Welcome to my Tafabot Review. Would you like to make money with crypto trading without having to do all the guesswork? Would you like to follow professional traders and earn easy profits?
Apparently, with the Tafabot app, you can do just that! You can do mirror trading, and profit by leveraging from the trades of experienced traders.
Is Tafabot a scam, or is it the real deal? You can also earn money via their affiliate program. Is Tafabot a Ponzi scheme?
These days there are many Crypto-MLM scams doing the rounds. Is Tafabot one of them?
I am going to show you what it’s all about so that you can make an informed decision.
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Who are The Founders of Tafabot?
The co-founders are Samuel Benedict Ogbonnaya (CEO) and Victor Otubo (aka Otubo Victor Ogemdi and “Dr. OVO”).
According to Linkedin, Samuel is from Nigeria. In 2015, he launched a blockchain firm called Blockchain Tech Hub. Then in 2017, he founded a cryptocurrency app called Satoswallet using the inhouse SATOS(Satoswallet Shares) token.
If you were an investor in Satoswallet, you would apparently earn around 40% profit in Bitcoin on a monthly basis.
According to Entrepreneur Nigeria, Samuel Benedict made $10 million with the Satoswallet company. The company is non-existent today.
Coming back to Tafabot, Samuel has not included his involvement or mentioned Tafabot anywhere on his Linkedin profile.
However, it’s interesting to note that Tafabot has head offices based in Dubai.
Also keep in mind, that a cryptocurrency business that makes its founder $10 million is no longer in existence.
Where did all this money vanish to?
Recommended Reading: Vortic United Review – Crypto-MLM Ponzi?
How Does The Tafabot Trading App Work?
Tafabot is marketed as an app that can help you earn passive income online. You can download the app from the Google play store, and it’s available on iOs as well.
The first step is to choose a license to buy as a trader. Then you need to connect the exchange that you are with, to the Tafabot app.
And the final step is to start trading.
According to the Tafabot website, the app is designed with the newbie trader in mind and has a functionality called Mirror Trading. This is where you can follow experienced traders and replicate their trades and earn your profit.
Apart from Mirror Trading, there are different strategies that you can use, depending on your level of experience as a trader.
They have several bot alternatives that enable traders to execute trades for bearish, bullish, and sideways market conditions.
It might sound exciting. It might sound like there is no risk. It might sound like you are going to be earning passive income easily, without needing to do any heavy lifting.
Well, if the creators of the app were so confident that they have a winning system on their hands, then why could they not offer a trial for new members?
The only way that you can access their system is by purchasing one of their licenses which starts from $100.
Are People Happy With Using The Tafabot App?
At Trustpilot.com, Tafabot.com scored a 3.5 out of 5-star rating.
Some of the negative complaints were of folks getting liquidated on more than one occasion.
On the flip side, folks were singing praise for the Tafabot app. Some folks claimed that they were making an average of 1% to 2% daily profits!
To get a better picture of how users were actually doing, I decided to join the Tafabot Telegram account.
And here is a query from someone who has not made a single profit within two months.
So, if the app works for some and does not work for others, why then are people still joining Tafabot?
There is another way you can make MORE money with Tafabot. And you do not have to do a signal trade to do it.
The Tafabot MLM Compensation Plan – Get People To Buy The Tafabot Membership
Tafabot has an MLM-type compensation plan in place for users who have bought licenses.
Firstly, there are 3 different license packages that you can choose from.
- Starter License – $100 yearly and allows you to invest up to $3000 in bot trading
- Advanced – $500 yearly and allows you to invest up to $25,000
- Professional –$1000 yearly and allows you to invest up to $100,000
If you recruit people into the Tafabot business, you get rewarded. Here are some of the ways that you can earn with Tafabot.
DIRECT REFERRAL COMMISSION
This a uni-level compensation plan, where you earn from both your direct referrals and your indirect referrals. It goes down to 15 levels.
For instance, on level one, you earn 20% of the investment that your direct referrals make.
TEAM UPGRADE BONUSES
You get paid when anyone in your 15-generation network upgrades to a higher license.
LIFESTYLE BONUS
By reaching higher ranks within the compensation plan, you can unlock various bonuses. There are 6 affiliate ranks (Steel, Bronze, Silver, Gold, Diamond, and Emerald.)
Some of the prizes that you can win with the lifestyle bonuses are :
- Exclusive Business Club Membership & Branded Hugo Boss WristWatch
- 5-Star Dubai Couple Trip & a $10,000 Go-Home Cash Gift
- Jetour Dashing Car
- Porsche Macan 2023
- Porsche GTS 2023
- 2-Bedroom Apartment in Dubai Creek Harbour
- Benz G Class G63 AMG 2022
- Ferrari F8 Tributo 2022
- Lamborghini Urus 2022
- Dubai Golden Visa for 10 Years Along with a Rolls-Royce Cullinan 2023
- $1 Million Cash Gift
It’s evident that you can earn more by focusing on building a huge network. In other words, focus on recruiting.
This is not unusual as most MLMs reward you the higher paychecks for recruiting. The difference here with Tafabot is that there are no other products that you can earn profits from.
Does that mean that Tafabot is a Ponzi scheme?
Before I give you my verdict, let’s first check out the pros and cons of this business opportunity.
Pros of Tafabot
(1) There is owner transparency
(2) Professional-looking website
Cons of Tafabot
(1) Expensive product packages
(2) No free trial for the app
(3) No income disclosure
(4) Even though there is owner transparency, one co-founder has a shady history
Is Tafabot A Ponzi Scheme? My Personal Opinion
According to Wiki, a Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.
There are no products that one can earn retail profits from in the Tafabot business. Tafabot claims to offer people a passive income return.
This is a securities offering. As such it needs to be regulated and Tafabot has no such regulation.
The only source of money entering the business is from the new investment. And if this money is used to pay the earlier investors, then Tafabot is operating as a Ponzi scheme.
These Ponzi schemes can operate for years before (a) the money stops coming in, or (b)the owners cash out and close the operation for good.
Go for the safer option, go with a regulated Cryptocurrency trading platform. Learn paper trading, and do all the training and trading by yourself. It’s a long road, but at least you are in control of things.
Or if trading is not for you, check out my nr.1 recommendation for earning a passive income online.
How I Earn An Income Online
I transitioned from the health field to the online world.
I faced a major health challenge that affected my ability to do my day job as a pharmacist, and I had no choice but to find another way to bring in the money. You can read my story here.
It’s thanks to affiliate marketing that I can earn a passive income online.
With affiliate marketing, you do not have to focus on recruiting people at all. There is no cold-calling or having “tea parties” or having to do any door-to-door selling.
It’s a great business model for newbies. Even if you have no marketing or any technical experience with website building and so forth.
You have the freedom to build your business around a topic or niche that you enjoy talking about. And you are not restricted to marketing only ONE product or service.
It would my pleasure to show you more about how I made money with this business model since 2016. Let me show you how it can benefit YOU as well by clicking here.
Thanks so much for joining me on this Tafabot MLM Review.
I hope that it has helped you out.
Looking forward to hearing from you.
Regards
Roopesh