Beware! PrimeXCash has stopped paying! Do not invest there!

Hi everybody! I have a couple of new longer term programs lined up to tell you about over the next couple of days which you will probably have noticed on my monitoring page since yesterday. One of these is one called PrimeXCash which offers a fairly extensive if sometimes baffling array of investment plans. At first glance I have to say they appear quite confusing, though on closer inspection there’s really nothing that unusual about them, it’s just that the admin’s explanation of them falls a bit short. I’ll go through them all for you below anyway so don’t worry about that, but just keep in mind that the plans in PrimeXCash are organized a little different from other online HYIPs and they might not be explained as well as they should under the circumstances. So if you like the program otherwise then pay close attention to the following section.

So basically there are nine investment plans to choose from, and each of these in turn can be broken down into two sub sections, called “Deposit” and “Deposit Plus” giving you 18 real plans in total. The majority of them are well beyond what’s affordable to the majority of online investors do I’ll try to keep things as simple as possible by sticking to what’s relevant. I’ll start by describing the plans in basic terms before expanding on how they are different from most of what else you usually see in the industry.

The first Deposit plan – Plan A – can be joined for a $10 minimum deposit. It runs for 30 business days (six weeks) and pays you back everyday from Monday to Friday. The interest rate is calculated at a rate of 1% per business day and the maximum deposit is $100. By the end of the term your interest payments will add up to 30% which can be considered as your final profit because your principal is also returned.

That all sounds quite simple I’m sure but that’s where things get a little confusing. Because whereas the rate being offered by PrimeXCash is 1%, what you actually receive is quite a lot more. You see instead of either returning your principal on expiry or factoring it into the payments like most HYIPs, PrimeXCash do it a little differently. They return your principal in equal installments based on the length of the term in the plan you have joined. So for example in this case the plan runs for 30 business days with 1% interest per day. So in addition to your 1% interest PrimeXCash will also repay 1/30th of you principal along with that. (If the plan ran for 35 days then you would receive 1/35th of it back every day with your interest payment).

So for example, if you join Plan A with $100 then you will receive $4.33 per day. $1 per day is your profit, and the remaining $3.33 is the portion of your principal that PrimeXCash will return as part of the same payment. So you still end up with $130 by the time the plan matures – your own initial hundred plus $30 profit – it’s just broken down a little differently than you might usually expect.

Then we come to another of PrimeXCash‘s unusual features. Like I said earlier, each plan has two versions, a Deposit and a Deposit Plus. The difference between them is that the Deposit Plus version runs for a term thats 20% longer than the regular version, and pays interest at a rate that’s 30% higher. So when the regular Plan A runs for 30 days, Deposit Plus runs for 36 days (30 days + 20% = 36). The interest rate goes from 1% to 1.3% by the same logic. So the final profit from this plan will be 46.8%. Granted it’s more profitable but it’s also a higher risk, so decide what’s best for yourself before committing.

From this point on I’m not going to complicate things unnecessarily (as I think the PrimeXCash admin done that already!) and will describe the remaining plans concentrating on the actual profitability. After all, that’s what you really want to know anyway, right?

Sorry if it’s all getting a bit muddled but I’ll try and give you a shorter simplified version of the remaining plans. So the next one is called Plan B and sees PrimeXCash accept deposits in the range of a $101 minimum up to a $500 maximum. This runs for a term of 35 business days (7 weeks) during which time you will receive a daily interest payment of 1.1%. While you are receiving this you will simultaneously be getting your principal back in small daily installments as well. So you get your 1.1% which is profit at the same time as 1/35th of whatever amount you invested. By the end of the term your final payments will add up to 138.5%, which is of course your own money plus 38.5% profit.

Alternatively there is the Plan B Deposit Plus option. Open for the same amounts of money from $101 to $500, PrimeXCash extend the term by 20% and up the rate by 30% meaning the same investment will run for 42 business days and pay back a daily profit of 1.43%. Added to this payment will be 1/42nd of your principal every day so you will complete the term with earnings totaling around 160%.

For investors willing to risk amounts from a $501 minimum up to a $1,000 maximum PrimeXCash have Plan C. This one runs for 45 business days (9 weeks) during which time you will earn a daily payment of 1.2% interest on your deposit. In addition to the interest PrimeXCash will add 1/45th of your principal giving you a final return of 154%.

For a slightly riskier but more profitable option for amounts within the same parameters, Plan C has its own Deposit Plus option where the term stretches to 54 business days and PrimeXCash increase the daily payment to 1.56%. That, along with the gradual return of your principal at a rate of 1/54th per day, should allow you to earn a total return of just over 184%

PrimeXCash then offer Plan D which is open to deposits of between a minimum of $1,001 and a maximum of $2,500. The term this time runs for 60 business days (12 weeks) and offers investors 1.3% interest, paid from Monday to Friday, on their deposits. So once again in addition to the interest payments which eventually constitute your net profits. PrimeXCash also return your principal at a rate of 1/60th per day leaving you with a final sum of 178%, which of course is your own money back plus 78% profit.

For the Plan D Deposit Plus option (open to deposits of the same amounts) the term increases by 20% to 72 business days and PrimeXCash increase their daily interest payments to 1.69%. That along with your principal installments should give you a final return of just short of 222%.

There’s a couple of other plans but for the sake of brevity I think I’m going to leave it at that. Beyond this point you see we’re moving into five and six figure deposits so if anyone is really serious about that I think you would need to be talking it over with an accountant or bank manager. But just to sum it up PrimeXCash continue in the same vein, combining an interest payment which becomes your profit with your principal that gets paid back simultaneously in installments. By the way, I should also point out that if you do require any further info on any of PrimeXCash‘s investment plans you are going to have to become a member. I suppose it’s a criticism but there is no information available in the public areas so you are going to have to sign up (with no obligation to actually deposit) in order to view the full details.

A little disappointing is the limited choice of payment options in PrimeXCash, who are only using LibertyReserve to manage deposits and payouts. Granted LibertyReserve is still the single biggest processor in the HYIP industry, but that’s still not really enough to give PrimeXCash a position among the very top performers and makes them unlikely to threaten the position of the industry leaders. Even when investors would have picked LR anyway, many of them are still uncomfortable with the lack of alternatives. The payment system is fully automated though, so there’s no need to request anything. Your payment is made directly into your LibertyReserve account at the same time every day (well, maybe not exactly the same time, but within an hour). The PrimeXCash admin says payments will commence at 12.00 (noon) GMT and that everyone should have their payouts by 13.00 GMT at the latest. From within your members are you will see quite a decent break down of your deposits with PrimeXCash, and despite the descriptions of their plans being overly complicated when you see them laid out for you in a grid it all becomes quite simple to follow. For example you will be shown real time statistics regarding how many payments you are owed by PrimeXCash, and how many you have already received. Deposits will fall under the categories Active, Finished, or Paused. The first two are obvious enough but you are only allowed three “Active” deposits at any one time. If you try to open a fourth or fifth deposit (and you are welcome to do so) it will go down as “Paused” and only become active when one of the first three comes to maturity and gets listed as “Finished”.

On the face of it the design of PrimeXCash is a bit basic and a bit rudimentary. But don’t let that be too big a factor in your decision to either join up or to pass. One reason being that in the past we have seen numerous programs with very simplistic designs become quite popular. Another reason is that while first impressions are definitely important in such a competitive business, this is much more the case with shorter term HYIPs. Longer term HYIPs like PrimeXCash have a lot more time to establish their reputations by establishing proven reliable payment records which are ultimately what investors are looking for, not flashy designs. The most important reason though is that the simplistic “template” style design of PrimeXCash disguises some other more important features like the inclusion of SSL encryption, or the fact that they run off a totally unique script. Hosting is on a dedicated server with support and protection by BlockDos, who remain one of the leading names in the industry. Communication with the admin if you have any further questions for him or account related issues the you can either fill out the electronic support form and submit it, or e-mail him directly at the address provided. PrimeXCash also publish a phone number if anyone would care to try calling them, though I know that more often than not these are either over the counter pre-paid SIM card numbers, or else private exchanges that redirect your call to a Skype ID phone. I don’t know where this one leads you (if anywhere) but feel free to call them if it’s important to you. No working schedule is published for when/if phone support is offered.

The website content, ie the texts, appear original though that’s not particularly difficult when they contain next to no information of any real value. PrimeXCash claim to be involved in the ForEx market (a firm old favorite with online HYIP admins by now, lol!) but PrimeXCash do little better in explaining their business interests than they do in explaining their plans. Various strategies are alluded to but nothing is explained in any kind of detail and I tend to doubt that trading in anything – ForEx or otherwise – can get you a guaranteed fixed return of any size. So as is always the case “let the buyer beware” (that means you!) and only approach PrimeXCash with the same level of caution you would with any online HYIP. That means to establish a spending limit that’s comfortably affordable to you, and if you want to play the HYIP industry and want to join PrimeXCash then they will be more effective as part of a wider more diverse portfolio.

DAILY NEWS FROM THE INDUSTRY

NEWS IN BRIEF

There is really not much to report today, so I’ve decided to make just a brief summery instead of breaking it into sections as I usually do.

Starting with HoldingsTrade (reviewed here) I was honestly on the verge of moving them to Problem status on MNO tonight as I was not sure about their intentions after I was told by my downline that his account had been deleted by the admin. And when he contacted their Live Support they just hung up on him immediately every time he told them his user name! Regular readers will know I usually take take this quite seriously, so after long hours of waiting for the admin’s response I was finally answered with him saying that no account has ever been deleted from his program. Later on he confirmed that in fact the account did exist and that it was deleted by mistake by one of the support staff running the program while the admin is busy. He also proceeded with a full refund to my referral and admitted his mistake but asked me not to act too hastily or make unfair decisions in the future. Well, it’s not exactly unfair of me in the slightest to issue a warning when a member gets his account deleted and then this is denied by the people doing it, but at the same time I would like to advise that Live support staff should be trained properly in order to solve problems and not to run away like that when they are asked perfectly reasonable questions. Anyway, I would like to add here that my first cycle with HoldingsTrade is officially over now and I was paid my principal back. Apparently, the investment plans paying 3%-3.2% for 60 business days with principal returned on expiry or anytime are already perfectly balanced as the admin claims he has no issues in running his program for many months and even years and will take his time to establish the good name of HoldingsTrade in the HYIP market. We will wait and see what happens but I wish his members every success with that!

Some investors in DividendService were extremely worried today as the site was unavailable for many hours. Plus the admin failed to update anyone about the reason why. Actually, just a couple of hours ago DividendService reappeared for me, but by checking their whois profile I see they are no longer hosted with Koddos anymore and have moved to BlockDos servers which I imagine was the real reason for the downtime. I wish the admin would treat the issue more seriously and update his members before doing this. Anyway, for now all the payments I requested to LibertyReserve, PerfectMoney and SolidTrustPay have been paid successfully and I’m glad that another good program got away from this trouble with Koddos which I noticed recently is getting less and less popular among HYIP admins due to frequent downtime. I remind you that DividendService offers four different investment plans with principal returned on expiry of all of them – 1.4% for 15 days, 1.7% for 30 days, 2% for 70 days, 2.3% for 100 days. The full review of the program can be read here.

Unfortunately, Investix (reviewed here) has been offline for the most part of the day today (and the site is still offline showing an internal server error). The admin of the program Hamzah blamed DDoS attacks for that and told to me that it might take some time for their hosting provider BlackLotus to fix it. Here is what he thad to say:
“I have been told there is a DDoS going on and some hard drive have been burnt due to it, the site and its images are available via cloud flare only. They are looking for spare parts and this may take some time”.
Hamzah also added that Investix is not going anywhere and reminded that till the last minute online they processed instant withdrawals to both LibertyReserve and PerfectMoney on 5%-7% for 25 days plans. This downtime was definitely unplanned and the admin promised to issue an update regarding it tomorrow, if Investix is not back online by then. I must say that it’s not the first issue Investix experienced with downtime in the last few weeks and hopefully it will make it stronger and not weaken its positions or ruin the reputation among the investors the first of whom saw their first profit only yesterday. I will report on any developments tomorrow, but for now I have moved the program to Waiting status on MNO till the site is back online and the instant payments resume. You might wish to check the program’s status on my monitor first tomorrow before making deposits even if the site is back online to ensure that everything is really back to normal.

GET PAID REPORT FOR 05/04/2012

Here is the list of the programs from my monitor that paid me for the last 24 hours:
From MNO Sticky list: –
From MNO Premium list: TopsFund, NewGNi, Royalty7, OneInv, HoldingsTrade, EurexTrade, BensonUnion, GeniusVenture, ProfitableSunrise,  SolidForexLtd, VascoForex, AmbrianInvestment, Investix, PlexCapital, SilverStructure, ENR-G, DividendService, MyDiamondShare, FreedomTradingLtd, MoneyEra, CFDonline, PrimeXCash, EcoLandFund (the first payment received).
From MNO Standard list: –
From MNO Basic list: UFOWin, WalesFinance.

That’s about it I think for tonight, guys. See you all tomorrow with a more detailed review of EcoLandFund the first instant payments from which were received today and the latest news and developments from the HYIP industry. Bye for now!