Hello and welcome to my site.
This is a thorough review of a new MLM company called PetronPay.
Did someone approach you and ask you to join this company called Petron Pay? Or you have seen a promising offer, and now you are wondering if this is a real deal or not.
I am sure you already know that PetronPay operates as an MLM (multi-level-marketing).
In this review, we are going to check how this company works, what kind of product they have and in about a few minutes, you will know the answer to the question, is PetronPay a Scam.
Let’s get started.
Please note, I am not a member or an affiliate for PetronPay. This review is based on research and information available online in the public domain.
Any recommendation and conclusions are only opinions and may not apply to all persons or situations.
Table of Contents
- 1 PetronPay Overview
- 2 PetronPay Summary
- 3 What is PetronPay?
- 4 PetronPay – Usefull Information
- 5 Is PetronPay a Pyramid Scheme?
- 6 How to Join the PetronPay
- 7 What is the Price of the Packages?
- 8 How Does PetronPay work?
- 9 Compensation Plan
- 10 PetronPay Red Flags
- 11 What I like about PetronPay
- 12 What I don’t like about PetronPay
- 13 Is PetronPay a Scam?
- 14 How to Get Started with Affiliate Marketing?
Price to Join: $25 – $1,999
Recommended: No. This is most likely a Pyramid Scheme.
I recommend Affiliate Marketing. Check the Pros and Cons of both business models (Affiliate Marketing vs. MLM).
What is PetronPay?
PetronPay is supposed to be an investment company where you can buy a package (your investment) for a certain price.
The problem is that this is an unregulated company and the main issue is that all unregulated companies are untrustworthy.
Apparently, they invest in oil, and you are promised a high ROI (return on investment).
The problem is that the only way how to purchase the package is using a Bitcoin.
To me personally, this was a first red flag, and there will be more of them. (Whenever there is a company that deals with cryptocurrency and operates as the MLM, the chances are high that it is a fraud).
PetronPay – Usefull Information
This company was founded in 2019, and also their website petronpay.com was registered in December 2019. So as of this writing, it has less than a year.
According to its website, the CEO is a person called John Grant.
There is no other information about this individual. One would assume that such a great business has a profile on LinkedIn, as well as the CEO.
But it is not the case.
This guy has only an Instagram profile that is accessible from the Petron website.
As already said, the website is less than a year old but the traffic significantly rises in the last few months.
That means that people based on false-belief go to the site and most likely buy the packages PetronPay has to offer.
As of today’s wring, the most traffic is coming from Togo (almost 30%), and then Cote D’Ivore, the USA, Benin, and Cameroon.
We are about to find out that it is better to stay away from the PetronPay.
(See the list of Red Flags below).
Is PetronPay a Pyramid Scheme?
Let’s clarify what the pyramid scheme is.
Generally, if a company works as multilevel marketing and has no product to sell, it is considered a pyramid scheme.
In other words, the only way how people within the structure make money is via recruiting.
Such pyramid schemes are illegal in most countries, simple because this “model” is not sustainable, and the whole structure looks like this:
The only people who make money are at the top, while the rest is losing the money.
It is a matter of time until the structure crashes.
So what kind of product PetronPaty has?
We are about to find out that there is no product whatsoever that can be sold to end customer
They don’t provide you with any training as for example IM Master Academy.
Solely based on that, PetronPay can be considered as a pyramid scheme
Why are they still around?
PetronPay is still quite new, so most likely they are not under the radar yet.
How to Join the PetronPay
It is actually quite easy to join the PetronPay.
You have to fill out a simple registration form with your name, user name, email address, and telephone number.
It is mandatory to have a referrer, otherwise, you can’t complete the registration form.
After signing up, just confirm the registration in your email and you can access the PetronPay dashboard.
Here are the packages you can choose from.
What is the Price of the Packages?
The price ranges from $25 to $1,999 and the only way you can purchase these packages, is using a Bitcoin.
There are no products nor courses you can purchase or take.
With that being said, it is evident that this is just a pyramid scheme. This company is not what it claims to be and another big red flag is that they use a false address as their headquarter (below is proof).
How Does PetronPay work?
Let’s say you buy the Barrel 25 package and become an affiliate.
You are told that you get from 0.2% to 2.5% return on investment, daily. Unfortunately, your investment won’t generate any profit. This money is pushed upwards in the structure so the upper line can make money.
The only profit you can make is to offer the PetronPay membership to new members.
The compensation plans are pretty difficult to understand throughout all MLMs, and that is the case with PetronPay as well.
To make it simple here is an overview.
The company has 11 affiliate ranks, with respective qualification criteria:
- Star – generate an accumulated 3000 points in your weaker binary team side
- Two Star – generate an accumulated 6000 points in your weaker binary team side
- Three Star – generate an accumulated 15,000 points in your weaker binary team side
- Ruby – generate an accumulated 25,000 points in your weaker binary team side
- Emerald – generate an accumulated 100,000 points in your weaker binary team side
- Sapphire – generate an accumulated 250,000 points in your weaker binary team side
- Diamond – generate an accumulated 750,000 points in your weaker binary team side
- Ambassador – generate an accumulated 1,500,000 points in your weaker binary team side
- President – generate an accumulated 3,000,000 points in your weaker binary team side
- Emperor – generate an accumulated 6,000,000 points in your weaker binary team side
- Diamond Emperor – generate an accumulated 10,000,000 points in your weaker binary team side
If you want to read the whole plane, you can do so by clicking here.
PetronPay Red Flags
1) Fake address
If we take a look at the company address at their website it says that they are located in the AirGate building in Switzerland.
The addres is:
Airgate Business Center – Thurgauerstrasse 40, 8050, Zurich – Switzerland
It is presented at the PetronPay promotional video as well:
I was curious, so I did contact the building administration asking whether they have a record of a company named PetronPay.
Since the building is in Switzerland, the answer came in German:
“Ich teile Ihnen mit, dass wir in unserem Gebäude “Airgate” Thurgauerstrasse 40, 8050 Zürich keinen Mieter mit dem Namen “Petron Pay” haben.”
That means, that they do not have such a tenant in their building.
This communication took place on Friday 13th, 2020.
2) Owner – CEO
Most likely the CEO who calls himself John Grant is a fake.
There is no information about such a person and the guy who acts in these videos has a different name.
3) Grant Cardone
Grant Cardone is an author, speaker, and real estate mogul.
(BTW, is this a coincidence that the alleged PetronPay CEO is called John Grant?)
He has nothing to do with the PetronPay, and yet they dare to use his person in the PetronPay promotional video.
4) No product to sell
There is no product within the PetronPay portfolio, whatsoever.
Based on the compensation plan we have seen, it is obvious that the company is a pyramid scheme.
5) Fortunes fake photo
Here is a fake photo from Fortunes Magazine (Volume 28)
Apparently, this is not the only one Fortunes Magazine Volume 28.
As we see other people use the same template over and over again.
If you notice the text is the same in all examples.
I am sure all these images are fake.
What I like about PetronPay
- There is nothing I like about the PetronPay
What I don’t like about PetronPay
- They use a false address
- The company is unregulated
- CEO is most likely fake
- Pyramid Scheme (Company does not have any retail products to sell)
- The company is committing securities fraud
Is PetronPay a Scam?
Yes, PetronPay is a scam and a pyramid scheme (or Ponzi scheme)!
No doubt about that.
Please stay away from the company otherwise you might lose your money.
The company is still relatively new, but it can crash at any time; from one day to another.
These Ponzi schemes always collapse once there is no one to join the company.
There are certainly better places on how to learn how to make money and you don’t have to recruit anyone.
I am talking about internet marketing, to be more specific affiliate marketing where you sell other’s people products and make a commission.
This way (if properly done) it is possible to generate 4, 5 (and more) figures per month.
It will take a bit of time, effort, and special knowledge, but more and more people go in this direction.
Find out more by clicking at the link at the bottom of the post.
If you have any questions regarding the PetronPay or any other question concerning internet marketing let me know in the comment section below.
thank you for reading,