DXInOne Brief Introduction
August, 2005
This month I'm offering a brief introduction to a program that seems to generate more questions than answers. DXInOne appears to be an e-currency exchange system, with its own currency for swapping money among its members. All I can offer is general information for the mildly curious. If you decide to sign up, you'll need a real tutorial. There are several out there, from free to hundreds of dollars.
If you're looking for a simple way to make money online, THIS IS NOT IT. OTOH, if you want to get involved in a complex international game of online money-swapping, with a relatively low risk (compared to other online money-making schemes), you might want to give this a try.
DXInOne has been around for 4 or 5 years, under the name of DXGold for most of its history. I've seen several posts and articles calling it a scam or ponzi, but not one person has come forward to say they ever lost any money in it. Several people have posted their earnings, however, and they're quite impressive. Since the exact business plan is shrouded in secrecy, even the people making money are quick to advise the rest of us to redeem our original investment ASAP, then continue in the program under the OPM principle (other people's money). No one actually expects this company to disappear over night, but anything is possible online.
DXInOne is free to join, but they aren't offering any bonuses or incentives. You must pay to play here, folks.
One of the fundamental principles of DXInOne is their DXG currency, which is tied to the US dollar. By using this currency, members can trade with each other across international boundaries and not have to pay the exchange currency fee. This e-currency makes a lot of people nervous. The user agreement spells it out this way:
...the Company acts as a nuetral exchange and transfer service of digital gold and other selected products. b. the Company does not involve Users funds in any trading market operation. c. the Company is not a bank. d. the Company is not subject to banking regulations. e. the Company is not insured by any government agency.
So, what is "digital gold"? And if they don't " involve Users funds in any trading market operation" what do they do? Who knows? OTOH, who knows what happens to your money when you put it in an autosurf or HYIP scheme? These things are all iffy at best, but this one has been around for a long time and I can't find a single disgruntled customer, so all you can do is take a chance or pass. Getting specific info is just about impossible.
Now for the specifics:
Joining--They really put you through the ringer to sign up. It took me over an hour. Just getting signed up doesn't allow you to make any transactions, either. You must upload every bit of your personal identity--birth certificate, driver's license, passport, bank statement, utility bill, etc.. They attach percentages to all of these items, and the total must equal 100%, so you might be able to skip one of them, but no more, in order to get verified and start making trades.
[This is where I lost interest. I agonized before giving them my real address and phone number. When they asked for the rest I ran for the door.]
At this point, whether you upload your identity or not, you're on your own. Now I understand why somebody wrote a $350 course for this program. Nowhere could I find anything that told me what to do next. How do I get money in? How much I needed to start? How to start earning? I had to go back to Google and do a search on 3rd party tutorials to get any info. Here are links to some DXInOne tutorial sites:
According to one of those tutorials, you need $25 to start, using funds in one of your existing e-currency accounts, like e-Gold or StormPay, to buy into this program. Once you've bought in, you'll be trading DXGold--that mysterious "digital gold" mentioned earlier. The idea is to make a small profit on each transaction, eventually building a substantial portfolio. When you become proficient, you can step up to a higher level and make even more money.
The potential is there. People are doing it. Entire websites and forums are devoted to it. Here's a link to one of the forums:
DXInOne has an impressive history. Just because it isn't my thing doesn't mean it can't work for you.
