There is no information on the WexCoin website indicating who owns or runs the business.

The WexCoin website domain (“wexcoin.com”) was registered on January 22nd, 2016. Wexco LLC is listed as the owner, with an address in the US state of Delaware also provided.

Further research reveals this address actually belongs to Harvard Business Services.

Harvard Business Service sell Delaware incorporation services, suggesting WexCoin exists in Delaware in name only.

At the time of publication Alexa estimate that Vietnam (61%) and Nigeria (29%) are the largest sources of traffic to the WexCoin website.

Official languages supported on the WexCoin website are English and Simplified Chinese (as used in China).

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.

The WexCoin Product Line

WexCoin has no retailable products or services, with affiliates only able to market WexCoin affiliate membership itself.

The WexCoin Compensation Plan

WexCoin affiliates purchase a package and are paid when they recruit new affiliates who do the same.

There are five WexCoin affiliate packages to choose from:

  • Starter – $50
  • Basic – $500
  • Premium – $1000
  • Business – $3000
  • Professional – $5000

Direct Recruitment Commissions

Direct recruitment commissions are paid out based on how much a newly recruited affiliate spends on their WexCoin affiliate package:

  • recruit a Basic affiliate and earn $50
  • recruit a Premium affiliate and earn $100
  • recruit a Business affiliate and earn $300
  • recruit a Professional affiliate and earn $500

Residual Recruitment Commissions

Residual recruitment commissions in WexCoin are paid out via a binary compensation structure.

A binary compensation structure places an affiliate at the top of a binary team, split into two sides:

The first level of the binary team houses two positions. The second level of the binary team is generated by splitting each of the two positions into another two positions each (4 positions).

Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.

Positions in the binary team are filled via direct and indirect recruitment of new WexCoin affiliates. There are no depth restrictions as to the size of the binary team.

WexCoin affiliate packages each have a set point value, which is tracked as new affiliates are recruited into a binary team:

  • Basic – 500 points
  • Premium – 1000 points
  • Business – 3000 points
  • Professional – 5000 points

At the end of each week WexCoin tally up new point volume on both sides of the binary team.

A minimum of 600 points on both sides of the binary team is required to qualify for residual commissions.

Commissions themselves are paid out as a percentage of matched point volume on both sides of the binary team.

How much of a percentage is paid out is determined by how much a WexCoin affiliate paid for their affiliate package:

  • Starter affiliates earn 7% on matched volume (capped at $1000 a week)
  • Basic affiliates earn 7% on matched volume (capped at $2500 a week)
  • Premium affiliates earn 8% on matched volume (capped at $5000 a week)
  • Business affiliates earn 9% on matched volume (capped at $10,000 a week)
  • Professional affiliates earn 10% on matched volume (capped at $15,000 a week)

Matching Bonus

WexCoin affiliates can earn a Matching Bonus on binary commissions earned by personally recruited affiliates.

The Matching Bonus is paid out via a unilevel compensation structure.

A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):

If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.

If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.

WexCoin cap the Matching Bonus at seven unilevel levels, subject to the following qualification criteria:

  • level 1 (recruit at least one affiliate) – 3%
  • level 2 (each unilevel leg must be at least two recruited affiliates deep) – 3%
  • level 3 (each unilevel leg must be at least three recruited affiliates deep) – 2%
  • level 4 (each unilevel leg must be at least four recruited affiliates deep) – 2%
  • level 5 (each unilevel leg must be at least four recruited affiliates deep) – 2%
  • levels 6 and 7 (each unilevel leg must be at least five recruited affiliates deep) – 3%

Staking Rewards (ROI)

When a WexCoin affiliate invests in a packages, they are given “coins”.

While your coins are not accessible to you but will generate Staking Rewards.

Any Staking Rewards generated will be allocated to your coins account.

Specific details regarding ROI payments through staking are not provided.

Rank Achievement Bonus

WexCoin rewards affiliates with the following bonuses for reaching set affiliate milestones:

  • Bronze Associate (accumulate at least 30,000 points in your weaker binary leg) – iWatch
  • Silver Associate  (accumulate at least 100,000 points in your weaker binary leg) – iPhone
  • Gold Associate (accumulate at least 300,000 points in your weaker binary leg) – iPad Pro
  • Platinum Associate (accumulate at least 1,000,000 points in your weaker binary leg) – MacBook Air
  • Ruby Associate (recruit at least three Platinum affiliates) – Omega Watch
  • Emerald Associate (recruit at least three Ruby affiliates) – BMW 3-Series car
  • Diamond Associate (recruit at least three Emerald affiliates) – Tesla X-Type car

Joining WexCoin

WexCoin affiliate membership is tied to investment in one of five affiliate packages:

  • Starter – $50
  • Basic – $500
  • Premium – $1000
  • Business – $3000
  • Professional – $5000

The primary difference between the packages is income potential through the WexCoin compensation plan.

Conclusion

WexCoin bill themselves as a “cryptocurrency payment solution”.

The reality is WexCoin has nothing to do with cryptocurrency and instead operates as a simple Ponzi pyramid hybrid.

The pyramid side of WexCoin is pretty straight-forward. You sign up as a WexCoin affiliate, pay a fee and then get paid to recruit others who do the same.

The Ponzi side of the business is tied into the murky “staking”. Basically you invest money in WexCoin, they don’t tell you what they do with it and eventually you earn a ROI.

The only verifiable source of revenue entering WexCoin is affiliate investment, the use of which to fund affiliate ROIs makes WexCoin a Ponzi scheme.

Attached to all of this is an actual WexCoin cryptocurrency, but other than serving as a pump and dump altcoin to pay affiliates with (instead of real money), it has nothing to do with WexCoin the MLM opportunity.

Whatever token amounts of WexCoin are being traded among affiliates has nothing to do with WexCoin’s MLM compensation plan or commissions paid out.

Your first and major red flag with WexCoin is the question of who is actually running the company.

The shell incorporation in the US is a joke, particularly considering the WexCoin admins have blocked the company website in the US.

A bit drastic but understandable considering the SEC are the largest regulator of Ponzi schemes in the world.

You as a prospective investor shouldn’t ignore this however, as it’s a pretty obvious indicator that WexCoin’s magical ROIs aren’t what they’re cracked up to be.

Your next red flag is the WexCoin business model, which as above is a Ponzi pyramid hybrid.

As with all such schemes, once affiliate recruitment stops so too does new funds entering the company. This prompts a collapse, with the majority of WexCoin affiliates losing money.