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Is Mirror Trading A Scam? Let’s Delve Deeper Into This Forex MLM!
Welcome to my Mirror Trading Review!Forex MLMs are not new in the industry. Though most of the businesses operating on such platforms have been stereotyped as a scam, Forex itself is not a pyramid scheme. In fact, there are still quite a handful of legit ones.
Mirror Trading Review Summary
Name: Mirror Trading
Founders: Johann Steynberg
Product Type: Multi-Level Marketing
Price: $100 To $10,000 For The Investment
Quick Summary: Mirror Trading International(MTI) is a multi-level marketing company in the forex niche. It’s a company with a couple of red flags; it’s even labeled as a pyramid scheme!
It’s not even registered, which simply means it's running illegally It’s also pretty expensive to join so definitely, it’s something you want to avoid.
Overall Rating: 2/10
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Now, we will be talking about a forex MLM called Mirror Trading International. The opportunity promises Bitcoin returns on investments but the question is: is it legit or another scam?
Will joining this be a great idea or it’s just another waste of time and money?
How does Mirror Trading really work?
You’d most probably come into a definite decision as you go through this honest Mirror Trading review so be sure to read the entire post.
What is Mirror Trading About?
On their website, it says that Mirror Trading International (Pty) Limited is a South African registered company. It offers Forex trading services by using an automated system to trade with the trading pool on behalf of its members.
Apparently, takes the hassle out of Forex trading by doing it all for you. You don't have to do anything to earn a return - everything is passive and done for you.
It’s basically a crypto MLM that focuses on Forex trading as they also utilize digital currency - bitcoins in investments, trading, and in payouts to members.
It’s almost the same as Tradera and Midasama.
Johann Steynberg- CEO& Founder- Mirror Trading International
Mirror Trading International was established in April 2019. It was founded by Johann Steynberg, who is from Polokwane in South Africa. He stands as the CEO and founder of Mirror Trading International.
The company’s head office is in Stellenbosch, Western Cape, South Africa while 2 satellite offices are also found in Randburg, Gauteng, and one in Strand, Western Cape, South Africa.
Well, as claimed on their website they got over 100,000 members that are all over 100 Countries on 7 Continents.
Mirror Trading International Product Line
There are no retailable products to sell in Mirror Trading International and what the Affiliates in the opportunity only market and promote is the membership itself.
Is Mirror Trading A Scam?
Most information points out that Mirror Trading International is a scam. There’s no actual product and the main agenda is recruiting which is bringing people into the program.
It works more like a Ponzi rather than a legit networking company.
And as mentioned, one of the major red flags of Mirror Trading International is that it’s not registered to offer a passive investment opportunity in any country. Considering this, it means that everything done through it is unlawful.
Is Mirror Trading A Pyramid Scheme/Ponzi Scheme?
A pyramid scheme is a fraudulent system of making money based on recruiting an ever-increasing number of "investors.
And as in Mirror Trading International, there's no product to sell and the only thing affiliates promote is the membership itself. Since there are no retail sales, there’s recruitment hype as the membership investments will be the sole source pool of pay to affiliates.
In case you didn’t know, this is illegal in almost every part of the world. It’s also not sustainable, as those in the higher part of the pyramid will gain the benefits but those in the lower tier would end up losing it all.
But if there’s no more to recruit, it’s indeed guaranteed to fail. So definitely, Mirror Trading International is a Pyramid Scheme.
It’s also a Ponzi scheme as it deceives affiliates/ investors about the source of the company's revenue. They may claim to give automated returns without you doing anything but in reality it isn't really getting returns from trading Forex because most, if not all, of the revenue, really comes from recruitment and new investments.
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Mirror Trading Compensation Plan
Since there are no retail sales, income will be solely from investments made by your recruits as an affiliate. Affiliates can earn money through trading as well as networking.
- Recruitment Commission - When you sponsor or recruit an affiliate using your own affiliate link, you get 10% based on what your affiliate invested.
- Binary Residual Commission - Mirror Trading International uses a binary structure to pay Binary Residual Commissions. This structure distributes affiliates in two sides (right and left), which can be filled up through directly and indirectly-recruited affiliates. At the end of every week, Mirror Trading International tallies up the new investment volume on both sides of the binary team. Then, it pays its affiliates a 20% binary residual commission of the returns generated company-wide.
Nonetheless, the amount of this commission depends on the funds invested in the company, as shown below.
- Earn a binary residual commission down 10 levels if you invest $200 to $999
- Earn a binary residual commission down 20 levels if you invest $1,000 to $4,999
- Earn a binary residual commission down 30 levels if you invest $5,000 to $9,999
- Earn a binary residual commission on unlimited levels if you invest 10,000 or more
Leadership Bonuses - There are 2 kinds of leadership bonuses based on how you help your personally sponsored team members. This is a recent bonus because the traders’ fee was reduced, so the MTI decided to use the savings to pay out more commissions. The company could have kept the extra 5% but they choose to make it available to the members.
Mirror Trading International (MTI) uses their trading software to produce a return on investment (ROI) on the invested funds Daily profits are divided and paid out each Saturday as follows:
- Members get 40% (profits received daily)
- Traders get 25%
- Binary/MLM gets 20% (profits receive each Saturday)
- Leadership Bonus gets 5%
- Mirror Trading International gets 10%
It’s essential to note that Mirror Trading International uses Bitcoin as its base currency, meaning that all payments in and out are made in Bitcoin.
See more about their compensation plan in this video
How Much To Join Mirror Trading?
Joining as an affiliate into their program will cost you a minimum investment of $100 but you’ll have to pay a minimum of $200 to be eligible to enjoy the full compensation plan.
You can also go up to $10,000 if you want to take hold and maximize your earnings in their compensation plan. And in this kind of scheme, the more you invest, the more you’ll earn.
Honestly, there’s nothing really to like about Mirror Trading International and what it offers. After knowing it’s a scam, are you still willing to take the risk?
It’s not even registered, thus it’s operating illegally. =
It’s Not Registered
Mirror Trading International comes with promised returns from investment, which are even automated.
Sadly, they are not registered to do this so, in other terms, they are breaking security laws. This alone can be a major red flag and an eye-opener to avert such opportunities!
Pyramid And Ponzi Scheme In Hiding
Mirror Trading International is a Ponzi Scheme. Since there are no retail products, affiliates will have to buy the membership instead. If you will check the Federal Trade Commission’s (FTC) guide, you will learn that having no retail sales is a red flag.
Also, the reason this company isn't registered properly is they'd have to prove their investment claims. They may assure you with automated returns but the truth is that it’s just a deceptive claim.
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Their website is equipped with resources needed by affiliates to learn more about their business. Tutorial videos are also available online for those who want to know more. As an affiliate, they’ll also be given access to the back office and other materials needed for MTI.
With all the red flags and fraudulent schemes, Mirror Trading International is definitely a scam! It may present itself as an enticing opportunity but the truth of the matter is that it’s a business that only survives through recruitment as the funds invested by affiliates will be the sole pool of income.
It's also not registered to sell plus there's pyramid recruiting without a product and there's clearly a misleading interpretation of their investments. Indeed, it’s a Ponzi and Pyramid Scheme. So, joining in such operations is illegal. And because of that, you can get in trouble promoting this company.
You’ll probably foresee it being shut down by the FTC in the near future. It’s also pretty expensive that will even cost you up to $10,000.
Mirror Trading International was probably a business intended for those who are MLM-skilled individuals and fond of forex and cryptocurrencies such as bitcoins but it turns out to be fraudulent in any way, so it’s definitely not good for anyone. So, it’s definitely a NO! Don’t wait for your thousands of dollars, your time and effort go to waste!
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Thank you for checking out my Mirror Trading International review and if you have any questions or clarifications, please feel free to share it below.
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