Have you heard about Live Auction? Did you know you can buy shares that guarantee at least 30% interest within half a week from Live Auction? Well, if you haven’t then this Live Auction Kenya Review is for you. But before anything, let’s get some issues into perspective.
The internet is quite fascinating. Every day something interesting and completely new pops up and opens a world of ideas and opportunities. Lately, the most common opportunities that have been sprouting on the internet are those that offer people money-making opportunities.
Making money online has become a reality to many who do due diligence before investing and a nightmare to many others who rush in without understanding the concept behind online jobs.
So before you decide to invest any money on an online gig, ensure you understand it well enough, or else you’ll become a victim of the infinite number of online scams that defraud gullible netizens such as Crowd1.
I recently came across one such new opportunity which took me some great deal of time to understand. At first, it didn’t make any sense, however, I decided to put in some money and see how things go while studying it more.
What is Live Auction?
Live Auction is a peer to peer auction service where investors buy shares and earn interest. The interest rates are 30% in 4 days or 60% in 8 days or 90% in 12 days. Meanwhile, you get a 5% continuous referral bonus for every person you refer to the platform.
The first typical question a knowledgeable person would ask is which companies these shares belong to. Well, Live Auction is not a stock exchange platform. These shares do not belong to any company, they simply come from the system.
In other words, the system uses a mathematical economic formula based on demand and supply to generate them. The name ‘Shares’ has just been used to represent the amount of invested money. This explains why one share equals one Kenyan shilling.
How does Live Auction work?
In my understanding, Live Auction juggles with the economics of demand and supply bolstered through network marketing. Let’s say at the beginning the founder used the entire cost of setting up the website as the initial amount of shares in the system. Let’s say this number is Ksh 100,000.
He then markets the platform to close friends and likely investors, informing them of the interest rate they can earn from the platform in a short time. Some 10 people join the platform and buy all the shares, with each spending Ksh 10,000.
These downlines also spread the gospel and recruit more people into the platform. Meanwhile, the investor makes Ksh 130,000 after the initial 4 days. The next people in line now have to wait for another 4 days to make Ksh 13,000 each.
Also, the initial investor can invest all the Ksh 130,000 back into the system and expect a return of Ksh 169,000 and the direct downlines can also invest their money back into the platform. Cumulatively and with time it means the number of shares grows at a steady rate.
Meanwhile, the number of people joining the platform and willing to buy the shares grows even more tremendously each coming with their amounts ready to invest and the demand for shares surpasses the available shares. This creates a favorable market condition where the unbelievable interests are sustainable and people earn well depending on their investment.
Somebody who can invest Ksh 100,000 weekly can earn as much as Ksh 120,000 per month. That’s the basic salary of a new professional engineer. I don’t think there’s any other investment with such interest rates anywhere.
How to make money with Live Auction?
The process is quite simple and unlike many of these online money making platforms out here, you do not pay the company any money. I’ll explain that in a bit
First, you have to join Live Auction. Create your account and use a phone number that is active and has your MPesa account.
Log into your account and check out the next bidding time. In a day there are three auction times, two standard auctions at 9 am and 7:30 pm and one flash sale between 1 pm and 2 pm; Kenyan time. The time for flash sales is announced in Live Auction WhatsApp groups.
When the countdown has 3 minutes left, log into your account and watch it until it reaches 0:00:00. As soon as it hits zero, click the reload button and scroll down to the MPesa section where you can enter the amount of money you are willing to invest.
You can invest from at least Ksh 1200 to Ksh 50,000. Select the duration; whether 4, 8 or 12 days and click buy. Take note that once the biding process starts you have less than 5 seconds to complete the transaction. When I joined Live Auction, I wasn’t able to bid for 3 days.
The shares which at that moment were amounting past 300k would be wiped out in a matter of seconds. They still get wiped out instantly today which tells you that the demand is significantly higher than the supply.
So the best thing you can do is have the fastest internet connection, preferably 4G and use a fast browser (I use UC Browser) to bid. Otherwise, you might never get a chance to acquire the shares.
Once you bid, if the system logs out automatically, your bid is successful. However, if it reloads, your bid hasn’t gone through and you need to wait for the next bidding session.
Upon successful biding your dashboard will be updated with expenses reading the amount you have invested, Earnings representing the amount you will receive after the selected period and net representing your profit.
Having purchased shares, click on the Bought Shares tab and then the details button. A list of recipients will be displayed. These are the people from who you have acquired your shares. You are therefore required to pay them through MPesa for shares to be transferred to your account.
First, you can call and inform them you have been paired and you are sending your payments after which they must confirm. Then go to MPesa and send them your payment.
The recipient should confirm the payment within an hour and if not, you can always contact the Administrators.
Send him your payment screenshot and request him to confirm since the recipient is unresponsive. This measure ensures that nobody will lose their money once they purchase shares.
Having successfully secured your shares, your shares will be updated under the Sold Shares section where a timer runs for the period your shares are to mature.
Once this period comes to an end, your shares will be automatically sold to other investors who will be required to send the money to your MPesa after which you can confirm them and the cycle continues.
You are required to confirm payments made to you. If you don’t, the administrator can ban you from the platform especially after multiple complaints. This ensures conmen don’t have a chance here.
My experience with Live Auction
Before writing a review of any online money-making opportunities, I usually put it under test. With Live Auction, it wasn’t any different. I joined about 2 weeks ago through a friend who had recommended it on her WhatsApp status.
At first, I was very skeptical. I asked so many questions until my referrer got frustrated but was really focused on understanding how it works and whether it’s sustainable.
I took the Ksh 5000 idle in my MPesa and decided to try this thing out. 2 weeks down the line I can say it has been amazing. Once my first investment came back with interest, I increased my capital to maximize the profit.
I’ve made over 10k in just two weeks, I need more money to make more money coz seriously this is the best investment platform I can talk about. You not only get to save money for a short period, but also earn from your savings. And since the money never directly moves into the platform but rather among peers, you never have to worry about the site shutting down.
Here is why I like Live Auction
- There is a reliable customer care agent who ensures transactions between peers are done amicable and any joker is flagged and banned. You’re sure to get your shares
- The rate at which the shares are cleared during auctions (typically less than 5 seconds) affirms that the demand for these shares is always super high. This means when the time comes to sell my shares, there will be a ready and eager market and thus my money will for sure come back.
- There is a very active Live Auction community distribute among more than 10 official WhatsApp groups where regular news updates are published and members interact with admins. If anybody fails to send of confirming payments, you can sermon them in the groups and they will be updated.
- It has enabled me to save money while making more money over a short period. The interest rates of this platform are way beyond even the government bonds and other lucrative low-risk investment opportunities.
Live Auction gives you a chance to earn crazy interests with your savings. This platform is revolutionary yet very simple to understand and use.
Updates as on 1st November 2020
It has been a ride people, more than a month now since I first published this article. And I can confidently say the experience has been great. Live Auction is growing tremendously, gaining over 3000 members daily.
This means the demand for shares has shot up like crazy; nowadays, when the auction opens at 9 AM, shares are over 2 million and just like before, they are cleared within 10 seconds of opening.
There have been little changes here and there for instance; bidding is no longer limited to three times a day. The auction is opened at 9 AM and left open all day until past midnight, not sure when because I’m usually asleep by then.
This change was made due to the high growth rate of the platform resulting in the server crashing when thousands of members log in at the same times and try to bid.
At first, it wasn’t considered a good idea but currently, LA members have made peace with it after realizing how effective it made the bidding process
Courtesy of this major change, nowadays when bought shares mature, one is immediately paired with buyers at whatever time.
Consequently, members bid continuously all day but the demand still exceeds the available shares by a huge margin which is evident by the fact that these matured shares are cleared instantly.
Another change was the increase in the maximum bidding limit from 50K to 200K. This explains why 2 million shares are cleared in 10 seconds; only 10 people bidding 200k are needed. Not to mention the other thousands of people biding varying amounts between 1200 and 200k.
Also, LA is testing a feature which enables members to submit proofs of payment in form of screenshot photos which will enable Admins to confirm payments whenever sellers fail to confirm buyers.
The number of Official WhatsApp groups has grown to over 30 which barely accommodates all LA members. There are many people out there who don’t belong in an official LA group and are missing important updates from the management.
Since one WhatsApp group cannot accommodate more than 257 members, I think it’s time we create a telegram group where all LA members can congregate and get instant updates.
Consequently, I have created an Unofficial Telegram Channel for any LA members who do not belong to an official LA group. In this group, I will give you all the updates from LA admins and also discuss the future of LA. Members are allowed to discuss other money-making opportunities and help each other exploit them. Click the link below to join the group.
Update on my experience.
When I joined LA late August, I had just about 5K to risk. As we speak, I’ve made over 50K from LA. Don’t get it wrong, I didn’t do this magically. It has taken a lot to get that return. Honestly, if I have more capital, I would have made much more much faster. This small achievement is well worth the effort.
But it has come out of religious bidding and the added advantage of having this blog through which people sign up using my link. This blog enables me to effortlessly get referral commissions for marketing LA, an essential element of affiliate marketing which is a major way to make money online.
If you have some good capital, you can make a great deal of cash at LA without necessarily needing referrals. However, if you have little capital, referrals can do a lot in increasing your income just as it has done for me. 5% might seem so small but once it starts to compound, you’ll be amazed at how fast your commissions accumulate.
The Legitimacy and Sustainability questions
New members joining LA ask me two very common questions. First, is LA legit or a scam? Secondly, Can I predict how long LA will last? I want to answer these questions in the simplest way possible.
Live Auction is legit. It is a peer to peer selling point which exclusively handles the data of shares ownership while payments between peers are made through MPesa or bank payments and payments confirmed on the system to ensure conformity. This is how it works.
You bid, if successful you are paired with someone who owns the shares you want to buy. You check the details of the person on your dashboard and send money to their Mpesa number. Once you have paid, they must confirm on the system that you have paid. If they don’t, you report to an LA admin who confirms the payment upon submitting evidence you have paid. Your shares are then moved to the sold shares section where they start to count down depending on the number of days you bided. Once the timer hits 0:00:00, your shares (plus the interest earned) mature and are released for sale by the system. You are then paired by someone who has bided to buy the shares from you. They send you the money to your MPesa, you confirm them and the cycle goes on.
The issue bothering most people is whether one can lose money in the process. Well, you will only lose money if you make either of these mistakes;
- Send money to the wrong MPesa Number
- Confirm payment before you have received the money
- Fail to move money to M-Shwari before confirming (Some people reverse their MPesa payments after you’ve confirmed them; make sure you move your money to M-Shwari before confirming)
If you avoid these mistakes, you won’t lose your money.
Live Auction is a platform whose currency is ‘hope’. What does this mean? When you buy LA shares, what you’ve bought in real sense is the hope or promise that in 4/8/12 days, someone else will buy your initial investment plus the earned interest (30%/60%/90% respectively).
This, therefore, requires that the demand for shares must always exceed the supply of shares. Consequently, the number of members and the number of shares being auctioned must always be on a growing trend for such a system to be sustainable.
If you understand economics, you should know this model is not sustainable forever. Just like everything on this earth, LA has a life span. One day it will come to an end; when growth stops, bidding stagnates and supply of shares exceed demand. But before that day comes, there is time to make money.
Currently, the platform is growing like crazy, bidding is extremely high, and shares are cleared in seconds. This tells us the platform still has a window to make a profit. If you’re interested, then the earlier you join the better.
I think LA is a very clever idea, how it works is mind-blowing. There are brilliant and creative minds out there. I’ve picked up some inspiration from LA and I’m gonna enjoy the ride while it lasts.
Update as on 22nd November
Unfortunately, the day of reckoning has finally arrived. Live Auction has been closed This comes at a much unexpected time. The last week experienced the highest growth rate and the most intense bidding which meant the economics of demand and supply was very good.
However, what we never saw coming was the fact that this growth rate would overwhelm the people behind LA and lead to its untimely demise. The fact remains that this day was bound to come and as I mentioned earlier, joining this platform was only for risk-takers.
As we come to terms with this reality, I wish to encourage every person that was caught up in this mess to pick themselves up and focus on discovering other opportunities in life because this doesn’t mean the end.
I also want to guarantee you that such platforms will continue to pop up now and again. That’s a fact you must accept. Why? Because Kenyan’s spending habits give them a great opportunity to thrive. You have a choice to make. Either to avoid them entirely, or learn how you can make a profit.
MLMs are like betting platforms in some way. Risky and cannot guarantee income for the long run. These three rules make sense now more than ever; join early if interested, never invest what you cannot afford to lose, have an escape plan or start saving from the very beginning.
Update as on 5th January 2021
Live Auction came back. Apparently, it has been operating since before Christmas and people have been able to recover some of the money they thought was gone when Live Auction was closed. This is courtesy of a refund system where you are paid an extra 20% of the amount you bid until all the money that you had in your wallet is refunded.
Personally I have tried and witnessed it actually works. I think it safe to say you can go bid and recover your lost money. However, following what happened earlier you should be cautious to bid only what you can afford to loose.
A few changes have been brought, for instance, nowadays the maturity period for all bids is 3 days. Also, it seems like all original admins were removed and new ones employed. I just hope they are better than the previous ones. Lastly, all communications are done through the official LA telegram group whose link you can check on your account menu.
All the best as you recover your money.