OneCoin Review: Is It Just Another Pyramid Scam & Ponzi Scheme?
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With the rise of the Internet, there are numerous ways to earn money working from home. One of the newest trends available for investment trading is the digital system of crypto currency. Think of it as a modern day gold mining operation. Instead of digging in caves and mud, you can now mine using computer based algorithms from the comfort of your living room.
While BitCoin made the cryptocurrency concept popular, there are numerous other websites such as OneCoin online that are trying to get in on the action. You may have already checked out other OneCoin reviews on the Internet. However, if you want to mine (pun intended) all the details, including complaints, then continue reading on.
What is OneCoin?
OneCoin.edu is a website from OneCoin Ltd. that offers a crypto-currency system. Dr. Ruja Ignavota began the company in 2014. The company's headquarters are in Gibraltar with offices in Bulgaria.
What Products Does OneCoin Offer?
The company offers a wide range of educational packages that include tokens to mine OneCoins. The Rookie package is free and includes 5 Aurum crypto-coins, a copy of the Think and Grow ebook, and access to a weekly newsletter. The Starter packages cost around 100 Euros and provides access to the online OneAcademy educational program. This program features an introduction to trading and financial education and includes reading materials, videos, and quizzes.
The Trader package is valued around 500 Euros and gives access to the first 2 levels of the online training program. The ProTrader package at approximately 1,000 Euros provides access to 3 levels of the online program and claims to teach students intermediate trading skills involving mining cryptocurrency. There are 5 more trader packages and each package offers different commission percentages and tokens.
OneCoin Compensation Plan
According to the company's residual binary compensation plan, distributor's receive a 10% commission bonus on sales of the educational packages to new recruits. Those who have been recruited can be placed on either the left or right side in the downline. You receive a 10% bonus on the business volume of sales made by your weaker side. Distributors can also earn a matching bonus up to 25% on 4 generations depending on the package you select.
You can also earn an additional 10% commission bonus on all direct sales made within the first 30 days. To get the bonus, you must achieve more than 5,500 in Business Volume. As you move up through the various ranks from distributor to Crown Diamond, you can also earn other rewards such as iPhones, MacBook Airs, luxury trips, Rolex watches, and more.
How To Get Paid as a OneCoin Distributor
All members receive a free wallet in the company's systems for receiving payments. Payments are split into 2 separate accounts with 60% going to a cash account and 40% going to a mandatory account. Those enrolled in Trader packages and above receive a free Mastercard.
The company also offers a OneLife Rewards Program where members earn points on a daily basis simply for being a member and recruiting others. Distributors can exchange these points for trips and other items. If the idea of cryptocurrency investment doesn't appeal to you, you can make money in other alternative ways working from home such as my Top Work At Home Recommendation.
How To Become a OneCoin Distributor
People can join OneCoin by visiting its OneLife website and purchasing an educational package. These packages range from free to 27,500 Euros. To earn commissions at the basic level, you will at least need to purchase an Activation Kit at 30 Euros or a Starter package and above. The Activation Kit gives you basic entry into the company and includes a free copy of The Richest Man in Babylon ebook.
Well, now it's time to get into the nitty gritty. If you had a sneaky feeling this company wasn't on the up and up, you're right. Here are some of the complaints against OneCoin you should be aware of.
Numerous Legal Issues: The company is on the watch list of many authorities in several countries for potential illegal and criminal activity. Bitcoin gave evidence that the company is operating a pyramid scheme to the British newspaper Mirror which published the evidence. Italy and Germany banned OneCoin business activity in their countries. If you do a google search you'll find even more issues.
Enrollment Limitations: If you live in the United States, you are not be able to enroll as a OneCoin distributor. It appears that the company only operates in select international countries. This is probably because what they're doing is considered illegal here in the states.
Does Anyone Make Money? The company does not provide an Income Disclosure Statement. There is no other evidence online that anyone has made any real money with OneCoin. If you are looking for a proven way to earn money from the comforts of home, then you will want to read my my Top Work At Home Recommendation.
Limited Trading Ability: No other cryptocurrency systems accepts OneCoin for purchase, sale, or exchange. That should say it all.
No Gold Backing Evidence: There is no legitimate proof from the company on its website that the coins have gold backing.
No BBB Profile: The company does not have a profile, rating, or accreditation with the Better Business Bureau. This is likely because the company does not operate within the United States. As a result, there is no way to tell how well the company handles customer support and complaints.
So is OneCoin Legit or A Big Scam?
There is strong evidence that OneCoin a Ponzi scheme and a scam. The company offers no physical product other than educational materials. OneCoin was also the focus of numerous legal issues regarding potential illegal trading activity in several countries. There is also no evidence that anyone actually makes money with this multi level marketing opportunity. Therefore, you may want to consider alternative work for home sources if you want to earn an income from home.
After reading all the One Coin reviews, including mine, you now know everything the company has to offer. If you are looking for multiple streams of income, you may want to check out my Top Work At Home Recommendation and my Work At Home Courses. I'd love to hear what your thoughts about this company. So please feel free to leave your comments down below. If you enjoyed this review, please check out my other work at home reviews as well.
Until next time,
Eddy with a y