Posted by I have been working with cryptocurrency for some time now, and people who have done some research, know very well that OneCoin is probably the most controversial company in this market.
Is onecoin a scam or it’s a legit program is the most common question I’ve seen in online forums. It shows that many people start doubting whether OneCoin is a legit company or just a scam and hesitate in joining it. I had the same doubts, and that`s why I decided to write this honest review of OneCoin to help other people decide if it is an appropriate opportunity for them or not. So continue reading to see if it`s worthy of your time and investment or not.
Summary
Product Name: OneCoin
Official Website: https://www.onecoin.eu
Owner: Ruja Ignatova
Type: Online Training & MLM
Cost to Join: Depends on Training Package
Recommended? Nope
Overall Rating: 3 out of 10
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Background – What is OneCoin All About?
Raju Ignatova started OneCoin in 2014 as a company selling educational materials. After customers purchase them, they are granted tokens which they can use to mine OneCoins, a kind of cryptocurrency.
The problem with OneCoin is that the scheme they are using seems very simple: the more products you buy, the more cryptocurrency you get. However, the company organization and financial status provokes a lot of questions.
What Are Products of OneCoin?
As I have mentioned before, the main product OneCoin is selling is various educational materials combined in OneAcademy. All of them are focused mostly on working with cryptocurrency and how to make money on it. Different packages have different prices starting from nothing up to 18,800 euros!
However, there is very important thing you should pay attention to. You will be granted OneCoins as soon as you buy the Starter package which contains several educational products. But it won`t be enough to exchange you coins into money. You will then need to purchase more materials as well so that they let you in OneExchange. Remember that exchange conditions will depend on how many products you have bought and how expensive they were.
Beside buying products and selling cryptocurrency, customers also need to bring more people into the company what makes OneCoin also a multi-level marketing company.
How You Can Start Making Money Through OneCoin?
- Direct Sales
As I have already mentioned, OneCoin is a MLM company, so as soon as you become a member, you can start promoting their products to others and earn 10% on each sale you make. This is probably the easiest and quickest thing you can do to start earning money. 60% of the commission comes in cash and 40% in tokens meant to mine OneCoins.
- Fast Start Bonus
OneCoin offers several bonuses, and Fast Start is one of them. If you manage to earn $5,500 during your first month in the program (including sales made by the team you have recruited), you will be granted 20% instead of 10% commission on sales for a whole month.
- Binary Team Bonus
Each member can bring in only two people which will become their left and right sides. Each of them can bring two more members and this is how your team grows. The good thing is that you will receive 10% commission from each member under you as well. The bad thing is that you will get commissions only from your weakest side.
Let me show you the idea on an example. Let`s say your right side has earned $10,000 while your left side earned only $8,000. So you will be getting only $800 because your left side is weaker.
- Matching Bonus
OneCoin program lets you earn commission on sales your team members are making 4 levels down. People you have brought in yourself who make the first level as well as people who they recruited (the second level) will provide you 10% commissions. Two further levels will guarantee you 20% commission.
Pros & Cons
Is OneCoin a Pyramid Scheme or Not?
As I explained earlier, you can earn both cash and OneCoin cryptocurrency on OneCoin scheme. However, you can`t use or exchange OneCoin cryptocurrency anywhere outside the OneCoin system, so it`s more efficient to focus on earning cash. And the only way to do that is to make sales yourself, earn commission and then bring more people in, because the more sales people under you make, the more commission and money you receive.
Many MLM companies are in reality pyramid schemes, that is why many people start having doubts whether OneCoin is a legit company or just another pyramid scheme.
Is OneCoin Worth Trying?
There has been a lot of negative talk around OneCoin. Starting with educational materials which – as some people claim – are gathered from other sources, and ending with OneCoin cryptocurrency which can`t actually be exchanged elsewhere, but in OneCoin scheme and only on certain conditions – everything seems suspicious with OneCoin.
And taking all of it into account, if I were you, I wouldn`t risk investing money and time in something I can`t actually trust 100%.
Final Conclusion – Is OneCoin a Scam? Do I Recommend It?
OneCoin founder says their cryptocurrency is going to become one of the leading international cryptocurrencies, however, it still hasn`t appeared on any other exchanges apart from their own OneExchange. And no one can guarantee that their claims ever come true. So in my opinion, it is very risky to invest your real money in a cryptocurrency which MAY become something in the future. There are so many more reliable crypto coins that honestly, I can`t see any reason why you would risk your money for OneCoin.
For now, the only use you can make out of OneCoins is purchase more OneCoin educational products or shop on DealShaker, but outside OneCoin world OneCoins are nothing. Do you still think OneCoin is worth a shot?
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