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Is Epic Trading A Scam? The Truth Behind This Forex Trading MLM
Welcome to My Epic Trading Review!
In this post, we will talk about a platform that offers an opportunity to learn about Forex trading and make money from it. It sounds like a legit and valuable platform but there are a few drawbacks. One of which is the price of the program; apparently, you have to spend more than a hundred dollars every month to be qualified for commissions.
Epic Trading Review Summary
Name: Epic Trading
Founders: David McCovy
Product Type: Multi-Level Marketing
Price: $14.99 Every Month + $134.99 For The Subscription
Quick Summary: Epic Trading is a multi-level marketing (MLM) company in the Forex trading niche. It markets and offers a training program called Epic Scholar. However, it still comes with a couple of red flags.
One of which is the owner’s involvement with other pyramid schemes. The other one is the emphasis of its compensation on recruitment. That’s just two drawbacks to watch out and we’ll discuss more in this review.
Overall Rating: 4/10
Considering it’s legit, is it worth your time?
How does Epic Trading work?
What makes it different from similar programs?
Find out all the information you need in this Epic Trading review.
What Is Epic Trading About?
Epic Trading is an MLM company in the forex trading niche. It’s almost the same as Cash FX Group and FBS.
As stated on their website, Epic Trading is a global training company that provides a variety of educational resources, creating the environment for people of all backgrounds to learn a life-long skill while also pursuing their financial dreams and goals.
It doesn’t do forex trading but rather it’s more of a forex trading educational platform.
Their company name EPIC stands for Exceptional People Incredible Compensation. Their mission is to consider the needs and benefits of our members around the globe.
To provide a platform for lifetime learning and tremendous personal growth. To inspire & empower people to take action, have fun, and live a life that can best be described as “Epic.”
Being an MLM, it also offers an affiliate program to what they refer to as Independent Business Owners (IBO). This allows you to participate in and be eligible for bonuses and commissions through their referral compensation program.
Epic Trading was founded in September 2020 and is headed by a Las Vegas, Nevada native and entrepreneur David McCovy.
McCovy has already made a name, particularly in the MLM industry as he was also involved in other networking programs, such as 5Linx, Paycation, and Evolution Travel.
It was around 2014 when he had his first success in the MLM world with 5Linx when he rose to the ranks of Senior Vice President. But later on, he jumped in to join Paycation, which was coined as an infamous pyramid scheme.
The good thing, perhaps, is that his involvement with the said company was only brief, and in 2015 left to start with another MLM, Evolution Travel.
Unfortunately, Evolution Travel continues to operate and it’s most likely a clone of Paycation as it ran the same compensation plan.
It seems that McCovy is operating Evolution Travel and Epic Trading at the same time.
Other people behind the leadership team of Epic trading include the names of Spencer Iverson, President Mark Sterling (Vice President of Sales), David Liciaga (Vice-President of Business Development), Jonathan Green (Global Master Ambassador), and Maxcine Bakhshizad (Director of Forex Training).
Epic Trading Product Line
As mentioned, Epic Trading offers and markets a Forex training program called Epic Scholar. It's an education platform that comes with access to all of Epic’s services including the following:
- Epic University
- Epic Trade Alerts
- Live Trading Sessions
- Fundamental Analysis
- Market Forecasts
- Member Support
The Epic Scholar subscription is $134.99/month. Note that Epic Scholars do not earn bonuses and commissions from Epic Trading’s referral compensation program unless they are also registered as an Independent Business Owner.
They also state that they strongly recommend all members interested in their referral compensation program join as an Epic Scholar first to experience the platform and its services personally before deciding to participate as an IBO of Epic Trading.
Is Epic Trading A Scam?
Well, we can’t conclude that Epic Trading is a scam because it does offer a product one can use and an affiliate program one can earn from. However, we couldn’t also totally conclude that it’s a decent Forex trading MLM.
There’s still just a couple of suspicious activities going on that we can’t just avoid considering it as a pyramid scheme.
Also, the founders’ prior involvement with pyramid schemes makes us doubtful to trust such a program.
Is Epic Trading A Pyramid Scheme/Ponzi Scheme?
As mentioned, we can’t shake the thought that Epic Trading can be a pyramid scheme disguising as an MLM.
Before anything else, let me just clear the difference between networking and a pyramid scheme.
MLM per se is a legit business model. It has tangible products to sell, such as nutritional beverages or cosmetics or it may offer digital services. It also compensates members for the sales that their downlines make. Yes, there’s recruitment involved but they only make money once their recruit was able to sell a product.
With pyramiding, members are directly compensated for inviting a new person.
While Epic Trading promotes services, such as their training, their compensation plan is geared more towards recruitment.
This is considered as a red flag based on the Federal Trade Commission’s (FTC) guideline therefore, you have to watch out!
It’s not a Ponzi scheme though as there’s no promise of a guaranteed or huge return of investment.
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Epic Trading Compensation Plan
As discussed, their compensation plan puts a heavy emphasis on recruitment. Here’s a quick view of it:
Yes, Epic Trading IBO’s are paid on Epic Scholar subscriptions sold to retail customers but greater income comes with recruited affiliates.
Being an MLM, Epic Trading's Compensation Plan comes in affiliate ranks. Commissions are tied to twelve affiliate ranks as stated below along with their respective qualification criteria :
- Founder 1 - Should have to keep at least 3 active personally referred customers
- Founder 600 - Should have to keep at least 10 active customers, 5 on 1st leg and 2nd leg respectively and 2 on the 3rd leg.
- Founder 1000 - Should have to keep at least 30 active customers, 12 on 1st leg, 12 on 2nd leg, and 6 on 3rd leg.
- Founder 2000 - Should have to keep at least 80 active customers, 32 on 1st leg, 32 on 2nd leg, and 16 on 3rd leg.
- Founder 5000 - Should have to keep at least 250 active customers, 100 on 1st leg, 100 on 2nd leg, and 50 on 3rd leg.
- Ambassador 10 - Should have to keep at least 500 active customers, 200 on 1st leg, 200 on 2nd leg, and 100 on 3rd leg.
- Ambassador 20 - Should have to keep at least 1,000 active customers, 400 on 1st leg, 400 on 2nd leg, and 200 on 3rd leg.
- Ambassador 50 - Should have to keep at least 12,500 active customers, 1,000 on 1st leg, 1,000 on 2nd leg, and 500 on 3rd leg.
- Icon 100 - Should have to keep at least 5,000 active customers, 2,000 on 1st leg, 2,000 on 2nd leg, and 1,000 on 3rd leg.
- Icon 200 - Should have to keep at least 15,000 active customers, 6,000 on 1st leg, 6,000 on 2nd leg, and 3,000 on 3rd leg.
- Icon 500 - Should have to keep at least 40,000 active customers, 16,000 on 1st leg, 16,000 on 2nd leg, and 8,000 on 3rd leg.
- Epic Rank - Should have to keep at least 75,000 active customers, 30,000 on 1st leg, 30,000 on 2nd leg, and 15,000 on 3rd leg.
As you can see on the chart above, they also have Epic Rank Rewards that give perks and bonuses such as a Rolex watch, cars, paid trips, and more.
To learn more about Epic Trading’s compensation plan, you can watch the video below:
How Much To Join Epic Trading?
Joining Epic Trading’s affiliate program and being an Independent Business Owner (IBO) costs a $14.99 monthly fee.
They may not say that the Epic Scholar subscription is mandatory but it is most likely that members will be compelled to subscribe so they will be aware and knowledgeable of what they are going to promote.
Being an Epic Scholar costs $134.99 every month and that’s for the subscription alone. Remember, there’s a monthly fee that you also have to pay.
Learn About Forex
Forex trading is tricky; however, there’s really an opportunity here so if it’s something you see yourself doing in the future, it’s good to invest in some learning first. Perhaps, the only good thing about Epic Trading is that they offer resources about the said opportunity but other than that, I don’t see any other pros in joining this program.
Forex Trading Is Not For Everyone
Though there is no direct mentioned involvement of trading done here as the program is more of a training program for Forex and an MLM opportunity, it is not for everyone.
It’s risky, volatile, and most of the time, Forex trading MLMs don’t do good. It’s not to generalize them all but Epic Trading still can be categorized in that niche and chances are that you won’t also do that well.
Owners Involvement With Pyramid Schemes
It may be unfair to assume that Epic Trading might also be a pyramid scheme because of the owner’s previous involvement with such schemes. However, such records are really not good for a company because they would always lead you to question not only the leader’s credibility but as well as the company’s.
Though the IBO membership may only cost about $20 every month; Epic Scholar costs more than $100 monthly, which means that you need to shell out more than a thousand dollars every year.
I guess, it’s also their business stint to make the people subscribe to the Epic Scholar program first and since the IBO membership is not that costly, it would not be surprising to see them sign up for the affiliate program as well.
The thing is, there are free resources found online that you can use if you want to learn more about Forex or even paid programs that won’t require you to pay a hefty amount.
Heavy Emphasis On Recruitment
As discussed, the compensation plan is geared more towards recruitment, and that’s a red flag as this program is more like a pyramid scheme than a legit MLM platform.
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As they claim, Epic Trading has everything you need to develop the skills and master the art of Forex trading.
As an Independent Business Owner in this opportunity, you will have the right to promote Epic’s services and access to a full back office for business management.
If you’re looking for a way to learn about Forex Trading, you might want to consider Epic Trading. However, if you want to earn regular income or even passive income, I can’t recommend this platform.
It’s costly and there are tons of red flags to watch out for. I mean, there are better alternatives that won’t put you and your money at risk, such as the ones below.
If you want to earn an income without the hassle of recruitment and a hefty monthly membership fee, then you should join our #1 recommended program.
Join now and have access to the following:
- One-on-one coaching
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Thank you for reading my Epic Trading Review!
If you want to share your own experience about the platform or you have questions or comments, please feel free to share it below.