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iMarketsLive MLM Review (2020): Scam, Wolf, or King of Wall Street?
Table of Contents
It’s All About The Benjamins
So you wanna get rich from Forex trading, huh?
I know the feeling.
But you might wanna think twice about joining iMarketsLive.
Like it or not, most MLMs like iMarketsLive are dressed up sales jobs.
Whether it’s selling “the dream” to your friends and family to convince ’em to sign up for your new Forex trading program…
Or just buying and selling currencies in the Forex market yourself.
Either way, you better enjoy hustlin’ and grindin’ if you’re gonna make it in this game.
Let me break it down for you:
iMarketsLive – short for International Markets Live – is a unique multi-level marketing company that’s all about Forex trading.
That’s short for foreign exchange trading, also known as currency trading.
It’s just like the stock market but instead of buying and selling shares of companies, you buy and sell currencies like the U.S. and Canadian dollar.
And unlike a regular 9-to-5 job, skilled currency traders can make (or lose) serious bank.
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In fact, the Forex market is the largest financial market on the planet — doing 5 TRILLION (with a “t”) a day in trade volume.
That’s over 200 times larger than the New York Stock Exchange!
Now you can see why there’s an absolute sh*tload of Benjamins to be made in Forex.
And iMarketsLive is doing exactly that:
By 2020, they were pulling in over $6 million per month.
They’ve also experienced a tremendous amount of growth and momentum in 2020 and 2020.
But there’s a fair amount of controversy surrounding this network marketing phenom.
If you’ve noticed that too, you’re probably interested in a lil’ more info about ’em, right?
You’ve come to the right place, brotato chip.
iMarketsLive Company Overview
First things first:
iMarketsLive is a Forex trading MLM that offers various trading educational products and services to a global audience.
They currently appear in over 120 countries and have training available in 8 major languages.
As you’d expect, their headquarters is located in the center of the financial universe:
New York City, New York.
They also have a staff of over 60 educators who have a single job: Teach peeps like you and me about the joys of Forex and cryptocurrency trading.
Oh, did I not mention they do cryptocurrency markets like Bitcoin as well?
The company’s vision, according to their website, is to “Educate, Enrich, and Empower One Million Students by 2020.”
Admittedly, also according to their website:
Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing financial security or life style.
To be fair, that could be said about any investment opportunity (e.g. financial services from Primerica, binary options, etc), but Forex trading is notoriously difficult — I know from personal experience.
Risks aside for now, let’s talk about how iMarketsLive came into being in the first place.
When Was iMarketsLive Founded?
What’s the real story behind iMarketsLive?
Well, for starters:
International Markets Live, Inc. was founded back in 2020 by CEO Christopher Terry.
But you know what’s weird?
iMarketsLive’s corporate website is surprisingly thin when it comes to offering information.
Most companies, even most MLM companies, have at least a little history of the company along with a small biography of the founder/CEO.
iMarketsLive.com has no such information on their site and seems to prefer to remain as mysterious as possible.
But I did manage to find this page, which appears to be an older bio of the company’s founder Chris Terry.
Here’s an excerpt:
Mr. Christopher Terry began this journey in construction, both as a worker and eventually as an owner, for nearly 12 years. In 1995, he discovered commodities trading and began to immerse himself in the markets.
In just 3 years, he was confident enough to walk away from his Construction Business, which had generated sales in excess of $40 million that same year, in order to become a full time trader.
Over the years he applied and effectively utilized this winning strategy of gaining the necessary learning and experience through the proper Mentors and then imitating the strategies of successful people.
While doing so he realized the same process of following success step by step, could bring average people everywhere to the same level of success that he himself had achieved.
Mr. Terry began to realize that at this point in his life it was his calling to help change people’s lives on a massive Global scale through a marriage of Network Marketing with Professional Trading.
This is why, in August 2020, Mr. Terry made the decision it was time to act on this Philosophy, and International Markets Live, Inc. was born.
One thing that’s missing from that bio of Chris Terry is his long history with MLMs and network marketing.
Terry came up in Amway, and although by his own admission he didn’t actually make any money, he said it gave him a “mindset of wealth”.
In other words, he probably realized the folks who made the most money in an MLM were the ones at the top and who recruited the largest downlines.
This also might explain why Chris Terry was reportedly a big promoter of Zeek Rewards*, which got busted by the SEC in 2020 for being a ponzi scheme.
(*In this interview with Denise Martino, Terry refers to Denise as his “downline member” and she clearly appears to be in Zeek at the time.)
Despite these failed business attempts, Chris Terry persisted and while the idea of iMarketsLive was spawned in 2020, it officially launched in 2020.
The new Forex trading MLM grew quickly and by 2020, iMarketsLive reached 55,000 members.
Unfortunately, that same year brokers began locking the accounts of many iMarketsLive customers for using an unregulated “expert advisor”.
Here’s what happened:
iMarketsLive had a special little automated trading program called “FX Signals Live”.
The program automatically mirrored the trades of Chris Terry himself, so members could essentially play the Forex market without actually understanding it.
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However, one of the main reasons there are regulations in the investment world is to prevent exactly that.
And when legitimate brokers like FXCM decided they wouldn’t allow it anymore, FX Signals Live was discontinued in 2020.
As a replacement, iMarketsLive released their new online “Harmonic Scanner” designed to help follow market trends.
It’s a little technical but here’s a basic video that explains what it does:
It’s basically an online tool that scans the market in real-time and gives you alerts for different price patterns and trading opportunities.
But now you actually have to know what’s going on and make the trades yourself.
What Are iMarketsLive Products?
iMarketsLive sells you on the ability to become a successful currency trader.
Sure, you could try to learn it all by yourself.
After all, how hard could it be to click a few buttons and place a few trades?
Buy low, sell high.
Easy peasy, right?
Well, despite what you may have heard, day trading is MUCH harder than it sounds.
That’s why iMarketsLive offers a full suite of support and trading education.
Over 100 training videos and modules offer basic and advanced strategies on both Forex trading and cryptocurrency investing.
You can also access live trading rooms and watch experienced staff members place trades and talk about the secrets of their success (in 8 different languages).
Here’s a good overview video that explains the iMarketsLive opportunity:
Obviously that’s a company sponsored video, so take it with a grain of salt (don’t drink the Kool-Aid).
But I will say that iMarketsLive seems to provide a ton of help for their members, which is always a big plus.
Even CEO Chris Terry himself gets in on the action, holding Sunday night webinars that you can sit in on.
Additionally, iMarketsLive gives you access to their proprietary financial trading software.
As mentioned earlier, their Harmonic Scanner searches the market for harmonic patterns to exploit and profit from.
Their Web Analyzer does the same with cryptocurrency, for an additional fee.
And even though their trade-mirroring service is gone, iMarketsLive still provides other ways for you to copy what their experts are doing.
Swipe Trades will alert you to “Forex trade ideas” including risk management and expert guidance for an extra $17 per month.
Swipe Coin does the same but for Crypto trade ideas and info, for an extra $100 per month fee.
While that may seem pricey, keep in mind that it allows you to get solid trade ideas sent right to your phone without having to do any of the legwork.
Because let’s be honest: If you knew what you were doing when it comes to trading, you wouldn’t be paying this company $165 a month or more for the privilege.
Long story short: The more you pay iMarketsLive, the more training and tools you get.
Speaking of which, here are your membership options if you wanna join:
iMarketsLive Membership Options
*Mobile users: scroll left/right on table if last column is not fully visible
|DIGITAL CURRENCY MONTHLY||HFFX MONTHLY||PLATINUM PACKAGE||ELITE PACKAGE|
|INITIAL PAYMENT||INITIAL PAYMENT||INITIAL PAYMENT||INITIAL PAYMENT|
|MONTHLY PAYMENT||MONTHLY PAYMENT||MONTHLY PAYMENT||MONTHLY PAYMENT|
|WHAT YOU GET||WHAT YOU GET||WHAT YOU GET||WHAT YOU GET|
|DC Academy||HFF Academy||IML Forex and Crypto Academy’s||IML Forex and Crypto Academy’s|
|DC Scanner||HFF TV||IML TV (All Sessions)||IML TV (All Sessions)|
|SwipeCoin App||PipTalk||Harmonic Scanner||Harmonic Scanner|
|IMLTV Sessions||High Frequency Forex||Swing Trades & Night Owl Sessions||Swing Trades & Night Owl Sessions|
|Pip Talk (Basic)||Pip Talk (Basic)|
|High Frequency Forex|
Hey, nobody said day trading was cheap.
To be fair, iMarketsLive does offer a 7 day, 100% money back guarantee to all of its subscribers.
If you’re dissatisfied with their service in any way, you can get a full refund of your membership fee within a week of signing up.
iMarketsLive gives their Customers a “2 & FREE” option as well — if you personally refer 2 people into buying a monthly membership, your membership is free.
So: If you can convince a couple people that Forex trading is awesome…
You don’t have to pay anything to get the iMarketsLive training and support.
Sounds good, but here’s something you should know from a guy who’s been in the trenches:
My Forex Trading Experience
The risk factor in Forex trading is something we shouldn’t just gloss over.
As mentioned in iMarketsLive’s disclaimer, you can easily lose all your invested money in addition to the monthly fees.
I should know — years ago, I was heavily into Forex trading and learned everything I could about it.
Technical analysis, risk management, chart indicators — you name it, I tried it.
And that’s not all:
I kept daily trading journals, learned how to read candlesticks, recognize trends, and was a particular fan of using 2ATR for a trailing stop loss.
Along the way, I traded almost every currency pair, chart timeframe, and read every trading strategy book I could find.
(Here’s my personal favorite, along with this one originally published in 1930.)
I should also mention that I paid a small fortune for different trading systems, tools, and “secret” strategies from so-called experts.
I’m FAR from the smartest guy in the room — but I’m not a complete Muppet either.
I wasn’t just gambling (only risked 2-3% max per trade) and I gave Forex trading everything I had for almost 3 years straight while I was still driving truck.
And even though I had periods of profitability, in the end I always lost money.
Not to mention I also got sick of the highs and lows of trading — feeling like a God one week, damn near suicidal the next.
Out of desperation, I finally resorted to following a mirror-trading service which ultimately blew up and reduced my trading account to almost nothing.
It was my own dumbass fault, but that’s when I decided to hang up my Forex trading gloves and look for something else.
Also contributing to that decision was realizing that after being on countless online trading forums — I wasn’t alone in my frustration and misery.
The only ones who seemed to be making any consistent money in Forex (besides the banks and hedge funds), were the guys selling me the tools and systems.
Just like during the gold rush back in the 1800’s, the real money wasn’t in digging for gold — it was selling the pickaxes and shovels to the desperate and hopeful.
Now obviously, there ARE successful Forex traders out there.
So just because this ex-truck driver with a GED couldn’t do it, doesn’t mean that you can’t make it work.
Like any other form of retail trading, some folks make money and some folks lose money.
All I’m saying is that Forex trading is hard as hell.
As a general rule, if you enter a gambling game against a lotta peeps who are more experienced and skilled than you are…
It’s a safe bet that the odds aren’t in your favor.
Don’t say I didn’t warn ya.
Pros: Why Join iMarketsLive?
✓ Potential for serious income without recruitment.
Almost every MLM in existence requires you to recruit and grow a huge downline if you wanna make the big money.
The reason is simple:
Your time is limited and there’s only so many hours in a week that you can use to sell products to people you know.
Forex trading is different in the sense that you could gain (or lose) a lot of money all by yourself, without ever having to recruit anyone.
✓ No pants required.
While most MLMs involve you dragging around a box of products to various houses, iMarketsLive is something you do from your desk or smartphone.
This is a very modern MLM and the entire thing (training + products + support) is all available online.
Never having to leave your house to run your business is a definite advantage.
For example, go try selling Amway products with no pants — I’m guessing it wouldn’t turn out so well.
✓ Plenty of training materials.
Between all the videos, training modules, tutorials, and live help sessions, iMarketsLive probably offers more actual product support than most other MLMs.
If you’re willing to invest in your education and want a crash course in Forex trading, there’s a vast bucket of knowledge here waiting for you.
Cons: Is iMarketsLive a Scam?
✗ First off: Solid trading advice don’t come cheap.
Around $200 up front plus $170 a month is what it’s gonna cost you for the most basic level of membership.
That’s over $2000 per year.
But if that trading advice makes you ten times that, it might be worth it.
✗ You could lose a lot more than your monthly fees.
Yes, plenty of people lose money in MLMs (most do).
But they generally lose money from not being able to recoup their minimum purchase requirements and monthly fees.
With iMarketsLive, in addition to your membership fees, you’ll also have to risk your own trading capital to play the currency markets.
And you might lose all of that money too.
In fact, thanks to the way that leveraged trades work, you can actually lose even MORE than the full amount of your Forex trading account.
✗ A strong fishy odor.
Can you trust iMarketsLive?
Well, sometimes the best way to predict the future is to look at the past (or just Google the present):
• iMarketsLive CEO Chris Terry has a previous connection with Zeek Rewards which the SEC had to shut down for fraud in 2020.
• The VP Alex Morton has a long history with MLM companies like Vemma Nutrition that had to settle for hundreds of millions of dollars with the FTC for being a pyramid scheme. You should check out this revealing article on Morton that shows the reality of being a professional MLMer when he was with his last company.
• iMarketsLive is banned as unauthorized in Belgium, and also received warnings from other countries like France.
• When I first published this article, iMarketsLive had an F rating (very bad) from the Better Business Bureau due to having so many complaints.
Then all of sudden they had an BBB rating of “A”, mostly thanks to a bunch of positive reviews that showed up around the same time (many on the same day).
Coincidence? Yeah, right.
As another reviewer pointed out, prob’ly because IML asked their members to spam their BBB page with positive reviews to drown out the negative ones.
Nice try fellas. Not shady at all.
Also can’t forget that iMarketsLive is an MLM which means recruiting other members is highly encouraged.
Here’s one of IML’s top earners explaining in detail how it’s done:
Ask yourself: If it was just about forex trading, why teach people how to recruit at all? Why not just trade forex and make a ton of money?
I dunno… maybe cuz:
Most retail traders lose money in the long run, so the real money is made by getting other people to join.
Is it really, though?
- 87% of all IBOs make an average of $4.30 per month (you read that right, less than $5/mo).
- 98% of all IBOs make less than $115 per month.
- Only 0.3% of all IBOs earn more than $30k per year.
Not exactly what I’d call a high-probability trade.
But if that doesn’t make you puke in your mouth a lil’, this industry might be for you.
If, however, you’re looking for a more legit and reputable business model… my two cents?
FX Trading Corp Review: Ponzi Scam or Legit Investment?
Welcome to my FX Trading Corp Review.
Most of you have gotten introduced to this money making opportunity through Facebook and it probably wasn’t easy.
You saw a post of some sort, requested information, and had the link sent to your email.
That’s usually the process needed in order to obtain a link that isn’t allowed on social media.
Does this mean you are getting involved with some kind of scam or is this just how it has to be done?
I have a very unique opinion on FX Trading Corp as I have been apart of this kind of stuff in the past.
I am no longer involved with this as I have finally found the best way to make money online but that doesn’t change the way I feel about programs like this.
What I do have for you is the facts on how this whole operation works as well as the honesty that most other reviews won’t reveal.
So before you join this or any other money making opportunity for that matter, let me give you the ins and outs of what you are about to get involved with.
Table of Contents
FX Trading Corp Review – Product Overview
Name: FX Trading Corp
Type of Business: Revshare
Overall Rating: 1.9/5 stars
FX Trading Corp claims to share the revenue it brings in through the trading done by its experts.
Just invest and let them do the work for you.
FX Trading Corp is what is known as a revenue sharing program which is funded by its members.
Although they mention that there is some trading going on behind the scenes, that is very typical with sites like this and is usually not happening.
The company is completely funded by its members, so as long as new members keep coming in, you can bet that they will pay you what is owed.
Now once the joining stops, no one will make any money and that’s all there is to it.
This is not going to last, which is why I always recommend you take a look at my top recommended program before joining any make money from home program.
What is FX Trading Corp?
FX Trading Corp is a trading platform that shares its revenue with its members.
That’s what they come off as but that’s not really what is going on.
They do share the money coming in but as far as a product or service is concerned, that’s where the company falls short on.
They are based out of South Korea and the owners are Young Min Oh, Joon Park, and Yang Jae Seok.
When it comes to money making opportunities, having the owners come forward is always a good sign.
Now the way this whole operation works is something that might not sit well with others.
How it Works
I’m sure you were presented with FX Trading Corp as a way to make money online, trading in the Forex markets or with Crypto Currency.
The first thing I would like you to know is that there is no trading going on whatsoever and no one can show you proof.
This is nothing but a way to seem like you are providing some kind of service or you can bet that this is not going to be a legit stunt.
Every other revenue sharing company is using the same kind of “service”, which is not actually happening.
So how are you able to make money?
Through the constant flow of new members joining FX Trading Corp.
In the world of “revshares”, there is usually a huge following of members that jump from one program to the next.
This all started with owners using advertising as its product, until the FTC stepped in and slammed these companies.
Now FX Trading Corp is based out of South Korea, so getting the FTC involved is not going to do much.
Being that advertising was out of the question, Crypto Currency became the next best thing.
Once that got exposed, we have what FX Trading Corp provides.
That is the “product” and it is all fueled by this thing called recruiting.
With a unique software, the numbers are able to be calculated, allowing each investor to get a share based on what they invested.
That’s all there is to it and it what you make will all depend on what you put in.
The Price and How You Will Make Money
Make X amount of dollars daily by investing X amount of dollars.
That’s what happens when you get involved with any revshare.
Put in the smallest amount of $100 and you can expect a return of investment (ROI) of 2.5% a day.
Come 200 days and you should receive about 400% back.
That is a whopping $300 on top of that $100 you put in.
Invest in one of the bigger Bots and you of course will make more.
And if this isn’t enough, how about playing the good old recruiting game?
Because that is what you are able to do and can possibly have you rolling around in a Lamborghini or a Ferrari.
The Compensation Plan (Recruiting)
Without this very part of the program, there is no way this company or any other revshare will last.
Not to say that it will (because none will ever last), but at the very least, this is how they are able to pay some of its members.
By getting someone to join at the first level, you can make a whopping $6.
This might sound little but just imagine if they were to put in a couple thousand dollars?
That can add up and guess what else they have here?
They have multiple levels that you can make money from, which is another reason why its members are promoting this like crazy.
Not bad for a company that has no real products or even a service of some sort.
Being a revsharer myself in the past, I was actually wondering if there were still any of them around.
All that wondering was going on until I came across a post on Facebook about some dude winning a car.
After inquiring (because that’s what these marketers want you to do), I was told that they got it by building their team with FX Trading Corp.
Building a team from some trading bot that makes you money through the finest traders of all Korea?
Get right outta town.
These bonuses are the same things that keep FX Trading Corp going and it is why its members will do whatever it takes to get you to join.
Now just like the compensation plan, I’m not going to get into all this as I’m sure you can see the image above that explains it in a nutshell.
Just know that you can get some bonuses if you were to recruit like crazy.
That’s about all you need to know.
Will FX Trading Corp Pay?
As long as new members are coming in, you will receive whatever it is that you have made.
Paydays are Monday – Friday and will go by South Korean standard time.
Do keep in mind that you need to meet the minimum threshold of at least $50 and you can not exceed the total amount of packages that you have invested in.
So if you have $500 invested, you can’t withdraw more than that amount.
But before any money making is done, you need to understand several things.
If there’s one part of this review that you should remember, this is it.
Before You Join FX Trading Corp
Now there are several things that you need to understand before you get involved with this or any other revshare.
I don’t want you to be like those that join and fail to understand how everything really works.
It happens too often and there is no working around it once you put your money in.
1. There are NO Refunds
I don’t care what excuse you have, there is no way you will get your money back.
The software is designed to take and distribute at will and it is impossible to take even just a penny out.
And even if they were able to issue you a refund, they wouldn’t allow it.
Unless you want complete chaos and a bunch of unhappy campers that aren’t making any money.
So before you make any kinds of deposits, just know that there is no turning back.
2. There are NO Guarantees
And just because you put money in does not mean that you will make any or even get your initial investment.
When it comes to programs like this, it’s usually those in the know that will cash in on the big bucks.
They will throw in thousands of dollars and bank on newer members to fill their wallets.
That’s just how it is and if you know nothing about this kind of stuff, you need to make sure that you are joining at the right time.
And if you are joining without willing to take a risk, you might want to hold on to your money.
3. You Need to Invest a Decent Amount
If you plan on going for the lowest package, you’re best off not even joining.
Unless you can recruit like a mad man, you will need to invest a pretty good chunk of change to make it worth anything.
There’s no point in waiting 200 days to get back a couple hundred dollars.
It just doesn’t make sense.
4. This is Very Risky
I know I mention that you need to invest a good amount of money, which is what makes this a big risk.
If for some reason people stop joining or the company gets shutdown, whatever you put in will not come back.
Unless these guys get sued or have some legal action taken, you can kiss your money goodbye.
I’ve tried putting in a couple thousand dollars into a revshare that didn’t even last a month.
That was the risk I was willing to take and it is something you need to be willing to take as well.
5. This Will Not Last
I don’t care what anyone tells you, it is only a matter of time before people stop joining.
Once that happens, current members will get scared and everyone will start to withdraw whatever they can.
This panic will cause promotions to slow down, which will then lead to the many excuses as to why they aren’t able to pay.
It happens all the time and as much as the owners would love for this to last, it is literally impossible.
So before you go telling your boss you can’t stand them, just remember what I just told you.
Others have made that same mistake and that’s because they didn’t know any better.
Pros & Cons
- Can make you money
- Is still growing
- Does not involve any trading
- Is pay to play (buy a plan before you earn through recruiting)
- Does require recruiting
- Is extremely risky
- No guarantees
- Will not last
So is FX Trading Corp a Scam?
In the world of making money online, having a product or service or some sort along with an income disclaimer is about all you need.
So no, I wouldn’t say this is necessarily a scam but rather along the lines of a Ponzi scheme.
Now I’m also fairly confident that the owners are not here to take your money but the nature of the biz is what makes this fall on the not so legal side of things.
But with what I have shared with you in this review, I’m sure you can make an adult decision on your own.
Final Verdict: Proceed With Caution
The final decision is of course going to be on you.
Are you willing to take the risk?
Do you have the kind of money needed to take that risk?
If you can answer some questions with confidence, then hey, this might just work for you.
As long as you understand everything else I just mentioned in this review then it’s on you to join or not.
Making money online is great and I understand that you want to be apart of that.
I can promise you that there are hundreds of other revenue sharing type programs out there and they offer the same trading nonsense.
For those of you that aren’t looking to take such iffy risks, I think you might enjoy something like affiliate marketing instead.
If selling actual products that you don’t even own sounds interesting to you, that is something you should at least try.
It’s what I do for a living and thanks to programs like Wealthy Affiliate, the internet can be a full-time gig if you really wanted it to be.
Besides that, you can bet that there are many other programs like FX Trading Corp that you can fiddle around with.
It’s all on you to join or save it for the next best thing.
Thanks for reading my FX Trading Corp review and I hope that I have given you the best information you could possibly find on the web.
If you have any questions about this or any other opportunity for that matter, feel free to leave them in the comments section below.
Until next time, be scam smart and always do your research.
I hope you enjoyed that post. I’m John and I am the owner of this site. I like to think I’m a normal dude just like everyone else but that wouldn’t make me unique. I do have 4 kids and I have gone through the hardest of times, most especially financially. With some learning and growing, I have managed to get back on my feet and live the laptop lifestyle most people only dream of. With that knowledge, I hope to align you with a real and legit way to make money online.
Is Fx Review the same as Fx trading
Never heard of FX Review Mick. Can you send me a link?
Here: https://www.fxreview.com/about-us/our-company/ I can’t find anything about them on internet. The only thing that exist is their web page. Can you please look into this. Many thanks
FXreview is a completely different company Suzana. Are you looking into FXreview or FXTradingcorp?
I come from China! I was cheated by this liar company for about $50,000! Don’t believe in it! FX Trading Corp and FX2 Trading Corp both are downright liar companies. FX1.0 said that the rebate was 400%, and then suddenly fell to 200% in June 2020. The withdrawal time was limited to one month from the original one; FX later suddenly reduced the rebate to 100% in July 2020. And it is stipulated that it can be withdrawn on the 20th of each month. After a month or two, five or six times, FX will not return the customer’s principal for various reasons. FX2.0 and FX1.0 are exactly the same, definitely a liar company. Don’t be fooled by this junk company.
That’s how it is my friend. Once people stop joining, they will always come up with different reasons as to why no one is getting paid. Once people stop joining, panic sets in and everyone starts withdrawing. NONE of these revshare type programs will EVER last and that’s how it is. Although you can make some money, that is the risk you need to be willing to take. Sorry for your loss as that is not chump change but I would do everything I can to get my money back if I were you.
Which MLM online company or otherwise would you recommend that could be a going concern? It’s seems most MLM organisations are up to just swindle people.
Go with an MLM that has actual products Christopher. You are right about most MLMs just using people to push their project and it is really sad. Have you tried something like Wealthy Affiliate?
thank you dude,you saved my life
I owe you
you are great
we are facing economical drop downs about our national currency because of us sanctions,I was going to invest all my money but now,I wont
greetings from Iran-Tabriz
Hi may i know how were you able to prove that there is no actual trading happening? I heard from a friend that one of his colleagues confirmed the trading sessions are real (probably some IT or what). But based on your review, have you done some checking on their website, or live trading posted on their dashboard and confirmed it on the trading platforms they use like binance, bittrex, etc? Thank you and more power.
Well, I have been apart of revenue sharing since it first started. Back in the day, advertising was used as its product. It then shifted to crypto currency and now it is mining. Every single revenue sharing program is now using “mining” as its product but that is all just a way to provide some kind of product and/or service.
If they were really mining, do you think they would need your money to make more money? They would take what they win and reinvest it to make more. Mining requires a lot of work and these days it is not easy to turn a profit. You will see that once new members stop coming in, they will come up with a reason as to why no one is getting paid. But for now, everything is going the way it should.
Now you can bet that people are making money as this is the hottest revshare on the market. There are many that are trying to do good but they can’t get others to join like how FX Trading Corps affiliates are doing. But can you please tell me how this trading was confirmed? And even if there was any trading, how can it provide that daily percent and why is it set at such a precise percentage? Shouldn’t everyone make more if there was more winning?
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Is Your Forex Broker a Scam?
If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business.
When you’re looking to trade forex, it’s important to identify brokers who are reliable and viable, and to avoid the ones that are not. In order to sort out the strong brokers from the weak and the reputable ones from those with shady dealings, we must go through a series of steps before depositing a large amount of capital with a broker.
Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible.
- If your broker does not respond to you, it may be a red flag that he or she is not looking out for your best interests.
- To make sure you’re not being duped by a shady broker, do your research, make sure there are no complaints, and read through all the fine print on documents.
- Try opening a mini account with a small balance first, and make trades for a month before attempting a withdrawal.
- If you see buy and sell trades for securities that don’t fit your objectives, your broker may be churning.
- If you are stuck with a bad broker, review all your documents and discuss your course of action before taking more drastic measures.
Separating Forex Fact From Fiction
When researching a potential forex broker, traders must learn to separate fact from fiction. For instance, faced with all sorts of forums posts, articles, and disgruntled comments about a broker, we could assume that all traders fail and never make a profit. The traders that fail to make profits then post content online that blames the broker (or some other outside influence) for their own failed strategies.
One common complaint from traders is that a broker was intentionally trying to cause a loss in the form of statements such as, “As soon as I placed the trade, the direction of the market reversed” or “The broker stop hunted my positions,” and “I always had slippage on my orders, and never in my favor.” These types of experiences are common among traders and it is quite possible that the broker is not at fault.
It is also entirely possible that new forex traders fail to trade with a tested strategy or trading plan. Instead, they make trades based on psychology (e.g., if a trader feels the market has to move in one direction or the other) and there is essentially a 50% chance they will be correct.
When the rookie trader enters a position, they are often entering when their emotions are waning. Experienced traders are aware of these junior tendencies and step in, taking the trade the other way. This befuddles new traders and leaves them feeling that the market—or their brokers—are out to get them and take their individual profits. Most of the time, this is not the case. It is simply a failure by the trader to understand market dynamics.
On occasion, losses are the broker’s fault. This can occur when a broker attempts to rack up trading commissions at the client’s expense. There have been reports of brokers arbitrarily moving quoted rates to trigger stop orders when other brokers’ rates have not moved to that price.
Luckily for traders, this type of situation is an outlier and not likely to occur. One must remember that trading is usually not a zero-sum game, and brokers primarily make commissions with increased trading volumes. Overall, it is in the best interest of brokers to have long-term clients who trade regularly and thus, sustain capital or make a profit.
The slippage issue can often be attributed to behavioral economics. It is common practice for inexperienced traders to panic. They fear missing a move, so they hit their buy key, or they fear losing more and they hit the sell key.
In volatile exchange rate environments, the broker cannot ensure an order will be executed at the desired price. This results in sharp movements and slippage. The same is true for stop or limit orders. Some brokers guarantee stop and limit order fills, while others do not.
Even in more transparent markets, slippage happens, markets move, and we don’t always get the price we want.
Communication Is Key
Real problems can begin to develop when communication between a trader and a broker begins to break down. If a trader does not receive responses from their broker or the broker provides vague answers to a trader’s questions, these are common red flags that a broker may not be looking out for the client’s best interest.
Issues of this nature should be resolved and explained to the trader, and the broker should also be helpful and display good customer relations. One of the most detrimental issues that may arise between a broker and a trader is the trader’s inability to withdraw money from an account.
Broker Research Protects You
Protecting yourself from unscrupulous brokers in the first place is ideal. The following steps should help:
- Do an online search for reviews of the broker. A generic internet search can provide insights into whether negative comments could just be a disgruntled trader or something more serious. A good supplement to this type of search is BrokerCheck from the Financial Industry Regulatory Authority (FINRA), which indicates whether there are outstanding legal actions against the broker. And if appropriate, gain a clearer understanding of the U.S. regulations for forex brokers.
- Make sure there are no complaints about not being able to withdraw funds. If there are, contact the user if possible and ask them about their experience.
- Read through all the fine print of the documents when opening an account. Incentives to open an account can often be used against the trader when attempting to withdraw funds. For instance, if a trader deposits $10,000 and gets a $2,000 bonus, and then the trader loses money and attempts to withdraw some remaining funds, the broker may say they cannot withdraw the bonus funds. Reading the fine print will help make sure you understand all contingencies in these types of instances.
- If you are satisfied with your research on a particular broker, open a mini account or an account with a small amount of capital. Trade it for a month or more, and then attempt to make a withdrawal. If everything has gone well, it should be relatively safe to deposit more funds. If you have problems, attempt to discuss them with the broker. If that fails, move on and post a detailed account of your experience online so others can learn from your experience.
It should be pointed out that a broker’s size cannot be used to determine the level of risk involved. While larger brokers grow by providing a certain standard of service, the 2008-2009 financial crisis taught us that a big or popular firm isn’t always safe.
The Temptation to Churn
Brokers or planners who are paid commissions for buying and selling securities can sometimes succumb to the temptation to effect transactions simply for the purpose of generating a commission. Those who do this excessively can be found guilty of churning—a term coined by the Securities and Exchange Commission (SEC) that denotes when a broker places trades for a purpose other than to benefit the client. Those who are found guilty of this can face fines, reprimands, suspension, dismissal, disbarment, or even criminal sanctions in some cases.
SEC Defines Churning
The SEC defines churning in the following manner:
Churning occurs when a broker engages in excessive buying and selling of securities in a customer’s account chiefly to generate commissions that benefit the broker. For churning to occur, the broker must exercise control over the investment decisions in the customer’s account, such as through a formal written discretionary agreement. Frequent in-and-out purchases and sales of securities that don’t appear necessary to fulfill the customer’s investment goals may be evidence of churning. Churning is illegal and unethical. It can violate SEC Rule 15c1-7 and other securities laws.
The key to remember here is that the trades that are placed are not increasing your account value. If you have given your broker trading authority over your account, then the possibility of churning can only exist if they are trading your account heavily, and your balance either remains the same or decreases in value over time.
Of course, it is possible that your broker may be genuinely attempting to grow your assets, but you need to find out exactly what they are doing and why. If you are calling the shots and the broker is following your instructions, then that cannot be classified as churning.
Evaluate Your Trades
One of the clearest signs of churning can be when you see buy and sell trades for securities that don’t fit your investment objectives. For example, if your objective is to generate a current stable income, then you should not be seeing buy and sell trades on your statements for small-cap equity or technology stocks or funds.
Churning with derivatives such as put and call options can be even harder to spot, as these instruments can be used to accomplish a variety of objectives. But buying and selling puts and calls should, in most cases, only be happening if you have a high-risk tolerance. Selling calls and puts can generate current income as long as it is done prudently.
How Regulators Evaluate Churning
An arbitration panel will consider several factors when they conduct hearings to determine whether a broker has been churning an account. They will examine the trades that were placed in light of the client’s level of education, experience, and sophistication as well as the nature of the client’s relationship with the broker. They will also weigh the number of solicited versus unsolicited trades and the dollar amount of commissions that have been generated as compared to the client’s gains or losses as a result of these trades.
There are times when it may seem like your broker may be churning your account, but this may not necessarily be the case. If you have questions about this and feel uneasy about what your advisor is doing with your money, then don’t hesitate to consult a securities attorney or file a complaint on the SEC’s website.
Already Stuck With a Bad Broker?
Unfortunately, options are very limited at this stage. However, there are a few things you can do. First, read through all documents to make sure your broker is actually in the wrong. If you have missed something or failed to read the documents you signed, you may have to assume the blame.
Next, discuss the course of action you will take if the broker does not adequately answer your questions or provide a withdrawal. Steps may include posting comments online or reporting the broker to FINRA or the appropriate regulatory body in your country.
The Bottom Line
While traders may blame brokers for their losses, there are times when brokers really are at fault. A trader needs to be thorough and conduct research on a broker before opening an account and if the research turns up positive for the broker, then a small deposit should be made, followed by a few trades and then a withdrawal. If this goes well, then a larger deposit can be made.
However, if you are already in a problematic situation, you should verify that the broker is conducting illegal activity (such as churning), attempt to have your questions answered, and if all else fails, and/or report the person to the SEC, FINRA, or another regulatory body that could enforce action against them.
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