Is Walletsync Legit Or Another Scam Like Workmines? [Walletsync Review]
Interested to get paid for watching video? Probably, everyone can find a few minutes a day to watch short video clips if a legitimate website is ready to pay for it. This is exactly what Walletsync promises to do!
I was asked to review Walletsync in a comment to my post about Workmines. The reader was wondering if walletsync.co.uk is a legit work from home job. I’m always curious but cautious about new opportunities, so I had to check it out!
In this Walletsync review, I’m going to share my findings and honest opinion with you. Is Walletsync a scam or a legit way to make money from watching videos?
Let’s find out!
First of all, let’s check the information available on the company’s website.
After that, I’ll show you my own analysis and the final opinion about Walletsync.
Spoiler: there are many question marks about this business.
Note: the content of this post is my personal opinion based on the analysis of the materials on the company’s website.
What Is Walletsync?
I can make it short for you: Walletsync is almost a clone of Workmines, the scam that was shut down in June 2019. But this time the scammers put even less work into the website, as I’ll show you in a minute.
The idea of both websites is identical: they call themselves a Paid-Video-Ad system, promising to connect Advertisers to targeted Audience groups. In other words, Walletsync drives viewers to video content.
The advertisers are supposed to pay Walletsync for the views of their short online video clips. Walletsync should pay the members for watching this content and keep its fee for connecting the two sides. Sounds like a legitimate intermediary business, isn’t it?
Who Is The Owner Of Walletsync?
According to the company’s website, Walletsync started its operations in 2017 in Birmingham, UK. (Notice that Workmines was established in the same year in Riga, Latvia).
You wouldn’t be able to find any names at all on Walletsync website. The company is an orphan, without owners, CEO, or any human beings behind it. Red sign!
How Many Members Does Walletsync Have?
Here are some stats as published on Walletsync.co.uk on 6/16/19:
– 667,392 members (Workmines said it had 38,318 Total Members in April 2019. I wonder how Walletsync had grown to this huge number of members)
– About $4.5M total earned (Workmines published $172,560 Earnings by members in April 2019). Again, much bigger numbers.
– About $1.7M paid out (Workmines said they had $90,000 Paid Out in April 2019)
There is no way to verify the accuracy of any of this data. Even if you pretend to believe the numbers – why the earnings are much bigger than the payout? I assume that the difference between is the total of outstanding balances in the members’ accounts. What is not clear is whether there is an obstacle preventing the withdrawals. We’ll get to it later.
How Does Walletsync Make Money?
Walletsync doesn’t provide information about its pricing model for the advertisers. It only promises to pay the members $0.5 for each video they watch. To make a profit, they would have to charge the advertisers much more.
The other site, Workmines, stated that it charged the advertisers around $0.9 – 1$ for every video. The clients could choose the audience based on geographic location.
Walletsync offers a free 2 weeks only trial (exactly as Workmines did) and charges annual membership fees for all other plans, which vary by the daily limit of paid videos the member is allowed to watch.
Here is the summary of the available plans:
How Does Walletsync Work?
This time, the owners even don’t care to explain. The “How it works page” on Walletsync website is perfectly empty. They didn’t want to waste time on creating a fake impression of real business.
The only place where you can get some information is the FAQ page, which is not shown on the homepage, but you can find it if you click on “Support”. (Not a friendly navigation design, right?). When you click on most of the questions on the FAQ page, you are sent back to the main sales page where no answers are to be found.
Sign Up With Walletsync
First of all, you’ll need to sign up and create an account. The only mandatory information you’ll be asked to provide is your email address. They will ask for Whatsapp phone number as well, but you can skip it.
I didn’t notice any age requirement. Looks like Walletsync owners don’t care who signs up with them. They only want to check you are not a robot, so you have to do Captcha to prove it.
By signing up you accept the Walletsync Terms of Service (see more details on them below).
I signed up with my email account that I use for research as I wanted to see how this system looks like from inside.
Upon signing up you will receive an email to confirm your membership.
How To Make Money With Walletsync?
The members are promised to get paid $0.5 for every video they watch (only $0.4 during the trial period). You should be able to watch a certain daily amount of videos, according to your membership plan, as described above.
This is how the member dashboard looks like:
I clicked on one of the videos. It was a trailer and I even didn’t have to watch all of it. After 12 seconds (I used a stopper!) I was rewarded by $0.4 and 10 points. I think Walletsync doesn’t even care whether you watch their clips or not because that’s not how they really make the money.
By the way, it’s the first time I saw points mentioned. In the plans’ descriptions, they promise $0.5 per video for paid members. What are these points? I don’t know.
In addition, Walletsync offers a generous referral program. You will get a commission for every new user brought on board through your referral link. The commission is $0.1 for any video viewed by your upgraded referral (same as was offered by Workmines) and 20% daily commission from referral activities (I’m not sure what this really means).
Another way to generate income is to become Walletsync country representative. To satisfy the requirements, you’ll have to upgrade at least to Enterprise pack ($199 one) and have minimum 10 upgraded referrals. As a reward, you’ll get 5% commission on any deposit or withdrawal made by your referrals and will be able to offer them 5% discount vouchers for the upgrades.
How To Upgrade with Walletsync
If you want to upgrade, you’ll have two options:
#1 – Contact your country representative and send him the required amount of money. The rep will send it to your wallet on Walletsync site as a “purchase balance” or provide you a Voucher code.
#2 – Make a deposit through Payment processor – Perfect Money or Bitcoin.
The list of the representatives includes 15 countries, mostly from the developing world: Gnana, Philippines, Zambia, Kenya, South Africa, Myanmar, Vietnam, Cameroon, Tanzania, Swaziland, Egypt and Nigeria. From developed countries, there are Great Britain, Netherlands and South Korea. I’m from the US and there is no representative I can reach out to.
How To Get Paid By Walletsync?
To get paid, your account’s main balance should reach $15 (same as it was at Workmines). The paydays are Thursday and Friday.
The primary suggested ways to receive the payment are Perfect Money and Bitcoins. There is a 2% fee from every withdrawal.
Walletsync Business Model Analysis
If Walletsync was free of charge for the users who watch the video content (not for the advertisers, of course), I’d say it’s a fun opportunity to earn extra money by watching videos.
Unfortunately, this is absolutely not the case. You only can use the site for 14 days before being forced to upgrade to one of the premium plans. After two weeks, you must pay to get paid for watching videos. The more expensive membership you buy, the more money you are allowed to earn from the videos and referrals.
This is an unacceptable concept if you ask me. It sounds like paying your employer to keep the job. One may argue that Walletsync is not an employer, but kind of a business where you are required to invest in order to make money.
I strongly disagree (oops, it sounds like an answer in online surveys, LOL. I should take fewer surveys maybe). Walletsync is not a business you can develop, except you insist on calling watching the clips from your couch “a business”. What you are really encouraged to do is to persuade other people to enter the same scheme and this is not a business either.
Related post:
How To Make Money Online From Africa and Asia [Legitimate Ways Only]
The Reasons Why Walletsync Is A Scam
There are many characteristics that can help you to evaluate if the work from home offer is legit or a scam. You can read my detailed post about it here:
Seven Ways To Avoid Work From Home Online Scams
Here are the reasons why, in my opinion, Walletsync is a scam.
Unrealistic Rewards Model
The reward of $0.5 for watching a 45 seconds Netflix promo video is absolutely far-fetched, as no real advertiser would pay that much. As I said before, Walletsync doesn’t even care that you watch the video in full.
I’ve got rewarded $0.4 for 12 seconds effort. It’s $2 per minute or $120 per hour. This is unheard of rate for unskilled “work”. This is not possible with any real employer or business partner!
The ongoing rate paid by legitimate websites (see Swagbucks, for example) for watching video is about 1-2 cents per several minutes. While watching, you will have to click on some buttons to prove that you are paying attention and not just leaving the video to run on the unattended phone.
You Cannot Get Paid as a Trial Member
As a free 14-day trial member you can make the maximum of $11.2 (2 videos per day x 14 days x $0.4) and you wouldn’t get paid for the referrals. With the minimum payment threshold set at $15, it simply means that you WILL NOT get paid anything as long as you are a trial member. You’ll have to pay at least $39 for the Essential Pack to become eligible for any payout.
By the company’s rules, you cannot use the earnings balance to pay for the upgrade. Is it because the balance you see on the screen is not real money? In my opinion, Walletsync just want you to pay THEM the real money!
Walletsync Looks Like a Ponzi Scheme
Walletsync membership plans are gradual upsells luring you to pay more in order to get more available videos to watch and the option to earn from referrals.
This business model is exactly the same one as I saw at Workmines (RIP) and it is a Ponzi scheme.
It means that the money paid by the new members is used for the payouts to the early joiners. Or in other words, “rob Peter to pay Paul”. This way the owners can keep the Ponzi scheme operating for a while without any members screaming that they don’t get the money earned.
Getting the first payments convinces the first members that this is a legitimate business, so they are eager to upgrade and bring more referrals.
More money flows into the system and it keeps growing, until one day the owners disappear with the rest of the money.
Related post:
What Happened To Workmines? Was It Shut Down?
The most famous Ponzi scheme was run by Madoff and it operated for years before getting exposed.
I’ll say it again to make sure it’s clear – you’ll have to make a payment TO Walletsync before any attempt to get paid by them.
Remember the big difference between the member’s balance and the payouts? I would guess that a large part of it come out of the free trial members earnings. Many of these members probably decided to drop the system without paying for any membership plan, so their money was left unclaimed.
Walletsync Terms of Service
While Workmines had put some effort into their ToS and protected themselves with no refund policy and membership cancellation without reason, Walletsync just uses the basic template where they insert their name and URL address.
No serious company would do that.
The Walletsync Owners Are Hiding
There are no names on the Walletsync website. The owners clearly don’t want to be exposed. There is no address or a phone number either.
Legitimate sites are happy to tell their story, share the names and experience of the key people in the company.
There Are No Information About Clients or Members
There are no client or members testimonials.
Who are the key advertisers? There are no stories from the clients showcasing the boost they got by using Walletsync services.
If you look in the Payment proof section on the website, you’ll see the list of payments (let’s believe they are real) mostly to Vietnam, Kenya and the Philippines.
Are there real people making money from watching video on Walletsync?
No way to know.
Payment Options Are Not Convenient
There are no popular payout options like PayPal, Amazon Gift Cards, Checks or Direct Deposits. You’ll have to open an account with one of the other providers to request a payment.
Does it mean that the best payment processors or gift card providers don’t agree to work with Walletsync?
The Website Is Not Professional Enough
The website is not professional enough. Several pages that are super important to any legit company, like “About us” or “ How it works?” are just left EMPTY.
The FAQ page is hard to found and most of the links on it just take you back to the home page.
Many pages suffer from incorrect English spelling and grammar.
The Contact Information Is Not Sufficient
Customer support can be reached by email or contact form only. Let’s say you sent several emails but your support requests are ignored.
How are you going to complain? There is no phone number, no office address.
Official Walletsync Facebook Group Adds To The Story
I’ve checked WalletSync group on Facebook and saw stock photos of the happy high-tech team, weird messages from the company asking for deposits and many customers complaining.
The posts are totally unprofessional and it looks like the company’s team is making jokes of its clients.
In November 2018 Walletsync didn’t process the payouts, and many members feared for their money.
Final Thoughts – Is Walletsync a scam?
In my opinion, Walletsync is clearly a scam created by the same team that stood behind Workmines. It’s a Ponzi scheme without a viable business model.
I hope this Walletsync review gave you enough information about red signs and possible issues you might encounter if you join this company.
Now it’s up to you if you still want to give it a try. If not, I have some other offers for you from proven legitimate businesses.
Better Ways To Make Money Online
I totally understand why you are looking for an easy way to make some extra income online. Everyone would like to earn money from home. If you really want to get paid for watching video, you can try Swagbucks and Inboxdollars. However, don’t expect to be paid $0.4 for each clip. The rewards are much lower, but at least they are real and not a scam.
Make Money Online From Anywhere In The World
Most popular money making websites only accept members from the US, Canada, UK, Australia and other developed countries. What can the residents of other countries, like South Africa, Kenya, Vietnam, Taiwan, Philippines, Zambia or UAE, do to make extra income online?
I was asked about it so many times, that I’ve started a list of legitimate websites that accept international members. In addition, I’m thinking about gigs that can be done without any dependence on location, if you have the right set of skills and internet connection.
I’m still working on the expanded list, but you can read the latest version here:
How To Make Money Online From Africa and Asia [Legitimate Ways Only]
Online Surveys
One of the easiest ways to start is online surveys sites. They are not going to make you rich but can help with some bills. Here is a detailed post with the best sites and tips on how to make the most of them. Most of these sites aim at the US audience though.
How To Earn Money With Online Survey Sites
Make Money From Any Receipt
If you live in the US, you can easily make money from ANY receipt with CoinOut app.
It offers additional opportunities to earn as well, like partners sign-ups, sweepstakes, trivia and more
Read the full CoinOut review here.
Get Free Stuff From Amazon
Again, for the US residents only. You can just get FREE stuff from Amazon. It’s almost like making money, right?
Read this RebateKey Review to learn how.
Build Your Own Online Business
If you are ready to invest a lot of your time and build your own sustainable online business, I recommend you start with reading the following posts:
How To Start A Business At Home On The Tiny Budget
How To Learn Affiliate Marketing Online For Free
How to Start a Business When Working Full Time?
Want to get more financial tips from me? Sign up for my FREE email course called Financial BOO$T Camp. It will help you to get the most from your buck with many ways to save money and get control of your finances.
