Have you ever heard of iMarketslive? It is an unusual company that combines Forex (Foreign Exchange) and cryptocurrency trading with MLM.
I was intrigued by the combination and decided to check out the company. Read on for my review.
Name: iMarkets Live.com
Founded by: Chris Terry in July 2013
Location: New York City
Cost: $15.00/month to start; $225 for upgrade, then $164.95/month
Rank: 2.5 out of 5
A few years ago, I invested in some stock and spent time each day studying the stock market. A friend turned me on to a Forex site where the traders discussed trading techniques and then took you into the live trading room so you could watch the action.
The instruction was good. I began to be able to spot when you should trade,according to what the chart showed you. However, I feel I just scratched the surface of the subject. The learning curve is steep.
I thought perhaps this company would be a good one to use to advance my education, so I looked into it.
What Is The Product?
IML’s product is a financial trading software. It is designed to help the trader make the right trading decisions. You can go to their trading room daily, Monday through Friday, and the traders show you exactly what they are doing.
The unique part of this company is that they also included a MLM (Multilevel Marketing) program, allowing you to receive commissions on others that you recruit into the program. It’s a great idea — does it work?
The company’s founder, Chris Terry, started the company in July 2013. He started trading in 1995, and left his construction company to make trading his full-time job in 1998.
A few years ago, the company appointed a new Vice-President of Sales. His name is Alex Morton. He was a wise choice, as he knows MLM inside and out as has had years of experience in direct sales. He is now Executive Vice-President.
A new man, Ivan Tapia, took over Alex Morton’s job with sales. Another MLM expert, he provides good leadership for that part of the company.
You can join and have the right to promote and earn commission on the products for $15.00; then you pay $15.00/month. However, you don’t receive any access to the product itself unless you purchase the platinum package. It costs $225.00 to start, with a monthly fee of $164.95.
If you are serious about making IML a business venture, you need this package.
Included in the Platinum package are four different programs: iMarkets Live Academy, iMarkets Live TV, Swing Trades and Night Owl Sessions with Chris Terry, and the Harmonic Scanner tool. There are also add-ons which can be purchased separately for an additional monthly fee.
iMarkets Live Academy
An in-depth educational program, the Academy includes the company’s entire library of webinars, training modules, videos, and articles.
There are over 100 educational videos about both forex and crypto trading. Topics are broken down step-by-step, and they come in beginner, intermediate, and advanced levels. I’m guessing there is some excellent training here.
iMarkets Live TV
You are provided live training every week, adding to the training provided in the Academy. You receive almost 1,000 hours of live trading education and analytics every month. Forex is the main subject, with basic, intermediate, and advanced modules similar to the Academy. Cryptos will be covered as well. You will learn trading strategies and product training.
This program is available in eight languages at present, with the promise to add more in the future.
Swing Trades & Night Owl Sessions With Chris Terry
In this webinar, hosted by CEO Chris Terry, you will receive live financial advice. He will also show you how he’s earned millions through trading.
This software program helps identify harmonic patterns in the forex market. It explains in understandable terms how to identify major money-making opportunities in the market on your own.
Have you heard of the Fibonacci system? It’s a mathematical concept that tries to predict future price movements. The Harmonic Scanner, using Fibonacci, finds these patterns for you.
You also learn good entry points, risk points, targets, and other valuable information. You can use it to maximize your preferred trading style.
This one is a mobile app that alerts you to good trading opportunities. Using the app, you get all the details of the trade. Then you just have to decide if you want to act on the information. You will pay an additional fee for this app.
This app works like Swipe Trade, but for the crypto market. Trading is based around several cryptocurrency pairs, not just Bitcoin/USD. There is also other training material available with this app.
Swipe Coin is also purchased separately from the Platinum package.
This one is another add-on that you have to buy separately. This tool scans the forex markets in real-time and finds good trading opportunities. Then you analyze and decide if you want to make the trade.
Consider These Problems
There are some problems with IML. First of all, you can get similar trading software free from several companies. These companies make money by taking a commission out of your winnings.
Therefore, there is no reason for them to charge for the software. Because you only pay commission when you win, there is no need for you to pay a monthly fee.
Remember that the forex market is one of the riskiest investments you can make. Though you can win big, you are more likely to lose big. Even experienced traders with lots of hours in to the forex market still lose it all at times in this market.
How can thousands of people make money on this program? If many, many people start buying the currency when the program says to buy, inflation will take its toll and the currency will devaluate.
MLM Compensation Plan
In the MLM part of the business, you make the most money on personally sponsored members, but you get paid four levels deep. Here’s how it works:
Level 1: Personally sponsored members — 30%
Level 2: 10%
Level 3: 5%
Level 4: 5%
After you recruit 12 affiliates, you will add residuals up to eight levels down. There are also bonuses.
What does the BBB say?
I checked the Better Business Bureau rating and found it was a D+. They have had customer complaints that have not been resolved.
So What Do You Think?
Is this a good opportunity? In a sense they offer you two businesses in one. You get thorough training in forex trading, and you can promote the company through a MLM that will pay you to recruit new members.
Here’s what I think:
In-depth training in forex
Chance to earn from trading and from recruiting
Decent compensation plan
Expensive! Too rich for my blood
Great deal of risk in forex
You can join the MLM for $15 a month, but you have no access to the product unless you become an affiliate
I don’t feel this company is a scam. I do feel that reaching success in this venture will not be easy.
You can promote the business and develop a downline, and you can make money from them. However, how many people want to join a business without a product? To have access to the product, you must become a member of the Platinum program and pay the high price.
In order to build a business, you need the forex side of things. You had best study hard and learn everything you can from the training, as it is very easy to lose all your money with forex.
I read a good ten reviews of this company, including one that was all comments from users. They were mixed — some declared the business was a scam and some were pleased.
I think it’s like any business with a steep or long learning curve. Only a small percentage who join reach the money-making stage. All the ones that fail may be rather disgruntled. They may also claim the company is a scam.
If you are really into learning forex training and don’t want to research to find free teaching programs, you might do okay with IML if you stick to it. However, you’d best have a bit of money set aside for investing, not to mention paying your monthly fee. You will have to make some bucks just to cover expenses.
Though I find the stock market fascinating, I believe I will pass on this company. I think there are far less expensive ways to learn what I’d need to know.
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