business model.

An Amazon FBA business can help you to…

Generate a 5-7 Figure Salary and become financially free from the limitations of a traditional day job. You can do this in less than 12 months!

If you want to find out how I did it, Click Here!