Exxa - Legit Wallet or Another Ponzi Scam? [Review]

Mark Charles · 2019-11-08T18:17:54+00:00

Looking for a review of Exxa? Wondering whether Exxa is legit or just another ponzi scheme scam? I've put together a full Exxa review. Read it here!

Looking for a review of Exxa?

Exxa is a new opportunity in the crypto space that I’ve been taking a closer look at.

A couple of years back when the price of Bitcoin soared we saw numerous cryptocurrency ponzi schemes pop up and I am concerned that Exxa could be another one.

But rather than speculate let’s jump into this Exxa review and share all the details.

Keep reading below to get all the details in my honest review.

Before I start…

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Exxa Review

Here is what I’ll share inside this review:

1 Exxa Review
2 Verdict For Exxa
- 2.1 Before you leave

What Is Exxa?

In theory, it is a crypto wallet, a crypto exchange, a digital academy, and a travel network.

It is based in Singapore.

In reality, however it is an affiliate marketing system that uses a Multi-Level Marketing (MLM) system to recruit and compensate its members.

According to its official website, Exxa has partnerships with both Axxa Global and SQ2 Fintech.

Most of its traffic comes from Canada, India, and Russia.

Who Is Behind Exxa?

EXXA is under an umbrella entity known as World Blockchain Forum (WBF).

The shareholders are Danny Pang (CEO), Frankie Lee, Michael Chia, Gregory Ang, and SQ2 Fintech.

Anthony Lau, the CEO of SQ2 Fintech and World Blockchain Forum (WBF), and Sheng Zhao, the owner of WBF, are said to be the ones calling the shots behind the scenes, keeping Danny Pang as the public face for PR reasons.

Interestingly, Pang is also the CEO of Axxa Global (remember, Exxa is a combination of Axxa and SQ2 Fintech).

How Does Exxa Work?

Since EXXA runs on a Multi-Level Marketing (MLM) model its affiliates are more concerned with recruiting new members than selling any products.

Unsurprisingly, it does not sell any products or services.

How Does Exxa Pay Affiliates?

Without products to pay investors, it relies on affiliate membership fees and the accompanying surcharges to pay its marketers.

As you join, you invest in Exxa tokens. You can spend anywhere between $10 and $299. When you “invest”, you activate a $300 “airdrop” and become the ranking of “fans”.
When you activate your “airdrop”, you get paid 3% to 9% of the airdrop income per month. The payments are credited to you as Exxa tokens.
You also earn residual commissions through the uni-level compensation structure. In this arrangement, you, the affiliates you recruit, and the affiliates they recruit are placed in levels. Your direct recruits are on level one and the rest fill the other levels. You earn a fraction of the investments of all the recruits in your uni-level structure. The maximum number of payable levels is 21.
You also make money through community rewards, which are a percentage of the total uni-level investment volume.

You then cash out your tokens through an internal exchange to receive your payments in cash.

How To Join Exxa

Joining Exxa as an affiliate is free of charge.

However, you have to invest at least $10 in tokens to start making money.

Is Exxa A Scam?

In my opinion the EXXA Wallet is a scam and could be dangerous.

There are no retail products to sell, effectively making it a Ponzi scheme.

Also the people I have seen involved in this program have actively promoted other crypto companies in the past that have collapsed.

On top of that, although World Blockchain Forum (the parent company) and Exxa are supposed to be based in Singapore, the Monetary Authority of Singapore (the body that regulates securities in that country) does not recognize them as legal entities.

Pros

If you are fortunate enough to join early, you may earn passive income
You can earn money as an affiliate

Cons

The actual value of the tokens has not been disclosed.
It makes it hard to calibrate the amount of money you are supposed to receive.

Verdict For Exxa

EXXA wallet is only profitable for the people who join early as they get to make money from new members.

So, if you intend to join, get in early before it becomes saturated.

I would not recommend it because it raises a couple of serious red flags.

First, if you dig into their structure, it is unclear who their CEO is.

There is Pang, who may only be the CEO they parade in public while the “real” guy, Antony or Sheng, runs things from the background.

Whatever the situation, it doesn’t sit well with me that a position as important as that is mired in controversy.

Second, WBF has been known to launch schemes that run in the same way that Exxa does.

Worryingly, they all collapse and take investors’ money with them. But that’s hardly surprising considering they run an unsustainable model (they don’t sell any product).

Finally, it is unsettling to see that the regulatory body in Singapore, the MAS, does not recognize Exxa or WBF as a legally registered business.

This leads me to conclude that whatever they are doing is illegal.

Ultimately as is always the case with these programs the people that make money are the affiliate marketers who will sign people up beneath them, but the regular joe who joins in hopes of making easy money will suffer.

Before you leave