eSelfie is a pyramid scheme company posing as a legit MLM. You have probably heard about MLM, also known as affiliate marketing. This is a legitimate business technique that companies whose revenue is (heavily) based on sales frequently employ. In contrast to conventional sales channels, networks are used for sales and to find new participants in multilevel marketing programs. Subsequently, they are commonly known as network marketing.

 For starters, here is a peek at how this technique works. A company hires people as direct salespeople, distributors, contractors, or independent business owners. These individuals are then responsible for pitching the business’s goods and(or) services to others, such as family members and friends. Sales can be online or in-person, and they earn a commission for each sale.

Additionally, members are encouraged to invite or recruit new people to join the program as participants. Businesses financially incentivize participants to recruit new contractors and receive a cut of their recruits’ and their subsequent recruits’ sales. While this investment technique is legit, it doesn’t mean that every entity claiming to offer it is genuine. Specifically, pyramid schemes prioritize paying people at the top rather than the ones doing the actual selling.

 Indeed, most people have lost significant sums of money to controversial companies in the name of investing. For that reason, investors must be keen when evaluating whether a firm is a legalized crypto company or a transparent forex broker. One way to do that is to ensure that a company has the authorization to offer the services. Additionally, you can read the company offers to see whether you can detect an element of the high-yield investment program( HYIP). As a rule, if a company promises a too-good-to-be-true deal- you are probably right, that’s utopian, and you should run!

Eselfie.co.za Review

Essentially, eSelfie claims to be about how people exchange contact, build community and share values with like-minded people. According to the whois, the entity registered its domain on 29 January 2022 and expires on 29 January 2024. Looks like the company doesn’t plan to stick around for long!

Real legitimate businesses have capital and or ongoing costs. However, participants are the ones providing startup capital. If eSelfie cannot raise as little as R 499, how do you expect it to run the business, let alone compensate you?

Eselfie does not have retailable products. Instead, it offers access to social media platforms. Users allegedly get digital business cards, share, market, vouchers, bargain box discounts, Ads, and chain store discounts. The broker claims to apply state-of-the-art technology to revolutionize how business cards work.

The company cites the benefits of investing with it as earning from social media use, enhanced social image, and increased social network. Interestingly, we noticed that the entity refers to some of its products as clones. This is as shady as it is self-dissing. No one should risk their investment with a company that uses clones.

Contact Details

The entity claims to have a base in South Africa, with a corporate address to prove that. Besides the company’s CEO, there is no other information regarding the broker’s background 

or team. Besides, the company has not provided an email or telephone address for inquiries. This leaves us wondering how investors can contact them if they are in urgent need.

Any entity worth its salt should have an established customer support service. It is inarguable that you will need these services at one point in the course of your investment. But we make an exception for this illicit company-don’t contact them. You cannot trust it with your data or your money.

ESelfie Regulation

ESelfie claims to be in South Africa. If that is the case, the company should be under the Financial Services Authority’s purview. However, we did not find the company’s database in the agency’s database.

We somewhat anticipated this. For one, the owner of this company, Edward Thwaits, has been linked to multiple companies with fraudulent tendencies, the recent being Fin Capital, where investors lost funds to the tune of $7000000. To borrow from the famous line- once a cheat, always a cheat, we suspect this could be another of his insolent attempts to swindle people. Again, the company’s value proposition is mainly inclined to recruitment than actual selling betraying its identity as a scam MLM.

That said, this company is unregulated and is a pyramid scheme. Any engagement with unlicensed entities is risky. The most imminent one is that you can lose your money anytime. Most pyramid schemes disappear as fast as they spring out. After that, you cannot claim your money as you don’t enjoy the protection of respective financial watchdogs.

Similarly, the fact that the company is not answerable to any authority makes such an entity more reckless, abusive, and manipulative of users. It can squander your money rather than invest it, and you cannot take legal action against it. Being helpless when your money is at stake is something we wouldn’t wish on anyone.

Deposit & Withdraw Policy

The company has not revealed acceptable payment methods. This is unbecoming of a company purporting to help you make money. However, it states that it will pay investors directly using bank accounts in ZAR.

Most unscrupulous companies will ask you to pay via anonymous channels, making it hard for you to reverse transactions. Such channels include cryptos. On the contrary, decent companies accept both conventional and digital payments. Specifically, credit cards are the best as you can tell the funds recipients and file for a chargeback. Wire transfers and e-wallets are also acceptable, although they are less convenient than credit cards.              

ESelfie Investment Plan

The company has four investment tiers. The free tier allows email, phone calls, and SMS. Next, the silver tier needs a minimum of R 499 annually. Subscribers for this package get all free account features and additional social media links, like Twitter.

The third tier is gold, with a deposit threshold of R999 per year. Gold investors access silver privileges alongside WhatsApp and Linkedin. They can also access standard analytics, 100 users per month, and post three static photos. Lastly, platinum investors should deposit at least R1999 annually. The perks of this tier include unlimited social media channels, limitless analytics, and profile videos.

Compensation Plan

Free account subscribers get a 10 percent NFT resale pool value and a 25 percent discount on a bargain box. Likewise, silver account holders access up to  R1000 monthly discount vouchers, 5 percent commission and share, 20 percent NFT resale pool value, 25 percent NFT resale value, 50 percent bargain box discount and 0.01 percent for every post, like, share, and text. 

Next, gold investors earn up to R1000 discount vouchers, 7.5 percent recruitment commission, 30 percent NFT resale pool value, 50 percent NFT resale value, 0.05 for any social media activity, and 75 percent bargain box discount. Lastly, platinum members earn a recruitment commission of 10 percent, 40 percent NFT resale pool value, 0.10 percent per social media action, 75 percent resale value, and 100 percent bargain box discount. 

Our Take

The long and short of it,  eSelfie is a scam company with no intention of helping you invest. In all likelihood, those who fell prey to this company’s antics ended up broke. If a broker cannot meet the licensure requirements in respective restrictions, it should be a sign to jump ship to a better one.

This being a digital investment space, it doesn’t hurt to be cautious. While scam MLMs may be, at times, too subtle to identify, they cannot manage to fool us completely. There will always be some discrepancies that betray them. Subsequently, you can distinguish legalized crypto companies or transparent forex brokers from questionable ones.  

 

 

 

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