My analytical review for today is “Mirror Trading International”.
Mirror Trading International (MTI) is a platform where users get 2x their funds/capital when they invest their bitcoin to be traded on their behalf in the forex market.
Members of this program are encouraged to start investing with a minimum of $100 worth of bitcoin in order to enjoy the benefit that comes with being a member.
However, there are still doubts and questions that linger in people’s minds as to whether the platform is a clean investment program or a Ponzi scheme.
By the end of this post, you must have ascertained yourself the definite truth about Mirror trade international.
Before I proceed, I will like you to know that the opinion and suggestions you see on this post are not bias but constructive,
In that case, if you have been looking for facts to clear your doubts about this site be rest assured you have come to the right place.
Below is a list of what I will cover:
- What Is Mirror Trade International?
- Who Is Behind MTI?
- MTI Product And Services
- MTI Profit Breakdown
- Members Support
- Is MTI Legit or Another Ponzi Scheme
- Conclusion/ My Verdict
Let`s get started
What Is Mirror Trade International?
Mirror trade international also known as MTI operates in the forex niche.
It is an online investment platform, that integrates advanced digital software and artificial intelligence to trade in the Forex markets.
It was founded and registered in Northcliff, Johannesbourg South Africa in April 2019.
What this company does is that it accepts funds from investors, trade them in the forex market using their trading bots and pay returns to investors daily.
- Funds are received and paid in bitcoins only
- the returns paid daily depends on the profit made that day
- capitals are not locked; thus investors can withdraw their capital at any time and receive it the next day
This sounds pretty good right?… yeah, however, you should read on to find out if the above is really true.
Who Is Behind MTI?
The sole founder of MTI is a South African man known as Johan Steynberg.
Information gathered about him has it that he has been a promoter of Syntex Global, a fuel additive international company based in the US.
Eventually, Johan picked up an interest in the crypto niche and developed a platform to help bitcoin Hodlers grow their coin order than keeping them idle in a wallet.
According to Johan`s statement in an interview; he has been in the bitcoin industry for five years.
From what we have discussed so far, it appears the company has a positive motive. There is valid information about the founder and there are no unrealistic promises of bonuses.
However, besides a couple of youtube videos, there are no other ways to connect with the owner; I could not find him on Linkedin and his twitter account has only 1 post in 2019.
Let’s look at the products and services offered on Mirror trading international, their profitability and legitimacy.
Mirror Trading International Product And Services
MTI products/services and ways to earn
- Return on Investment from the Trading pool
- Referral Bonus
- Binary Bonus.
Let’s look at them one by one. To do this, I will be requiring the help of my friend Alice who wants to invest in MTI. I hope you don’t mind.
Return on Investment from Trading.
This is the major product/service offered by MTI. As stated above you invest in BTC and earn daily payout (Monday-Friday) in bitcoin depending on the profit made by the company that day.
The minimum investment here is $100 in bitcoins. You can see your profit and report on how the trade went daily in your back office. But, you can withdraw this profit only when it is up to $5. However, you can withdraw your capital anytime you wish and it will be remitted to your bitcoin wallet the next day.
Note: There is not realtime proof to show that the trades are really going on, however from the daily report given, you could match it with the market to confirm its authenticity.
But this does not still confirm that the trades where made. Reports are sent the following day and thus could be claims of an unmade trade.
That said, let’s give MTI the benefit of the doubt and believe that these trades are truly made.
The company stated that investors earn at least a 10% ROI each month.
Thus if my friend Alice invested $100, she will earn an extra $10 or more each month.
You earn 10% in commission from each person you invite to join MTI.
If Bob invited Alice to join MTI, and she does and signed up with $100, Bob will receive $10 which he could withdraw after seven days.
Alice seeing this might see her $10 monthly profit as too small and too slow and decides to go into the business of recruitment.
If she gets 10 persons to sign up, who invests $1,000 each then she has made $1,000 instantly. This is a profitable business model Alice could start…
But the question here is if Bob gets 10% Alice’s investment i.e $10. Does it mean that MTI is only trading with $90 on Alice’s behalf and still pay Alice daily based on 100% of her investment? if so, they must be making enough to cover that.
Also what if Alice decides to withdraw her capital a few days after signing up. Does it mean the company have to look for money somewhere to pay her since they have given Bob 10% of it?
While you ponder on that, let’s look at the 3rd way to earn…
To earn here Alice needs to deposit or have a balance of at least $200 and have two active referrals.
According to the website, this is an excellent way of making money through the platform.
Now, this is how it works;
- A member makes two direct active referrals and groups them into two teams (left and right team).
- The subsequent members recruited into the binary tree falls underneath each phase of the former recruited team.
- As the binary tree grows with more members recruited and placed beneath each phase, the initiator stays at the top and earn a residual commission the tree generates.
Note: The Binary bonus is generated from the profit the company makes from trading and its paid weekly. Thus investors might not receive returns here if profit is not made.
In other words, Alice will receive a percentage of the trading profit made on the investment of those she recruited either on her right or left depending on their trading volume.
The level to which she will earn will also depend on the investment amount.
She will earn to level;
- 20 if she invested $1,000 – $4,999
- 30 if she invested $5,000 – $9,999
- infinite level if she invested $10,000 +
Right now you might be thinking; does Alice earn the 100% of the profit generated from her investment?
No, she doesn’t in actuality the “Return on Investment from trading” is 40% of the generated profit from her fund. let me break this down in the next section.
MTI Profit Breakdown
Let’s say Alice invested $1,000 and the traders made a profit of 1% ($10) on her fund on day one, here is how it will be shared.
- 40% ($4) will go to Alice (Member)
- 30% ($3) will go to the trader
- 10% ($1) will go to Admin (Johan Steynberg team)
- 20% ($2) is shared amongst Alice uplines who are qualified for it at the end of the week.
But let’s not forget Bob. 10% of Alice’s $1,000 ($100) has been given to him. The company, in reality, is only trading at $900 thus they have to make over 1% on profit for the above calculation hold.
I hope you are flowing with me and enjoying the review so far. If you don’t make sure you let me know in the comment section.
Now let’s look at the Mirror Trading customer support and find out if they are Legit or a Scam site.
The support can be contacted through;
- email: [email protected]
- Tel: +27 715 095 266
341 Beyers Naudé Dr
Office Hours: 09h00 – 15h00 Weekdays
I have not contacted them myself so I do not know how long responses might take.
Is MTI Legit or Another Ponzi Scheme?
To answer this I will state the reasons why I think it’s legit and the reasons why I think it’s not. Then I will give my conclusion.
MTI might not be a scam because;
- It is registered
- The founder is not in hiding he is known
- The business plan seems sustainable
- There is no unrealistic payment of ROI
- Members do not earn from referral and binary bonuses alone
- The trading report is giving daily
- Some Members have provided proof of Payment
- No one has complained of being scammed by MTI
- You can withdraw your capital at anytime
MTI might be a scam or a Ponzi scheme because:
1. No Proof of Trade:
MTI does not provide proof that trading is really going on. The CEO stated clearly in an interview that the traders do not allow him to share this information and that investors can confirm the trades by looking at the open and closing rates in the report sent.
His reasons might be reasonable but the opening and closing rate still does not prove that the trades where made. Secondly, there have been schemes who have this reason but ended up crashing with investors’ funds. e.g blue key
2. Trading ROI is not guaranteed
This might be realistic because traders sometimes have their bad days. But no guarantee and the actual no daily pay might force the investors to depend on recruitment alone for their earning as with Alice (the example above).
Which might lead to mass withdrawal and eventual crash of the platform. This is similar to what happened to bitclub network; tagged the $720 million fraud.
However, daily payouts are made thus, we shouldn’t worry about this.
3. Not Regulated.
The company as stated on the website is registered but there is no way to verify this registration. Even is we could verify this, the company does not state the regulatory body overseeing it as a financial institution.
This is similar to what happened to Bluekey that I have stated above, the company was registered, the owner was known but the company was not regulated; this led to the loss of investors’ funds.
4. Relatively New
MTI is relatively new. I could not find tangible social proof of its legitimacy online like on trust pilot, Reddit, and another forum.
This does not suggest that is it a scam but a con we should consider.
So what is my opinion? …Check out the conclusion.
I wouldn’t say MTI is a scam site or a Ponzi scheme because there is no substantial evidence to prove so.
The business model is realistic and seems to be of genuine intention.
However, I would not endorse it since I don’t see proof of their trading and they are not regulated.
I would rather trade myself…But that`s me
If you want to invest, I suggest you invest with money you can afford to lose. This is a piece of general advice because all investments carry risk thus you should practice risk management.
Nevertheless, I won`t fail to ask for your opinion in the comment section.
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