Is OneCoin a Scam – My 2 Cents Worth
Name: One Coin
Website(s): www.onecoin.eu
Price: From Free to €18,800
Founder: Dr. Raju Ignatova
Bare Naked Scam Rating: 4 Thumbs Down
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You must be curious as to whether OneCoin is an opportunity that you can dive into.
As you know, investors of Bitcoin in the early days became overnight millionaires just by simply trusting on the cryptocurrency.
One of the reason for Bitcoin’s success was because of the high demand for the coin.
Will there be any demand for OneCoin? Will OneCoin be the next Bitcoin?
In this review, I am going to share with you everything you need to know about Cryptocurrencies and OneCoin in order for you to make an informed decision.
What is OneCoin?
OneCoin is founded by Dr Raju Ignatova in 2014, but the coin has yet to be listed on any Crytocurrency exchange, in other words the current value of OneCoin is zero.
OneCoin is basically a Multi-Level Marketing (MLM) Company which distributes Crytocurrencies, much like Global Coin Reserve.
One thing you need to understand is that the risk of investing into a new Cryptocurrency which has not been listed on any exchange is extremely high.
One may argue that OneCoin could just be the next BitCoin, but the fact is that preceding the success of Bitcoin, many other new Cryptocurrencies have entered into the market, but failed to mimic the success of Bitcoin.
One good example is Global Coin Reserve.
Global Coin Reserve (GCR) has listed its coin, the GCR coin, in a Cryptocurrency exchange in August 2015, but it has lost 98.94% of its value in a short span of 6 months.
Imagine those people who were heavily invested in the GCR coin at the very beginning, they would have lost almost everything. You can see screenshots of GCR coin price charts here.
The way Global Coin Reserve work is almost similar to OneCoin.
The leaders of the Crytocurrency company will get as many people to signup to their Cyptocurrencies, providing people with a hope to be rich.
You need to know that these leaders started to make money on the Crytocurrency even before it is listed on any exchanges.
They earn the money from you through a compensation plan which I will share with you below.
Once the Cryptocurrency is listed on an exchange, the price or value of the cryptocurrency is basically determined by the supply and demand, the leaders will have no influence in it.
Now, if you understand the risk of getting into such opportunity, then let us go deeper into OneCoin.
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How does Cryptocurrency work?
Before we go deeper into OneCoin, I thought maybe you might be interest to know how a Cryptocurrency work.
Now we know what a Cryptocurrency is, lets further understand how OneCoin works.
The OneCoin Product
It is unclear how much OneCoin you will receive from purchasing either of these packages.
It only seem to me that the packages are for educational materials that will teach you how to mine and trade cryptocurrencies.
Don’t you think that paying €12,500 for an educational package is exorbitant?
My guess is that you will earn OneCoin when you start bringing in more people to signup with the opportunity.
In the compensation plan video below, it explains that you will receive 60% of your commissions made from your referrals in cash, and 40% in OneCoin.
So it doesn’t mean that if you invest €12,500 you will receive OneCoin in return, it only gives you the opportunity to earn more OneCoin.
OneCoin Compensation Plan
https://www.youtube.com/watch?v=wvnnNeq7PMs
As I have mentioned, before OneCoin is listed on an exchange, the value of it is zero. So, the only way that you can make money with OneCoin at this moment is through its compensation plan. Furthermore, there is a risk that OneCoin may not even be listed on an exchange.
If that happens, OneCoin could very well be seen as a pyramid scheme, because there are basically no product distribution in the company. Wikipedia has done a great job explaining what a Pyramid scheme is in the picture below:
Some might argue that when you purchase a OneCoin package, there are educational materials embedded into each respective packages, and it should be considered as a product, but if you give it some thought, the educational materials are worthless if OneCoin is not listed.
One thing for sure is that the OneCoin opportunity is not for those people who expects to earn money without putting forth any effort.
If you want to make money from the OneCoin opportunity (before the coin gets listed in an exchange), you have to put in tonnes of hard work and effort to enrol as much members as possible.
Why I do not think OneCoin is worth your money, hard work and effort…
The biggest reason why I do not think OneCoin is worth your money and hard work is that in order to make any significant income from OneCoin, you have to purchase at least the “Pro Trader” package which cost €1,000.
I do not know about you, but I do feel that €1,000 is rather steep for a business opportunity. Most people would not have that amount of money to start with.
Secondly, the risk of OneCoin being devalued, or not being listed on an exchange is extremely high.
I have not seen success from any cryptocurrencies that are distributed by an MLM company.
It remains to be seen if OneCoin would ever be successful, but would you be bold enough to take that risk.
Thirdly, you have to be an awesome salesman to promote a “Dream” to others.
Think about it, selling insurance is hard enough, but selling a “Dream” is twice as hard.
I am just worried that you will have a hard time promoting OneCoin.
Lastly, you might just be seen as a “Conman” unknowingly, if OneCoin never get listed on an exchange.
You might even risk losing your friends and family if things doesn’t work out with OneCoin.
So, in my opinion, paying such an hefty sum to participate in an opportunity where there are more cons than pros is not worth it at all.
I am sure there will be many OneCoin distributors who will disagree with me, and may discredit my opinions, but just think about why I am going through these hoops to get my message across to you.
I could have made more money if I were to write a positive review on OneCoin, but I didn’t because the main reason for me to start this website is to prevent you from joining business opportunities like this in the first place.
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My Sincere Advice to You
Because of the high risk involved in the opportunity, coupled with disadvantages that you will face as a distributor of a MLM company, I would not recommend you to join OneCoin.
However, if you are so certain that the OneCoin will be the next hit, then go ahead with it. I wish you all the best.
If you feel that OneCoin is not for you, but you would still like to know how to make money online, I would highly recommend that you check out my #1 Recommended Online Business Course.
In there, you would learn how many people, like myself, achieve success online.
Alternatively, if you are a risk taker and you would like to participate in online trading, I would suggest that you check out this program which allows you to copy and learn from other successful traders.
I welcome your feedback and opinion on One Coin, especially from those who experience first hand with the opportunity.
You can leave a comment at the bottom of the page and I will be happy to discuss it with you.
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Your pal,
Jack
