Have you heard about Mybuywealth, the newly launched earning website that claims to be rewarding users with up to 30% daily interest on any amount used to purchase one of their investment plans? While it is undisputable that Mybuywealth is paying at the moment, you to bear in mind that there are risks associated with participating.

Key Takeaways

• Mybuywealth is an investment based scheme that allows users earn up to 30% of what they deposit on a daily basis.
• The platform is not legit judging by the fact that it’s a ponzi scheme and all such sites are globally recognized as fraud.
• High “interest” rate, registration bonus as well as an active support team are some of the good aspects of the platform. On the other hand, the high payout structure and referral incentive also serves as a major red flag since higher payout means more unsustainable platform.
• Mybuywealth is a ponzi scheme and as such, it’s bound to crash. Therefore, there’s need to not participate with money you can’t afford to lose.

In this article we will go over a few important details about Mybuywealth, which includes how it works and my take on whether it is legitimate or not and what you should take note of before you proceed to invest or activate one of the investment plans. Without wasting much time, let’s dive right into what we are here for.

About Mybuywealth

Mybuywealth as the name implies is an investment based website where users earn 30% of whatever amount used in investing on a daily basis. There are numerous investment sites available at the moment but what makes this particular platform stand out is the fact that they practically have the juiciest or better put most enticing offer.

As an intending user, all that’s required of you is to create an account and proceed to recharge your wallet on the platform and then buy one of the investment plans present on the website and wait for the settlement of your daily interest by 9pm.

Due to it’s popularity, you may have been invited by people or someone close to you, it’s best not to get swayed easily by promoters of platforms like this. Reason being that, most of them promote them for the bonuses being promised them or for any other selfish reasons.

Breakdown of Earnings

There are two main ways of earning on Mybuywealth for people who decide to participate and they are as follows;

1. Investment Profit – owners and participants often like to refer to websites like Mybuywealth as investment sites due to the fact that users have to deposit money before they earn. While this is not the reality, it’s still permissible. Profits generated from the so called investments is the main way of earning money on the site.

When you create an account, recharge or fund your wallet and then activate one of the plans based on the amount in your wallet, then you earn 30% of whatever plan purchased for a period of 40 days.

Once you activate the plan, you earn additional rewards based on the amount spent and the rewards drop by 9pm daily.

If you purchase or activate the 5,000 plan, you earn 1,500 naira on a daily basis by 9pm and can proceed to withdraw the money as soon as it settles or leave it to accumulate. Long and short of the story is, investing money is one very direct way of earning on the site.

2. Referrals – the affiliate system in place also rewards users with additional revenue for referring other so called investors. When you refer someone directly, you earn 25% of whatever plan the person activates. The referral bonus appears to be a one-off thing; you just earn the fixed reward and that’s it.

It doesn’t end at the first level though, there are other levels. You earn 3% of any amount the person referred by your direct referral spends on activating a plan and 2% of your third level referrals. So it’s like a chain where the main referrers earns the most if he’s or her team is very active.

There is no other way to earn money on the site. The only bonus all users enjoy at the time of writing this article is the 500 naira registration bonus that is given to all new users.

How to Get Started

The first step to getting started is creating account directly on the website via the URL – mybuywealth.com, here you will see the option to create an account and to login.

Proceed to create an account, fill the brief form and you will be instantly logged into the main dashboard where you will see the Recharge option, Withdraw, Invite and Help.

The most important options are the recharge and withdraw. So if you’ve made up your mind to deposit money on the site regardless of the risks, then click on Recharge, select amount and proceed to transfer the money into the provided account details after which, the amount will be added to your balance.

Immediately it’s added, head back to the homepage and select one of the investment plans, there are numerous plans available on the site. It ranges between 3,000 to 1 million naira. So select a plan based on the amount you recharged and then you wait for 9pm daily for the extra rewards which they like to regard as profit or interest.

To invite friends simply click on the Invite button copy your link and share to people who may be interested in participating. But it’s best not to refer others to a platform like this unless they have full knowledge of the risks associated with participation.

How to Withdraw

If you want to withdraw from Mybuywealth, simply click on the Withdraw option when you have earned a minimum of 1,500 naira and then you submit account details, enter amount and submit your request

At the time of writing this article, the payment is instant. Meaning immediately you submit the request, your selected bank account will be credited with the payment. Though there is a 10% charge to be removed when a user is withdrawing money.

Verdict

Mybuywealth is not legit. It’s a scam website; now this may come as a surprise to you, since the platform hasn’t scammed anybody at the moment but believe me when I tell you that, ponzi schemes like this have a definite end and that is to crash.

Reason is, as time goes on, the pressure gets more serious and the influx of new users who are making it possible for them to pay out the so called interest will reduce thus making it impossible for them to continue doing so, and then what happens? The site crashes or stops paying.

What makes the whole thing worse is that, mybuywealth doesn’t have a clear owner. So there’s no one to hold accountable should things not go as planned. Therefore, if it’s possible steer clear of the website but if you must, there are a few things you should take note of to avoid incurring huge losses;

1. Avoid Depositing High Amounts – there are numerous investment plans on the platform but it’s best to opt for the most affordable plans or cheapest plan if possible. It’s true that you may not get as much profit as someone who invested a huge amount but it saves you the stress of losing money you can’t afford to lose.

There is absolutely no guarantee that you will earn back the amount spent on recharging or activating a plan. So the best way to reduce your risk and also put yourself at an advantageous position is to fund what you can easily afford to lose; so if things go as planned you smile, if they don’t you still move on.

2. Don’t Accumulate – there’s a common rule you should always bear in mind while dealing with ponzi schemes like mybuywealth and that is, never to accumulate a dime on the platform. Why is that? The reason is, no one knows when they will crash. So immediately you are able to attain the minimum withdrawal, endeavour to place withdrawal as that reduces your stake in the platform should things go south.

An investment platform is not your bank. Immediately you are able to reach the minimum threshold, which in the case of Mybuywealth is 1,500, do well to withdraw immediately as that helps lower your overall risk.

3. Don’t Join An “Investment” Platform that’s been available for a week or more. Investment sites like this get weaker as days go by. The more users get paid high “interest” rate, the more the platform weakens and inches closer to its end. Hence, the reason why it’s highly unadvisable to join a platform that has been around for a week or more.

If at the time of reading this article, mybuywealth has clocked more than a week, then I wouldn’t advise you to even give it a try no matter the amount.

Pros

• Registration bonus – the registration bonus reduces a user’s risk.
• High interest rate – when someone has made up his or her mind to take a risk, it’s important that such risk is worth it. The high interest rate on mybuywealth is commendable.
• Instant payment processing
• Active support team with a dedicated telegram group chat where information is disseminated.

Cons

• Ponzi scheme or hyip – websites like Mybuywealth have a reputation of paying for sometime and then crashing. So there is need to bear this in mind while participating or at least before you deposit money.
• Unsustainable – due to the high interest rate pegged at 30% per day, it is highly unsustainable and wouldn’t take so long before it stops paying. So there’s need to be careful and not get intoxicated with greed.
• The website has been around for nearly a week and as we all know, the longer an investment site lasts, the weaker it gets. People who were not able to join it same day or the second day after it got launched are automatically at a disadvantaged position.

Conclusion

We’ve come to the end of this review. I believe you now know all the necessary details about Mybuywealth and the risks associated with participating in investment platforms. If after reading the article, you still wish to proceed, feel free to do so with money you can easily afford to lose.

Thanks and do well to share to friends and family.