Is Nominex A Scam?
Ponzi schemes pretending to be legit MLMs in the cryptocurrency niche. They’re practically everywhere on the internet. When one shuts down, another one pops up in their place.
The worst part is they can’t be stopped since no one is ever placed behind bars. No one is ever held accountable for the thousands or even millions of dollars they have stolen from people.
Unfortunately, as long as the people who perpetrate them remain uncaught, they will continue to deceive more people and scam them of their money.
This is why sites like mine continue to research these kinds of programs and scams, to let people like you know what you’re dealing with. With so many people looking for opportunities to make money online, it’s important to be aware of schemes like this so you can avoid them.
With that said, let’s take a look at one of the many Ponzi schemes floating about on the internet: Nominex.
Why is it a scam and what do they do exactly? If you want to find out, just keep scrolling to read our full review.
The fact that you’ve taken a moment to scrutinize this product before signing up should be applauded. You’ve done yourself a huge favor. 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 Nominex in any sort of way and I’m not trying to sell you this product.
Instead, I’d like to show you why this program should be avoided…
Nominex Product Review
- Name of Product: Nominex
- Owner: Pavel Shtikin
- Type of Product: Cryptocurrency Ponzi Scheme
- Cost of Product: Minimum investment of 100 USDT.
- Who Is This Product Best For? No one!
Nominex Product Summary
Nominex is an investment Ponzi scheme that operates in cryptocurrencies. To encourage people to sign up and put money into their organization, they pretended to be a legitimate MLM in this niche.
It has already started its exit scheme and has locked users out of their funds as of this writing. More of this will be discussed below. Most likely, once this whole operation shuts down, another rehashed version of this program will pop out and try to scam more people.
Product Rating: 0/100
Would I Recommend This Program: DEFINITELY NOT!
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Nominex Background
Nominex is a supposed multilevel marketing (MLM) organization that specializes in the cryptocurrency industry.
The domain name was registered in November 2017, however, the registration address was changed to Russia in July 2021. Because the domain was registered privately, not much information about the owner was accessible.
They also have a Seychelles incorporation certificate to make themselves look legitimate, but in reality, this has absolutely no value whatsoever. Moreover, due to the lack of regulations in this country, Seychelles is frequently inundated with criminals, scammers, and other suspicious individuals.
Furthermore, Nominex’s Seychelles incorporation utilizes the same address as fifty other firms, which makes it seem like Nominex is a shell company under this corporation.
Pavel Shkitin, the CEO of Nominex, is headquartered in Saratov, Russia, and has confirmed that the company does not operate in Seychelles. Argentina, Russia, and Costa Rica were the countries that were often sending traffic to Nominex. As a result, we assume that these are the places where Nominex got their victims from.
Who Is The Person Behind Nominex?
The person behind Nominex is a Russian named Pavel Shkitin. Pavel had a programming and sales career before reinventing himself in the cryptocurrency niche and starting Nominex.
According to his LinkedIn profile, Pavel is based out of Saratov, Russia. This only further confirms that Nominex is a Russian-based company, and not in Seychelles as they claim it to be. He also has a Twitter account which you can view here.
Furthermore, Pavel also had an interview with NewsBTC last year, 2021. In this interview, Pavel claims to be a backend developer where he has worked for large companies for several years and has been developing various corporate systems in Java.
He then says that while studying at a university, he and a group of people tried to create their own IT projects in different fields which turned out to be unsuccessful. But eventually, they started delving into the crypto exchange and after a few years of development, the Nominex exchange had begun.
Nominex Product Line
Nominex does not sell any items or services. Only through recruitment of people into the program and investing your money can you have access to their income opportunities.
Nominex also features a cryptocurrency exchange program where you may invest in addition to their referral system.
How Does Nominex Work?
The inclusion of the NMX token is the sole thing that undermines the credibility of their trade. The NMX coin is their own private token that they can create on-demand. Nominex investments are transformed into NMX tokens and paid off in the same way.
Because NMX is a BEP-20 token, they can put it up in a matter of minutes. NMX was publicly traded as of April 2021. The value increased, but then plummeted to its lowest point, as one would anticipate from a “shitcoin”. When people dump any shitcoin, this is what usually occurs.
And because of that, Nominex has attempted to stop anybody from cashing out. How do they do this? They started by offering incentives for holders of the tokens to keep them.
However, they have now resorted to just taking the whole operation down, blaming technical challenges with the platform and such. As a result, their victims are now without cash and tokens. Ponzi schemes that manufacture BS BEP-20 tokens frequently use this kind of exit strategy.
Getting Started with Nominex
Signing up for a Nominex membership is technically free, but you will need to invest a minimum of 100 USDT in order to participate in their income opportunities.
In addition to investing, Nominex also provides a means of earning money through recruitment. New member investments are generated through members referring new people to the program.
Nominex Compensation Plan
Members of Nominex buy NMX Tokens with the promise of a 145% yearly return on investments. Members can also invest NMX and USDT with the expectation of a 500% return. Furthermore, you will see below a breakdown of their following affiliate/investment levels which start at 100 USDT.
- Starter – up to 100 USDT
- Partner – 100 USDT
- Pro – 300 USDT
- VIP – 1000 USDT
- Elite – 5000 USDT
- Max – 10,000 USDT
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Commissions
Meanwhile, residual and referral commissions are paid out in NMX tokens on the MLM side of their operations. Let’s discuss this below.
Referral Commissions
Referral commissions are paid to Nominex members depending on the percentages earned by their individually recruited members. The commission rate is also determined by their investment tier:
- Starter and Partner receive a 20% referral commission rate.
- Pro receives a 25% referral commission rate.
- VIP receives a 30% referral commission rate
- Elite receives a 35% referral commission rate
- Max receives a 40% referral commission rate
On NMX returns paid to individually recruited members, Nominex also provides referral commissions. This is determined by their investment tier once again:
- Starter receives no ROI referral commissions
- Partner receives a 5% ROI referral commission rate
- Pro receives a 8% ROI referral commission rate
- VIP receives a 10% ROI referral commission rate
- Elite receives a 15% ROI referral commission rate
- Max receives a 20% ROI referral commission rate
Residual Commissions
Residual commissions are paid out by Nominex via a binary compensation mechanism. You’ll be at the top of the team with this arrangement.
Under you, two places are identified as your left and right legs. When these roles are filled, two additional positions under them become available. You’ll have four new roles to deal with as a result of this.
In principle, this can carry on indefinitely. Residual commissions are given as a percentage of the profits made by the weaker binary team.
The amount a member has invested determines the residual commission rate:
- Starter tier affiliates – do not receive residual commissions
- Partner tier affiliates – 5% residual commission rate
- Pro tier affiliates – 8% residual commission rate
- VIP tier affiliates – 10% residual commission rate
- Elite tier affiliates – 15% residual commission rate
- Max tier affiliates – 20% residual commission rate
Nominex Ugly Truths Exposed!
#1 This Is Nothing More But A Ponzi Scheme!
Nominex is nothing more than a Boris Ponzi scheme. What is a Boris Ponzi scheme exactly? It implies that a Ponzi scheme is originating in Russia or Eastern Europe.
#2 Negative Reviews
If you check out their TrustPilot profile, you will find dozens of negative reviews from members who have been scammed of their money. You can read some of the screenshots I have taken below.
#3 Members Can No Longer Cash Out
Members can no longer cash out their NMX tokens since Nominex is about to exit the program, as I have just shown you earlier. This indicates that the whole organization will be shut down soon and will probably be relaunched as something else. Most likely, they will have the same operations in the cryptocurrency niche.
Advantages of Nominex
None. I don’t see any advantages in joining this Ponzi scheme.
Is Nominex a Scam or a Legit Program?
Nominex is, without a doubt, a scam. There is no proof that they are a real business, and they are not authorized to issue securities to their members. You might face jail time if you are caught promoting Nominex or any other Ponzi scheme. I strongly advise you to avoid this program.
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