Empiresx: Scam Exposed or Legit? [2022 Review]

Empires X is an online investment platform that allows you to make money by investing in real estate and other forms of investments. It got a lot of attention so I decided to take a closer look at what it entails.

In this Empiresx review, we will take a deep dive into Empiresx and what it entails, then at the end, determine whether or not it is a ponzi scheme.

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Empiresx Review

Table of Contents

What is Empiresx?

Empires X is an online investment platform that allows you to invest money into real estate, some non-specified private investments and a trading bot ( such as Ex Bot, Bin Bot).

Their main selling point seems to be the Empires X trading robot that trades Nasdaq and will allegedly generate you a return on your investment up to 1% daily. This robot successfully established a connection between live traders globally and the general public

Empires X also claim to provide advance financial help by connecting you to other traders in the financial markets. They have an affiliate program that can earn you additional revenue across 20 levels; you will earn a portion of what people in your downline you invest.

Empires X apparently have an SEC filing for creating a hedge fund with minimum contributions of $50K which requires investors who are accredited. The company claims to be active in 5 continents and more than 50 countries, with a monthly growth of 30% and expectations of 6000% in 2023.

Who is behind Empires X

EmpiresX provides no information on its website about who owns or runs the company. However, their domain, empiresx.com, was privately registered in December 2019.

Based on our research, the person behind this platform is said to be ‘master trader’ Joshua Nicholas Greg, but this is not his actual name. He has been reported for identity theft and had apparently been banned for 8 years from trading entirely by the National Futures Association.

This is a huge red flag.

Further research reveals that there are co-founders; Emerson Pires and Flávio Gonçalves who have been credited by the Empires X marketing material. Emerson Pires is based out of Florida according to his linkedin profile. He was also discovered to be part of the Mining Capital Coin ponzi scheme which collapsed in 2018.

Flavio is based out of Brazil but apart from what’s the website, I couldn’t find much information on him or any involvements he had with MLMs due to language barriers.

There is no information about these three provided in the company’s bio and if you click any of the social links, they take you back to the about page.

What does Empires X sell?

It is an online investment platform that deals with real estate investments, private investments and gives you access to a trading bot.

Their main product is the Empires X trading bot, Ex Bot. This trading bot is meant to earn you a return on your total investment up to 1% daily, 7 days a week, which is not feasible in practical terms because the financial market is unpredictable. It reminds me of Algo Trading Robot and Cryptologic Trading Robot which I’ve found to be suspicious too.

The bot costs $400 per year and a minimum investment deposit of $500 is required. The is no maximum limit on the amount you can invest.

You can use BTC(Bitcoin), ETH(Ethereum) and USTD(Tethereum) to pay and you get paid with BTC or ETH. You could choose to compound your earnings weekly and there is a minimum of $100.

Funds will be deposited in your account on Tuesdays and you can withdraw earnings, commissions or capital on Fridays. There is a fee of $5 for withdrawing and the minimum withdrawal amount is $100.

The EmpiresX robot is said to have successfully established a connection between live traders worldwide and the public.

How does Empire X work?

Its quite easy to start investing with the robot, since all you have to do is open an account first. After that is done, you have to choose a broker. Once you have chosen the broker of your choice then you can make a deposit and start earning a profit.

If you want to become part of their affiliate marketing program, you will be required to have a minimum initial investment of $200. When you begin recruiting other traders, you earn an additional 0.2% which is divided into 20 levels each day.

Their MLM structure is made up of several affiliate ranks with various qualifications:

Rank 1: invest $500 and recruit at least one EmpiresX affiliate investor
Rank 2: invest $1000 and recruit at least two EmpiresX affiliate investors
Rank 3: invest $1500 and recruit at least three EmpiresX affiliate investors
Rank 4: invest $2000 and recruit at least four EmpiresX affiliate investors
Rank 5: invest $3000 and recruit at least five EmpiresX affiliate investors
Rank 6: invest $4000 and recruit at least six EmpiresX affiliate investors
Rank 7: invest $5000 and recruit at least seven EmpiresX affiliate investors

EmpiresX charges a 20% withdrawal fee made on withdrawals within an affiliate’s first month. All payments are made via cryptocurrencies such as bitcoin and ethereum.

How to join Empires X

All you have to do is go to your browser, visit their website, and sign up to be part of this investment platform. They claim that once you sign up, add funds and put the robot to work, you will start earning profits passively.

The minimum initial investment you will pay will depend on whether you are just looking to invest or to also be part of their affiliate marketing program. For investment only, it is $500 and to be part of the MLM program, you need $200.

Unfortunately, Empires X announced its shutting down in January, 2022.

Empires X’s Compensation Plan

Empires X has a unilevel compensation structure with which it pays referral commissions.

This type of compensation structure places an affiliate investor at the top of a unilevel team, with every personally recruited affiliate placed directly under them.

If a level 1 affiliates recruits new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.

If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels. In the Empire X unilevel structure, there are up to 19 levels.

Referral commissions are paid out as a percentage of the funds invested across these nineteen levels as follows:

Level 1 (personally recruited affiliates) – 5%
Level 2 – 4%
Level 3 – 3%
Level 4 – 2%
Levels 5 to 19 – 1%

Bonuses

Empires X rewards its affiliates for encouraging others to invest using a second set of affiliate ranks. They receive incentives as follows:

Bronze Trader (generate $16,000 in unilevel team investment volume) – receive a ledger
Silver Trader (generate $48,000 in unilevel team investment volume) – receive a smart watch
Gold Trader (generate $64,000 in unilevel team investment volume) – receive an iPad
Sapphire Trader (generate $480,000 in unilevel team investment volume) – receive a travel voucher
Emerald Trader (generate $1,600,000 in unilevel team investment volume) – receive a Rolex watch
Emerald X Trader (generate $3,200,000 in unilevel team investment volume) – receive a compact car
Ruby Trader (generate $11,200,000 in unilevel team investment volume) – receive a luxury sedan
Ruby X Trader (generate $16,000,000 in unilevel team investment volume) – receive a luxury crossover
Diamond Trader (generate $48,000,000 in unilevel team investment volume) – receive an exotic car
Double Diamond Trader (generate $80,000,000 in unilevel team investment volume) – receive sports cars

Empires X reviews

Empires X has a 3.1 out of 5 star rating on Trustpilot. A lot of the positive comments posted appear to be fake reviews by the affiliate investors who want to recruit new traders.

Here are some of the reviews about EmpiresX on Trustpilot:

Fake trader and they have stolen the identity of Joshua Nicholas from Goldman Sache. Their head trader is no longer registered with Finra. They are also not registered with the SEC to legally offer securities. The two founders have a history of running and creating scams.

-Leo Wong

I used this in the earlier stages, I had deposited around 1000 USD on the website and it claims to provide you with a 1% daily return. I got about 50-60% of my money back. The rest ended up being scammed. they are not a trust worthy site. Please stay away. Luckliy I put in money I was afford to lose

-Dingo Warrior

Very Dissapointing company, no payout for over a month. They claim they are experiencing technical issues that can be resolved. but no official communication for weeks- are they scammers ? maybe , maybe not, but their actions are infuriating their trusting investors. Dont give them a cent tell they have resolved issues.

-Western Johnson

So Happy with Empiresx Company from USA !!!
I have been joining with Empiresx since last year September as Investor and later as Affiliate member.
Since beginning, Empiresx never ever missed any payout for both Commissions ( Ranking Bonus) and Ex bot profit.
You can see all transparency of trading in Both Company Account in TDAmaritrade/Interactive brokers Traded by Traders as Hi Brid trading system.
God bless Empiresx to be with us during pandemic situations and for long term business.
I love Empiresx:))

-Maxx Bkk

Frequently Asked Questions(FAQs)

Is EmpiresX overseen by any regulators?

Their website doesn’t provide any information on the status of its regulation. On further research, I found out that Empires X is not registered with any financial regulators and the company does not have a license from any credible regulator. Therefore, you have to be suspicious of them.

On top of that, EmpiresX is blacklisted by the CNMV (National Securities Market Commission in Spain). The warning statement issued by CNMV states that EmpiresX is a potential scam and asks their citizens to not invest in platform.

What is the minimum initial deposit demanded by EmpiresX？

The minimum initial deposit demanded by Empires X is $200 for affiliate investors and $400 for regular investors.

Is empires x a pyramid scheme?

The only verifiable source of revenue entering Empires X is new investment which means they only get money when affiliate investors recruit more investors. Despite claiming to be an investment platform, they are not recognized by any well known financial regulators. On top of that, they have a lot of question marks as to how they operate and if you add all that up, it looks very much like a pyramid scheme.

Pros of Empire X

There are no clear benefits to joining this online investment platform.

Cons of Empire X

20% of any trading profit goes to company
The platform is not registered on SEC, FINRA and Division of Securities
The master trader, Joshua Nicholas Greg, is guilty of identity theft and is actually banned by NFA
Fake positive reviews by affiliate investors on Trustpilot
Users reports being unable to have their withdrawals and use the platform itself

Conclusion: Is Empire X a scam?

If you examine the evidence there, Empires X looks a lot like a ponzi scheme.

Apart from their website, there is no clear information about the founders of this company and one of them, the master trader, has been accused of identity theft and been banned by NFA.

The other two are not innocent either as Emerson Pires has been sued by the SEC and is supposed to pay at least $8 million in damages. They have also been involved in other ponzi schemes.

Furthermore, their trading robot is claimed to give you a return of 1% daily which is not possible considering the instability of the financial market. Every experienced trader will tell you that it is absolutely impossible to have a steady daily return on financial markets as financial trading is a game of probabilities and risk management.

To add to that, the only way to earn from it is through recruitment which makes it a pyramid scheme. Be sure to stay clear of this investment platform and other various Ponzi schemes that seem sketchy.

Before you leave

If you’re tired of scams and want a real solution for making money online check out my no.1 recommendation.

It’s helped me earn over $300,000 in the last 12 months alone:

Go here to see my no.1 recommendation for making money online

(This is a 100% free training)

David Fortune

David Fortune has been the editor NoBSIMReviews.com since 2019. He is an expert at writing content on stock advisory services, side hustles, reviewing online business opportunities and many more topics. You can learn more about David on our about us page.

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