EchoOne’s website lacks critical information such as ownership and leadership data. In an official marketing presentation, the corporation owes its leadership to a character named “Nicholas Bennett,” however there is no evidence of Bennett’s existence outside of this marketing slide, raising doubts about his identity.
Furthermore, EchoOne’s official marketing videos feature stock material accompanied by robotic narration, a trait commonly associated with non-native English-speaking managers. This practice raises doubts regarding Nicholas Bennett’s validity.
Notably, EchoOne’s website domain, “echoone.io,” was privately registered on August 21st, 2023, adding opacity to its online presence. According to SimilarWeb data from November 2023, EchoOne’s website received roughly 1500 hits.
Interestingly, the regional breakdown of EchoOne’s website traffic reveals that 40% comes from the United Kingdom, 36% from the United States, 14% from Canada, and 10% from Hungary. These findings give information on the company’s regional audience and may lead to additional investigation into its operations and reputation.
The lack of regulation or the presence of poor regulation is a huge red flag. It means EchoOne is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of EchoOne, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
EchoOne, as observed, does not provide physical retail products or services for direct consumer purchase. Instead, affiliates are confined to promoting EchoOne’s affiliate membership.
To participate in EchoOne’s income possibility, affiliates must invest at least $100 in cryptocurrency. EchoOne promises daily profits ranging from 0.7% to 1.8%, with a potential cap of 300%. Notably, EchoOne charges a 3% deposit fee and a 5% withdrawal fee, with withdrawals restricted to Saturdays and Sundays.
EchoOne’s multi-level marketing (MLM) program primarily compensates affiliates for bringing new investors into the system.
EchoOne has ten affiliate ranks, each with particular qualification criteria based on downline investment volume. Ranks range from Rank 1 (requiring a $25,000 downline investment volume) to Rank 10, which requires a $10,000,000 downline investment volume. There are restrictions on how the needed investment volume is distributed among recruitment legs.
Certainly! Here’s a simple table representation for the given ranks and their corresponding downline investment volumes:
|Downline Investment Volume
This table provides a clear representation of the different ranks and their associated downline investment volume requirements.
While joining EchoOne’s affiliate network is free, active involvement in the income possibility requires a cryptocurrency investment of at least $100.
EchoOne claims to create external money through a team of bitcoin experts, with daily gains dependent on trading performance. However, these assertions are viewed with suspicion, raising concerns about the need for further investor funding when the company already has a skilled trading crew.
Furthermore, EchoOne’s passive returns investment opportunity is classified as a security offering. The lack of evidence of registration with financial regulators signals probable securities fraud.
EchoOne has a one-level compensation structure for base referral commissions. Affiliates receive commissions at four levels, with amounts ranging from 9% for personally recruited affiliates on level 1 to 1% for affiliates on level 4. Higher-ranked affiliates earn referral commissions down ten levels, with decreasing percentages.
EchoOne offers one-time awards of $250 for Rank 1 to $100,000 for Rank 10.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like EchoOnetend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust EchoOne reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of EchoOne, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like EchoOne enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “EchoOne reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising EchoOne.
You should always look out for consumer complaints. In the case of EchoOne, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about EchoOne? You can share your complaint in the comment section or submit an anonymous tip.
EchoOne’s business strategy has traits similar to Ponzi scams. The reliance on fresh investor recruitment to sustain returns is a red flag, as history shows that such schemes fail when recruitment levels fall. This intrinsic problem, along with a lack of regulatory registration, raises serious doubts about EchoOne’s long-term viability and credibility. Participants should proceed with prudence and rigorous due diligence before joining in such initiatives.
EchoOne is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind EchoOne can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust EchoOne?
All the evidence suggests that EchoOne is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Is EchoOne a scam?
Can I withdraw money from EchoOne?
Where is EchoOne Located?
How do I get my money back from EchoOne?
Launch a website/app with a generic name
A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.
Pay influencers & social media pages to promote the scheme
By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.
Send thousands of emails and make cold calls to potential victims
It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.
Make victims feel safe through “small wins”
Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.
Convince victims into investing large sums of money
Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.
Disable withdrawals & take down the website/app
Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.
Repeat the cycle
After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.