PayDiamond is a chain marketing-based business that generates money from the newly formed members and compensates for the previous members. The website is operated by a Hong Kong-based firm. The domain named paydiamond.com was initiated in December 2014. Let’s see how this broker works and its characteristics.
When checked with Portal Alexa, it shows that all the traffic on this domain comes from China. This confirms the fact that the website is operated from China. The owner of PayDiamond is not known and the website does not shed any light on it. This raises suspicion. This website features an affiliation program. This affiliation program offers membership to the traders. The minimum investment required to enroll this affiliation is ranging from dollar two hundred to dollar thirty-six thousand. The offered affiliate programs are five namely Joy, Light, Plus, Master, and Premium. The Return On Investment of $10, $20, $60, $180, and $1800 weekly on above affiliate programs. The investors can avail of this ROI facility for straight fifty weeks. Another earning strategy can be implemented by sponsoring new clients to this broker. The commission varies according to affiliate programs. The commission given is $5, $10, $30, $100, $1000 respectively. This broker also features the Residual Commission in the form of the Matrix Compensation Plan and Binary Compensation Plan. The Matrix Compensation Plan offers commission in 3 by 10 matrix. These offered places can be stuffed with the members from above or below stream with fifty cents commission for each place. Contrary, the Binary Compensation Plan features two branches and can be stretch infinitely. These places can be stuffed by leftover clients present in both the streams. These places’ are appraised on the point-based system. The five levels have 50, 100, 300, 1000, and 10000 points. All these points are added and given as a commission to the traders.
The fact of worry with this broker is its unregistered and unlicensed nature. Canadian Financial Authorities viz MSC and Winkler Police have issued several warnings against it. In addition, this broker also said to be regulated by the Brazilian Securities and Exchange Commission named CVM. Sadly, we can not find any mention of PayDiamond on CVM’s portal.
Is PayDiamond scam or legit?
In conclusion, PayDiamond is an unregulated and unlicensed offshore broker. There are several uncertainties about the investment of traders. The offerings are unrealistic. This can be a potential scam broker and must be avoided.
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