On the about page of its website, Onewiex claims to be “an international top-class asset management company that provides a wide range of financial services in the field of trading on the stock market and cryptocurrency exchanges, as well as engaged in quantum trading with elements of asset trust management and capital management for individuals and legal entities. The company also invests in promising projects, venture funds and startups.“
Onewiex’s website does look professional and well designed, making the claims above appear legitimate. To make sure that we have truly performed our due diligence we decided to investigate further and critically evaluate other information as presented on their website.
Is Onewiex Licensed?
Since Onewiex claims to be an international asset management company, then it should be licensed to carry out the activities as listed on its website. One of the activities stated on their website is that of investing, a whole page is devoted to the various investment offerings such as forex, crypto, ventures and futures.
This public solicitation constitutes a security offering, as such Onewiex is supposed to be registered with the appropriate regulator and licensed to operate. What we found on the Onewiex website is that it is incorporated in Canada
Being incorporated while necessary is not a sufficient condition to carry out financial activities that have to do with investing, an organization must be registered and licensed to operate by the securities and investments commission in their district. Since, Onewiex has its official business address as 103 Peter Street Toronto ON M5V 0M3 Canada, the regulator in charge is Ontario Securities Commission (OSC).
On the Ontario Securities Commission’s website, we found a list of registered firms as of May,1 2023. Onewiex Ltd is not listed. The Ontario Securities Commission also has a list of approved Registered crypto asset trading platforms. This is relevant because Onewiex on their Investor page states that crypto is one of the assests they are trading and even their vision statement lends credence to this.
Again, Onewiex was not found listed amongst registered crypto asset trading platforms. To make sure we covered our bases, we checked out SEDAR. This is the official site that provides access to most public securities documents and information filed by issuers with the thirteen provincial and territorial securities regulatory authorities in Canada. We found no record of Onewiex.
From the foregoing, we can safely deduce that Onewiex is an unregistered asset trading platform. This should give anyone pause because most investment scams are perpetrated through unregistered platforms and when such platforms dissapear, recovery of funds is nearly impossible.
Affiliate Marketing or Pyramid Scheme?
Another page on the Onewiex website is dedicated to “Partners.” This is claimed to be an “affiliate program” which allows each partner to earn “from 6% to 40% on all lines of your affiliate network without restrictions.”
Is this an affiliate marketing program or a pyramid scheme? In affiliate marketing, you promote a company’s products or services in exchange for a commission on sales but in a pyramid scheme there is a hierarchical structure of people, where those in the upper layers get to those positions by recruiting others (those in the lower layers) and earning part of their recruitment fee. Onewiex is a pyramid scheme as it displays features of latter, we can see proof of this in the screenshots as well as their words that their “program gives you the opportunity to earn bonuses up to 100% of your team, even if the your partner is registered at line 500 or more. “
The danger of investing in a platform that has a pyramid scheme component is that for such platforms everything else might be a smokescreen and the platform makes all its revenue and subsistence form the recruitment of new members. This means when recruitment dries up, the platform bursts.
Conclusion
Since Onewiex is an unregistered and unlicensed platform, and has a Ponzi pyramid feature, we advise that you stay away.
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