If you are reading this, you have been doing research and asking yourself, is Mirror Trading International a Scam? In this review, I have done research into the company and will be sharing all the details with you to help you decide whether Mirror Trading International is a scam or something worth investing your money in.
Mirror Trading International Review Summary
Mirror Trading International is a managed trading platform that has practices that resemble those of MLMs and ponzi schemes. While they have changed their messaging over time, the returns that they entice prospective members with are highly unrealistic and you will not find i any real world market. There is a high chance that you will lose your money in the process.
Reading all of the information on their website and their social media channels shows contradicting messages that raise suspicion. They say that they trade on Forex markets and in Bitcoin, which are unrelated but have one thing in common that they tend to lure in easy targets who are looking for a way to make money but don’t understand how the system actually work.
Taking everything into account, I advise you to avoid Mirror Trading International, especially if you don’t have an in-depth market of how things work, as schemes like this usually target people banking on you not understanding what you are investing in.
What Is Mirror Trading International?
Mirror Trading International is a Bitcoin based copy-trading platform that has been gaining attention in recent months due to its high expected returns. According to the company brief on the official website, Mirror Trading International uses artificial intelligence to trade on the forex market.
Mirror Trading International was founded in April 2019, by the CEO, Johann Steynberg who is based in South Africa and has a history in MLM products like the now defunct Kipi scheme which operated in South Africa in 2015. The company is registered in South Africa, but is aimed at investors from all over the world.
It does not have any retailable products on offer, but instead offers members participation in their share trading pool where their investments are managed for them by traders.
The initial business model of MTI was multilevel marketing which is still listed on the about page on their official Facebook page, but they have refined their model over time to communicate the focus mainly on Bitcoin cryptocurrency trading.
How Does Mirror Trading International Work?
The short of how MTI works is that it is a MLM scheme (multilevel marketing) that’s using Bitcoin as it’s cover. This is even stated on the company’s own Facebook page, although they have changed tune over the months to say they are a trading company instead.
The modus operandi of a MLM is that it relies on the recruiting of new members to function. As new members sign up, their membership fees are used to pay the older members commission, and the cycle continues until there are no more new members.
In order to promote the affiliate program for MTI, you have to be an active investor. The affiliate program has different levels, with the first being a 10% commission if you have an active account with a balance of at least $50.
If your balance is $200 or more, you are eligible for qualifying for binary profit share. This profit share has different levels which apply to people with balances of $1000, $5000 and $10,000.
The Business Model
The primary operating model of MTI is the trading part of the business. The company is meant to earn daily profits and these profits are split in the following manner: 40% to members, 20% to binary profit sharing, 30% to the trading system, and 10% to MTI itself.
For the Binary, each member has two legs of their business. One that your team leader and other members of MTI can add to, and one that only you can add to. The legs grow when you and other people continue to add members. Your team leader and other members add people to the one leg which is called the power leg, and you add to the other leg which is known as the profit leg.
According to the official website, the company has more than 40,000 members, 70% of which are from South Africa, followed by USA, Nigeria and smaller numbers from other countries.
How Do You Make Money With Mirror Trading International?
There are 3 ways of making money with MTI.
Trading – The first is the bonuses the daily bonuses that you are meant to get from trading. No prior knowledge of trading is required and you have to join their trading pool with a minimum amount of $100 worth of Bitcoin. This is where the Mirror Trading name comes from, as your money is traded on your behalf in a way that mirrors the designated trader. In this instance, MTI claims that your earnings are compounded daily which means that you make an increasing amount on your balance as it increases each day.
Referral – The second way of earning from Mirror Trading International is through their referral bonuses. If you refer other people onto the platform, you will get a 10% direct referral bonus. These bonuses can be seen in the Income Wallet balance, that will show a report of all the bonuses you have earned and will be released into your income wallet. These funds can be either withdrawn, or reinvested back into your trading pool.
Binary Bonuses – The third steam of earnings on MTI is the binary profit sharing bonus. To earn this bonus, you have to be “binary qualified”. To do this, you have to introduce two people to the business. One of the left and one on the right. You also need to personally have $200 invested. This will qualify you for the binary bonus and you are meant to receive a weekly bonus for which is the lesser of the two people that you have introduced to the business. Once you are qualified, you are entitled to a bonus every Saturday.
The referral bonus and the binary bonuses each have a 7 day waiting period before any fund become available to you.
Not Registered with FAIS – MTI is not registered with any financial authority. Since the company is based in South Africa, they would have to be registered with the FAIS. Because they are not registered, this means that they are not regulated. Regulating bodies are there to protect the investors. What this means to you as an investor is that you don’t know whether they are legit, and if you lose your money you will have no recourse as there is nobody to report the issue to.
Unrealistically High Expected Returns – MTI says that they see daily returns of 0.5%. This equates to more than 10% a month and more than 120% a year. These returns are not believable and if you think it’s possible, find one person there who has achieved that return and has proof.
Very New Company – A company being new does not necessarily mean that it is no legit, but companies that scam people are always fly by night affairs that take people’s money and disappear. This company being less than a year old while making lofty promises and not having a demonstrable track record is definitely a sign that you should be cautious.
The messaging on MTI is contradictory – They are mixing two unrelated things which are Forex and Crypto, both of which get attention from people who hope to make money but most people do not understand how they actually work.
Forex and Cryptocurrency are two completely separate things. Forex is the international exchange market that involved the trade of different currencies of different countries, fore example US Dollar (USD), British Pound (GBP), South African Rand (ZAR) etc. Forex trading is regulated by respective financial authorities in respective currency, e.g. SEC in America, FCA in Britain and the FAIS in South Africa.
Cryptocurrency is a digital asset that uses a decentralized control, meaning that there is nobody managing the system and it is managed by predetermined controls (rules) in the cryptocurrency system. This means that cryptocurrency is not regulated and in most instances, it is completely anonymous.
The website platform and it dashboard is clearly well designed. It is set out in an intuitive way that makes it easy to navigate and find the various information that pertains to your accounts. You can see that it was professionally designed and makes for an intuitive user experience.
Is Mirror Trading International A Scam?
After reading all the information above, you can easily tell that yes, Mirror Trading International is a scam. The company is not built to help you to make money, but to entice you into investing because of the unlikely high profits, and take advantage of the investor’s lack of knowledge to cheat them out of their money.
Even their own Facebook page shows that they are essentially executing a MLM scheme under the guise of bitcoin trading. (They just forgot to change that fact on their social media when they were changing the messaging of their business.)
Crypto is a very risky investment strategy and you should be confident in your knowledge of the space before you invest your hard-earned money. Additionally, there is no such thing as guaranteed or consistent profits investing. Every investment bears risk with it ans if someone paints a picture that is too good to be true, that is never a good sign.
If a company is not regulated, no one has responsibilities and no laws apply. If MTI closes its doors tomorrow and takes all your money, there is nothing you can do about it.
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