Welcome to our review on the paper wave platform.
This review will elaborate on what the Paper Wave is, how it works and whether it is legit or not.
What is The Paper Wave
According to their website, The Paper Wave is a trading platform where people can buy and sell cryptocurrency, stellar token coin. They have also incorporated a referral system where the paper wave active users can invite other people to join and earn referral bonus.
If you’ve traded or invested with cryptocurrencies, understanding the Paper Wave won’t be a big problem for you.
How it works
To be a Paper wave member, you must create an account using a referral link from someone who’s already a member. You can also register directly from The Paper Wave website.
After registration, you’ll be prompted to activate your account. The activation fee is KES 500 ($5), which all the paper wave members will pay.
Also read: Online jobs in Kenya that pay via Mpesa
Once your account is active, you’ll log in to your account and access all the paper wave features.
Ways of earning
Let’s look at all the paper wave ways of earnings and whether they are worth the hype.
These earning features are according to what the website says.
1. Trading with stellar tokens coins
Paper wave has a trading system where the members can buy and sell stellar tokens.
A stellar token is a crypto coin whose market price is influenced by the number of willing sellers and buyers. Once you sign in to your paper wave account, you’ll see the option where you can purchase the stellar token coin.
Procedure on how to buy stellar coins
The first step is depositing the amount you would like to spend in your stellar wallet. You can do this via Mpesa by following the steps below:
- On the left navigation sidebar, click on the Deposit wallet tab
- Specify the amount you would like to top up and then click Deposit.
- You’ll receive an Mpesa popup on your phone prompting you to enter your Mpesa pin to authorize the transaction.
- After entering your Mpesa pin and clicking ok, your money will reflect in your stellar account.
To buy the stellar token coins, you can have two option:
a) From ready sellers
On the left sidebar in your paper wave account, click Stellar tokens and then hover to ‘Buy Tokens (Ready Sellers)’, where you’ll find various offers from different sellers.
b) By posting a request
You can also click the ‘Buyer Tokens (Post Request)’ tab to create an offer of how many stellar coins you’re willing to buy and at what price. If a seller is satisfied, then he or she will agree to sell the stellar coins.
Why Stellar coin might collapse soon
- The buyers typically want to buy the crypto coins at a very low price that few sellers are willing to release their coins. Similarly, the sellers offer stellar prices that discourage buyers from purchasing the coins. If there are is no trading, then the stellar token coin won’t survive for long.
- Contrary to other cryptocurrencies, the paper wave’s stellar token coin is not accessible to other non-members. You have to pay a registration fee to buy the stellar coin. Why would I have to pay a certain amount to buy a currency that I cannot spend anywhere else apart from Paper wave?
- The name ‘stellar’ is currently a cryptocurrency valued at around $0.3. The paper wave couldn’t come up with another brand name that does not conflict with another cryptocurrency. This might be another reason for its downfall.
2. By referring others.
Referring is the paper wave main way of earning in the paper wave. It’s not the stellar tokens that will make you hundreds of dollars with the paper wave.
The referral system for the paper wave is structured in a pyramidal manner having three levels of referral commissions.
Below I have explained how much each referral tier pays in paper wave;
As stated earlier, all paperwave members are given a referral link after activating their accounts. They can then use the referral link to invite anyone interested to join The Paper Wave Kenya. These invites are known as direct referrals.
You’ll earn Kes 300 ($3) from every person who joins paper wave using your link and activates their accounts.
The critical thing is they must pay the registration fee for you to earn the referral bonus. This is similar to other levels; you’ll not earn from referrals who create their accounts without activating them.
Your earnings in this level depend on how many your direct referrals in tier one invite. For every active member referred by your tier one referrals, you’ll earn Kes 100 ($1).
Whenever your indirect referrals in tier 2 invite someone else to join the paper wave, you’ll earn Kes 50 ($0.5).
If you, for example, staked Kes 200 and decided to spin the paper wave spin wheel. You will either win or lose, depending on where the pointer lands.
To completely honest with you, the probability of losing money with paper wave spinning is high compared to that of winning.
Paper wave crypto lessons
The paper wave is also offering free cryptocurrency lessons. You’ll access the materials which can guide you on how to trade with cryptos.
The information from the cryptocurrencies lessons is just basic knowledge. Nothing new that you cannot access from the internet freely. It is not worth parting away with your $5 activation fee.
Is it legit or a scam?
The Paper Wave has a pyramidal scheme like features. We can say that paper wave is a scam. However, it has also been endorsed by several celebrities who are also making money from it. We cannot, therefore, rule out the possibility of the paper wave being legitimate.
I wouldn’t recommend anyone to join The Paper Wave, especially if you’re following the hype. The influencers won’t inform you of the demerits of the platform as they are interested in the referral income they earn once you join.
The Parting Shot
In short, if it is a must you be a member of the paper wave, invest what you can afford to lose.