7k Metals has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to FTMO Refund. We’ve received over 6 complaints against 7k Metals.
7k Metals, an MLM organization, compensates recruits and sales of precious metals with commissions. Its emphasis on recruitment rather than product sales has been compared by detractors to a pyramid scheme. Due to recruitment pressure and exorbitant due fees, members frequently incur financial losses. The absence of regulatory oversight pertaining to the organization gives rise to apprehensions regarding its credibility and long-term viability. Potential investors ought to conduct extensive investigation and weigh the associated risks.
Get Your Money Back From These Scammers!
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Key Takeaways
Is 7k Metals Regulated? Do They Have a License?
Operating under the multi-level marketing (MLM) business model, 7k Metals pays commissions to members for both their own precious metal sales and those of their recruits.
This organizational structure is a hot issue since it has raised questions about the company’s emphasis on hiring rather than on selling goods. Critics contend that a characteristic of pyramid schemes is this emphasis on recruiting rather than product sales.
With MLM systems like 7k Metals, a person’s ability to bring in new members frequently determines their profitability, which can take precedence over the main business of selling physical goods like precious metals.
The lack of regulation or the presence of poor regulation is a huge red flag. It means 7k Metals is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of 7k Metals, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Concerning Issues Present at 7k Metals
One of the main complaints leveled at 7k Metals is that enlisting new members is the most profitable way to make money. This recruitment-focused strategy characterizes pyramid schemes, in which members’ revenue is mostly dependent on enlisting new members rather than on offering legal goods or services.
Critics contend that because of this approach, the company’s financial success is predicated on an ongoing stream of new hires, which can be unsustainable and detrimental to individuals at the bottom of the recruitment chain.
Members of 7k Metals must spend about $250 a year to get wholesale precious metal pricing. Beyond this membership cost, commissions are paid to individuals who reach predetermined sales and recruiting goals. Meeting these criteria can be difficult and frequently result in financial losses for many members. The financial dangers to participants are increased by the high initial and continuing membership fees as well as the pressure to sign up new members.
Because the precious metals industry is so specialized, 7k Metals members face still another obstacle. Financial success for members can be hampered by the exorbitant prices of membership and product purchases. According to reports, many MLM members—including those in 7k Metals—do not experience the financial success they anticipate and may even suffer losses.
The small market paired with the expensive operations begs the issues of the business model’s sustainability and equity.
7k Metals has been accused of deceptive business tactics. Critics say the business is opaque about the difficulties of achieving success inside the MLM model and overstates the possibility of financial gain. Furthermore, a few evaluations and studies have brought up harsh recruitment strategies and a dearth of member support. These claims add to the impression that the business may not be totally honest about the dangers and realities of taking part in their program.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
7k Metals Customer Service: Do They Handle Complaints Well?
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
7k Metals Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like 7k Metals tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust 7k Metals reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of 7k Metals, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like 7k Metals enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “7k Metals reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising 7k Metals.
You should always look out for consumer complaints. In the case of 7k Metals, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about 7k Metals? You can share your complaint in the comment section or submit an anonymous tip.
Is 7k Metals Legit Or a Scam?
Notwithstanding these debates, regulatory bodies have not formally categorized 7k Metals as a pyramid scheme. Critics and industry experts have expressed concern, meanwhile, at the parallels between its business plan and well-known pyramid schemes.
Though the business has not been the target of any major lawsuits or grievances, the discussion over the validity of its activities is still going strong. This examination implies that before enrolling in the program, possible participants should proceed cautiously and carry out extensive investigation.
7k Metals is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind 7k Metals can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust 7k Metals?
Even though 7k Metals is a good MLM company that sells valuable metals, some people are afraid that it might work like a pyramid scheme because of the problems with how it recruits people, how it runs its business, and how much it costs.
People who want to join the program or invest should really think about these things and do a lot of research before they do so. Because of the big financial risks, the focus on hiring, and claims of dishonest practices, 7k Metals should only be considered as a business chance after careful consideration and research.
All the evidence suggests that 7k Metals is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
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How The 7k Metals Online Scam Works
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