Ultragold Review and Registration in Nigeria
Hello everyone, in this blog post I wanted to share my review of a multi-level marketing company called Ultragold that operates in Nigeria. Ultragold deals in foreign exchange trading and wealth creation opportunities. I’ll be giving an overview of the company, sharing my experience registering as an affiliate, and providing some tips and things to watch out for.
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What is Ultragold?
Ultragold was founded in 2017 and is based in Nigeria. Their main business involves foreign exchange trading where they claim to trade currencies and make profits for their members. Ultragold uses an affiliate marketing model where existing members can register others and earn commissions from their trades.
On their website, Ultragold promotes themselves as a legitimate way for Nigerians to generate passive income and achieve financial freedom. They promise high daily returns from currency trading between 1-3% and up to 30% monthly returns. However, many industry experts are skeptical of these claims since consistent profits of that size in the forex market are very difficult to achieve over the long run.
My Registration Experience
I decided to register as an affiliate to check out the Ultragold opportunity for myself. The registration process was straightforward on their website. I submitted my basic details like name, phone number, email and nominated a sponsor.
To activate my account, I had to make a minimum deposit of 5,000 Naira. They accept payments through bank transfers or mobile money. Once my funds were verified in 2-3 business days, I was granted access to my affiliate backend dashboard.
The dashboard layout was simple and easy to navigate. It displayed my trading account balance, latest trades, sponsor genealogy, commissions earned and withdrawal requests. I could also invite new members, track referrals and monitor downline activities.
One thing I noticed was that there wasn’t much transparency into how exactly trades were executed. It just showed profits being credited daily without any trade history or market analysis supporting the returns. This raised some skepticism in my mind about the sustainability of those profits.
Earning Potential and Compensation Plan
Ultragold runs on a 6-tier unilevel compensation structure. This means affiliates can earn commissions from direct referrals as well as overrides from members in their downline sponsor tree.
– Direct Referral Bonus: N500 is paid for every new member registered directly under your link.
– Matching Bonus: You earn 10% of the trading profits from each direct referral every month.
– Generational Bonuses:
– 1st Generation (direct referrals): 10%
– 2nd Generation: 5%
– 3rd Generation: 3%
– 4th Generation: 2%
– 5th Generation: 1%
– 6th Generation: 1%
So in theory, a very large downline could generate significant monthly residual income. However, the compensation is highly dependent on constant recruiting of new members below you. Sustained long term profits seem unlikely unless the company is legitimately profitable through forex trading.
Withdrawal Process
To make a withdrawal from Ultragold, I had to submit a request through my dashboard specifying the amount and preferred payment method. Withdrawals are supposedly processed within 24-48 hours.
However, when I tried requesting a withdrawal of my initial deposit + earned commissions, I received an email saying my account was under review for suspicious activity. They asked for additional KYC documents before approving the withdrawal.
This raised a red flag for me since I had only been signed up for a couple weeks with basic activity. It seemed like they were creating artificial barriers to delay payouts. After a week of back-and-forth, I eventually gave up on the withdrawal process with Ultragold.
My Overall Thoughts
Based on my experience, I have some doubts about the legitimacy and sustainability of Ultragold’s business model:
– No transparency into the actual forex trading and market analytics supporting those returns
– Overly aggressive recruiting tactics and unrealistic income projections
– Difficult withdrawal process, potential signs of being a ponzi scheme
– Compensation heavily relies on recruiting vs genuine product/service
– Regulatory issues since MMM operations are illegal in Nigeria
While the dashboard and website look professionally designed, the core business seems questionable. I’d advise doing thorough research on any MLM company promising high returns from trading before investing significant funds. The risks of loss seem to outweigh any potential rewards.
Overall, I can’t recommend joining Ultragold based on the opaque operations and issues I faced trying to withdraw my initial deposit. There are certainly better passive income opportunities out there with lower risks. I hope this review provided some valuable insights before considering this opportunity further. Let me know if you have any other questions!
Conclusion
In conclusion, I decided to steer clear of Ultragold after my registration experience. MLMs promising passive income through trading generally raise too many red flags for me. While profits may be credited initially to lure more investors, the model is unsustainable long term. It seems this opportunity has more risks than rewards. I’d encourage doing thorough independent research on any similar programs before investing significant time or money. Stick to proven legitimate income streams that don’t overly rely on endless recruiting. I hope some tips shared in this blog post help people avoid potential pitfalls with Ultragold and similar companies operating in Nigeria. Please share any other thoughts or experiences you may have below.
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