In today’s world, people are always looking for ways to make money, and the internet has provided them with endless opportunities. One of the most popular ways to make money online is through multi-level marketing (MLM) or network marketing programs, and Forsage is one of them.
Forsage is a decentralized MLM program that claims to offer a unique and profitable opportunity for its users. In this article, we will review Forsage to see if it is a legitimate opportunity or a scam.
What is Forsage?
Forsage is a smart contract-based MLM program that was launched in 2020. It is based on the Ethereum blockchain, and its goal is to create a decentralized platform where people can make money by referring others to join the program.
How does Forsage work?
To join Forsage, you need to create an account and deposit a minimum of 0.1 ETH, which is equivalent to about 10 USD. After creating an account, you will be given two slots, and you can create more slots by upgrading your account with more funds.
You will then need to refer others to join the program, and when they do, you will earn a commission. The more people you refer, the more money you can make. You can also earn money from spillovers, which means you can earn commissions from people who are not directly referred by you but are placed under you in the matrix.
Is Forsage a scam?
Forsage claims to be a legitimate MLM program, but there are some red flags that suggest it might be a scam.
Firstly, Forsage works on a matrix-based system, which is similar to a pyramid scheme. The word matrix-based is mentioned in the official pdf guide of Forsage (Click to read https://forsage.io/docs/Forsage_BUSD_eng.pdf). In a pyramid scheme, people are recruited to join the program and are promised to make money by referring others. However, the only way to make money in a pyramid scheme is by recruiting more people, and the pyramid eventually collapses, leaving many people with losses.
Secondly, the Securities and Exchange Commission (SEC) of the Philippines issued a warning against Forsage in August 2022. The report states that it is an unregistered investment scheme and is not authorized to solicit investments from the public. Click to read the report.
Thirdly, there are many complaints online from people who have lost money in Forsage, and some people claim that they were unable to withdraw their earnings from the program.
How to stay safe from MLM scams
MLM programs can be a legitimate way to make money, but there are many scams out there that can cause you to lose your hard-earned money. To stay safe, here are some tips:
- Do your research: Before joining any MLM program, do your research to see if it is a legitimate opportunity.
- Don’t fall for high returns: If a program promises you high returns for little effort, it is likely a scam. Legitimate MLM programs require hard work and effort to make money.
- Beware of pyramid schemes: Pyramid schemes are illegal and can cause you to lose money. If a program requires you to recruit more people to make money, it is likely a pyramid scheme.
So here is the conclusion. Forsage is a decentralized MLM program that claims to offer a unique and profitable opportunity for its users. However, there are many red flags showing that it is a scam, including its matrix-based system. Also a warning from the SEC of the Philippines, and complaints from users. Therefore, doing your research and staying safe from MLM scams is important.