iGenius – the company describes itself on its own website https://mayad.igenius.biz/ as a provider of a variety of educational offers and tools for the financial markets. In this context, iGenius provides its customers with a wide range of services in the areas of market analyses and investment management. Based on a link from the aforementioned website to the Instagram account of IGeniusGlobal, it can be assumed that the same operator is behind the domain https://igeniusglobal.com/.

If you have invested in iGenius and there are problems with the distribution, the lawyers at the Herfurtner law firm are available to help you in word and deed.

Topic Overview

  1. iGenius – Experiences
  2. iGenius Network Marketing
  3. Instagram account of iGenius
  4. Network Marketing Companies: How do they work?
  5. Is multi-level marketing legal in Germany?
  6. How can I distinguish reputable network marketing companies from the dubious ones?
  7. Terminate iGenius – Lawyers help you with difficulties

iGenius – Experiences

On the website of the company https://mayad.igenius.biz/, various programmes and offers are advertised.

We have listed these for you here:

smartFINANCE offers financial knowledge and tools that can help you improve your financial habits.
University offers education and training for the financial markets.
learnLIVE offers live and recorded market education sessions hosted by our market experts.
MARKETpro offers an extensive library of educational videos, eBooks, research and calendars.
MONEYpro helps you reduce debt, manage budgets and improve your financial habits.
FOREXthrive provides access to unique research, education and strategies for the foreign exchange market.
EQUITYprime provides comprehensive education and research for the equity markets.
CRYPTOcore simplifies the complex world of cryptocurrencies.
Sequilizer is a market education platform that provides real-time trading ideas for all major markets.
TRAVELpro, powered by Wanderlust, provides exclusive access to a robust discount travel portal.

Prices start at $99.99 one-time payment or monthly payment and increase to $174.99 (monthly) or one-time $299.99 and $599.99 up to a one-time payment of $1,499.99.

Feedback from network employees and customers of the provider iGenius can be found on the Internet on several well-known evaluation portals. In addition to the extensively positive reports, some also warn with clear words such as “rip-off”.

Our law firm also regularly receives enquiries from people who want to cancel their iGenius subscription or have already done so and are now stuck with their costs. In addition, many are concerned that their sensitive data could be used for improper purposes or sold on. If you have had similar concerns and experiences, please feel free to contact us. We will carry out a case-by-case assessment and offer you a free initial consultation.

iGenius Network Marketing

The business model of iGenius seems to be based on network marketing. For example, on the website there are various bonuses promised to employees for their performance.

For example, the “Rapid Fire Bonus”: “The Rapid Fire Bonus is a residual bonus that pays $25 each time your personally enrolled members renew their monthly subscription.”

Testimonials promote the iGenius company and its offers in a very enthusiastic way. However, there are many negative descriptions of the company structure in particular. There is talk of “sectarian behaviour” and the unrealistic promise of wealth and a glittering lifestyle if only the right motivation is present in the network employees.

On the review site Trustpilot there is a report: “I am really shocked. Young girls are being contacted by certain “brand ambassadors” to promise them a dream life without financial worries. I have seen girls almost being pressured to overdraw their bank accounts in order to be able to pay the entrance fee of 1500€. Plus you have to pay a monthly fee of 160€ unless you get 4 people to sign up. Moreover, there is a sectarian atmosphere in the Telegram and Whatsapp groups. I unfortunately fell for it, but as we all know, you learn from your mistakes. I advise everyone against this company who doesn’t want to throw their money in the rubbish.” (https://de.trustpilot.com/review/igenius.biz, Retrieved 16/03/2023)

Instagram account of iGenius

The provider’s account on the popular social media platform Instagram is IGENIUSGLOBAL and advertises with the words “IGenius empowers people to take control of their future, embrace change, live smarterm and see the world differently.” Linked is the website www.igeniusglobal.com.

At the current time, 16/03/2023, the channel has 47.5 thousand followers and 172 posts published. The account promotes videos of testimonials for various programmes designed to lead to financial success and trading security. Some of the content can also be found on the website https://mayad.igenius.biz/.

Furthermore, videos are used to promote numerous events around the world and merchandise, such as T-shirts, of the company are offered for sale.

Network marketing companies: How do they work?

A company based on network marketing (also known as multi-level marketing or MLM) functions according to a business model in which sales representatives can earn income both by selling products or services and by recruiting new sales representatives into their downline, i.e. their personal network.

In Germany, network marketing, also known as multi-level marketing (MLM), is basically legal. However, there are some legal frameworks and regulations that must be followed to ensure that such a business model does not violate the law.

A legitimate network marketing company must adhere to the following 5 conditions:

  1. Actual sale of products or services: The main purpose of the business must be the sale of actual products or services to end customers. If the primary purpose of the business is to recruit new sales people and receive money for recruiting without selling a significant volume of products or services, it may be considered an illegal snowball or pyramid scheme.
  2. No entry fees: In Germany, it is illegal to charge sales representatives a fee to join the company. If a company charges a fee for joining and this fee is not related to the purchase of products or services for personal use or resale, it may be considered illegal.
  3. No misleading or false promises: Businesses must not make false or misleading claims about potential income or the success of the business. Sales staff must be made aware of realistic expectations regarding their potential income and the effort required.
  4. Compliance with consumer protection laws: Network marketing companies must comply with applicable consumer protection laws in Germany, including regulations on the right of withdrawal, data protection and warranty rights.
  5. Compliance with other legal requirements: Companies must ensure that they comply with all other legal requirements, such as proper registration in the commercial register, compliance with tax regulations and the correct application of labour law provisions.

As long as a network marketing company meets these conditions and complies with the applicable laws, it is legal in Germany. However, it is important to be careful when evaluating network marketing companies and to ensure that they are legitimate and do not violate applicable law.

How can I distinguish reputable network marketing companies from the dubious ones?

It can sometimes be difficult to distinguish reputable network marketing companies from dubious ones. Here are some criteria that can help you judge the legitimacy and seriousness of a network marketing company:

  • Product or service quality: a reputable network marketing company should offer high quality products or services that have real value to the end customer. Look for whether the company provides transparent information about its products or services and whether they meet a real need.
  • Focus on sales: The company’s focus should be on selling products or services, not on simply recruiting new sales people. If recruiting new members is the main focus and product sales play only a secondary role, it could be a dubious company.
  • Realistic income opportunities: Reputable network marketing companies do not make exaggerated or unrealistic promises about earning potential. If you are promised high income without much effort or within a short period of time, be careful.
  • Training and support: Legitimate companies offer training and support to their sales staff to help them sell the products or services and build their business. Look to see if the company offers training materials, webinars or other resources and if the upline (those who introduced you to the company) is willing to help you with questions and problems.
  • Transparency and communication: Reputable companies are transparent about their business practices, compensation plan and company track record. Look to see if the company communicates openly about its business and successes and if there is easily accessible contact information.
  • Positive reviews and references: Read up on the company and look for reviews or testimonials from other salespeople. While negative reviews are not always a sign of a rogue company, they can still help you get a better idea of how the company operates.
  • Legal compliance: Make sure that the company complies with all legal requirements, especially with regard to consumer protection, data protection and tax regulations.
  • Membership of industry associations: Some reputable network marketing companies are members of industry associations that promote and enforce ethical business practices. In Germany, for example, this would be the Bundesverband Network Marketing e.V. (BVNM).
  • Check the management team: Find out about the company’s management team, including their experience and track record in the industry. Reputable companies often have experienced managers with a proven track record in the network marketing industry or related fields.
  • Compensation plan: Make sure the company’s compensation plan is fair and transparent. Reputable companies disclose their compensation plan and clearly explain how commissions and bonuses can be earned. Avoid companies that have complicated or difficult to understand compensation plans, or where the focus is on recruiting new members rather than selling products.
  • No stockpiling: reputable companies do not encourage their distributors to stockpile, where they have to buy large quantities of products in order to earn commissions or bonuses. A reputable company should allow you to order products as and when you need them and not build up pressure to hold unnecessary amounts of stock.
  • Right of withdrawal and return: Make sure that the company offers a fair right of withdrawal and return for its products or services. Reputable companies usually offer a money-back guarantee or a return option for unused products within a certain period of time.

Ultimately, it is important to do thorough research and not be seduced by exaggerated promises or quick profits.

Canceling iGenius – lawyers can help you with difficulties

A lawyer can help you cancel your contract or subscription with iGenius by advising you of your rights and obligations and assisting you in enforcing your claims. Here are some steps a lawyer can take to help you cancel such a contract:

  1. Contract review: a lawyer can review the contract you have with the network marketing company to determine what termination terms apply. He or she can help you understand the terms and requirements for terminating the contract and ensure that you know your rights and obligations under the contract.
  2. Advice on rights and obligations: The solicitor can advise you of your legal rights and obligations, including any cancellation rights, notice periods or rights to return unused products.
  3. Termination letter: A lawyer can help you write a formal termination letter to the network marketing company. This letter should include the reasons for termination, your contract number and your personal details. It is important that the letter is clear and concise to avoid misunderstandings.
  4. Communication with the company: The lawyer can act as an intermediary between you and the network marketing company and help you communicate with the company to resolve any disputes or problems related to the termination.
  5. Enforcing claims: If you have claims against the company, for example due to outstanding commissions or refunds for unused products, the lawyer can help you to make these claims and enforce your rights.
  6. Support in legal disputes: If there are any legal disputes with the network marketing company, the lawyer can represent you in protecting your rights and interests and help you find a suitable solution.

It is important to consult a lawyer who has experience in dealing with network marketing contracts and consumer law to ensure that you receive the best possible support and advice. Remember that terminating a contract can vary depending on the terms of the contract and individual circumstances.

Would you like to speak to one of our lawyers about iGenius? Then come directly to our contact area here.