Another way that you can find to make money online is through investment opportunities. Since these are investment opportunities, it means you will need to shell out some money.
There are actually a lot of investment opportunities online that offer you good returns for your money.
The challenge, of course, is to know if they are legitimate or not since a lot of these opportunities turn out to be just a scam, especially those that are related to earning Bitcoins.
One such investment opportunity is being offered by NewAge Bank, where it promises to provide you with good returns for your investment.
Depending on how much you invest, you will earn substantial interest on your money after 23 days. But is this really a legitimate investment opportunity or just another scam?
NewAge Bank, though, has already been proven a scam and the site is in the process of shutting down. They did open another site, where they will refund all of the Bitcoins invested in them.
Read on to learn more about NewAge Bank and what they were trying to offer before.
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NewAge Bank is a Scam that You Need to Stay Away From
Don’t be fooled by the name, as NewAge Bank is not really a bank as its name suggests. It was registered in 2017 as a company that provides loans and a Bitcoin bank for the new generation.
In reality, though, the company doesn’t really provide loans, as the interest rate for getting a loan from them is 100% every month.
Yes, you read that right, their interest rates are through the roof, which goes to show that no one will really bother applying for a loan from NewAge Bank.
So how do they generate their money? They earn money from the new deposits that are coming in from members. This is because the company also offers an investment opportunity.
The site promises that your money will more than double at the end of the 23-day investment cycle. If this sounds too good to be true, well it really is.
This is because NewAge Bank is actually a Ponzi scheme, which means the money it pays to its old investors are coming from the investment money it gets from new investors.
The site doesn’t really earn money from any sort of service, as they don’t really have any, they earn from new money coming in.
As we progress in this review, I’ll be discussing more why NewAge Bank is a scam and that putting your money there is not a very good idea.
Who is NewAge Bank Made For?
Based on what the website is promising, NewAge Bank is a site that is made for people who are looking for ways to make their money grow.
They offer an investment opportunity that promises to more than double your money in just 20 days. Unfortunately, as good as this opportunity sounds, it’s not really something that is really doable.
If you take a look at a lot of the legitimate investment opportunities out there, whether it is the stock market, real estate, business, and so on, no one really promises a more than double in returns, especially in just 23 days.
This is because there are always risks involved in investing. Sure, there are moments where some made big money in investing in just a short while, but there are very few of them.
That short while still took them at least a year to achieve and not just months or days. So this promise from NewAge Bank alone makes it very dubious.
In the next section of this review, I’ll detail more the reasons why they are considered a scam.
How are You Supposed to Make Money in NewAge Bank?
As mentioned above, NewAge Bank provides an investment opportunity for its members. It dubbed itself as the new Bitcoin bank and provides opportunities for members to earn more Bitcoins.
The company starts it off by giving you Free Card after registration. The card will provide you with 35 free Satoshis a day without the need to pay anything.
If you want to earn more, you can purchase more card and be able to earn up to 200% of your investment passively in just 23 days.
Yes, you hear that right, up to 200% earnings of your investment in just 23 days. This means that if you invested 10 Bitcoins, you will get back 30 Bitcoins in just 23 days. The minimum deposit is just $1.
But that’s not their only earning opportunity. The site also has a referral program, where you can earn up to 15% of your referral’s purchases in the site.
So if you refer someone and he or she invested 10 Bitcoins, you can earn up to 1.5 Bitcoins. You need to reach 500 Satoshis in order to withdraw your earnings to your Bitcoin wallet.
The earning potential that the site offers seems easy and simple enough to understand. Unfortunately, the site is a scam site and there is evidence that shows it.
First is that details about the company’s ownership and developers are also non-existent, which further proves that they are really a scam site and not a legitimate one.
Another reason is the company’s outrageous promise of returns for the money you invested. This kind of return is not really something you will see from legit investments because it’s impossible to sustain this.
There’s just no way you can earn up to 200% in returns in just 23 days for the money you put in. There’s just no way that NewAge Bank can pay you that unless they are doing something illegal.
And they are, as the site has already been proven a Ponzi scheme. As you all probably know, the investment model of Ponzi schemes doesn’t really last long.
This is because relying on new money coming in to pay off the old investors is not really a sustainable model.
There will come a time when the money coming in would start to dry up and the company would be unable to pay back its investors.
This is actually what happened to NewAge Bank, as it is already in the process of shutting down. They’ve already set up another site where they will be refunding all the investments deposited to them by the members.
However, it is important that you still need to be cautious, as the site will be charging some fees to process the refund. They promise to return the fees they’ve taken after 1 confirmation Bitcoin network.
This could just be a ploy to get more money out of you. So unless you put in a lot of Bitcoin on this website, the danger of losing more money might not be worth the risk of getting back a little money that you invested in.
What I Liked about NewAge Bank
Now that we have learned more about NewAge Bank and how it works, it’s time to discuss if there’s something to like about the opportunity they are offering.
- It’s probably a good thing that the site has set up a website for investors to get a chance to have their money refunded to them, considering the main site is already inaccessible. But I would be careful with this since you will need to pay some sort of fee first before getting your refund.
- No matter how much I look at it, I can’t really find anything to like about NewAge Bank. The site has been a scam right from the start, even if they have been paying people at first. This is because what they run is really a Ponzi scheme, so it was doomed for failure from the beginning.
What I Didn’t Like about NewAge Bank
When it comes to things that I didn’t like about NewAge Bank, there are actually a lot of them. But I’ll just be focusing on the important ones that you need to know.
- The first thing that I didn’t like about NewAge Bank is that the site has been a scam from the day it was launched. The site never really had any sort of legit product or service to offer people, so it will really just rely on new money coming in to be able to sustain itself and pay other people their money.
- Another thing that I didn’t like about NewAge Bank is that they are charging a certain fee if you are looking to refund your money. Yes, the main site cannot be accessed anymore, but it seems like the company has set up another website where they will process refund requests of their investors. The problem is that they are charging a certain fee for it that they promise to return to you as well. This seems suspicious and could be mean you might lose more money instead of getting it back.
Do I Recommend NewAge Bank
The answer to that is, of course, no, especially considering that the company has already been unmasked as a scam and is already in the process of shutting down.
Their main website is already inaccessible, which is a good thing as this means that there will be no more people scammed into investing in the company.
However, the company set up another site where they will process requests for refunds. This seems like a good gesture, but also looks suspicious considering they charge a certain fee for the process.
The company will be charging as low as 0.005 Bitcoins to as high as 3 Bitcoins for the processing fee, depending on the amount you invested.
If you didn’t invest a lot of money, I suggest that you don’t go through with the refund, as you might just end up losing more money instead of getting it back.
Let this be an important lesson when it comes to investing. You had better do your research first before giving your hard earned money.
Even if the opportunity was promoted by a close friend or family member, still do a research. Check the site, read some reviews, ask about the owners, and so on.
Yes, there are a lot of good and legit investment opportunities out there, but there are also a lot of scams. Just remember, when it comes to investing, you should always do your homework first.