You may have seen comments online alleging that revolutionary tech company MAGFAST is scamming customers. Having developed the world’s first ever power bank with three Qi wireless charging ports (that can also jump start a car), it’s no surprise that keyboard warriors are out in force trying to ruin their reputation.
Much of the tattle surrounding MAGFAST online is simply hearsay without hard evidence. Groundless claims are thrown around on forums and social media, typically spurred on by a lack of understanding as to how MAGFAST operates and what its products offer.
MAGFAST is dedicated to ‘changing charging for good’ and, with a family of premium chargers to suit every aspect of your life, we can understand why they have garnered so much popularity. Many of their current customers are active across their social media platforms, reacting and engaging with the company positively. With over 30,000 dedicated followers over their social platforms, why is it that people are throwing scam allegations at MAGFAST?
1. People are confused by crowdfunding
Back in November 2020, MAGFAST embarked on its first external capital raise through a public offering. The company raised over $1 million in a matter of hours and the issuance was fully subscribed.
In partnership with Netcapital, one of the most highly regarded private capital market platforms in the US, MAGFAST knew that the issuance fell under the regulatory supervision of the SEC – the Securities & Exchange Commission. The offer was such a success that MAGFAST is currently finalizing the legal and financial work – including further extensive review by the SEC – for a ‘Regulation A’ offering later this year.
2. THE UPGRADE web show
Since the inception of MAGFAST back in 2017, founder Seymour Segnit has hosted a YouTube show entitled ‘THE UPGRADE’. Along with co-host Kate Kinard, the web show keeps customers fully informed on the progress of development and production. 3D visuals, packaging samples, and finished units are shared on the weekly update show, as well as tooling, manufacturing, and delivery updates. Customers are treated to a true behind-the-scenes look at a tech company unlike any other, proving that MAGFAST is incredibly transparent.
3. MAGFAST dummy product allegations
It’s sometimes claimed that, within MAGFAST’s update videos and other marketing collateral, they only ever show ‘dummy’, non-working chargers. We understand that would have been the case in the very early days of MAGFAST when they were still experimenting with the product specifications and perfecting the designs.
However, after taking a look at the latest UPGRADE web shows, it is clear to see fully functioning products being used. In one of the latest episodes, MAGFAST Extreme and MAGFAST Jumper Cables were used in an experiment. The Extreme kit was able to jump start a 5.4-liter Ford truck 21 times!
4. MAGFAST’s Intellectual Property
Scams don’t work diligently on IP or ‘Intellectual Property’. MAGFAST, however, has a growing and respected portfolio of Trademarks, Patents, Copyright and what are known mysteriously as ‘trade secrets’. The MAGFAST® brand, for instance, is a registered trademark in the US, Europe and dozens of other countries and territories worldwide. In addition, the company has a number of (both issued and pending) design and utility patents. This includes an issued utility patent on their core ‘snap-to-charge’ innovation.
5. MAGFAST fake review claims
It is no secret that MAGFAST has incredible reviews. We took a look at TrustPilot, Google Reviews, and a handful of other sites. How could a company fake so many glowing reviews? It is clear that MAGFAST customers are loyal and enjoy what Seymour and his team are bringing to the tech world. The only MAGFAST comments we could see were the company engaging with responses. The company simply asks its customers to share their honest opinion on MAGFAST (with zero incentive) and they’re happy to share their positive experience.
From our research, we can see that MAGFAST has a dedicated in-house team and works with a number of credible and recognized consultants and agency partners around the world. From what we have seen, it is a number of anonymous accounts hiding behind a screen claiming MAGFAST to be a scam. We can’t wait to get our hands on some MAGFAST products ourselves!