Can anyone tell me about My MTI Club? (mirrortradinginternational.com/mymticlub.com)

thePridge

Recruit
Messages
9
Some brokers do accept deposits in BTC. The drawback is that BTC is very volatile, so a downturn could deeply damage the dollar value of the account. To claim to have profits every day as the value of BTC widely fluxuates against the value of the currencies being traded only makes the whole Mirror Trading scheme seem that much more likely to be a scam.

One reason I can think of for an account manager to want clients to deposit in BTC instead of actual money is that this bypasses all the usual checks done on bank wires. Yes, all BTC transactions are recorded in the blockchain, but it's easy have the BTC to be placed into an anonymous wallet, then go to a crypto conversion site, and swap that BTC for some other crypto. Then move it somewhere else, convert it to cash, and laugh at all the fraud victims who can't trace were their money went.
I sent a ticket to FXChoice a while back... to ask if you deposit BTC if it gets converted.
Their reply:

Thank you for contacting us.

We offer the option to fund a USD trading account directly with Bitcoin. The funds will be automatically converted into USD if this is the currency of your trading account then you will be able to trade in USD. To deposit Bitcoin to your trading account, you will need to:
1. Log into your Backoffice profile: https://my.myfxchoice.com/login/
2. Go to the "Deposit" section and choose "Bitcoin"
3. Fill out the form so the system will generate your payment details (including the BTC Address where you need to send your Bitcoins into)
4. Use the generated details to complete the payment procedure through your external Bitcoin wallet account

Bitcoin deposits usually take 1 - 2 hours (sometimes more depending on the Bitcoin network) or once you receive at least 6 confirmations on blockchain.
As soon as the deposit is complete and we receive your funds, you will be notified via e-mail and the funds will reflect in your account.

Please feel free to contact us if there’s anything else you need help with. You may also contact us through our 24/5 Live Chat service for an immediate assistance.

Best regards,
FXChoice Team
It makes sense that you can't just dump 11 000 BTC somewhere (or 5% or whatever was mentioned) and somehow magically trade forex pairs against each other. Right!? You NEED dollars if you want to trade USD for EUR etc? Right? I'm not sure... anyone know for sure?
 

Pharaoh

Colonel
Messages
19,899
It's possible that different brokers may take different approaches. Since FX Choice already responded to one question about this, why not ask them for clarification?
 

George A.

FxChoice Representative
Messages
19
Public statement about Mirror Trading International

We want to make a public statement about Mirror Trading International (MTI). As we have been mentioned as their broker in the company’s marketing materials, we want to set the record straight.

Our company is regulated by the IFSC of Belize, and we have a strict KYC procedure in place for our clients. We endeavour to avoid any client pools where the beneficiaries are hard to identify. MTI opened an account declaring that all the funds they were going to trade were their own. Due to large deposits, and the fact that FXChoice was mentioned in their marketing videos, we had to take a closer look at MTI.

MTI opened a personal account profile in 2017 under the name of its current CEO, but we didn’t notice any suspicious activity with the trading volume and the deposits were small. Their activity picked up in May 2020; by this time, the account had been converted to corporate status. This was when the deposits and trades were made.

Our research leads to the realisation that MTI is a multi-level marketing pool that claims high returns from trading Forex for their members using artificial intelligence software. Additionally, MTI uses a very aggressive multi-level marketing campaign with high rewards to get new investors into the pool. Due to this new information, we blocked MTI’s account on 10th June. This was when the last trade was closed. We requested additional documents from MTI to confirm the source of their funds. We are still waiting.

Our concerns were later confirmed by a statement from the Texas Securities Commission on 7th July and the AMF of Canada a week later.

We want to make it clear that the information naming FXChoice as the broker where MTI executes its Forex operations is inaccurate. The same can be said about their claims of using artificial intelligence software. Before the account was blocked, they executed just a few trading operations, which were performed manually, large and incurred substantial losses.

To summarise our statement: We would like everybody involved in MTI to understand the risks. Paying out such a consistent stream of profits, which is nearly a 100% return on investment in one year, to investors by trading Forex is hard to believe. Forex is not the same as owning a bond where you receive a percentage. It is about risk-reward where the larger the reward you received, the larger the risk you took. We note that there is no single proof of the efficiency of MTI’s operations.
 

thePridge

Recruit
Messages
9
It's possible that different brokers may take different approaches. Since FX Choice already responded to one question about this, why not ask them for clarification?
I pestered them the other day via chat... And now the post with the official statement has come out. Glad to see they are serious about holding the people on their platform accountable.
 

Pharaoh

Colonel
Messages
19,899
Wow. A broker with the . . . let's be polite and say guts to make a public statement. So many others would just say "we aren't allowed to comment", but I do admire the very few who will step up in a situation like this and offer facts. (Disclosure - I don't have an account at FXChoice. I'm still keeping all my FX cash with a US broker. I'm just happy to see them stepping up in a case like this.)

Let me just focus on the last 2 paragraphs. Bold highlights are mine.

We want to make it clear that the information naming FXChoice as the broker where MTI executes its Forex operations is inaccurate. The same can be said about their claims of using artificial intelligence software. Before the account was blocked, they executed just a few trading operations, which were performed manually, large and incurred substantial losses.
For any remaining True Believers, this is the PROOF that the whole MTI thing was nothing but a pile of lies from day one. Little if any of your money was traded at FXChoice. There was zero sign of any artificial intelligence software or other magically profitable trading method. Instead, the few trades placed were manual and LOST MONEY. All of this happened while the people in charge at MTI and the people promoting MTI still bragged about making big profits.

There are stages to grieving, even for dead dreams. I suggest you skip right past denial. The corpse is laying on the slab in front of you and the autopsy plainly shows claims of profitable trading superpowers were all lies. Instead, skip ahead to anger. Don't be angry with those who "killed your dream." It was never real. The longer it went on, the more people would be feeling exactly like you do now.

Instead, be angry with those behind this cruel false dream. Get on the phone with the South African, Canadian, and Texas financial regulators. Give the every email, all information about all deposits and any withdrawals you made so that they can do a better job tracking the money. If some affiliate of MTI got you into this fake investment, include all of that information too. Soon (maybe already), MTI will stop answering the phone and won't permit any withdrawals. The evidence that each and every one of you needs to provide to the authorities is your only hope to get back at least some of your money.

To summarise our statement: We would like everybody involved in MTI to understand the risks. Paying out such a consistent stream of profits, which is nearly a 100% return on investment in one year, to investors by trading Forex is hard to believe. Forex is not the same as owning a bond where you receive a percentage. It is about risk-reward where the larger the reward you received, the larger the risk you took. We note that there is no single proof of the efficiency of MTI’s operations.
Let's all jump up and shout TRUTH! Real investment in the markets comes with risks and rewards. The laws of finance work the same everywhere - increasing the targeted reward significantly will increase the risk significantly. Anyone who says otherwise needs a pile of ironclad proofs or else you can save yourself a lot of cash and just walk away from them before you get scammed. Any legitimate investment company would warmly welcome questions, instead of threatening to eject members who ask questions. Any legitimate investment company would eject an affiliate who attacked people who asked questions and asked for evidence.


@ludoamy the Ponzi fan,
You seemed to like FXChoice, back when you could claim they backed up your sales pitch. Why are you still cowering under whatever rock you live under instead of coming out and admitting that you were not only dead wrong in everything you said, but were actively promoting something you likely knew was a scam? I hope your whole family disowns you when they figure out what a worm you really are. I also hope everyone you referred reports you to the the South African authorities. Some may say I'm being overly harsh with you. I think I'm letting you off lightly. You joined this thread to promote not only Mirror Trading International's scam under your affiliate link, but also to promote another probable scam under another affiliate link. You not only rejected any valid suspicions, but also did the typical scammer slime maneuver of trying to cast doubt onto anyone who pointed out flaws in this fake money train you were selling tickets to. In my personal opinion, this makes you an active accessory to financial fraud. I hope the authorities agree with me and investigate your actions. I hope you get to spend at least a few years in prison to contemplate your crimes. I also hope you are personally held liable for the losses experienced by anyone you referred and are forced to pay back every cent with interest. (NOTE to the authorities - Ludo gave his full name earlier in the thread. I also am sure the FPA's forums admin would be happy to turn over Ludo's IP addresses and email address if you send a request.)
 

Max A

Recruit
Messages
4
I can't say for sure who wrote this nonsense but I had fun reading it. It was mention that it's from the crypto analyzer. You can easily find his channel on youtube and seems he has quite close relations with MTI.
 

Attachments

Pharaoh

Colonel
Messages
19,899
By close relationship, I'll guess that crypto analyzer is an affiliate.

There's one very easy way for investors to prove that a suspicious investment not a Ponzi, but this requires the bulk of investors to work together. At the same time, pull out 98% of all investments. Since the returns are supposed to be absolute miracles, this will only be a tiny inconvenience to the company. If the bulk if investors really get 98% of their funds (investments AND profits), then it's probably real (but still likely very risky). If it's not, then the delays and excuses will begin instantly.

In this case, the choice is to trust a company that hasn't provided one scrap of verifiable proof, has provided some very suspicious and unverifiable trading statements as evidence, has a track record of loss with the broker they claimed to be trading with, and has at least 2 regulators (so far) issuing warnings or to trust the regulators and the broker that are doing all they can to warn investors that this is a scam.

The safe option is for every investor to withdraw 100% of their initial investments now. This leaves whatever alleged profits there are to generate more hypothetical returns. Even this will break a Ponzi if the scammers have already blown enough cash, so your time to withdraw anything is likely to be very limited.

Investors also need to share that info with the regulators. In the end, whether this is proven to be a scam (highly) or somehow magically is not (highly unlikely), more evidence will make verifying the truth faster.

In the meantime, MTI and its affiliates will continue making excuses and encouraging new deposits. Just because their scam ship is sinking fast doesn't mean they won't try to sell more first class tickets to financial ruin to people who can't understand the obvious warning signs.
 

ludoamy

Ponzi Promoter
Messages
8
Wow. A broker with the . . . let's be polite and say guts to make a public statement. So many others would just say "we aren't allowed to comment", but I do admire the very few who will step up in a situation like this and offer facts. (Disclosure - I don't have an account at FXChoice. I'm still keeping all my FX cash with a US broker. I'm just happy to see them stepping up in a case like this.)

Let me just focus on the last 2 paragraphs. Bold highlights are mine.



For any remaining True Believers, this is the PROOF that the whole MTI thing was nothing but a pile of lies from day one. Little if any of your money was traded at FXChoice. There was zero sign of any artificial intelligence software or other magically profitable trading method. Instead, the few trades placed were manual and LOST MONEY. All of this happened while the people in charge at MTI and the people promoting MTI still bragged about making big profits.

There are stages to grieving, even for dead dreams. I suggest you skip right past denial. The corpse is laying on the slab in front of you and the autopsy plainly shows claims of profitable trading superpowers were all lies. Instead, skip ahead to anger. Don't be angry with those who "killed your dream." It was never real. The longer it went on, the more people would be feeling exactly like you do now.

Instead, be angry with those behind this cruel false dream. Get on the phone with the South African, Canadian, and Texas financial regulators. Give the every email, all information about all deposits and any withdrawals you made so that they can do a better job tracking the money. If some affiliate of MTI got you into this fake investment, include all of that information too. Soon (maybe already), MTI will stop answering the phone and won't permit any withdrawals. The evidence that each and every one of you needs to provide to the authorities is your only hope to get back at least some of your money.



Let's all jump up and shout TRUTH! Real investment in the markets comes with risks and rewards. The laws of finance work the same everywhere - increasing the targeted reward significantly will increase the risk significantly. Anyone who says otherwise needs a pile of ironclad proofs or else you can save yourself a lot of cash and just walk away from them before you get scammed. Any legitimate investment company would warmly welcome questions, instead of threatening to eject members who ask questions. Any legitimate investment company would eject an affiliate who attacked people who asked questions and asked for evidence.


@ludoamy the Ponzi fan,
You seemed to like FXChoice, back when you could claim they backed up your sales pitch. Why are you still cowering under whatever rock you live under instead of coming out and admitting that you were not only dead wrong in everything you said, but were actively promoting something you likely knew was a scam? I hope your whole family disowns you when they figure out what a worm you really are. I also hope everyone you referred reports you to the the South African authorities. Some may say I'm being overly harsh with you. I think I'm letting you off lightly. You joined this thread to promote not only Mirror Trading International's scam under your affiliate link, but also to promote another probable scam under another affiliate link. You not only rejected any valid suspicions, but also did the typical scammer slime maneuver of trying to cast doubt onto anyone who pointed out flaws in this fake money train you were selling tickets to. In my personal opinion, this makes you an active accessory to financial fraud. I hope the authorities agree with me and investigate your actions. I hope you get to spend at least a few years in prison to contemplate your crimes. I also hope you are personally held liable for the losses experienced by anyone you referred and are forced to pay back every cent with interest. (NOTE to the authorities - Ludo gave his full name earlier in the thread. I also am sure the FPA's forums admin would be happy to turn over Ludo's IP addresses and email address if you send a request.)





Hey Pharao, here i am.
First of all i will NEVER hide for you my PC Hero...!!!!!! I was the one who reacted with my full name and foto. You instead hide behind profile foto and username. I dare you to meet me live in front of my nose. And then tell me the same things you PC Hero wrote about me...!!!

Okay, that said i will tell you guys my story! Because there is always a story behind a story.
Half a year ago i was fresh and new with MLM (Multi Level Marketing business) After a few times being scammed i tought first do my research before entering a next company. I realy tought MTI was legit.
I posted what you all have seen and left this forum because i have live contact with FX Choice over the email and never look back at this forum. So what you all said about me i didn't hear, otherwise i had responded directly. I was in MTI for a fwe months and got a stange feeling in my stomach. Something was telling me that it was not that legit as i tought. I was in with 4.7 Btc (believe me, if i thouht it was a scam i would never had put in 50k at that time. And if you want a screenshot for prove, no problem) and pulled out all my Money.
The same day i called and emailed all 25 people i put in MTI that there is a panic and all the people are out MTI for 3 weeks now. So my team is safe.

A little sorry for almost everybody except Pharao, because he only want to scream and yell like a child with your years in jail pffffff you idiot. I dare you to show your real profile foto and name. But i think that is not your style...!!! Come to the Netherlands and we will talk like real man do my little PC Hero..!!

For the rest of the people, have a nice day..!!

Best regards,

Ludo Schellens
 

Maxima

Recruit
Messages
1
So anyone can join the Forex Army claiming that they are who they say they are, using a brokers logo and telling they have an official announcement? Without any identity check? If that was the way my palace was run I would get a divorce!

FPA Forums Team Note: Look at George A.'s user title, right underneath his name. It says "FxChoice Representative". Users cannot set their own titles. Only users with verified addresses at a reviewed company get listed that way. If you want to prove this to yourself, try to reset your own user title to match his.
 
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