BMCBidders.com is an earning platform that claims to be paying users up to 50% when they invest in 4 days and 100% ROI when they Bid any amount starting from 10,000 naira in 7 days! Yes, you heard that right — imagine earning double of what you deposited in just a week? The earning structure of the platform and the interesting operational guidelines are what attracted me to the site and from what I found out, it can be considered a very high-risk earning platform.
Why is it so? In this article, we will be breaking down some of the important things you should know about bmcbidders otherwise known as Bidmint Community, the earning methods i.e. the ways of earning on the platform and the risks associated with participating. Additionally, we will look at some of the similarities between BMC and defunct, MMM ponzi scheme. Having said that, let’s dive right into the topic of the day.
What is BMCBidders, and How Does It Work?
BMCbidders as the name implies is a platform where users earn up to 100% of whatever amount they bid for a period of 7 days. There are two main options available for each user and they are;
- 50% ROI (Return-On-Investment) in 4 days
- 100% ROI in 7 days.
Due to how enticing the second option, most people opt for the double rewards as you stand a chance of doubling any amount risked on the platform.
Basically, you earn money when you register and Bid any amount before the auction starts. Usually, the auction happens around 9:30am in the morning and in the evening around 6pm. Therefore, all interested users are expected to have bid any amount they want to deposit and hang around within the aforementioned time to wait for what they call “merging” i.e. Being merged with other users who are selling their own bids.
The platform operates in a P2P format. Whereby, users pay other users. What the system does is to organize and handle the merging process. If you are selling, you get merged to people who are depositing and then they pay into your account, upload their proof and once you confirm, their bid starts to count. Once it matures, they can place withdrawal and get paid directly to their bank accounts by other users who are depositing.
The word depositing on bmcbidders is bid. So if you sign up and want to deposit, you simply bid any amount starting from 10,000 naira, select the package you are opting for i.e whether you prefer the 50% or 100% package. After which, you wait for auction to happen, once it does, you will be shown the details of the person you’ve been merged with.
Payments are handled via p2p system. Therefore, your money and the extra “profit” is in the hands of another user and how serious the user takes the platform is what will determine how fast you receive the payment.
Apart from the bidding aspect, you also earn money on bmcbidders by referring others. There is a referral program for people who may want to refer others or bring others to the platform.
They claim to have a one-time referral bonus in place for users. Therefore, you can boost your overall income by referring users to create an account and honour their bid. What I failed to find out however is the exact amount being paid out to users as referral bonus as there is nowhere on the site such information is explicitly stated.
Withdrawal Process
When it comes to the withdrawal, while on your dashboard, simply click on Sell, then enter amount you want to withdraw and submit the sell transaction.
If you placed a withdrawal outside of the time for auction, you would have to wait for the next auction time in order to be merged for payment.
Bmcbidders Giving MMM ‘Vibes’
In different ways, bmcbidders personally reminds me of what most Nigerians passed through in the hands of a very popular ponzi scheme known as MMM some years ago.
Bidmint Community shares so much similarities with the crashed ponzi scheme. The only difference is the reward structure. Most things are similar, in the sense that, you place a bid and wait for the system to merge you to another user who is placing a sell bid.
Payments being handled by the users i.e. depositors paying the users withdrawing money is exactly same working principles of MMM back in the days. The fact that you still have to upload receipt of payment and wait for approval by the recipient reminds me and some people who still have a little clue of what happened years ago of the ordeal we passed through in the hands of MMM fraudulent administrators.
It came as a surprise to me when I saw thousands of people conversing on their official telegram group, encouraging more people to join. How most Nigerians have forgotten what happened during the era of MMM is still a shock to me.
Is BMCBidders Legit Or Scam?
Bmcbidders otherwise known as Bidmint Community is not a legit earning platform. A so called earning site promising users up to double of any amount deposited in just a week can never be considered legit in any sensible setting.
Also Read: Bounty-news Review: Legit Or Scam? (Green Flags)
It’s very much distant from what a real earning platform ought to be. As a matter of fact, it’s a high-risk ponzi scheme that will certainly crash and go with the monies of a lot of greedy participants.
What makes everything even worse is the p2p payment system. In a system whereby the users pay users, there’s often the issue of defaulters failing to honour their bids and this is one of the most discouraging things about ponzi schemes structured in this manner. Additionally, the issue of delay in approving someone’s payment is also a thing when users are left to pay each other in the name of bidding and auctioning.
Another very discouraging factor about bmcbidders is the fact that, users who are placing withdrawal have to wait till auction starts before they get paid. I mean, it’s understandable in the deposit aspect but the withdrawal delay makes everything even more discouraging for people who may want to give it a try regardless of what anyone says.
The issue of recommitment before placing a sell bid is another highly discouraging factor. It’s actually a red flag for me as the users are expected to recommit up to 100% of what they previously deposited before they can be allowed to place withdrawal. They claim it’s a way of sustaining the system but it’s more detrimental to the users.
Why? The chances of leaving a platform like unscatted is very low due to the constant recommitment policy. So it’s best not to even participate unless you are ready to lose some part of your money because you can never really outsmart the administrators.
Bmcbidders is a high-risk ponzi scam platform because of the reward system in place. No platform can pay out as much as 50% in 4 days and 100% in 7 days and work for long. Even the Almighty MMM that eventually sent some Nigerians to an early grave after crashing never paid out such huge amount. So for your own good, steer clear.
Ponzi schemes like this would only give you shortlived financial gain with an end goal of completely shattering you as time goes on because all such sites have a definite unfortunate end.
Conclusion
Bidmint community is completely unsuitable for anyone looking for legit sources of income. There are some real, free-to-earn platforms to check out instead of participating or joining ponzi schemes that have no future or hope of lasting at all.
Platforms that promise heaven and earth should never be taken seriously let alone depositing money you can’t afford to lose for your own good.
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