CrowdStreet is an online earning platform that claims to be paying users more than 30% income daily on any amount spent on purchasing one of their “investment plans”. Crowdstreet.com.ng was launched barely a week ago and it appears to be making the rounds on social media but before you due to the so called trends, bear in mind that, most investment based websites are fraudulent. This is no different and we will be discussing some of the red flags in this piece.
In this article, we will go over all the important details one should take note of about crowdstreet and what you should bear in mind before you proceed to participate i.e. if after reading this article, you still wish to invest your money regardless of the potential warnings and red flags we will be discussing. Without wasting much time, let’s get started already with the important details.
About Crowdstreet
Crowdstreet is an online investment website that claims to be paying users more than 30% interest on a daily basis. The interest rate is dependent on the plan purchased or the order you opt for after depositing money.
Like every other investment related websites out there, crowdstreet let’s you earn money only when you have taken the risk of recharging your account with your own money and then purchase one of their plans. After which, you will receive rewards every 24 hours based on the plan.
The website was launched some days ago and due to the nature of the bonuses they claim to be paying out to users, there’s been numerous payment proofs already uploaded on social media being used as a convincing tool to lure in more users to the scheme.
Breakdown of Earnings
There are two main ways of earning on the platform and they are as follows;
1. Plan purchase otherwise known as Orders – when you buy one of their plans, you earn rewards based on the plan purchased on a daily basis. This is the main “investment” aspect of the site but it doesn’t come without risks. When you decide to recharge your account and buy one of the orders, you stand a risk of losing the money.
It’s more of a risk than an investment and that’s why it’s highly rewarding. They understand the risks associated with participation. When you buy one of the plans, you earn money every 24 hours and can even withdraw the money as soon as you hit the minimum withdrawal threshold.
2. Referring – like every other investment based website, crowdstreet largely depends on word-of-mouth to spread the message and widen it’s membership. This is why, they have a very juicy referral program. One that even casts some level of doubt as to the legitimacy of the platform.
The referral program is broken down into three levels i.e. you earn from referring people and also earn when your referrals refer others. It extends down to the third level. While this seems to be a benefit for some people with large following, it also brings closer the problem of unsustainability.
Getting Started
If you want to participate regardless of the potential risks associated with joining a site like this, simply hop into their homepage and proceed to register an account.
When you are done filling the sign up form, you will be logged into the main dashboard, where you will find a few features such as Orders, Recharge, Withdraw, My etc. tap on the Recharge button and proceed to fund your account with any amount starting from 2,700 naira.
2,700 naira is the minimum deposit amount and the minimum amount needed to purchase one of their plans.
After depositing, tap on Orders and select one of the plans depending on the amount funded. Then activate it and wait for 24 hours to get your first reward.
Like I said earlier, the platform is a high risk scheme, regardless of the fact that it may be paying at the time of writing this article, there’s a very high chance things will go south.
Participation therefore, should be done at users risk.
Withdrawal Steps
To withdraw money, you need to have earned at least 1,000 naira and also purchased one of the investment plans. If you have met the two requirements, click on My then on Withdraw, you will be asked to bind your bank account details.
Do that and then proceed to withdraw the money to your local bank account. As expected from every newly launched investment scheme, the payment is instant.
Is crowdstreet.com.ng Legit?
The short answer to the question is no. Crowdstreet is not a legit online earning platform and for various reasons, it’s best to steer clear especially if you are the type of person who gets lured in by mere word of mouth.
Why do I say so? Crowdstreet is a ponzi scheme and by all definitions, it’s a scam platform created by some dubious elements for the sake of scamming users. Pay no attention to the fact that they are paying well at the moment, the main intention of the owners is to scam users at the end.
What makes everything worse is that, there isn’t a way to hold anyone accountable when things go the wrong way. It is for this reason that you should stay away from crowdstreet.
Additionally, the website is very unsustainable. I mean, there are people who are fond of joining newly launched ponzi scheme in the bid to earn as fast as possible to leave but in the case of crowdstreet, I don’t think it would be such a wise decision.
Judging from the high referral program and high incentive system. Users are given more than 30% of any amount invested on a daily basis and also, enjoy 25% referral bonus from their first level referrals. That’s scary and also too high to be realistic.
Online Earning Platforms with very high incentive system are often fraudulent. They intentionally make the platform too enticing to lure in as many users as possible because the more users and so called “investors” the more people to scam.
So even if you’re the type of person who jumps into ponzi sites early enough to cash out and leave, there might be need to make due considerations before joining crowdstreet.
Pros
On the flip side, there are quite a few things about crowdstreet.com.ng that may also count as pros and they are as follows;
- 1,000 naira welcome bonus which serves as a means to lower users’ overall financial risk.
- Low minimum withdrawal
- High referral program
- Instant payment processing
Cons
- Crowdstreet is a ponzi scheme
- Unrealistic Payout structure
- No owner identity
Conclusion
Crowdstreet is a ponzi scheme, so participation means accepting to risk any amount you will be depositing into the system. Sites like this tend to pay for a couple of weeks at most and then crash, therefore if you are still going to participate, do so with money you can afford to lose.
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