WeShop app - anyone used?

kiss_me_now9

A friend has sent me a link and referral for this app and I wondered if anyone had used it? They're claiming that they've got nearly 5k in shares now just from doing their normal shopping and are using it as a savings pot. It feels too good to be true for me but it's very difficult to cut through the noise of potentially fake/fabricated reviews online to see whether it's legit or not!

OutdoorQueen

I wouldn’t trust it, if it’s too good to be true it normally is.  I would avoid.    The company appear to be based in the British Virgin Islands.  As a British overseas territory, UK legislation will probably apply but trying to enforce it could be another matter.   

Your friend may have been told they have nearly £5000 in shares but if they wanted to cash in tomorrow would they be able to and what commission would be charged?  Share values change all the time, so when they come to sell them they may only find they have have a much lower amount and once commission has been taken, they may owe WeShop.  

Newbie_John

As with any other cashbacks sites, the value is only yours when you cash out. So if they haven't withdrawn it - they have £0, one day it will shut down and they will have £0.

Use the same logic as with Quidco/TopCashback - it could be they have £5k because they spend £100k there.. 

Having a quick look at their website - they're looking for influencers to advertise their product promising money as part of their recomended new users cashback - typical financial pyramid 

So yeah, I wouldn't bother - you can always sign up, get the bonus and quit.

Albermarle

kiss_me_now9 said:

A friend has sent me a link and referral for this app and I wondered if anyone had used it? They're claiming that they've got nearly 5k in shares now just from doing their normal shopping and are using it as a savings pot. It feels too good to be true for me but it's very difficult to cut through the noise of potentially fake/fabricated reviews online to see whether it's legit or not!

I would ask your friend to try and withdraw say £1000, and see what happens.

kiss_me_now9

Thanks all. I'm very firmly in the too good to be true camp and don't think we'll be taking them up on their offer! I watched a youtube video about it this afternoon which basically said the same thing. I think they say you can't withdraw for at least a year? 

Slightly worried now as my friend is planning to use the amount they have 'saved' for a big family event next year, so if it appears to be as scammy as it looks then that's not good news for them. 

wmb194

Continually issuing shares based on nothing more than spending is a sure fire to make them worthless. It wasn't a scam but a British cashback website named iMutual tried it and it's gone nowhere.

5,000 shares or shares worth £5,000?

kmarkoff

It is a complete scam, I have been a member since June 2022. I withdraw my shares this year as it had been 12 months and they are refusing to pay them, it was 45 days waiting period originally, then it changed to 90 days. 90 days have passed and they emailed me last week saying I needed verification, I passed this and now it’s back to waiting for 90 days. It’s a complete and utter scam and I wished I’d used other reward websites. They have now blocked withdrawals until the companies IPO in 2024 but this IPO has been pushed three times since I’ve been a member. 

Slinkyx2

I’m using it, I have almost £5000 in shares, once the company is floated on the stock exchange next month I can either sell my shares or keep them going.
Theres loads of celebrities who are ambassadors for it. I’ve known people cash out thousands before the company decided to be floated on the stock exchange. The key is, don’t spend what you wouldn’t be spending anyway and know that shares prices can go up and down. You’re not using your own money to buy the shares you’re just gaining them from shopping via WeShop. 

Albermarle

Slinkyx2 said:

I’m using it, I have almost £5000 in shares, once the company is floated on the stock exchange next month I can either sell my shares or keep them going.
Theres loads of celebrities who are ambassadors for it. I’ve known people cash out thousands before the company decided to be floated on the stock exchange. The key is, don’t spend what you wouldn’t be spending anyway and know that shares prices can go up and down. You’re not using your own money to buy the shares you’re just gaining them from shopping via WeShop. 

It is probably worth noting that this is the first post by this poster in 10 years...........

kiss_me_now9

Albermarle said:

Slinkyx2 said:

I’m using it, I have almost £5000 in shares, once the company is floated on the stock exchange next month I can either sell my shares or keep them going.
Theres loads of celebrities who are ambassadors for it. I’ve known people cash out thousands before the company decided to be floated on the stock exchange. The key is, don’t spend what you wouldn’t be spending anyway and know that shares prices can go up and down. You’re not using your own money to buy the shares you’re just gaining them from shopping via WeShop. 

It is probably worth noting that this is the first post by this poster in 10 years...........

Also worth nothing that my acquaintance who was using it no longer does and has now moved onto selling beauty products in a MLM style scheme...Wonderful how both this poster and my acquaintance got the same amount of shares too eh!

TheBanker

I had a little look. Their website says the current share price is £6.19 and there are 28,729,636 shares in issue. That means the company is worth just under £178m. That seems a huge amount for what is basically a cashback website.