iMarketsLive Review: Just Another Forex Ponzi Scheme?
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Forex trading is a lucrative but risky business. Sure there is lots of money to be made if you know what you're doing. But you can also get scammed if you don't. So that's probably why you have searched through several iMarketsLive reviews. You're probably wondering if their training and software is legit. Can they really help you make money with the Forex?
Let's dive into this review and all the questions will be answered and a whole lot more.
What is iMarketsLive?
iMarketsLive.com also known as International Markets Live was founded in August 2013 by CEO Christopher Terry. The headquarters is based in New York and they are currently available in 120 countries.
They offer Forex training and software to help investors with online trading. They also function as an MLM where people can earn commission by recruiting other traders.
What Does iMarketsLive Provide?
They provide training and software designed to help traders learn about Forex trading. At the time of this review, their services are divided into four main categories:
- Live Trading Room – successful traders do live webinars and training
- Harmonic Scanner – software that shows traders patterns in the forex market
- Training Room – a library of forex articles, videos, and webinars
- FX Signal Live – automated software that trades on your behalf
iMarketsLive Commission Plan
As I mentioned above aside from learning about forex trading, iMarketsLive has an MLM opportunity that pays commissions in the following ways:
Method 1 – First Order Bonus
They pay a 50% commission on the first order. So if you recruit someone and they pay their first month fee of $195, you will earn $100 from that recruit for the first month.
Method 2 – Fast Start Payout for new affiliates
New affiliates get a fast start payout which allows them to start earning right away at four levels deep:
Level 1 gets you 30% commission, and levels 2-4 get you 10%.
Method 3 – Earning Residual Income
They also pay a commission by using a 3 by 8 commission matrix. There are 3 branches, each which is broken down into a further 3 branches and goes 8 levels deep. So in total, there are 9890 positions in your down-line from which you can earn. They will pay an 8% commission for each position in your down-line.
How Much Does iMarketsLive Cost?
There are two packages, and these are the costs at the time of writing this review:
- Platinum Package – $195 front-end fee and $145 per month
- IBO Platinum Package – $200 front-end fee and $150 per month
For both packages, you will receive access to all training and trading software. But in order to earn commission, you will need to buy the IBO Platinum Package.
When you do the math, you will pay close to $2000 per year just for your membership. That is a lot of money to pay especially if you can't afford it. Fortunately, there are other companies where you don't have to invest so much. You might want to check out Wealthy Affiliate, FusionCash.com, SurveyJunkie.com & Swagbucks.com as more affordable ways to earn money in different ways.
How Much Money Can You Make with iMarketsLive?
Based on their compensation plan, you can allegedly earn up to $125,000 per week depending on your rank. But we'll get into this claim later in the complaints section.
So iMarketsLive might seem appealing up till now but no company is perfect. Let's dive into some of the complaints and red flags we found to see if this is really worth your time and money.
Not BBB Accredited!
At the time of this review, IML has an “A” BBB rating but they are not listed as a BBB acredited business for whatever that's worth.
Not Newbie Friendly
Let's face it, Forex trading is very risky and definitely not for everyone. That said, people have argued that their training and software is not geared towards beginners. So there is a lot of money to lose if the basics of trading are not understood.
Earn on autopilot, really?
They claim their system can turn your trading into a hands-free approach while you are ”sleeping, partying or working”. It's an immediate red flag when a company claims you can make thousands of dollars by doing little or no work.
When companies say you can earn money on autopilot while doing very little work, it's usually BS. It is possible to make a lot of money online, but it requires you to work hard. Companies like Wealthy Affiliate understand this and keep this real with you.
Don't expect to earn much
They claim that you can earn up to $125,000 per week based on your rank. But they state in their earnings disclaimer that there is no income guarantee and everything is just hypothetical examples. So basically what they are saying is these are just figures they threw together and there is no proof you will earn that.
Odds are not in your favor
To make decent money, you have to recruit a lot of people. If you recruit one person at level one, you will get $12, which is 8% of their $150 membership fee. To make serious money, you will need to recruit a lot more people. By looking at the figures in their compensation plan, making money seems like a long shot. If you don't want to depend on recruiting people to make money, you should consider FusionCash.com, SurveyJunkie.com & Swagbucks.comwhich allows you to make money with your own efforts.
Failed ponzi schemes
Before starting iMarketsLive, Christopher Terry had two other failed MLM companies. The Securities and Exchange Commission issued a press release stating they were shutting down ZeekRewards.com and seized $600 million. Don't know about you, but I certainly wouldn't trust a guy that defrauded people out of millions of dollars.
Is There A Better Alternative to iMarketsLive?
There is quite a lot of complaints about iMarketsLive and if any of them made you feel uncomfortable, then you might want to check out some other alternatives. For instance, if you want to create a long term business, My Best Work At Home Recommendation is worth checking out.
Is iMarketsLive A Scam?
iMarketsLive is something I would definitely avoid. The fact they say their system can earn you money on autopilot while doing very little work is an immediate red flag. They also have previous failed MLMs where people lost $600 million, so I wouldn't trust investing my money in their training and software.
Fortunately, there are legit options out there. If you're looking to make some serious income and don't mind working for it, then consider My Best Work At Home Recommendation as an option.
Well, there you go, my two cents on iMarketsLive. Let me know what you think of this company by leaving a comment below.
Until next time
Eddy ”with a Y”