Live auction is one of the trending platforms, which claim to help people make money online. In this article, I have clearly explained how Live auction works and, most important, whether Live auction is a scam or legit. I would recommend you read the entire review so that you can easily make your decision whether Live Auction is a legitimate platform or not.
After collapsing in late 2020, Live auction is back in 2021. They’re still using their old tactics by offering high returns on investment within a short period. Live auction is therefore a scam just like it was in 2020.
I will first highlight how it works based on their website’s information and what other members share. Then I will give my view as to whether it is a scam or a legitimate platform.
What is Live Auction?
According to the summaries that Live auction members have been sharing, it is a peer to peer(P2P) online investment platform where members in the system can bid Live Auctions shares and sell them at an interest hence making a profit.
Their website is www.liveauction1.cash
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How does Live Auction work?
To join Live auction, you are just required to create by visiting their website and then registering. You will then log in to your account, after which you can start auctioning.
You can only auction at a specific time, usually at 9 am, 1 pm, and 7.30 pm. They have also included timers to show the duration of each auction.
The bid section is where you place the amount you want to invest. For example, Mpesa shares Auction for Kenyans.
Kshs 1200 is the minimum amount you can invest in Live Auction. You must select the period you want to invest your money, which will determine the amount of interest you will get.
Once you successfully bid, you will be logged out to give space for other bidders. It is also a possibility that you will not successfully make your bid depending on the demand.
What is the interest for investments in Live Auction?
The interest you get will depend on the period of your bid.
You will earn a 30% interest in the amount you invested for four days.
For eight days investment period, 60% interest.
And 95% interest for 12 days investment period.
Is Live auction registered?
Even after thorough research, I did not find any legal documents that would prove that Live auction is a registered company.
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Who owns Live Auction?
The owner/founder of Live auction is unknown. And it seems they also have deplorable customer service.
Pros (Live auction Positives)
a) Some are earning money with Live auction.
Cons (Live auction Negatives)
a) They’ve not clearly explained where they get the members’ interest after placing their bids. For example, in a case where you invest Kshs 50,000 for four days, you will be required to earn a 30% interest, which means Kshs 15,000 as interest. This so far from any sane business.
b) Live auction business model is similar to that of achievers online globally and rich tech traders, which ended up conning their members millions of monies.
c) Live auction owners are unknown, and since it seems they don’t have any registration documents, you cannot sue them if they decide to elope with your money.
d) Any regular business makes both profits and losses. But according to Live auction, you will keep on earning profits once you buy their shares. Also, note that they have a fixed interest rate. Meaning if around 100 people bided Kshs 50,000 each for four days, after four days elapses, they will earn Kshs 15000 interest each. This interest is Kshs 1.5 million after only four days. Which creates a lot of questions?
e) Banks will not give you 30% interest even after one year, let alone after four days, making Live auction too good to be true.
f) The withdrawals have a lot of limitations, which creates more questions on their legitimacy.
Based on the Live auction pros and cons listed above, I can confidently conclude that it is not safe to join Live Auction. You should avoid as they seem as if they are using their vast interests to attract many people, and then it will collapse after they have achieved their target. If you must invest with them, then make sure you invest what you can afford to lose.
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