Is iMarketsLive a Scam…. Pyramid Scheme Maybe? – What You Should Know
Welcome to my review of iMarketsLive.
If you are thinking about buying into this opportunity to make money but are a little hesitant to go through with it then you are going to want to read this first. In this review I’ll be going over what you get, some background on the guy in charge, the compensation plan, whether or not its a pyramid scheme and I will also be answering the question of whether or not I think iMarketsLive is a scam.
iMarketsLive, or IML, is a company that provides services and tools for people looking to make money trading in the FOREX and/or futures market. Basically what it provides is training on making smart trades as well as tools that will help you identify smart trades. Of course there is a lot more to it than this, but this is the gist of it.
In addition to providing tools and training, IML also is a mlm opportunity. MLM stands for multi-level marketing, and basically what this means is that members of IML can become Independent Business Owners and recruit others to join in and buy memberships, which makes them money. I will be going over this more soon because this is the part of the business that has some people calling it a pyramid scheme.
As a member you have access to an automated trading system that mimics the trades experts make. This can be turned on and off at your own disposal. It can be a good start for complete newbies but honestly if you want to make it in this industry you have to learn how to make trades yourself.
You get access to a bunch of educational materials on a variety of topics dealing with trading. In addition to this you also get access to live webinars hosted by the CEO Christopher Terry who will make live trades that you can watch and learn from.
I like how this place actually provides training on trading. As I just said, learning how to do something for yourself is key. You can’t just buy into something and expect to make it rich just by relying on others.
One tool that you get is called the “Harmonic Scanner”. Basically what this thing does is finds patterns in the market that are potentially good trading opportunities.
All in all the products that you get as a member seem to be very good. I wouldn’t consider myself an expert in forex trading but they seem good to me… very professional.
The Compensation Plan
Many of the people that are joining IML seem to be doing so for the opportunity of making money by recruiting others into the business rather than for the actual products that you get. Also, recruitment seems to be pushed on members a bit more than I like to see. They do put a good bit of focus on retail customers too however.
The compensation plan actually used to be even more focused on recruitment than it is now but IML had to change it up in order to comply with the law or else they risked being shut down.
They have all sorts of moving components in this comp plan. They have “refer 2 and its free” deal where you get the products for free if you refer in 2 other customers. They have a Platinum Bonus, weekly residual income, Chairman Infinity Bonus, and rank achievement bonus.
I’m not going to get into all of this because it could take me all day. But basically what you need to know is that the compensation plan is focused on both recruitment and sales to ordinary customers. There are different ranks in IML. In order to get full access to the compensation plan you will need to move up the ranks. And in order to move up the ranks you will need to meet requirements for recruitment and custom
One complaint I have heard from members of IML is that their trading brokers have locked their accounts. iMarketsLive actually made the suggestion that these people move from their regulated brokers to unregulated brokers. While this might actually solve the problem it comes with a whole slew of new potential problems.
I think it is crazy that they actually did this. There are too many broker scams out there to just go out and trust any unregulated broker.
Another complaint that I personally have is that there seems to be a lot of questions surrounding the supposed CEO Christopher Terry. He is said to have over 20 years of experience trading and to be worth over $80 million, but there is no good proof of this. They should back up these claims with trading records for everyone to see but they do not.
I read that in one webinar he did present some graphs from his trading and that they showed constant increases, as if he never loses a trade. This is unrealistic and it seems that they are painting a picture of this guy being some god-like creature that always wins.
The last complaint that I’ll discuss is the refund policy. On the BBB’s website there are more than one people that have submitted complaints about trying to get refunds within the 7 day window but they were not able to get them. It seems that lack of customer service was the problem here.
And I guess its also worth mentioning that IML has a F rating with the BBB, which is as bad as it gets.
This used to lean way more towards the pyramid scheme side of things but as I said, they changed their compensation plan a lot and now it cannot be considered a pyramid scheme at all.
Although the compensation plan does focus on recruitment to a great degree, it also focuses on retail customers. They put a rule in place called the “customer rule” that requires members to have at least 55% of Group Sales Volume coming from retail customers instead of IBO’s (independent business owners that are promoting IML).
Final Thoughts & What I Recommend
If you are interested in joining iMarketsLive for the actual products then go for it. But if you are looking into joining for the business opportunity and making money by recruiting others in just know that it will not be easy by any means.
MLM’s are extremely difficult to make it in because you pretty much need to recruit and have a big downline to make good money. The pyramid-like structure makes it difficult for people at the bottom because money that they could potentially be making gets taken away and is paid to people above them in the form of commissions. This is why mlm’s commonly have extremely high turnover rates. They are hard to make it in. I review mlm opportunities all the time and its the same story. Legal Shield, Melaleuca, etc.. they are all the same when it comes to this. So just be aware of this. But if you think you have what it takes I’m not stopping you.
Something else I suggest taking a look at since you are looking for ways to make money from home would be to check out how I make a living online. I make a living working for myself online and enjoy what I do. You can lean more about it here…. its pretty awesome.
Comments or questions? Leave them below and I’ll get back to you soon 🙂