Is Imarketslive a Scam? All you Need to Know!
This program that was founded by Christopher Terry has been described by most people as the ultimate or most prominent forex trading service available. But, Is IMarketsLive A Scam? You will find it disheartening to know that this is just a plot by Terry to make huge fortunes from people. Most people have concluded that the IMarketsLive official website just tells potential traders what they want to hear.
Product Name: IMarketsLive
Founder: Christopher Terry
Product Type: Forex trading
Best For: Promoters
Price: $15 to $195.
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What Is IMarketsLive?
Otherwise known as International Markets Live, IML was created in 2015 by Christopher Terry and claims to offer a wide range of services that would help forex traders trade on the market. According to their official website, they offer traders live trading rooms as well as videos where acclaimed expert forex traders like Terry trade.
As stated by the official website, several software solutions have been developed. Some of this software include; FXSignalLive which is an automatic software that would be able to mirror trades that have been taken by experts from IMarketsLive.
The Harmonic Scanner is another software package that has been designed to identify most of the prominent key harmonic patterns right in your MT4 platform. The website promotes these custom-made tools as exclusive meaning that users can get access through paid membership. According to the website, membership for these exclusive services is about $195 which comes with a monthly fee of $145.
It has been discovered that the creator of this website Christopher Terry had entered into a partnership with Scott Carney who himself is a well-known Harmonic Trader. This collaboration led to the creation of the Harmonic Scanner.
It has also been discovered that Carney, on the other hand, had developed his own harmonic scanner which he named “Formation Seeker.” The Formation of Seeker is sold at a much lower price of $99. The question now is; would you rather not buy this software from the creator than buy from Terry who sells his at a higher price?
What Are The Products That IMarketsLive Offer?
According to its official website, IMarketsLive focuses on the trade of forex trading software. They claim that the products they offer are worth thousands of dollars because they claim that users would use them to make huge sums in the coming weeks.
According to the official website, IMarketsLive offers its users the following packages or products.
The FX Signal Live; according to the website, this software helps to make the trading and investment process shorter. Rather than have people spend a considerable amount of years to learn about trading and investment, this tool makes the process a lot easier than normal.
The Live Training room; this product or the package of the IMarketsLive is exclusive for only members that have opted for the paid membership. It shows the CEO of IMarketsLive Christopher Terry, offer all paid members financial and trading advice.
The Harmonic Scanner; this package or product is able to identify the patterns of the market at the same time ensuring that these patterns are explained to the traders in simple and easy language.
Training Education; this product has been made available for only paid members. It offers them an in-depth and well-founded analysis of the company along with training modules, webinars, articles, and videos that are designed for members to review.
How Their Compensation Plan Works
Like most of the other MLM websites, the IMarketsLive has a structure. There are also several levels that affiliates would have to get to before they are able to earn a commission. The levels and their compensation plan include;
- Level 1; affiliates that have been personally sponsored get a commission of 30%.
- Level 2; affiliates get a 10% commission
- Level 3; affiliate stand to gain 5% commission
- Level 4; affiliates stand to gain 5% commission
According to the website, the residual commission that is provided on their custom-made trade is three by eight (3 by 8). That is three branches each of them having their own branches. The compensation plan works in such a way that any time this recruits of each affiliate pay for any of the subscriptions, the affiliate gets about 8% commission.
To access the levels, you would be required to move up with the company. The official website clearly reveals that each affiliate that has been able to unlock all the levels would have gotten about 12 new affiliates or recruits under them.
This clearly means that the website is simply like the other MLM websites that encourage affiliates to convince others to register on the website and also pay for a monthly subscription.
How IMarketsLive Works
IMarketsLive works in such a way that affiliates would have to join and pay for subscriptions. Potential affiliates would be required to either join as IBO’s or as customers. For IBO, you will be required to pay $15 for the subscription package and a reoccurring $15 for a monthly fee.
For those who want to be customers, they would be required to pay $195. The money would be for the Platinum package. Also, they would be required to pay a monthly fee of $145. Subscribing for this package unlocks what they refer to as the “multiple level earning potential.”
If you take a closer look at the membership process, you will find out that you cannot become a member of the website without being referred by someone.
This is put in place to ensure that the funds you pay for various products are passed to the top. When you join, you would have to register under an affiliate and would be termed a “downline.”
Like most of the other forex websites that claim to teach individuals how to trade, the funds that are paid by new recruits are used to enrich those at the top while only a small percentage is allowed to get into the hands of the affiliates.
With this in mind, we can conclude that IMarketsLive was not created for traders, it was created for those that are able to convince or market products. The main objective of the company is to search for new recruits that would be willing to pay for subscriptions as well as monthly fees.
Unknown to most people, once you become an affiliate and you have been able to make little money from the tools and products as well as commissions, they would pressure you to become sales personnel.
Instead of making use of the acclaimed trading tools, you will be required to network the website to others so that they may become members as well.
The compensation plans that have been put in place are not actually for traders; they are for marketers that have successfully convinced others to join the website.
Why IMarketsLive Could Be A Scam?
Most people have referred to this website as a scam. We will point out some of the salient reasons why they say so;
The name behind the website has a dark past; Terry prides himself as one of the leading forex traders and has claimed to have made over $80 million from trading. He also claims to have traded on a corporate account and claims to have made over $50 million from the trading of forex. The question most people have asked is if really Terry made his acclaimed fortune through the trading of forex.
After a careful investigation was carried out, it was discovered that there are no clear or sufficient records to back up Terry’s claim. One thing most people have wondered is; if he (Terry) were to be a well known and respected trader that has made millions from the market, would he not have been interviewed in any of the news stations? Traders like Warren Buffet and George Soros who are well-known traders have been interviewed countless times.
They are not focused on trading but on the promotion of the website; unlike the claims written on the website, IMarketsLive does not offer traders or would-be traders tools and strategies that would help them become efficient traders, rather, it pressures them into marketing the website and convincing others to become members. They are simply focused on selling their products and packages than they are on actually helping their members become efficient traders.
Pros And Cons of IMarketsLive
- Well organized products and packages
- It has a contrary earning plan
- Does not actually educate traders
- Was not developed for traders but for marketers
The question remains, Is IMarketsLive A Scam? Well, on their website, they claim that affiliates can earn over $125,000 in just a week when they subscribe to any of their plans. Also, in their disclaimer, they mention that they do not guarantee affiliates any exact amount of money. Does this show they are serious? A legitimate website would not put up contents that are contrary to their promise.
If you think that IMarketsLive is not for you, and if you still on the fence for a real make money online opportunity, make sure you read my wealthy affiliate review.