Real, Unbiased iMarketsLive Review from an Ex-Forex Trader
Table of Contents
- It’s All About The Benjamins
- iMarketsLive Company Overview
- When Was iMarketsLive Founded?
- What Is iMarketsLive All About?
- iMarketsLive Membership Options
- My Forex Trading Experience
- Pros: Why Join iMarketsLive?
- Cons: Is iMarketsLive a Scam?
- Compensation Plan: How iMarketsLive Works
- iMarketsLive: Quick Summary
It’s All About The Benjamins
So you wanna get rich from Forex trading, huh?
I know the feeling.
But you might wanna think twice about joining iMarketsLive.
Like it or not, most MLMs like iMarketsLive are dressed up sales jobs.
Whether it’s selling “the dream” to your friends and family to convince ’em to sign up for your new Forex trading program…
Or just buying and selling currencies in the Forex market yourself.
Let me break it down for you:
iMarketsLive – short for International Markets Live – is a unique multi-level marketing company that’s all about Forex trading.
That’s short for foreign exchange trading, also known as currency trading.
It’s just like the stock market but instead of buying and selling shares of companies, you buy and sell currencies like the U.S. and Canadian dollar.
And unlike a regular 9-to-5 job, skilled currency traders can make (or lose) serious bank.
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In fact, the Forex market is the largest financial market on the planet — doing 5 TRILLION (with a “t”) a day in trade volume.
That’s over 200 times larger than the New York Stock Exchange!
Now you can see why there’s an absolute sh*tload of Benjamins to be made in Forex.
And iMarketsLive is doing exactly that:
By 2017, they were pulling in over $6 million per month.
They’ve also experienced a tremendous amount of growth and momentum in 2018 and 2019.
If you’ve noticed that too, you’re probably interested in a lil’ more info about ’em, right?
Well, good news:
You’ve come to the right place, brotato chip.
iMarketsLive Company Overview
First things first:
iMarketsLive is a Forex trading MLM that offers various trading educational products and services to a global audience.
They currently appear in over 120 countries and have training available in 8 major languages.
As you’d expect, their headquarters is located in the center of the financial universe:
New York City, New York.
Oh, did I not mention they do cryptocurrency markets like Bitcoin as well?
Well, they do.
The company’s vision, according to their website, is to “Educate, Enrich, and Empower One Million Students by 2020.”
Admittedly, also according to their website:
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 financial security or life style.
To be fair, that could be said about any investment opportunity (e.g. financial services from Primerica), but Forex trading is notoriously difficult — I know from personal experience.
Risks aside for now, let’s talk about how iMarketsLive came into being in the first place.
When Was iMarketsLive Founded?
What’s the real story behind iMarketsLive?
Well, for starters:
International Markets Live, Inc. was founded back in 2013 by CEO Christopher Terry.
But you know what’s weird?
iMarketsLive’s corporate website is surprisingly thin when it comes to offering information.
Most companies, even most MLM companies, have at least a little history of the company along with a small biography of the founder/CEO.
But I did manage to find this page, which appears to be an older bio of the company’s founder Chris Terry.
Here’s an excerpt:
Mr. Christopher 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.
Over the years he applied and effectively utilized this winning strategy of gaining the necessary learning and experience through the proper Mentors and then imitating the strategies of successful people.
While doing so he realized the same process of following success step by step, could bring average people everywhere to the same level of success that he himself had achieved.
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.
Terry came up in Amway, and although by his own admission he didn’t actually make any money, he said it gave him a “mindset of wealth”.
In other words, he probably realized the folks who made the most money in an MLM were the ones at the top and who recruited the largest downlines.
This also might explain why Chris Terry was reportedly a big promoter of Zeek Rewards*, which got busted by the SEC in 2012 for being a ponzi scheme.
The new Forex trading MLM grew quickly and by 2016, iMarketsLive reached 55,000 members.
Unfortunately, that same year brokers began locking the accounts of many iMarketsLive customers for using an unregulated “expert advisor”.
Here’s what happened:
iMarketsLive had a special little automated trading program called “FX Signals Live”.
The program automatically mirrored the trades of Chris Terry himself, so members could essentially play the Forex market without actually understanding it.
And when legitimate brokers like FXCM decided they wouldn’t allow it anymore, FX Signals Live was discontinued in 2016.
As a replacement, iMarketsLive released their new online “Harmonic Scanner” designed to help follow market trends.
It’s a little technical but here’s a basic video that explains what it does:
It’s basically an online tool that gives you alerts for different patterns and trading opportunities, but now you actually have to know what’s going on and make the trades yourself.
What Is iMarketsLive All About?
iMarketsLive sells you on the ability to become a successful currency trader.
Sure, you could try to learn it all by yourself.
After all, how hard could it be to click a few buttons and place a few trades?
Buy low, sell high.
Easy peasy, right?
Well, despite what you may have heard, day trading is MUCH harder than it sounds.
That’s why iMarketsLive offers a full suite of support and trading education.
Over 100 training videos and modules offer basic and advanced strategies on both Forex trading and cryptocurrency investing.
Here’s a good overview video that explains the iMarketsLive opportunity:
Obviously that’s a company sponsored video, so take it with a grain of salt (don’t drink the Kool-Aid).
But I will say that iMarketsLive seems to provide a ton of help for their members, which is always a big plus.
Even CEO Chris Terry himself gets in on the action, holding Sunday night webinars that you can sit in on.
Additionally, iMarketsLive gives you access to a number of proprietary trading software tools.
As mentioned earlier, their Harmonic Scanner searches the market for patterns to exploit and profit from.
Their Web Analyzer does the same with cryptocurrency, for an additional fee.
Swipe Trades will alert you to “Forex trade ideas” including risk management and expert guidance for an extra $17 per month.
Swipe Coin does the same but for Crypto trade ideas and info, for an extra $100 per month fee.
While that may seem pricey, keep in mind that it allows you to get solid trade ideas sent right to your phone without having to do any of the legwork.
Long story short: The more you pay iMarketsLive, the more training and tools you get.
iMarketsLive Membership Options
|DIGITAL CURRENCY MONTHLY||HFFX MONTHLY||PLATINUM PACKAGE||ELITE PACKAGE|
|INITIAL PAYMENT||INITIAL PAYMENT||INITIAL PAYMENT||INITIAL PAYMENT|
|MONTHLY PAYMENT||MONTHLY PAYMENT||MONTHLY PAYMENT||MONTHLY PAYMENT|
|WHAT YOU GET||WHAT YOU GET||WHAT YOU GET||WHAT YOU GET|
|DC Academy||HFF Academy||IML Forex and Crypto Academy's||IML Forex and Crypto Academy's|
|DC Scanner||HFF TV||IML TV (All Sessions)||IML TV (All Sessions)|
|SwipeCoin App||PipTalk||Harmonic Scanner||Harmonic Scanner|
|IMLTV Sessions||High Frequency Forex||Swing Trades & Night Owl Sessions||Swing Trades & Night Owl Sessions|
|Pip Talk (Basic)||Pip Talk (Basic)|
|High Frequency Forex|
Hey, nobody said day trading was cheap.
To be fair, iMarketsLive does offer a 7 day, 100% money back guarantee to all of its subscribers.
If you’re dissatisfied with their service in any way, you can get a full refund of your membership fee within a week of signing up.
So: If you can convince a couple people that Forex trading is awesome…
You don’t have to pay anything to get the iMarketsLive training and support.
Sounds good, but here’s something you should know from a guy who’s been in the trenches:
My Forex Trading Experience
The risk factor in Forex trading is something we shouldn’t just gloss over.
As mentioned in iMarketsLive’s disclaimer, you can easily lose all your invested money in addition to the monthly fees.
Technical analysis, risk management, chart indicators — you name it, I tried it.
And that’s not all:
I kept daily trading journals, learned how to read candlesticks, recognize trends, and was a particular fan of using 2ATR for a trailing stop loss.
Along the way, I traded almost every currency pair, chart timeframe, and read every trading book I could find.
I should also mention that I paid a small fortune for different trading systems, tools, and “secret” strategies from so-called experts.
I’m FAR from the smartest guy in the room — but I’m not a complete Muppet either.
I wasn’t just gambling (only risked 2-3% max per trade) and I gave Forex trading everything I had for almost 3 years straight while I was still driving truck.
And even though I had periods of profitability, in the end I always lost money.
Not to mention I also got sick of the highs and lows of trading — feeling like a God one week, damn near suicidal the next.
It was my own dumbass fault, but that’s when I decided to hang up my Forex trading gloves and look for something else.
Also contributing to that decision was realizing that after being on countless online trading forums — I wasn’t alone in my frustration and misery.
The only ones who seemed to be making any consistent money in Forex (besides the banks and hedge funds), were the guys selling me the tools and systems.
Now obviously, there ARE successful Forex traders out there.
So just because this ex-truck driver with a GED couldn’t do it, doesn’t mean that you can’t make it work.
Like any other form of retail trading, some folks make money and some folks lose money.
(Hint: Most lose.)
All I’m saying is that Forex trading is hard as hell.
As a general rule, if you enter a gambling game against a lotta peeps who are more experienced and skilled than you are…
It’s a safe bet that the odds aren’t in your favor.
Don’t say I didn’t warn ya.
Pros: Why Join iMarketsLive?
✓ Potential for serious income without recruitment.
Almost every MLM in existence requires you to recruit and grow a huge downline if you wanna make the big money.
The reason is simple:
Your time is limited and there’s only so many hours in a week that you can use to sell products to people you know.
Forex trading is different in the sense that you could gain (or lose) a lot of money all by yourself, without ever having to recruit anyone.
✓ No pants required.
While most MLMs involve you dragging around a box of products to various houses, iMarketsLive is something you do from your desk or smartphone.
Never having to leave your house to run your business is a definite advantage.
For example, go try selling Amway products with no pants — I’m guessing it wouldn’t turn out so well.
✓ Plenty of training materials.
Between all the videos, training modules, tutorials, and live help sessions, iMarketsLive probably offers more actual product support than most other MLMs.
If you’re willing to invest in your education and want a crash course in Forex trading, there’s a vast bucket of knowledge here waiting for you.
Cons: Is iMarketsLive a Scam?
✗ First off: Solid trading advice don’t come cheap.
Around $200 up front plus $170 a month is what it’s gonna cost you for the most basic level of membership.
That’s over $2000 per year.
But if that trading advice makes you ten times that, it might be worth it.
✗ You could lose a lot more than your monthly fees.
Yes, plenty of people lose money in MLMs (most do).
But they generally lose money from not being able to recoup their minimum purchase requirements and monthly fees.
With iMarketsLive, in addition to your membership fees, you’ll also have to risk your own trading capital to play the currency markets.
And you might lose all of that money too.
✗ A strong fishy odor.
Can you trust iMarketsLive?
Well, sometimes the best way to predict the future is to look at the past. Or just the present.
- iMarketsLive CEO Chris Terry has a previous connection with Zeek Rewards which the SEC had to shut down for fraud in 2012.
- The VP Alex Morton has a long history with MLM companies like Vemma Nutrition that had to settle for hundreds of millions of dollars with the FTC for being a pyramid scheme.
- The Commodity Futures Trading Commission fined iMarketsLive for operating illegally.
- iMarketsLive is banned as unauthorized in Belgium, and also received warnings from other countries like France.
- When I first published this article, iMarketsLive had an F rating (very bad) from the Better Business Bureau due to having so many complaints.
Coincidence? Yeah, right.
As another reviewer pointed out, prob’ly because IML asked their members to spam their BBB page with positive reviews to drown out the negative older ones. Nice try fellas. Not shady at all.
Also can’t forget that iMarketsLive is an MLM which means recruiting other members is highly encouraged.
You might’ve been blasted with social media posts about IML from someone you know (like I have).
But if you’re looking for a reputable business opportunity… my two cents?
BONUS: Watch My FREE Guide To Earning 6-Figures Without Forex Trading >>
Compensation Plan: How iMarketsLive Works
Here’s the deal:
Everyone starts out as a Customer in iMarketsLive by first signing up for a monthly membership package.
Then if you personally refer 2 people into buying a membership, your membership fee is waived (called the “2 & FREE” deal).
This allows you to share the iMarketsLive platform with people you know and get paid commissions if they decide to sign up.
However, since iMarketsLive can’t be bothered to put any detailed information about their company history or CEO on their website, their compensation plan is likewise nowhere to be found.
But after doing some digging, I eventually found it here.
If you don’t wanna read all 9 pages, here’s a 9-minute video that explains the iMarketsLive comp plan:
TL;DW (too long; didn’t watch)?
Here’s a breakdown of what you’ll need to do to qualify for each rank:
iMarketsLive Compensation Plan
|RANK||GROUP VOLUME||# OF SUBSCRIBERS||MONTHLY PAY||WEEKLY PAY|
- Group Volume is the total volume of monthly membership fees your downline must have.
- Number of Subscribers is the minimum amount of people you have to sign up below you.
- Weekly Pay is how much you can earn at that rank on a weekly basis.
- Monthly Pay is how much you can earn at that rank on a monthly basis.
So for example, to reach Platinum 150 level, you’ll need to sign up three other people who are paying an iMarketsLive membership fee.
Group Volume (GV) is calculated from back when the membership price was only $145 a month instead of $165+.
So for Platinum 150, you need a GV of 435 because 3 recruits x $145 = 435.
Platinum 600 requires you to have 12 people in your downline and a GV of 1,740, since 12 x $145 = 1,740.
If you’re bored or feel like going into a coma, there are other compensation plan rules and bonuses that you can look up here.
Each rank is named for how much money it pays you per month.
For example, if you can reach Platinum 600 level, you’ll earn $600 per month. Platinum 5000 = $5k/mo.
Same goes for the higher ranks e.g. Chairman 25 = $25k/mo. Chairman 100 = $100k/mo. And so on.
Admittedly, it’s not very likely that you’ll be able to pull in those monthly numbers.
But there are a few folks banking some ridiculous amounts of passive income in this company.
iMarketsLive: Quick Summary
|Forex trading has the potential to make you a lot of money, even if you don't recruit anyone else.||Forex trading is extremely risky which means there's a high probability of losing a lot of money on top of your monthly fees.|
|iMarketsLive involves no physical product that you have to stockpile or drag around to people's houses.||iMarketsLive is still an MLM meaning the majority of those who crush it are recruiting the most people.|
|The sheer volume of training and support offered by the company is quite impressive.||iMarketsLive has been banned in some countries, received warnings from more, and have run afoul of US law for failing to meet basic financial regulations.|
|Although a very small percentage, the top IBOs in iMarketsLive are making six-figures per month.||iMarketsLive charges you a monthly fee of $165+ and if you want access to all of their training and tools, that amount doubles.|
Is This Forex Stuff For Real?
If you’re looking to make money with iMarketsLive, you really have to evaluate both sides of the equation:
Trading currencies and recruiting subscribers.
First, let’s talk about the trading:
For many people (like yours truly), it can also start to feel like gambling after a while.
Feeling unstoppable when you’re on a winning streak, and the self-loathing that accompanies losing your hard-earned cash on a stupid trade.
(Warning: explicit and offensive language ahead):
Lol. In case you couldn’t tell, trading can be a lil’ hard on the ol’ blood pressure.
That said, there are definitely skilled traders who make BIG money in the Forex market.
So the question you have to honestly ask yourself is:
“Do I have the discipline, patience, and other traits required to be a professional Forex trader?”
If so, you just might be able to beat the odds and consistently profit.
But paying iMarketsLive a monthly fee to use an app and get the occasional buying tip doesn’t make you an expert.
Add to this the various legal troubles this company has been in, brokers freezing accounts of their members — and I’d say it’s a long shot at best.
Don’t forget we haven’t even talked about the recruitment aspect, yet.
But I’m gonna say something that I very rarely say about MLMs:
You could actually make some real money doing this.
Cuz there’s no real “product” to sell, you simply qualify by having 3 recruits who pay monthly membership fees.
Note that’s not NEW recruits, that’s just active recruits paying their $165+ per month.
And if you can convince a ton of peeps to do the same, you can start to make a LOT of cheese.
Unfortunately, there’s one big downside:
Most people lose money as retail traders so they’re probably not gonna stick around for very long.
Personally, I wouldn’t like my income to depend on something as fragile and risky as my neighbor’s trading abilities.
I prefer an income stream that’s a little more resilient.
But if you still wanna dip your toe in the Forex or cryptocurrency market, best of luck.