iMarketsLive Scam: Is iMarketsLive Legit? An Independent Expert’s Review
Traders Union experts answer the question: Is iMarketsLive a Scam? The experts at TU cannot recommend iMarketsLive as a reputable forex trading platform. They incentivize customers to market for them with commissions, but many do not even earn enough to cover the program's cost.
iMarketsLive is a popular forex MLM company. They specialize in selling trading signals in the forex market, but there is general concern about the brand’s integrity due to the history of its founder. So, is iMarketsLive a scam? Is it a safe trading platform?
TU’s experts will answer all these questions – and more – in this comprehensive guide.
What is iMarketsLive?
iMarkets Live was founded by Christopher Terry in 2013. It specializes in MLM, or multi-level marketing, where its product offerings are promoted by independent agents. For example, the broker may offer clients favorable terms if they are willing to promote their services to other potential customers.
Think of it this way – if you promote iMarketsLive to your friends, family, and social media connections, you will be compensated. This is generally done through a referral code or an affiliate link on a blog or website.
iMarketsLive is both an investment company and a broker. It offers clients income each month so long as they advertise the brand and distribute affiliate links. Terry even took advantage of the FXCM scandal to spread details about account blocking, while promoting his company in the meantime.
iMarketsLive Business Model
The iMarketsLive business model revolves around its financial trading software and forex education materials. They advertise that they can take someone who knows nothing about investing and turn them into an expert that can make a living off forex trading.
Once you purchase a subscription to the software, you can watch experts trade live. By monitoring their buys and sells, you can learn their strategies. The platform also allows you to use the same software as them but on autopilot – so you can make the same trades.
The company also claims that this software is worth purchasing because you can also make money by promoting it to others. If you participate in the network marketing opportunity you could also earn commission in that area.
What are Forex Signals?
Another way that iMarketsLive claims to benefit its users is by selling forex signals. FX signals refer to indicators that prompt traders to buy and sell throughout the day. With these signals, you can choose to let the platform automatically trade for you.
In other words, the platform lets you make the same trade decisions as the experts in the company. There are various types of signals, like those based on indicators, chart patterns, moving averages, and more.
The goal is to identify triggers or patterns that can help investors determine where the asset’s value will be moving towards in the future. They can consider factors like momentum, volatility, and volume, but are not guaranteed to predict the correct forex move.
How to Identify a Forex Scam
So, what can you do to identify a forex scam? Many of these fraudulent schemes come in the form of an MLM structure, or a pyramid scheme. These companies work to recruit as many clients as possible, but not so they can invest. These pyramid schemes don't involve any investment activity – instead, they take funds from new customers at the bottom level to pay those who referred them.
While a portion of these funds goes to the affiliates who are advertising the company, another portion goes directly to the owners who are operating the scam. These scams can only continue if they have a consistent stream of new customers. Once that stops, there is no new money coming in – which means the pyramid will crumble and clients will lose their entire investment.
Other forex scams include signal seller schemes. These involve online platforms that advertise tools that can tell you the best times to buy or sell currency pairs to turn a profit. Avoid these schemes by only working with brokers that are licensed and have a history of transparency and positive customer experiences.
Is iMarketsLive Legit?
One of the ways you can determine whether a forex broker is legitimate is by looking at its licensing. iMarketsLive is not a regulated broker and does not hold any licenses – that means they are not held to the same legal standards as other brokers.
You must also consider the claims they make about clients earning an easy, consistent income. According to their most recent income disclosure, most affiliates only earned about $250 per year.
While that doesn’t necessarily mean that they are a scam, it does raise some questions about why they are not registered. Likewise, considering that it can cost upwards of $165 per month to access their basic tools and training most of their affiliates end up losing money.
iMarketsLive Background and Transparency
iMarketsLive was founded by Christopher Terry in 2013, and the company has been riddled with regulatory issues since then. The regulators in Belgium, France, and Spain banned iMarketsLive and warned that they closely resembled a pyramid scheme. The Federal Trade Commission (FTC) also fined iMarketsLive $85million in 2018 for other compliance breaches.
Their website is not very transparent, and you cannot find much information about Terry or their operations on their official website. However, it is known that he was involved with another company named Zeek Rewards – which the SEC shut down in 2012 for fraudulent activities.
Their VP is Alex Morton, who also has a history of fraud allegations and legal troubles. He previously owned Vemma Nutrition, an MLM company deemed a pyramid scheme by the FTC. This resulted in the payout of hundreds of millions of dollars in fines.
Is iMarketsLive a Scam? Is it Legit? The Expert’s Verdict
Although iMarketsLive is not a scam or a pyramid scheme, there is concern about the founder’s history and MLM involvement. They are selling is forex signals and automation software – combined with an affiliate marketing opportunity – so they are not truly a broker.
As a result, the experts at TU cannot recommend iMarketsLive as a reputable forex trading platform. They incentivize customers to market for them with commissions, but many do not even earn enough to cover the program's cost.
Instead, consider using one of the top-rated forex platforms on our list!
Summary
iMarketsLive is an MLM company that sells forex signals and other educational resources about the market. While they are not considered a scam, the founder and other executives have a history of involvement in pyramid schemes.
Many other legitimate forex brokers are licensed and regulated, and we recommend exploring one of those options instead.
FAQs
Is iMarketsLive legitimate?
iMarketsLive works legally, it is not a financial scam. The company specializes in training and sells software.
How does iMarkets Live make money?
The company makes money by selling its own proprietary software.
How do you know if a Forex company is legit?
To find out whether a company is legally operating in Forex or not, you need to check its documents (certificate of incorporation, license).
What does iMarketsLive Sell?
iMarketsLive specializes in selling trading signals and other training materials that teach investors how to buy and sell in the forex market.
How Can You Avoid a Forex Scam?
You can avoid a forex scam by only placing trades with registered and licensed brokers. Likewise, ensure that their primary source of business is the trading platform – not affiliate marketing or other MLM strategies that have no real value.
Is iMarketsLive a Pyramid Scheme?
Although iMarketsLive is not a pyramid scheme, they operate in a multi-level marketing structure and earn revenue by encouraging clients to recruit other customers.
Should You Trade with iMarketsLive?
The experts at TU do not recommend that you invest your funds with iMarketsLive – they are not a registered forex broker, and their MLM model is only profitable for the small percentage of owners at the top.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.