7k Metals is a multi-level marketing company that claims to give members access to gold and silver at discounted prices. The company also provides weekly payments. However, there are some complaints about the company on BBB, including how aggressive its members are in pursuing new members.
Is 7k Metals Scam? 7k Metals is a legitimate MLM and has decent products. Its members sell precious metals and earn money from their referrals.
Legitimacy
A lot of people are wondering if 7k metals is legit. While the company has a good reputation, it is also a multi-level marketing (MLM) business and therefore has some risks associated with it. To determine if it is legitimate, you can check its BBB accreditation and look at the complaints filed against it. This will give you a clear idea of whether it is a scam or not.
The company’s MLM structure allows members to earn commissions on the sales of precious metal products and by recruiting new members. In addition, it offers an affordable way to invest in gold and silver, a valuable investment during these uncertain times. The founders of the company are well-known and have a great track record, which adds to its credibility. Additionally, there haven’t been any complaints about the quality of their products, which is another sign that it’s a legitimate company.
However, some of the members have been complaining about the compensation plan. The company’s compensation plan requires a weekly minimum of 500 points, which is difficult to reach without recruiting new members. In addition, there is a monthly auto-ship fee that needs to be taken into account when calculating your earnings.
Moreover, there are many other MLM companies that offer better rewards to their recruiters. It is best to research the MLM industry before making any investments. If you don’t do your homework, you could end up losing your hard-earned money.
Another thing to keep in mind is that 7K Metals is a membership-based business, so it will take time to build up your business. Unless you have the skills and the determination to make it work, this might not be the right business for you. In addition, if you decide to join, you’ll need to commit a substantial amount of your life savings, possibly tens or even hundreds of thousands of dollars. If the company fails, you’ll be out a lot of money and your reputation. And who knows how long this will last? It might only be a few months or years before the company folds.
Requirements
As a multi-level marketing company, 7K Metals is not considered to be a pyramid scheme from a legal perspective. However, it does have a few issues that make it difficult for members to succeed. First of all, it’s expensive to join the program. There’s a $199 membership fee and auto-delivery is also an added cost. If precious metals don’t sell well, it can be hard to recoup these costs. It’s also common for MLM companies to fail, and most people who start one end up losing their money.
Another concern is that the compensation plan does not pay out very much. While it’s not as bad as some other MLMs, the payout is not enough to encourage anyone to work hard. Furthermore, the company’s products are more expensive than those of competitors. As a result, the majority of members lose their money within the first year of joining the company.
The founders of 7K Metals are experienced business experts, who launched the company in 2016 to help people protect their assets in case of a global crisis. The company’s compensation plan pays out based on sales, and its members earn commissions when they recruit new members to their team. This is a great option for investors who want to diversify their portfolio with gold and silver coins, but it may not be ideal for collectors.
In addition to a compensation plan, 7K Metals offers an innovative approach to delivering precious metals directly to its members. The company’s website offers a convenient online shopping experience, and its mobile app allows members to access their account from anywhere. The website is also easy to navigate, which makes it convenient for newcomers to use.
While 7K Metals is not a scam, it’s important to be wary of claims and promises made by individual members. If you’re considering investing in the company, be sure to read its compensation plan and BBB page before making a decision. You should be especially cautious about any false statements that may violate the law. If you’re not careful, you could risk losing your life savings, along with your reputation.
Compensation plan
7k Metals is a multi-level marketing company that pays commissions to members who sell the company’s products. While this sounds like a pyramid scheme, it is not illegal. However, it’s important to understand how the compensation plan works before joining the company. This will help you avoid being ripped off by unscrupulous marketers.
The company does not release financial data about its members, which is a red flag. Furthermore, numerous people have reported losing money with this company. It is important to read the compensation plan carefully before joining, as it may include a sales volume requirement and other conditions. It is also important to understand how the company’s products are priced.
In order to make a profit with 7k Metals, you must recruit new members. This is because the company does not allow retail sales of its products. This is the primary reason why I have my “pyramid scheme” flags waving. If they allowed non-affiliated customers to purchase precious metals, it would be a much safer business model.
Unlike other multi-level marketing companies, 7k Metals does not require a minimum sales volume to earn a commission. This makes it a safe option for beginners and those who are not ready to invest in a larger investment. Moreover, it does not offer frivolous products or unnecessary upsells, which are common in pyramid schemes. In addition to these benefits, 7k metals provides a variety of tools and resources to help members get started.
The compensation plan at 7k metals is a binary system. The top of the plan is shaped like an upside-down V with you at the very center. Every time an associate on your right or left sells coins, you earn 100 points. Once you accumulate 500 points on both sides, you’ll be eligible for a weekly $500 paycheck.
The first step in filling out the 7k metals compensation plan is identifying your goals and objectives. You can do this by looking at your current income streams and bonuses, as well as your desired level of earnings. You should also analyze the resources and support available to you through the program. This includes training materials and mentorship programs. Additionally, you should check the company’s BBB rating and complaint section.
Legality
7K Metals is a multi-level marketing company with decent products, but I’m not sure that they’re legal. I’m not a lawyer, but I think that they’re violating some laws by asking members to recruit new members for their membership package and coins. This may be a violation of the law against pyramid schemes. It’s also illegal to make false claims about your income, so you should be careful about what you say when recruiting people.
Like most MLM companies, the main way to make money with 7K Metals is by selling membership packages and coins. Those sales alone probably aren’t enough to justify the four and five-figure weekly payouts that some of their members are receiving. In addition to coins and jewelry, 7K Metals sells other accessories like hats and hoodies. While these are popular items, they’re not the same as gold and silver coins and bars.
The products offered by 7K Metals seem to be priced above market value, which could be a challenge for unaffiliated members who want to buy the precious metals. These people are often looking to invest in precious metals, especially in a time of economic uncertainty. However, if the prices of precious metals go down, it will be hard for them to make a profit.
In addition to the physical coins and bars, members get access to a digital access point called the Sound Money Wallet, which allows them to buy incremental gold or silver (fractional ounces). They can also purchase whole ounces and have them shipped to their homes. However, I’m not sure that this is a good idea because it’s much easier to lose track of your gold and silver than with an actual bank account.
If you’re considering joining 7K Metals, it’s important to understand that you’ll need to pay for the coins and memberships on a monthly basis. This could be a problem for those who have young children or medical issues that prevent them from working full-time. Also, it’s a good idea to read reviews of the company before making any decisions.