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Is YoCoin A Scam? [2021 Review] Ponzi Scheme CryptoMLM In Disguise?!
Welcome to My YoCoin Review!
Online money-making opportunities are indeed swarming the world wide web. From those with physical retail products to selling membership platforms. In the past few months, we’ve also discussed opportunities that involve the infamous cryptocurrency.
YoCoin Review Summary
Founders: Not Disclosed
Product Type: Multi-Level Marketing
Price: $50 To $2000 For The Investment
Quick Summary: YoCoin is a cryptocurrency business opportunity. Basically, there are two sides to YoCoin’s business, the first is the multi-level marketing (MLM) platform and the other is the trading of their crypto- YoCoin.
It also offers an affiliate program so members can make money with it. But does YoCoin have value? It rather seems a Ponzi Scheme in disguise and with no tangible products, we could as well say that it’s a pyramid scheme.
Plus another red flag is that there was no founder disclosed! Definitely, not recommending this one to you!
Overall Rating: 1/10
In this post, we’ll talk about a networking opportunity in the same niche, YoCoin.
Is this worth the shot?
Is YoCoin legit in the first place or just another scam?
Well, we’ve reviewed a couple of CryptoMLMs that run on mining and trading but we could barely find a legit one because oftentimes they may be a Pyramid and a Ponzi Scheme.
GoMiner, Ad-Doge, and Doubleway to name a few.
But to give YoCoin a benefit of doubt, we will be making this unbiased review, laying bare important information about it, intending to help you arrive at an informed decision on whether you’ll not join or join the business opportunity.
So, without further ado, let’s begin with this YoCoin Review!
What Is YoCoin About?
YoCoin is a multi-level marketing opportunity in the cryptocurrency niche. According to their official website before, “YoCoin is a fully decentralized platform. Its main function is an opportunity to create and place smart contracts and the decentralized applications on its basis.”
They also claim to trade this crypto- YoCoin but since there are no real products, what investors really invest in is the affiliate membership itself.
Well, upon checking the domain (www.YoCoin.org), it appears to have been registered on December 3, 2015, and the domain registration is set to private.
An address in Bangkok, Thailand is provided on the YoCoin website. However, further research reveals that this address actually belongs to Regus, who sells virtual office space. Apparently, YoCoin exists in Thailand by name only.
At the time of this writing though, it appears that the website has expired. What does that mean? Perhaps, they had ceased to operate, which is not surprising anyway.
Since it’s launching in 2016, there were no founders mentioned, and this alone imposes a big red flag!
In addition, important company whereabouts are also not transparent.
On August 18, 2016, YoCoin incorporated its business in the Dubai RAK Free Trade Zone and its cryptocurrency has been traded over several Cryptocurrency exchanges since June 22, 2016.
However, as mentioned, the website isn’t even accessible right now. Yet, checking on the internet would tell that the crypto YoCoin is still present and its present value is about USD 0.000126 whereas the famous bitcoin is now more than a thousand dollars.
So why has Bitcoin’s value increased to a great extent since its incorporation?
It is because of supply and demand because crypto is as good as its use. Let’s take, for instance, if every merchant in town accepts YoCoin in exchange for its merchandise, its value grows.
Well, taking into consideration that YoCoin has been utilized for more than 4 years already, its value is still less than a dollar. The YoCoin concept may have been born out of the success of the pioneering cryptocurrency, Bitcoin but it's still way far from it!
YoCoin Product Line
There are no tangible retailable products to sell in YoCoin’s business opportunity but rather what it really markets and sells is the affiliate membership itself.
Is YoCoin A Scam?
Most information points out that YoCoin is a scam. There’s no actual product and the main agenda is more on recruiting people into the program. It’s a Ponzi and Pyramid Scheme because indeed something fraudulent is going on.
And as mentioned, one of the major red flags of YoCoin is that they don’t have any founder information, probably with the reason for founders to easily run away when things go wrong and when governing bodies start to intervene.
The website is as well as not accessible now. What happened? Perhaps they have ceased to operate!
Is YoCoin A Pyramid Scheme/Ponzi Scheme?
A pyramid scheme is a fraudulent system of making money based on recruiting an ever-increasing number of "investors,” which is true with YoCoin.
Since there are no retail sales, it’s all about recruitment as the membership investments are most likely the sole source pool of pay to affiliates.
And this is illegal almost everywhere. It’s also not sustainable, as those in the higher part of the pyramid will gain the most benefits leaving those in the lower tier to losing it all. And if there’s no more to recruit, Pyramid schemes are indeed bound to fail.
It’s also a Ponzi scheme as it deceives affiliates/ investors about the real source of the company's revenue.
They may claim to give returns from trading but actually, most, if not all of the revenue really comes from recruitment and new investments. So, YoCoin is most definitely a Ponzi Scheme in disguise!
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YoCoin Compensation Plan
The YoCoin compensation plan basically pays affiliates to recruit new affiliates.
- YoCoins - When an affiliate invests, they start to receive YoCoins 30 days after their investment at a rate of 5% of coins invested in a week.
- Direct Recruitment Commissions - When an affiliate recruits another affiliate who invests, they are paid 10% of the invested amount.
- Residual Recruitment Commissions - These are paid out via a binary compensation structure. Positions in the binary team are filled via direct and indirect recruitment of new affiliates. In order to qualify for binary commissions, a YoCoin affiliate must recruit 2 new affiliates. Each week funds invested by affiliates on both sides of the binary team are tallied up. YoCoin affiliates are paid 10% of funds invested on the weaker binary side.
How much earned in binary commissions each week is capped based on how much they’ve invested, as well as their personally recruited affiliates:
- $50 Investment Volume - $500/ Week In Binary Commissions
- $100 Investment Volume - $1000/ Week In Binary Commissions
- $500 Investment Volume - $5000/ Week In Binary Commissions
- $1000 Investment Volume - $8000/ Week In Binary Commissions
- $2000 Investment Volume - $12,000/ Week In Binary Commissions
- $5000 Investment Volume - $20,000/ Week In Binary Commissions
- $10,000 Investment Volume - $35,000/ Week In Binary Commissions
Note that only $2000 of an affiliate’s own investment can be counted towards the above qualification criteria. The rest must be sourced from recruited affiliates.
- Binary Matching Bonus - Affiliates are paid a 10% matching bonus on binary commissions earned by personally recruited affiliates.
- Yo Club Benefits - YoCoin places 1% of company-wide invested funds and is used in the Yo Club Benefits pool. Well, to qualify for this, an affiliate must generate $10,000 for that month on both sides of the binary team. Each month they must also recruit 2 new affiliates who have each invested $1000 or more. The second Yo Club benefit is an additional 10% match on binary commissions paid to personally recruited affiliates. The Yo Club binary match is paid in YoCoins and only on recruited affiliates who do not qualify as Yo Club affiliates themselves. And lastly, affiliates also receive residual binary matching commissions, paid out down an additional two levels of recruitment. The Yo Club binary match is 10% on level 2 and 15% on level 3.
- Commission Withdrawal Fees - YoCoin charges a 10% withdrawal fee when affiliates convert virtual wallet commissions to actual money.
- Mandatory Reinvestment - YoCoin affiliates must reinvest 30% of all commission payouts back into YoCoin.
See more about YoCoin compensation plan in the video below:
How Much To Join YoCoin?
Affiliate membership with YoCoin is free. However, in order to earn commissions from its MLM platform, either the affiliate or recruited affiliates must invest at least $50 and the more a YoCoin affiliate initially invests (up to $2000) the more they can earn through the compensation plan.
Honestly, there’s nothing really to like about YoCoin and what it offers. It may say that it’s free joining but apparently to earn money from its compensation plan, it will still cost you money to invest.
And figuring out that it’s more of a Ponzi scheme and a pyramid scheme, would you still continue with such an opportunity?
They're not totally transparent, you won’t see any founder information and company whereabouts and this matter can already be a major red flag!
Probably, why they are allegedly accused of a scam, and also with such vital information missing joining such a money-making opportunity will surely put you at risk. Some may have placed an effort in making such names for their founders but YoCoin even didn’t bother to do so.
They are so accustomed to hiding their identity to the very end.
Pyramid And Ponzi Scheme In Hiding
YoCoin is a pyramid and Ponzi Scheme.
Since there are no retail products, affiliates will have to buy the membership instead. With this, we can definitely conclude that it’s most likely operating illegally. Don’t be deceived!
It’s just a matter of time before it’ll probably shut down by the FTC. Yes, the YoCoin crypto may have been still utilized today but I doubt the YoCoin MLM opportunity because the website is even inaccessible now.
It’s definitely a big scam! So beware!
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I haven’t seen much information about YoCoin’s MLM opportunity training tools and support but basically, you’ll have access to the back office and have a user interface to access all your trading and other crypto stuff.
But since the website is even inaccessible now, I can’t be sure what they provide for training and support.
Well, it’s not to debunk MLMs especially those in the cryptocurrency niche but it would be really hard finding a legit opportunity in such niches, and I could say that YoCoin is not one of those legit opportunities.
In fact, it’s one that you should definitely avoid since it’s also a Ponzi and Pyramid Scheme.
With all the red flags and fraudulent schemes said, it is definitely a scam!
It may come as an enticing opportunity to earn money but the truth of the matter is that it’s a business that only survives through recruitment. The funds invested by affiliates will be the sole pool of income, making it a sketchy and very unstable business.
So, don’t be fooled! Flee from such scams! Definitely NOT recommending this one!
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Thank you for checking out my YoCoin review and if you have any questions or clarifications, please feel free to share it below.