FOMOEX: Investment Opportunity or Ponzi Scam

FOMOEX  where FOMO stands for Fantastic Opportunity Made Outstanding, EX stands for Exchange here. The Company is based on Cryptocurrencies MLM and is claiming that- this is the plan that no one has ever seen before in the world. The Company president is Stephen Meade and CEO is David Hung.

FomoEX is primarily based on the Filecoin mining business and offers affiliates and networkers to earn passive income by its referring. FomoEX is giving 300% ROI which uses an eOracle database (enterprise Grid Computing) that performs all the calculations. We are unable to find the corporate address of the company and is not available on their website.

FOMOEX

About FomoEX founders Stephen Meade and David Hung

 

Stephen Meade President and Chairman of FomoEX is well known US business executive. His company Virtual sellers which provide TPS (Transaction Processing System) is a helper and guide for the biggest payment system company PayPal. Stephen Meade has done his bachelor’s from the University of Missouri in business and marketing. Stephen Meade created 3 public OTC companies and run them. He is a writer and speaker. You can read more about him on Wikipedia

David Hung CEO of FomoEX is the owner of the largest Filecoin mining farms globally. He has Filecoin mining operations in the USA, Singapore, and China. Credit FomoEX website

 

Stephen Meade has no experience in the crypto MLM industry and there are not many details about David Hung like any other crypto Bro. The position and rumors of Sam Lee are unclear and there is no solid evidence of his role and involvement in the company. Sam Lee is credited as HyperFund CEO.

 

What is Filecoin and why Filecoin Mining is popular?

Filecoin (FIL) is an open-source cryptocurrency and blockchain digital payment system based on digital(Cloud) storage. It uses IPFS InterPlanetary File System and stores data in a decentralized form which makes it quite impossible for someone to misuse or manipulate. Filecoin is listed in Binance and Coinbase and is one of the popular Cryptocurrencies.

 

Filecoin mining combines POS+POW (Proof of Stake + Proof of Work) which makes it popular and profitable. It is legal in many countries. Here are some common advantages of FIlecoin Mining

  • It is cost-effective
  • Scalability
  • Since it uses existing unused space, it is Economical
  • Safe, it uses blockchain technology which is claimed to be not hacked

These are the various reasons why FomoEX uses Filecoin mining and on top of that, it Makes Money.

 

How to Register on the FomoEX website?

Visit the official website of FOMOEX which is portal.fomoex.io and you can register yourself there. There are no registration costs so you can register and research from the documents available on the website. Here is the step-by-step process of registration and creating an account.

FOMOEX official Website

  • Visit the website and click on Signup
  • You will be required one sponsor name to register. Network marketing or MLM work like this so, one sponsor who is already has a FomoEX account required.
  • Fill in your username you want and email id
  • Choose your password and confirm the same.
  • Select your birthdate, you can ignore it as it is optional.
  • Accept the policy and click on proceed

How to register on FOMOEX

You have successfully created your account on FomoEx and you get the email of registration.The major traffic on a website is based on India, UAE, and US as per Alexa data.

 

FomoEX Packages and Plans and Mining rewards

Before moving to plans let’s understand the term FSDT and USDT. In crypto terms, USDT refers to USD stable coin or US Dollar. FUSD is the payment currency of FomoEX and 1FUSD=1USDT so the ratio is 1:1.

Now let’s see the plans or package FomoEX offers for the affiliates or Networker. FomoEX package started with a minimum 100$ to a Maximum 25000$. The compensation or mining rewards percentage shown below is monthly not weekly.

 

FomoEX pack or Package

Now let’s suppose you took the package of 100$ then your mining rewards will be 5$ per month. Now be patient the company offers more to attract people to have their plans. We will discuss in detail, the rewards and hook.

 

FomoEX package breakdown

So as per the company policy, 50% of the invested amount will go into the mining and the remaining 50% will be distributed towards the leader’s pool and recruited commission, affiliate rewards including direct rewards. FomoEX package breakdown details are presented in the picture below.

FOMOEX Investment Portfolio

A direct bonus will be immediately deposited into your account after joining. Five percent (5%) of your total investment will be immediately forwarded to you as a direct bonus.

 

Level Based Commission: Residual commissions structure

FomoEX pays level-based or residual commissions on a structure called uni-level structure. Under this compensation, scheme affiliates remain at the top level with every person directly recruited by affiliates. Here is the residual commission’s structure as shown in the picture.

Residual commissions

These level-based commissions are based on the percentage of monthly rewards paid to affiliates.

Residual commission or Compensation

 

FOMO Linear Plan (FOMO Trademark)

This is one of the most attractive plans by FOMO which used to feed the straight line into the binary team. Now the plans are modified into just a straight line, which means there is one global linear tree that exists. Weekly payment in FUSD token (1FUSD=1USDT) and refer and linear must be created within a week of your activation.

FOMO Linear Plan

 

  • 1Package of X$ on your position
  • 3 Active direct users with X$

 

These speeds up your reward commission and help to reach the maximum mining production of your package. Once you reach maximum mining production then the package is closed, and you have to re-invest. Once you are eligible for this the investment will be recovered in the first month itself. However, If you have not referred anybody and opened self-4 accounts the invested amount will be recovered in just 4 months. You can allow opening multiple accounts here and this is something unique here in this MLM.

FOMO Linear Reward

 

Maximum Mining Production = 3 Times the total investments i.e., 300% on ROI

 

 

FOMOEX Leadership Pool

The initial investment which was allocated here at 8% is for the leadership pool. As per the Fomo leadership pool, you will be able to receive a monthly % of Total turnover as a leader commission. The actual game of MLM or Network, now you have to create your legs to qualify this commission. So using the 50% rule, the Total turnover volume from one leg is 50% which is based on yearly Turnover. To understand more clearly let’s see the leadership pool bonus or commission calculations. Each cap of leaders given a unique and fancy name usually subscription models gave their customers like- Bronze, Silver, Gold, Ruby, Diamond, and Black Diamond.

FOMO Leadership pool

 

Summary of FomoEX Complete Marketing Plan

So here are certain things we understood from the above information

  1. Registration requires no Investment
  2. To earn a bonus or commission or referrals you must have at least 1 active plan and the minimum plan amount is 100 $
  3. The Investment currency is USD or USDT stable coin and Payout or withdrawal is FUSD stable coin. 1USDT = 1FUSD
  4. The FomoEX uses the Shanghai time zone for calculations and Payout purposes.
  5. One can boost their commission and get investment back in 1 month by activating the Fomo linear plan. 1st Friday of subsequent Month.
  6. All the commissions are calculated monthly except for
    1. Fomo Linear plan which weekly payout and pays you every Friday
    2. Leadership pool which is an annual turnover-based commission
  7. Direct bonus is directly paid at the activation and instantly credited to your account
  8. Mining bonus will be monthly and received every month first Friday

Also, the company registration was started in October however the investment wasn’t started but the same was started later and its plan is to collect 1 Billion dollars in 90 days.

 

How does it pay the actual money or how you can withdraw?

The minimum withdrawal limit is 25 $ for the FomoEx Account. The withdrawal fee will be min 2.5% or 2 of the total amount to be withdrawn. Repurchase can be activated by blocking the amount equal to the package amount.

  • You need to sell your FUSD
  • Then you need to exchange it with USDT on Binance
  • If someone buys the same USDT then can be withdrawn as USD in your bank account

 

What are the things you need to know?

Now the company has not mentioned the official address on its website. It is seen that the company operates from Dubai which is a scam capital for most of the MLM companies.

  • The law is applicable for users and affiliates is British Virgin Island law which is again the prime location of the shell company. People generally hide the black money opening shell companies in BVI. We have seen the pandora leak where most shell companies are BVI-based.
  • The recent YouTube video of Stephen still does not clarify the crucial details of the company and there are transparency issues.
  • FOMOEX admins arrest in India, The masterminds (Raghavendra, Nagaraju, and Shivamurthy) were arrested by Indian Police.
  • The link with eOracle and HyperFund
  • Some Payments are reduced and payment of Friday 14 Jan extended to Monday 17th Jan- This questions their system and they are the law maker. There is no SOP for smooth functioning of FOMO.
  • Launch of the new schemes and new offers to attract people. Scheme referring and turnover reduced by FomoEX till Jan 2020.

 

Also, Read

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Poocoin

DogeCoin

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Dragon Chain

Shiba Inu

IC15 India’s first cryptocurrencies exchange

How to earn money online Without Investment

Bloomberg Billionaires Index

 

Conclusion

Although it looks very attractive or has never seen before plan to earn money various things indicates towards the Ponzi as well. Our recommendation will be to do throw research on Fomo before you make any decision and then act. The Bollywood stars Akshay dialogue in Herapheri is what reminds me of this scheme which was 25 Din me Paise double. With this note I am stopping my thoughts on this article, if you have any queries, recommendations, or additional information please share with us in the comments below. Also do not forget to correct me if I have mistaken any information here.

 

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