Welcome to my OneCoin review 2021!
With the rise of BitCoin over the years many new participants have also entered in the market. One among them is a OneCoin which also claims of offering financial freedom at home.
That’s why I decided to look into it.
First of all, I must salute you for taking your time to do your own research before buying this product.
That’s the way to bypass scams and find the reliable way to earn money online!
Let me be totally transparent with you; I’m not allied with OneCoin in any form.
So, rest assured that I’m not here to pitch or sell anything to you.
Instead, I’m here to reveal the truth about OneCoin, and whether it is a scam, pyramid scheme or Ponzi business model, that’s all I will be showing you in this review.
Product Name: OneCoin
Founder: Dr. Ruja Ignavota
Product Type: Cryptocurrency MLM Company
Price: $500
Best For: Nobody
Summary: OneCoin is a product of OneLife, and it is a cryptocurrency just like BitCoin. The Company offers training products to give its members an opportunity to participate in their compensation plan as well.
Different authorities of different countries have already banned them in their country. Even the Company isn’t functioning in the US because of stringent rules of SEC.
The Company’s compensation plan purely works like a Ponzi scheme, and I recommend you to avoid this system and start focusing on creating your own.
Rating: 25/100
Verdict: No
What is OneCoin?
OneCoin is a new cryptocurrency similar to BitCoin, and it was launched in 2014 by Dr. Ruja Ignavota. So, in other words, it is digital coins that are created through a process of mining.
Also, there is a fixed number (120 billion coins) of OneCoins, ensuring they cannot be affected by inflation and are impossible to counterfeit.
Because a central bank does not control crypto-currencies, the value of the coin depends on factors such as usability, demand, and supply.
It is endorsed by companies like OneLife Network Ltd in Belize and OneCoin Ltd in Dubai and it’s headquartered is in Gibraltar with some offices in Bulgaria. However, including the United States, they are not allowed to operate.
The Company is also managed by Sebastian Greenwood who has a bad history with some of the shady MLM sites that were later on brought down by authorities.
The owners are claiming it to bring it as close as possible to the Bitcoin, but the truth is as soon as it expanded to major cities of different countries, the Government of different countries suspended the Company and also warned its citizens about the OneCoin Scam.
OneCoin Product Line:
The main product of the Company is the sales and distribution of educational products (the OneAcademy) and guides its members to mine cryptocurrency.
They run OneAcademy, which is an e-learning platform that gives you guidance on financial topics like trading, the stock exchange, cryptocurrency, financial analysis, asset management and more.
Every package comes up with a certain number of tokens which you can use them to mine OneCoins. They have a total of three sites where their servers mine, one in Hong Kong and two in Bulgaria.
1). Starter Package
The Starter package price around 100 Euros and gives access to the online OneAcademy Level 1.
This program features an introduction to financial products and trading and gives the students online reading materials, videos, and quizzes, certificates to start exploring the one exchange.
2). Trader Package
The Trader package price around 500 Euros and gives access to the first two levels of the OneAcademy.
It is for those people who want to learn to trade with assets such as gold and cryptocurrency.
3). Pro Trader
The ProTrader package price is 1,000 Euros provides access to 3 levels of the OneAcademy online education program and claims to teach students intermediate trading skills that can help you profit from mining and trading OneCoins.
4). Executive Trader
The Trader package price around 3,000 Euros and gives access to 4 levels of the OneAcademy online education program.
It will provide you training of different tools that could increase your profit significantly.
5). Tycoon Trader
This is the ultimate package its price around 5,000 Euros and gives access to all 5 levels of the OneAcademy online education programme.
This package is designed for those people who want to bring their trading skills to the top level and making significant profits from trading and mining OneCoins.
6). Activation Kit
There is also an “Activation kit price” of 30 EUROS that guards your place in the company, and you also get a free eBook known as “The Richest Man in Babylon.”
How to Make Money from OneCoin?
People can join OneCoin by purchasing an educational package. These packages range from free to 5000 Euros.
To make commissions at the basic level, you will at a minimum need to purchase an Activation Kit at Euros 30 or a Starter package and above.
OneCoin Compensation Plan:
The plan offers different bonuses and commissions like;
a. Direct Sales Bonus
Anybody you personally referred it will earn you a 10% bonus.
Let’s suppose you referred someone who purchased Tycoon Trader package of $5000; you will earn $500.
b. Start Up Bonus
To maintain the positive momentum and excitement for their members – during the first 30 days after you join them, you will receive an additional 10% of direct sales you generate during this period.
However, you must generate a BV that is higher than 5,500 (i.e., $5,500).
c. Network Bonus
You will get paid 10% of the Business Volume (BV) that you accumulate on the smaller business volume side.
If for example, the left side is bringing in more volume than the right side then you will get 10% of smaller business volume side.
Let’s suppose you have a business volume of 12,000 on the left side and 7,000 on the right side then;
10% of 7,000 Business Volume = $700
However, to qualify for this bonus you must bring in two people, one will be at your right side, and one on the left side but each one should have an above 530 Euro package.
d. Matching Bonus
You can earn up to 25% matching bonus of the people whom you personally referred in this system. Let’s say you have referred five people and each one has earned $1000 a week.
So, you will earn 10% of $25,000 ($5,000 x 5) = $2,500. However, if you have a package of Pro Trader or above you can also earn a matching bonus of 2nd generation to 4th generation.
- For Pro Trader package – You can earn only 10% of the first generation and 10% of the second generation
- For Executive Trader – You can earn only 10% of three generations each
- For Tycoon Trader – You can earn only 10% for the first two generations each, 20% for the third generation and 25% for the fourth generation.
60% of your income will go to cash account while 40% will go to a trading account which you can use to buy tokens or coins.
I have just shown you the glimpse of their compensation plan. For further detail, please read here.
Tired of MLM’s, see my #1 recommended business here!
Pros & Cons:
The Bad
1. Many Legal Issues
OneCoin is on the watch list of many authorities in many countries for potential illegal and criminal activity. Germany banned OneCoin business activity in the country.
In May 2017, the Government of Kazakhstan imposed strict regulations on the company and termed it to be one of the Ponzi schemes.
Thailand’s SEC has issued an investor warning against OneCoin by saying that;
“No digital asset issuer is permitted. No one has applied for a license the SEC, so we are warning investors to be cautious.”
Further, in July 2017, the Government of India (GOI) also detained 20 people associated with the OneCoin scam.
Even the Government of Italy marked it a Ponzi scheme, and it’s Italian Antitrust and Consumer Protection Authority (AGCM), levied a fine on the company of almost 2.5 million euros.
Belgium’s Financial Services and Markets Authority (FSMA) along with the Bank of Belgium issued a warning stating that OneCoin hasn’t received any recognition from them and we warn public for any dealing with them.
Similar types of warnings have already been issued by Bank of Hungary, Bank of Uganda, and Polish regulators.
So, you expect warnings from other countries as well, and ultimately this program will reach at its end just like other Ponzi schemes in the past.
2. Enrollment Limitations
If you live in the United States of America (USA), sorry you cannot be able to enroll as a distributor.
This is probably because what they’re doing is deemed illegal here in the states.
It seems that the company only operates in select international countries.
Especially where there aren’t strong regulations from the authorities.
3. Kraken Exchange Refuses to List OneCoin’s
Kraken is a US-based cryptocurrency exchange operating in Canada, the EU, Japan, and the US, and “the world’s largest bitcoin exchange in euro volume and liquidity.”
Kraken official made this statement that they do not have any plans on listing one coin nor would they ever list a Ponzi coin.
OneCoin also claimed that 12 exchanges contacted them for a listing of their OFC ERC20 token.
Within a few days and without making any official statement they reduced the 12 numbers to just 6. Kraken and one more exchange had already confirmed that they have no plans to list OneCoin’s OFC “Ponzi coin.”
Now you can see their website don’t have exchange tab altogether.
One can probably assume the rest of the exchanges on OneCoin’s list had similar reactions, warning the company to exclude its exchange list altogether.
Is OneCoin a Scam?
Numerous red flags show OneCoin is a scam and a Ponzi scheme.
I have already stated this fact that OneCoin is staying far away from the United States market. The US financial industry is profoundly regulated by the Securities and Exchange Commission (SEC).
If OneCoin ever decides to land it in the United States, it would likely face extreme scrutiny by the SEC.
OneCoin is based in Sofia, Bulgaria and it is one of the worst-regulated countries in Europe. And this is the purpose of registering their company in Bulgaria hoping to avoid regulation and scrutiny.
Also, there’s no information about OneCoin management or company structure on their website.
Whenever multi-level marketing (MLM) company doesn’t make available information about the people operating the company, that’s a big red flag.
Also, you cannot ignore one big thing, i.e., the company doesn’t clarify how to use One Coin to make any purchases on different stores.
Which retailers accept One Coin or One Token? Can they be used to purchase anything? It sure doesn’t seem like it.
So the only option which is left with One Coin to make money from it appears to be through its binary compensation plan.
You purchase any of its trading packages and try to convince other people to do the same by paying thousands of Euros in joining fees. If you get succeed, then you’ll earn all those commission and bonuses as I have shown you above.
However, this looks like a sign of perfect Ponzi scam where the Company is only distributing money to old members which it is taking from new members.
For all of these reasons listed above, OneCoin appears to be a scam or Ponzi scheme with no real value or substance.
Want to Earn a Full-time Income From Home?
How to See If a Coin is Legit?
There are over 1000 platforms out there similar to OneCoin, but more than 99% are pure scam.
But here are a few things which if you look at them; you can find much better opportunity;
- Blockchain – If a cryptocurrency was created on a blockchain BitCoin then it is a sign of a legit one.
- Liquidity – If it can easily convert into cash and accepted in the shops and other stores then it is the biggest positive sign for any cryptocurrency.
- People and Company – The people behind a cryptocurrency should be visible, and they were not involved in any scam in the past. Also, if a Company is working on a bigger scale in the US, it is also a sign of a legit Company.
- In Compliant Policies – The Company has policies that are as per the requirements of the SEC, ASIC and other regulatory bodies.
Final Verdict:
As I have shown you clear proof that OneCoin a Ponzi scheme and a scam. The company proposes no physical product other than educational materials which are also focused on OneCoin. So,
There are also numerous legal issues have been running in several countries.
Therefore, you may want to consider a substitute for this company and look at other work for home sites if you want to earn an income from home.
I don’t like MLM companies, and I always prefer to create my own business rather than working for someone else. This is where my favorite business model comes in, Affiliate Marketing.
I have been using it since 2015 and am earning a good and stable income from home. You don’t need any technical knowledge at all to start this business.
I started it with Wealthy Affiliate, and I also recommend you to join the same. In affiliate marketing;
- Unlike OneCoin, you don’t have to recruit anyone to make money
- It gives you control and ownership that OneCoin doesn’t
- No need for face to face marketing
- Here you are only promoting OneCoin. However, in affiliate marketing, you have no restriction to promote others products you want. This reduces you can reduce dependency on one product.
- It’s Free to get started
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What’s your thoughts on my OneCoin review 2021 and if there is any question in your mind, please ask me in the comment section.
