Chymall Review: Is Chymall Legit or Scam? In recent times, Chymall Investment has garnered considerable attention as an online retail marketing and investment platform that offers enticing promises of Return on Investment (ROI) to its investors. On the surface, it presents itself as an e-commerce website for shopping.
However, beneath this facade lie some alarming red flags that raise serious questions about its legitimacy. In this guide on Chymall review, we dive deep into the workings of Chymall Investment, examining its claims, operations, and the concerning signs that suggest it might be nothing more than a Ponzi-like scheme.
Table of Contents
What is Chymall?
At first glance, Chymall appears to be a standard online shopping platform, akin to eBay, Amazon, Aliexpress, Konga, and Jumia. However, the key differentiator is that Chymall promises not only retail therapy but also an avenue for earning. Founded by Yuan Zhang, the CEO and founder of Sairui Mall – CHY Mall, Chymall also claims involvement in e-commerce marketing, gaming, and innovative enterprises.
The Concept of Chymall Investment
Chymall Investment’s pitch is seemingly simple: it offers a platform where individual investors fund the cost of goods and online spaces. These investors are promised the opportunity to purchase products at wholesale prices, with the intent of reselling them at retail prices in the open market. At least, that’s the idea on paper.
One of the most alluring aspects of Chymall Investment is the promise of a 5% ROI every 10 to 12 days. This means that within a month, investors are led to believe they’ll receive a total of 15% return on their principal investment.
How Chymall Investment Works
Chymall Investment begins by soliciting ‘investments’ from individuals. Once you’ve invested your capital, they credit your designated bank account with 5% of your entire principal investment every 10 days. On the surface, this might appear lucrative, but it’s essential to understand how this system operates beyond the initial returns.
Moreover, Chymall Investment has a ‘Refer More People’ scheme, which is integral to the repayment process. In essence, a referred individual may struggle to recoup their initial investment if they fail to recruit more participants to the platform. This intricate structure raises immediate concerns.
Chymall Review: Is Chymall Legit or Scam?
Chymall’s reliance on new investments to pay returns to earlier investors exhibits pyramid scheme characteristics. However, the platform does offer services, which technically render it legitimate but not necessarily dependable. Although numerous Chymall members report positive experiences, the red flags highlighted below warrant careful consideration.
The Red Flags
Chymall Review: Is Chymall Legit or Scam? The deeper we delve into Chymall Investment, the more concerning the signs become. Here are some of the glaring red flags that should give anyone pause:
- Non-Verification of Emails and Phone Numbers: During the registration process, Chymall Investment fails to verify emails and phone numbers, indicating a lack of proper authentication and security measures.
- Lack of Registration with Securities & Exchange Commissions: Chymall Investment, along with its known affiliates, is not registered with Securities & Exchange Commissions (SEC), the regulatory body overseeing the securities and investment ecosystem in Nigeria. This absence of regulatory compliance is a significant cause for alarm.
- Inaccessible Platform for Non-Paying Members: Non-paying members or non-investors encounter obstacles when attempting to purchase products on the platform, receiving an error message stating “the member has no level.” This restriction implies that Chymall primarily caters to investors and affiliates.
- Tacky and Disoriented Website: The website’s quality and presentation leave much to be desired, lacking the professionalism one would expect from a legitimate e-commerce platform.
Should You Invest in Chymall?
Every investment venture carries inherent risks. Chymall’s relatively modest returns may seem appealing, but the sustainability of such business models is often uncertain. Although Chymall provides bank account details in the countries it operates in, offering a degree of recourse, the absence of insurance is a significant drawback.
If you’re prepared to take a calculated risk with disposable income and closely monitor developments, you might consider exploring Chymall. Nevertheless, exercise caution, conduct extensive research, and be prepared for the unpredictabilities associated with such investment opportunities.
Willing To Take The Risk? Here Is What To Do
- Registration and Investment: Begin by registering and investing your capital in Chymall. This initial capital will be deployed in purchasing and selling physical products, yielding a 5% profit every 10 days.
- Product Handling: After purchasing products at wholesale prices, Chymall presents two options: they can sell the products on your behalf, generating a profit, or they can ship the products to you.
- Profit Realization: Chymall undertakes to sell the products for you at retail prices on their online mall within 10 days. Subsequently, they return your principal investment along with the promised 5% interest. Following this, you can decide to reinvest or withdraw your earnings.
Chymall Reviews and Testimonials
Chymall Review: Is Chymall Legit or Scam? The voices of Chymall participants are crucial in our assessment. We’ll analyze online reviews and testimonials, both positive and negative, to understand the experiences of those involved with Chymall. It’s essential to determine whether these reviews hold credibility.
- Nana Yaw
chy mall did scam me ( account name CoachHaggai1) on a bitcoin payment I did on the 23/12/2023. And they are saying they are not going to give me my chy point and they are not ready to refund my bitcoin neither my money. They are not to be trusted . they are also having a very very very bad customer care , they do not even know how to talk to customers.
- Tochi
Please how do I contact the customer service? I’ve recharged 300$ through bitcoin since 26 till now the money is still applying and haven’t been added to my account. How do I contact chymall to fund my account or refund my money?
- Onome
Chymall is a bladdy scam! I lost 640k! run for ur life
- Mulikat
Beware of chymall they were real scam,after I told them my problem ,and I have doubt onthem cos I know Nigerian of nowadays most of those platform were scam.but when I see d video of d popular Nollywood actor that endorsed their platform ,it gave me courage that they were real,so I went ahead borrowed 10000from someone hoping to use d money in supporting my carrier .but after sending them d money ,it another story now .they even went ahead and hacked my Facebook account ,blocked me on Whatsapp.pls don’t ever try this or made a mistake like I did.they were real scam
- Ike Amaka
That is not chymall. D real one is chymall e-commerce. There minimum store is 53,400 and u make a profit of 7220. The one you did is a scam not d real chymall. There is chymall investment (scam) and chymall e-commerce (real).
- Ernest
Chymal started with withholding the products from new investors, then they trapped the legit money from old investors, then increasing the investment cycle, and finally not paying the investors at all. This is quite unfortunate.
- Ike Amaka
Not true I received my payment. Even my downlines are been paid.
- Israel f
If chymall and mr IBU the popular actor can come out to deceive people in order to dupe them of their money i will never close my mouth negatively in all the social media about mr ibu and this so call chymall inverstment becasue i sweat for my money
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Conclusion: Chymall Review: Is Chymall Legit or Scam?
In light of the numerous red flags and anomalies associated with Chymall Investment, it’s imperative to draw a clear and unequivocal conclusion: According to some user ‘Chymall Investment is unequivocally a scam’. It doesn’t function as a genuine e-commerce platform or a legitimate online marketplace. Instead, it operates as a classic Ponzi-like scheme, relying on new investments to pay returns to earlier investors.
As with any investment opportunity, it’s essential to exercise caution, conduct thorough research, and remain skeptical when promises of high returns seem too good to be true. Chymall Investment serves as a stark reminder that not all that glitters online is gold, and due diligence is your best defense against falling victim to scams.