iMarketsLive Scam Warning
Update January 2018: Avoid The International Markets Live Scam Says FSMA.
Friends and internet neighbors, there have recently been a lot of people that have been complaining about iMarketsLive. Complaints have ranged from a lack of commission payments to complaints about the CEO Christopher Terry. There was even a warning that briefly appeared on businessforhome.org. My subscribers have requested that I take a look into this money making opportunity. Here is what I have found.
International Markets Live provides highly effective tools & services to help traders make the right decisions in the Forex & Futures markets. Our services are exclusive and can only be accessed through our membership. Led by a brilliant & experienced executive team, the company is growing exponentially and is currently helping tens of thousands of traders become successful.
The IML Harmonic Scanner automatically draws and labels different harmonic patterns in the Forex market right on your MT4 platform. Think of it as your full time unpaid assistance, that never takes a coffee break, and is only focused on providing the best of the best Harmonic Trade Opportunities.
Whether you’re sleeping, partying, working, or all three, your trading account will automatically mirror the trades our experts make. You can turn it on and off whenever you like, but most importantly- it’s hands free!
Here is how iMarketsLive is presented:
International Markets Live Inc. was formed in New York State on August 27, 2013. Christopher Terry claims to be the CEO of the company, but when I checked the corporation listing with the NYS Department of State Division of Corporations I found the following:
Chief Executive Officer
ISIS DE LA TORRE
80 COLUMBUS CIRCLE
NEW YORK, NEW YORK, 10023
On their website they list their address as the following:
International Markets Live, Inc.
45 Rockerfeller Plaza
New York, New York, 10111
This address is a virtual office.
Also, they listed their address as: International Markets Live LTD., Suite 7, Harpenden Rivers Lodge, West Common, Harpenden, UK, AL5 2JD and even more recently 2nd Floor 9 Chapel Place, London, United Kingdom, EC2A 3DQ.
Up until recently, iMarketsLive was being run as a recruiting scam. Endlessly recruiting people into the business opportunity and having representatives personally purchase the products to qualify for commissions was clearly the focus of the money making opportunity.
There have been substantial changes to their compensation plan to become complaint with the law. In a recent webinar these changes were announced.
What I find even more disturbing in this webinar, is how limited Christopher Terry’s knowledge is of how to demonstrate and use the tools his company is rolling out.
Also, they have started having problems with customers accounts being locked in US Regulated Forex brokers. Here is a letter from FXCM:
We are contacting you regarding the status of your FXCM account. We received notice from our Trading Desk that your MT4 account ending XXXX has been modifying orders at an excessive rate. We report each modification to the regulators at the National Futures Association (NFA), and in doing so, there’s a cost associated with the reporting. If the modifications are excessive, it creates an unnecessarily higher reporting cost for FXCM. It appears that there is a system or Expert Advisor (EA) applied to the account which is excessively modifying orders on the account resulting in this higher reporting cost for FXCM.
With that being said, the account will be locked effective immediately from the delivery of this notice to the email address on file. – Source iMarketsLive Email Update
They want you to move to unregulated Forex brokers to avoid these locked account problems.
Here is an excerpt from Christopher Terry’s bio listed on the iMarketsLive website:
Mr. Terry began this journey in construction, both as a worker and eventually as an owner, for nearly 12 years. In 1995, he discovered commodities trading and began to immerse himself in the markets. In just 3 years, he was confident enough to walk away from his Construction Business, which had generated sales in excess of $40 million that same year, in order to become a full time trader. Construction offered a great income, but not a lifestyle, while trading offered both a great income and a great lifestyle.
Soon Mr. Terry and Linda Raschke became partners, working together until August 2012, providing one of the Leading Educational and Live Trading Websites on the Internet. While in that partnership, Mr. Terry was the head moderator for the Equities and Futures Live Trading Rooms, and operated the Swing Trade Charting Service, since the year 2000.
Mr. Terry began to realize that at this point in his life it was his calling to help change people’s lives on a massive Global scale through a marriage of Network Marketing with Professional Trading.
This is why, in August 2012, Mr. Terry made the decision it was time to act on this Philosophy, and International Markets Live, Inc. was born.
They leave out the MLM he was involved in right before iMarketsLive.
Here are some excerpts from a 2012 interview with Christopher Terry:
I was actually in Amway for several years in the 1990s. I was fortunate to hit levels of success here in the United States in that company. I then went overseas as Amway opened up new markets, which gave me the opportunity to have an international business. I owe my “positive thinking” to that network marketing experience, since the leaders in Amway always recommended we read positive thinking books and listen to positive thinking tapes. At the time many considered it “brain washing.”
Interesting story! I was dating a girl and she was bragging about how her boss was making $5,000 a month in some business and that I should talk to him, so I did. He signed me up, and then my girlfriend, the very one who told me to speak to him, wanted me to quit because it was Amway! I told my sponsor that I had some problems and I had to quit. He told me, “Get rid of the problems.” So, I broke up with my girlfriend and built Amway, and as you already know, I became very successful in that business!
What were your first thoughts when you were introduced to the specific business we are in together?
When I saw the opportunity in the industry you and I are in together, I saw an industry that was young, dynamic, and that people loved. It has a place in the market because it meets people’s desires to find a bargain and/or make a deal. Also, it is VERY profitable, so I wanted to be a part of it. I got in first, and then I learned about it as I grew with it. I have not looked back. I have built an incredible team that’s growing in leaps and bounds. You are a part of that team, Denise, an amazing student and downline member.
In the above interview Denise and Christopher Terry do not directly mention Zeek Rewards, but Denise lists the three MLMs she is involved with in response to a Quora question shortly before the interview. Zeek Rewards is clearly the one they are talking about in the interview.
Scamming in Today’s Forex Market
A persistent scam, old and new, presents itself in some types of forex-developed trading systems. These people tout their system’s ability to generate automatic trades that, even while you sleep, earn vast wealth. Today, the new terminology is “robot,” because of the ability to work automatically. Either way, many of these systems have not been submitted and tested by an independent source for formal review. Examination factors must include the testing of a trading system’s parameters and optimization codes. If the parameters and optimization codes are invalid, the system will generate random buy and sell signals. This will cause unsuspecting traders to do nothing more than gamble. – Source investopedia.com
The Foreign-Exchange Market Is Luring Record Numbers of Retail Investors—but the Potential Pitfalls Are Huge.
“I think individuals should allocate zero dollars to currency trading,” says Joshua Brown, vice president of investments at Fusion Analytics Investment Partners LLC, an asset-management firm in New York. “To go to an online brokerage and think you’re doing anything more than gambling is foolish.” – Source Wall Street Journal
Christopher Terry is encouraging people to purchase his products and invest in Forex without considering the massive risk involved in Forex trading. As any investor knows the higher the return the higher the risk.
Truth In Advertising was able to get access to over 60 pages of complaints about iMarketsLive from the FTC. Here is one of the highlights:
IBO Kit is$15.00 for the first purchase, and $15.00 monthly for a subscription fee.
Platinum Membership is $195, and $145 per month for trading signals, trading services and team building support.
Live Trading Room
Harmonic Pattern Scanner
FX Signals Live
To become eligible for earning commissions from this compensation plan, you have to be a Platinum Director. To become a Platinum Director, you must first enroll as an Independent Business Owner (IBO) by completing the IBO Agreement and subscribing to the IBO Kit. Then, after you have personally generated at least 145 Personal Retail Sales Volume (PRSV), you advance to the rank of Platinum Director. A retail sale is a sale of an iMarketsLive (IML) product to a person or entity who is not an IML IBO or the family member of an IBO.
Other than your subscription to the IBO Kit, there is no requirement that you personally purchase any IML product. Your purchase of an IML product will not qualify you for income under the compensation plan.
They have made some changes to their compensation plan recently and they have done a decent job in making it so that they will not be considered a product-based pyramid scheme. We will have to see how long these changes stay in effect.
Previously they had the following requirements for earning commissions:
A Personal Volume (PV) Subscription of $150.00 is required, each month, to remain active. It pays for your Harmonic trading Course, Harmonic Scanner, Trade Signal Services, Educational Services, and it qualifies you to earn commissions for First Order Bonus (FOB), Team Builder Bonus, Check Match Bonuses, Infinity Bonuses, Perfect Storm Bonus, Chairman’s Club Bonus, Rank Achievement Bonus, and Team Residual bonus. We believe in being your own best customer (I guess they have stopped having this belief). – Source IML Platinum Package Compensation Plan
FULL RISK DISCLOSURE: Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
The Company offers a seven (7) day, 100% Money Back, and Satisfaction Guarantee to all subscribers. The seven (7) days, 100% Money Back Guarantee, starts from the date of purchase, includes weekends, and only applies to the initial purchase of a Gold or Platinum Package. If a subscriber is dissatisfied with the service for any reason, the subscriber may receive a refund within seven (7) days of the subscriber’s initial purchase, for a full refund of the purchased price. All other warranties and guarantees are disclaimed. After seven (7) days, your purchase will no longer be refundable.
The Company offers a seven (7) days Money Back Guarantee for all subscription payments made to IML. This includes the date the subscription is due, includes weekends, and only applies to monthly subscription (“Autoship”) payments. If a subscriber is dissatisfied with the service for any reason, the subscriber may receive a refund within seven (7) days of the subscriber’s monthly subscription, for a full refund of the subscription price. All other warranties and guarantees are disclaimed. After seven (7) days, your purchase will no longer be refundable. – Source imarketslive.com
Please be cautious in dealing with iMarketsLive. In my opinion, they are using trading that is considered gambling by experienced traders to offer you a lifestyle that their income disclosure does not backup. They have started having problems with customers accounts being locked in US Regulated Forex brokers. The CEO has a background in participating in MLM companies that I would consider scams. They have a very short 7 day refund period. They have made some changes to their compensation plan recently and they have done a decent job in making it so that they will not be considered a product-based pyramid scheme. We will have to see how long these changes stay in effect. Their main company address in New York is a virtual office.