The availability of online trading platforms is increasing with each passing day. Among all the available trading platforms, one that has been making the rounds on the internet is AMZDOGE.
This multilevel marketing company has been associated with a PONZI scheme, which has left a lot of users in a state of shock and panic, questioning the legitimacy of the trading platform. Where does the platform invest the money? Is it legal? The questions are extensive.
This article will take a deeper look into exploring more about AMZDOGE and also check whether or not the platform is legit.
What is AMZDOGE?
AMZDOGE is an online trading platform, which reportedly invests in cryptocurrencies to generate passive income for its users.
Ever since its inception, the platform has managed to secure thousands upon thousands of users, whose main objective is – to earn some extra money on the side. Being a multilevel marketing company, the platform comes with a lot of complications.
The majority of the users that have used and earned through the platform have confirmed that there are a lot of red flags and a lack of transparency concerning this platform.
What is the Magic Dog Investment Scheme?
One of the bestselling schemes under AMZDOGE was their Magic Dog Investment Scheme. So, what is it? If we had to explain it in short, this is an investment scheme that guaranteed people a passive income on the side.
Following are some of the features:
- The affiliates that signed up for this scheme were asked to pay $10/month to be able to access the tools and resources associated with the scheme.
- Following payment of the access fee, the affiliates could start their trading journey investing using Tether (USDT).
- The scheme offered access to four different affiliate schemes. We can’t elaborate on them now since the platform isn’t functional anymore.
This scheme from AMZDOGE is the one that the majority of the users have flagged as a PONZI scheme, leading to a lot of confusion among the users. The platform, owing to the criticism, has to be taken down and they are currently offline and non-operational.
Is AMZDOGE a Legit Company?
Because AMZDOGE has been around for quite some time now, it isn’t surprising that people are quite amazed by the platform’s legitimacy.
If we had to explain in short, we’d recommend steering clear from this company altogether since nothing about their features and trading practices seem to be trusting and reliable. What you can do instead is look into other legit forms of trading and invest your money there.
One of the main reasons why AMZDOGE is considered fraudulent is because of the lack of contact information and ownership clarification. No one has an idea about the platform’s ownership and knows who runs the website and the whole trading affair.
Furthermore, although AMZDOGE claims that they invest the trading money on cryptocurrency, we don’t have any confirmation about that too, which is again a big red flag, one that deserves to be discussed.
Whether or not AMZDOGE is part of a Ponzi scheme remains a mystery because we don’t have enough information about the same yet. However, given the fact that the platform was made offline right when everyone started pointing things out, it is safe to assume that the website wasn’t legit, to begin with.
If you were skeptical about AMZDOGE before, your feelings are 100% justified. The website and the platform, in general, come with a lot of misinformation, which explains why people are so skeptical about their services and the whole MLM situation.