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Is PayDiamond a scam broker?

Overview:

PayDiamond is a multi-level marketing organization that makes money from the new members and pays to the old members depending upon the various level. The website paydiamond.com was entitled in December 2014 with the registered address in HongKong, China. Let’s dig into the characteristics of this scam broker.

About the PayDiamond:

Portal Alexa indicates that most of the traffic on paydiamond.com arrives from China. This is evident to say that the domain is being operated from Hongkong. The suspicious thing about the PayDiamond is that there is no mention of their owner anywhere on the website. This website does not sell any product or offers any services, instead it offers an affiliation program.  That means this affiliation will provide only membership. The cost associated with the affiliate program is ranging from $200- $36,000.  PayDiamond offers five different affiliate programs Joy, Light, Plus, Master, and Premium with the investment of $200, $400, $1,200, $3600, and $36000 respectively. One can expect a weekly Return On Investment of $10, $20, $60, $180, and $1800 in the above-mentioned order. One can make a profit from this ROI facility for 50 straight weeks and also earn more money by sponsoring new members. The commission on each recruit on Joy, Light, Plus, Master, and Premium is $5, $10, $30, $100, $1000 ad Valorem. The PayDiamond also offers Residual Commission in two different plans viz Matrix Compensation Plan and Binary Compensation Plan.

The Matrix Compensation Plan provides payment in 3×10 matrices. These positions can be filled by the members from upstream or downstream with the commission of 50 cents. On the other hand, the Binary Compensation Plan offers left and right arms which one can stretch as much as they want.  These positions can be filled by extras present in upstreams or from their downstream.  These positions are evaluated in the point system. The Joy, Light, Plus, Master, and Premium Level have 50, 100, 300, 1000, and 10000 points. All points of each arm are combined and offered to the trader as a commission. Pros of this scam broker are you can generate money. It provides home-based and flexible income.

Cons of this scam broker are it is unregistered and unlicensed. There are several warnings issued by the Canadian Financial Authorities like MSC and Winkler Police. Furthermore,  PayDiamond claims to be listed on the Brazilian Securities and Exchange Commission called CVM. Unfortunately, there is no record of PayDiamond on CVM’s website.

Is PayDiamond scam or legit?

Concluding this scam broker review, we can see many uncertainties on the safety of traders’ funds. Lack of regulation is also bothering. To wrap up stay away from this scam broker.