I hope it is legit, but I have serious
doubts about this company's claims.
Someone sent me a link to a secret video that "proves
" it's legit. The video shows a few minutes of looking at the account. To save myself some typing, here's what I just sent to the person who sent me the link:
I'm not going to share the video link, but I will make public comments about the video, since I know it's being used to convince people this is legitimate.
I'm not in the habit of flushing my money down the toilet, so I'm not planning to try this. It smells of Ponzi and the video does nothing to allay my suspicions.
The video isn't clear enough to see any numbers. It may be a live account, it may be a demo account. They mentioned the date was correct, but it would be very easy to have 10 demos trading slightly different settings and chose one that successfully closed one trade and showed it on a modest delay.
Another possibility is that the witnesses are shills, which means they could have actively cooperated with filming and refilming until it was right. The source if the video is invested and an affiliate, so has a vested financial interest in having more people sign up.
If the people behind this investment are brave, let them come here and try to convince me with something more than 5 minutes of blurry video presented by someone who's desperate to build his downline.
It's lucky for me I haven't joined MTI. Just pointing out the potential regulatory issues, questioning the video, and pointing out how this shows Ponzi warning signs would probably get me suspended if I was a member. The TOS forbid actions like this:
"making any false or misleading remarks, statements, innuendos or spreading rumours that may disparage MTI, its products or services, its bonus plan, its employees, its founders or other MTI Members or business partners.
Guess what Mirror Trading International. I'm way beyond rumors and innuendos. Your business IS highly suspicious and if you aren't willing to step up and directly and openly address those suspicions, I'll consider that to be one more sign that the company is nothing but a Ponzi scheme.
I'm going to give you a chance I rarely give. Meet my terms and prove me wrong and you win a valuable prize. The contest is called a Pharaoh Challenge
. I've issued it against a number of suspicious investment companies. All have failed. Will you be the first and only to win?
To win, you have to arrange for some facts to prove that you are legitimate.
1. Explain how collecting large amounts of BTC and then pooling that to trade forex somehow means your company doesn't have to be regulated. Please include a direct links to the part of South African regulations providing this exemption and also have the South African FSCA email the FPA to confirm your company does not need to be regulated. Use THIS LINK
to get in touch with the FPA. Someone there will tell you the best email address.
Plus either 2a/b or 3.
2a. Since someone will have already given you the correct email address for the FPA. You are set for the next step. I'm sure the Admin will be happy to keep the details, other than the calculation of profits/losses for each account, confidential. What you need to do is contact each broker that you have a live account with. Ask them to send an email to the FPA with the following info for each live account you have with them:
Account number, Date of first deposit, account currency, total net deposits to account, Current Balance, Current Equity.
2b. Repeat step 2a monthly for 3 months.
Note that if an account opens or closes during a month, that should be noted on the accounts list for that month.
3. Deposit at least $25,000 USD in a live account with a broker not formally marked as SCAM by the FPA, rated at least 2.5 stars, and registered with at least 1 regulator. Make no additional deposits and do not withdraw any money. Have the broker email the FPA with the account number, date of first deposit, account currency, and amount of deposit.
At the end of 3 months, close all open trades and have the broker email the FPA with the account number, date of first deposit, account currency, and amount of deposit, and the account's balance and equity.
This is actually the EASIEST Pharaoh challenge I have ever issued. I'm giving you 2 choices in how to be evaluated.
If you can do this, I expect your returns across all accounts to average at least 8% per month. Considering that your website uses a higher return rate in it's calculator of expected profits, I don't see how this should present any problems for you.
If you meet my terms, I will publicly state that the FSCA has stated that your organization does not need to be registered with them and that your profits are sufficient to legally provide a very high rate of return without the need to use Ponzi-Style methods to pay profits. I will also declare that you are the FIRST AND ONLY company ever to take and pass a Pharaoh Challenge.
If you meet my terms and end up with at least some profits after 3 months, I will publicly state that the FSCA has stated and that your organization does not need to be registered with them and that your company is capable of making at least some profits, which is more than any other challenged company has ever done.
Meet my terms and end with a loss, and I'll tell everyone who collected profits during those months that they need to have a long talk with the FSCA really needs to increase its regulation, since you are paying profits while losing money.
Ignore the challenge or decide it isn't worth your time and effort and many potential clients will wonder if you have something to hide.
Please don't waste time bragging about paying like clockwork. Well run Ponzis do pay like clockwork. Sometimes they only survive for a few months. Sometimes they survive for many years. What they all have in common is that they offer far too much profit and amazingly ambiguous descriptions of where it comes from - and, sooner or later, they collapse.
Here are a few examples from right here in the FPA's forums:
In each of these, there were all sorts of wild claims of how profits were made. There were also attacks against anyone who dared question the magic money trains.
This one is one of my favorites. It wasn't even a managed account company. A big established forex broker suddenly offered some high return investments and had unlimited excuses on why they had no audited records of these mysterious profits. Then one day they stopped paying. Not long after they, and all the money disappeared:
Big returns are a big claim. Big claims should no be believed without big evidence. Keep your money in your wallet and let's all wait to see if MyMTIClub aka Mirror Trading International can come up with even the modest evidence I've requested or not.