"It is very unfortunate to learn that Kenyans are still investing in HYIPs and pyramid schemes considering what has happened in the past," says Walter of http://freelancerkenya.com, referring to DECI, Mizpah and other fallen pyramid schemes that have brought financial misery to hundreds of Kenyans.
Bullish Trade was becoming popular quite fast with Kenyans, especially towards the end of 2012 and start of 2013. It seemed quite attractive to many since the owners knew how to play the credibility card. Members could withdraw their profits daily and even earn from affiliate income.
Additionally, it is claimed that they had some agents in Nairobi’s city center who would help members to deposit and withdraw the cash in Kenya Shillings at Sh. 100 per USD.
What made it look even credible is the fact that many people were invited by members of their churches, families and small scale investment groups. This was coupled by the fact that it was giving a generous 10% instant affiliate income to people who were referring others made it seem even more irresistible. This affiliate income could be withdrawn immediately.
"Once I got my facts right about this Bullish Trade scam, I quickly sent out a scam alert post to http://www.wazua.co.ke/
Most of Walter's FreelancerKenya email subscribers responded by saying that they were being lured into the Bullish Trade scam by their church friends and relatives. They were glad they received the email just before they spent a dime on it.
"3 days after the scam alert email went live, the site disappeared into thin air," reports Walter.
Experts advice that people should stay as far away as possible from HYIPs since all of them collapse at some point. More about the Bullish Trade scam can be found on http://freelancerkenya.com/