Are you looking for a Forsage review? But you may wonder if it is a scam.
Forsage, a fast money platform popular with many Nigerians, is the subject of today’s critical review.
Many people told me how much money they made on the site. Someone even claimed they got back more than their original investment.
You have probably heard stories like this before, too. That’s why you are here to read the content and find out the facts about Forsage.
After studying the service thoroughly, I am happy to share my knowledge with you.
If you want to know whether Forsage is a scam or not, you should read this review in full.
As a disclaimer, I’m not affiliated with Forsage. It means I’m not paid to write this review. So you can rest assured that you will get an honest and unbiased review from me.
At the end of this review, I’ll also tell you the best alternative to Forsage that has enabled me to make a full-time passive income online.
What Is Forsage?
Smart contract technology like Forsage facilitates exchanges between users and between companies.
It was first released on the Ethereum blockchain on February 6, 2020.
The identity of the original creators of this system was initially unknown.
However, in an alert issued on June 30, 2020, the Philippines named SEC LADO OKHOTNIKOV as the founder of the company.
The goal of Forsage is to make it easier for users to collect Ethereum (ETH). Most likely, you will be impressed by what you see on the Forsage website.
A first look at the website suggests that Forsage is a matrix cycler application. In fact, Forsage is the latest pyramid scheme on the Ethereum blockchain. Absolutely nothing out of the ordinary.
What Exactly Is A Matrix Cycler Program?
From an economic point of view, a “matrix cycler programme” is a transaction in which money and products are sold.
There is a waiting list for people who want more of the product.
When one list is worked off, a new one can be started, and so on.
Unlike other matrix systems, Forsage’s is not housed on a website, but on the Ethereum blockchain.
You must have seen the term “exchange money for a product” in the definition of “matrix cycler programme” above.
However, Forsage matrices do not work that way. The platform does not have a built-in currency exchange. To make matters worse, there’s nothing to buy either.
Instead, users exchange their fiat currency for the platform’s own cryptocurrency, ETH, through an exchange. Use their ETH to buy a share of Forsage Matrix. Finally, wait for the additional ETH bonus.
The more people in the queue, the more ETH each user in the queue gets.
This plan seems suspiciously like a pyramid scheme to me.
Let us take a look at Forsage and see how it works.
How Does Forsage Work?
The following elements are required for the active use of Forsage:
- ETH wallet
Ether (ETH) earned on the platform will be transferred to your ETH wallet.
To make matters worse, your ETH Wallet will be deducted every time you make a purchase on the platform.
You can think of your Forsage sponsor or “upline” as the person who first told you about the company. You will be asked for your upline ID when you sign up.
Your downline then represents the people you recruit to the platform.
A higher income is proportional to the size of your downline. This also means that your upline will earn more money.
Start by downloading and installing either Trust Mobile Wallet or Metamask Desktop Wallet on the device of your choice.
The next step is to add Ethereum to your wallet. Therefore, from now on, you only need 0.05ETH to join Forsage.
The first available seats for Forsage X3 and Forsage X4 matrices will be made available at the time of registration. The cost is 0.025ETH for each matrix ordered.
A total of 24 slots are available for the Forsage X3 and the Forsage X4.
The purchase of slot machines results in income. The prices and commissions for slot machines double with each level.
As long as you own the slot machines, they will earn you money. This means that for each slot you buy, you will receive an amount from ETH that is equal to the number of people who join your slot.
For example, if you registered and “bought” slot 1, you will continue to earn 0.05 ETH from this position as long as new users join the site through your referral link.
How to Make Money On Forsage?
Let’s look at the compensation structure of each matrix to see how much money you can make with Forsage.
Here, in the row directly below you, there will be three empty seats. Consequently, you must invite three people to fill the vacant seats.
For seats 1 and 2, you will receive a total of 0.05 ETH (0.0125 ETH + 0.0125 ETH = 0.05 ETH) if you follow these instructions.
The payment for the third place goes to your upline (as you can see in the picture above).
This third slot makes room for a new trio of slots. This infinite loop will remain.
Therefore, you will be rewarded with more ETH as more lines collapse under you (i.e. as you buy more slots).
If you look at this matrix, you will see two lines below you. The first row has two spaces available, while the second row has four.
That means you have to recruit 6 more recruits. You can also recruit two people and have each of them bring two more.
If you have two people in your first sales line, your upline is the one that gets paid.
In contrast, all the money you earn from the next three positions in your second line will be transferred to your account without you having to do anything.
The money from the previous position will then be transferred to the new position.
Assuming you can fill all the squares in this matrix, your profit will be 51.2 ETH. And this is after you paid 102.35 ETH for the slots.
Matrix 3 follows the same formula.
How To Join Forsage?
The following is recommended for active use of Forsage:
Your “upline” at Forage is the person who signed you up for membership.
Providing an upline ID is mandatory throughout the enrollment process.
When you make a purchase on the Forsage platform, your ETH will be deducted from this wallet.
Your forsage downline are the people you recruit to use the app.
Your upline will benefit financially from a broader recruiting network.
What Are The Issues Forsage Are Facing?
Several people have claimed that Forsage is actually a fraudulent Ponzi scheme.
What does that mean exactly? You are putting your money for a non-existent opportunity.
In the short term, you can expect to make profits, but in the long term, you will suffer losses instead.
This is because the money in the program does not grow, but is simply passed on to new members in the form of an exchange fee.
Do not let this stop you from becoming a Forsage member. Check out Forsage’s many communication options to learn more:
- Telegram: https://t.me/forsage_official
- Email: [email protected]
- YouTube: https://www.youtube.com/channel/UCIw_BhcSHA0Gf-z9PAPTSRQ
The Secret of High Earners on The Forsage Platform
Users of the Forsage platform have an incentive to move up to more lucrative positions with the funds they generate.
In this way, they can take better advantage of the matrix payment and spillover system to increase their profits.
Users lose money if they don’t move up. The reason for this is that the earnings are taken by new users.
The ones who earn the most on this site are the ones who spend the most money on playing slots. Some start by buying ten slot machines at once and stick with it.
What happens to the users who can’t afford it? To be honest, I’ve no idea.
What Are The Signs Forsage Is Suspicious?
The Proposals Are Too Far-Fetched
They guarantee financial success just by recruiting, with no other work required.
That’s a big red flag right away.
There is no such thing as a risk-free investment. So by “quick ways to check” you are implying that something is wrong.
They boast that a federal government or a central bank are unnecessary for success in this area.
Consider this: the excluded institutions manage and safeguard our financial resources…
so who will protect you when problems arise?
SIPC Doesn’t Protect Forsage
Since you have no one to rely on, you cannot expect help when things go wrong.
However, you can receive $500,000 if the crowdfunding campaign is managed by the Securities Investor Corporation.
They Offer Illegal Cash Gifting
Can you explain the rationale behind the Philippines’ decision to exclude Foresages from the securities business?
You are right that cash gifts are the best.
They are being very careful with this plan because they have seen this movie before.
To protect you as a potential investor, smart contract technology alone is not enough.
I recommend that you walk away from all other financial and time commitments. Simply put, you should not care.
Forsage Review: Final Verdict
Despite the obvious benefits of Forsage, there are many skeptics.
Right now it looks like business is growing, but how long can we say that? When the system eventually collapses, who knows how many people will be harmed.
Is Forsage A Pyramid Scheme?
Forage acts like a pyramid scheme in recruiting new members.
Despite the lack of new products on the market, the company claims to remain profitable thanks to crowdsourcing.
Therefore, one could assume that Forsage is financed exclusively by membership fees.
Why Is It Not Legal In The Philippines?
Since Forsage is not officially recognized by the government, the Securities and Exchange Commission (SEC) has issued a recommendation against it.
The guidelines for this type of fundraising are described in SEC Memorandum Circular No.14, Series 2019, also known as Rules and Regulations Governing Crowdfunding.
It is against the law for Forsage to approach Filipinos for financial support as stated in the legislation.
Can Joining Forsage Land You In Jail?
There are many who believe that joining Forsage is not particularly risky and will not harm them in any way.
However, they have not considered that this approach could cost them money.
If something is prohibited by the SEC, then it is not legal.
Someone is breaking the law if they engage in an activity that is prohibited by law.
Best Alternative of Forsage to Make Passive Income
If you want to make a stable and secure stream of passive income, I would suggest you start an affiliate marketing business online.
Affiliate Marketing is perfect for anyone who is new to online business.
In fact, of all the online business models I’ve tried, affiliate marketing is the easiest and most rewarding so far.
In affiliate marketing, you can actually run your business almost with zero cost and achieve a steady and sustainable passive income to pay for your bills. You don’t need any initial capital and can even do it as a side hustle.
And if you really want to learn affiliate marketing and build a business from scratch, I’d recommend you to get started with the most reputable platform for affiliate marketing: Wealthy Affiliate.
Wealthy Affiliate is an all-in-one platform for building your affiliate marketing business from scratch. It offers you a free account (including a free website) with comprehensive training on SEO (free traffic methods), which enables you to get started with affiliate marketing right away without paying a penny.
But How Much Can You Earn with Wealthy Affiliate?
A 21-year old student from Wealthy Affiliate was able to earn $7,395 in just 1 week, which means he made more than $1k a day…all while using free traffic methods.
Wealthy Affiliate has existed for 15 years and there are many success stories in the past decade.
To give you more examples, here are some of the other inspiring success stories of Wealthy Affiliate members.
Where to Join Wealthy Affiliate?
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So I strongly recommend you to register a free account and see it yourself.