Price: $30 Membership Fee + OneCoin Packages
Type: MLM & HYIP
Rank: 20/100 – Scam!
What Is OneCoin?
OneCoin is a multi-level marketing and high yield investment company based out of Bulgaria. It claims to offer one of the largest and most demanding cryptocoins available called OneCoin. However, I believe this to be nothing more than a made up product.
The way it works is you buy these “OneCoin” tokens, which act as your investment into OneCoin. There is also an MLM based structure within the opportunity that allows you to get paid via residual recruitment commissions based on a simple binary compensation structure.
The claim here is that each investment is backed up by physical gold, making this opportunity sound like nothing more than a ponzi scheme. Basically, you’re investing into something that isn’t real, but is made up and not actually backed up by anything.
There are a lot of MLM’s that have based their products off of nothing as a way to make money. What happens is, once the total investment into these “fake” OneCoin falls, everyone will lose their money.
How Much Is It To Join OneCoin?
The affiliate membership to join OneCoin costs $30. In order to be eligible for residual commissions, you must additionally buy one of their trading packages as follows:
Starter Package: $100
Trader Package: $500
Pro Trader Package: $1,000
Executive Trader Package: $3,000
Tycoon Trader Package: $5,000
Premium Trader Package: $12,500
Festival Trader Package: $18,800
OneCoin gives you the impression that each one of these packages has something unique to offer, such as getting more information on “mining cryptocurrencies.”
In reality, these overly expensive packages offers nothing more than a way for the company to make money. One of their latest packages titled the Festival Trader Package is now going for $18,800!
OneCoin Compensation Plan
Despite a pretty solid and decent compensation plan, it’s a bit disheartening to see the company is made up of complete baloney. There are no legitimate nor physical products in place, and all they have simply done is an attempt at replicating bitcoin.
What a perfect opportunity to make an MLM. Find something that isn’t real and simply make a business out of it. This is exactly what they’ve done. By simply adding an MLM compensation structure, they’ve allowed OneCoin to gain a bit of traction over the past year.
Affiliates of OneCoin receive 10% commissions on the packages purchased by their referrals. While the residual recruitment commissions are based off a binary compensation structure. Basically meaning that your downline is made up of two teams, left and right. Whenever they recruit a new individual, you also get paid a commission.
Quick Summary Of OneCoin’s Matching Bonuses:
Starter: No Matching Bonus
Trader: 10% Commission On Level 1
Pro Trader: 10% Commissions On Level 1 & 2
Executive Trader: 10% Commission On Level 1 & 2; 20% on Level 3
Tycoon Trader: 10% Commissions on Level 1 & 2; 20% on Level 3; 25% on Level 4
Is OneCoin a Legitimate MLM?
In my opinion, OneCoin is not a legitimate MLM.. Not by a long shot. And there are a few reasons as to why this is the case. Not to mention that the company itself isn’t even sustainable.
First of all, OneCoin has deliberately formed an MLM out of nothing. There are no real or genuine products. It is an MLM in disguise that is based off of high yield investing into what they claim is backed by gold.
Basically the only money that comes into the program are through these trader packages, which consists of nothing more than these “digital tokens;” Tokens, they claim are a new cryptocurrency similar to bitcoin. The alleged claim is that by investing into OneCoin it could soon increase in value and become the next BitCoin on the market… Good one!
Therefore, this isn’t going to be a highly demanded product, and if it is, it’s only going to be a very short-lived trend based off of nothing more than pure hype. In addition, if we were to take a look at the company 6-months ago, we would have seen that there were only 5 trading packages available.
The most expensive being the $5,000 Tycoon Trader Package. But a deeper look into the company would show that they have now added these $12,500 Premium Trader Package and another $18,800 Festival Trader Package. Now the reason for this, is really simple.. The company simply needs a way to get more money into their ponzi, so what they’ve done is simply added a couple more expensive packages to add to the list.
In a way OneCoin isn’t a legitimate MLM by any means. They’ve simply used these compensation structures as a way to cover up whatever is going on behind the scenes. Another aspect that gives this deception away is how little information is shown on their website. The only real information you can find is how much money they want you to spend!
OneCoin MLM Overview
Basically all OneCoin has done is invented their own cryptocurrency, created their own stock trading course, only to then sell you the training on how to trade this currency. They are alleging that because OneCoin is a cryptocurrency with the potential to increase in value (like bitcoin) that it will be worth your investment. However, a number of complaints also show that people have been unable to trade in or sell this currency at any decent value. OneCoin is simply said, a cryptocurrency scheme disguised by the whole aspect of networking and MLM marketing. Do me a favor, and avoid this one at all costs!