Is iMarketsLive a Scam? – A double-edged sword
Name: iMarketsLive
Website: imarketslive.com
Price: $195 for the first month and $145 from the 2nd month onward
Owners: Christopher Terry
Income Opportunity Rating: 1.5 / 5 Stars
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If you are interested to learn how to trade, or you want to make money trading from the comfort of your home, or you just want to make money without doing much work, iMarketsLive might be something that interests you.
But, the big question is, is iMarketsLive a scam? Is it legitimate? Does it really work? These are the questions I believe you will be interested to know, and I’ll answer them in this review.
Founded by Christopher Terry in 2013, who has both the experience in Multi-Level Marketing (Network Marketing) and trading, he has developed a program which supposedly aids you financially without you doing much of the work.
This can be done by investing a huge pot of money (a minimum of $5,000) into one of their services called FXSignalLive, where your live trading account will automatically mimic the actions of the iMarketsLive’s traders. While doing so, you are actually putting your faith into the iMarketsLive traders, and you are paying a huge premium for it.
One thing for sure, no one has ever beaten the market consistently, you may have a winning streak, but there will be days where you made losses.
I have personally trusted this kind of automated trading services, and I’ve invested $10,000 initially and made almost $8,000 in profits in 3 months. That’s almost a 80% return, but it all went south nearing the 6th month. There are definitely risks involved and if you do not have such risk appetite, I would suggest that you re-consider trading at all. There are much better make money online from home opportunities.
Did Christopher Terry make his $80 Million Fortune from Trading?
Christopher Terry has claimed to make his fortune (approximately $80 Million) from trading, but did he really made his entire fortune from trading?
What I believe is that most of his fortune was made when he was a distributor of Amway and Zeek Rewards (here’s an interview with Chris Terry where he talks about how well he has done with Amway).
Christopher Terry might be a good trader, but we can’t be sure that he made his entire fortune from trading.
Honestly, if he was such a great trader who made millions, he would have been featured on news channels like Fox, NBC, etc, like Timothy Sykes did.
But, I have done a lot of investigative work on Christopher Terry and couldn’t find a slightest hint of his track record in trading.
All I found was this article which claims that he has been featured in some derivative trading magazine without any proof to back up the claim.
There was also a complaint about Chris Terry from an ex-distributor on how he was kicked out of the iMarketsLive business gratuitously.
Will a true trader join iMarketsLive (IML)?
When you are a novice trader, you might find iMarketsLive’s offer a catch. That’s before you find other platforms which offer the same kind of service, but at a much cheaper price.
Chris Terry has said to partner with Scott Carney, a well known Harmonic Trader, to construct the “IML Harmonic Patterns Scanner”, however, if you dig deeper, you will find that Scott Carney’s Harmonic Patterns Scanner called “Formation Seeker” is priced much lower than the IML Harmonic Patterns Scanner.
Why go to the student (iMarketsLive) at a higher price ($195 for the first month and $145 from the 2nd month onward) when you can seek the master (Scott Carney’s Formation Seeker) at a much lower price ($99/month), right? This is just my opinion, and by the way I am not an affiliate of Formation Seeker.
Some people might argue that iMarketsLive has much more than just the IML Harmonic Patterns Scanner. It has the “Live Trading Room”, “Trading Education”, and the “FXSignalsLive”.
If you compare iMarketsLive and Formation Seeker side by side, the only thing missing from the Formation Seeker is the system that automatically mimics another trader’s trade. But, wouldn’t a true trader want to trade on their own?
Furthermore, if you want to mimic other people’s trade, you need to know the track record of that person. Do you know the track record of the traders in iMarketsLive?
Honestly, I would rather bet on someone who has a great track record, and you can easily find good traders in platforms like eToro.
eToro is a social trading platform where you can also automatically mimic other people’s trades. The difference that sets eToro apart from iMarketsLive is the publicly disclosed track record of each of the traders in eToro, you can easily filter the good traders from the bad ones.
What’s more? It’s totally FREE to join. There are no monthly fee at all! You can learn more about eToro here.
iMarketsLive is designed for people who care less about trading, and who wants focus on building the MLM side of the business. In my opinion, a true trader will not join iMarketsLive.
The REAL Business of iMarketsLive. Not Trading…
Trading is not its main business, the real money is made from the Multi-Level Marketing (MLM) side of the company.
The compensation plan of iMarketsLive is attractive, and it does look like a great opportunity to join, but the truth is, 95% of its distributors fail in the business and I’ll tell you why below.
Before that, let’s take a look the compensation plan of iMarketsLive:
https://youtu.be/mHfm-DtTc1M
When you become an Independent Business Owner (IBO) or in short a distributor, you will only be given an IBO kit and very little education on how to promote or market the iMarketsLive business.
Your marketing education will depend very much on the people who introduced you to the business. If you join the wrong team, you will most likely fail.
I believe you might have been to a iMarketsLive group meeting or a seminar, and that’s why you are here searching for answers. Bringing people to these kind of meetings is exactly what you are taught to do when you join as a distributor.
The problem with that is (1) the meetings are usually hyphy, and gives people the pretense that making money with iMarketsLive is easy (You can check out the hyphy video below), (2) not everyone has the appetite for success, out of 100 people whom you have contacted, maybe only 20 will be interested in the offer, but only 3 may purchase the product and 1 may join as a distributor. As we know, we need a constant flow of distributors in order to create a thriving business. So, where do you find your leads when you’ve run out of it? (3) You are a salesperson who promotes a dream. Promoting the over-priced product is hard enough, promoting a dream to be financially free is way difficult, believe me. If you are in this business, you need to know how to sell. So, are you ready to start selling?
https://www.youtube.com/watch?v=za3tUUoj2iQ
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My Sincere Advice to You
The iMarketsLive is not created for traders or aspiring traders, it is created for people who wants to build a network marketing business.
People from the network marketing business knows that the real money is made from the compensation plan and not trading.
A true trader wouldn’t join the iMarketsLive, because they wouldn’t be bothered about building “downlines”.
This business opportunity is not for people who are risk adverse, and who do not wish to be a salesperson. Trading is high risk in nature, and putting your trust on traders who do not have a track record (the iMarketsLive traders) is dangerous.
If you have the risk appetite, and you want to find and mimic the trades of successful traders with track record, you should get started here.
But, if trading is not for you, and being a salesperson is not for you as well, but you would still like to make money from the comfort of your home, then I would suggest that you check out this program. You can learn how to set this business up step-by-step by following this program.
Thank you for your time for reading this review!
If you find this review helpful, please, feel free to share it with your friends and family by clicking on the social media buttons (Facebook, Twitter, Google Plus). If you would like to discuss more on iMarketsLive, you may leave a comment at the end of this page.
Your pal,
Jack
There is now a new player in the market with a way superior service at a much cheaper price. https://harmonicpattern.com/
They scan everything from harmonic patterns, to traditional technical analysis patterns and even candlestick patterns. I subscribed to their gold plan, only $12.99/month for forex market. You might want to update the article about this player as well.
Thanks for the heads up Henry!
Cheers!
~Jack (BareNakedScam)
Please i will be glad if you can tell me more about this,i mean how this has help you with your trading,i am trying to use formation seeker but with this very cheap option,i will hope you can reply me back.
I’m Amos writing from Nigeria.
A friend invited me to their seminar where I was introduced to the program. At the seminar, the speaker spoke very highly of the IML program emphasizing so much on the marketing aspect of it. He spoke so good of the program that I decided I was going to join them. I was making plans to pay the sign up fee before I decided to research them, and I saw your review. At this point, I don’t think I’m gonna do it again. After my first and last experience with MLM, I took a firm decision never to get involved with anything that has to do with it again.
Thanks for the review, Jack.
You are most welcome Amos! I am glad that my review helped.
Cheers!
~Jack (BareNakedScam)
Hey,
I have joined imarketslive, you’re right there is big emphasis on the marketing side because people want to earn money online on regular basis so they tend to put more effort into…
Myself I wanted to do is trading, if i refer to someone and they join, that’s fine, but I don’t want be selling false promises to someone. If you’ve a better teacher or mentor I have always an open mind..
Many thanks
J. M
Hey Jose,
For trading, I’ve personally attended this training course, and I find it beneficial to anyone who is interested in learning how to trade profitably.
Hope this helps.
Cheers!
~Jack (BareNakedScam)
I was studyng trading from IML last months, I learned a lot, there are many real profitable traders teaching on diferents styles, every night ( real stuff ).
Is you keep focused on that, you could get a lot of satisfaction in trading in the medium term.
The rest of thinks you mention, I don`t care about. Is not my business. I only want learn and share knowledge with smart guys able to spread they secrets to be sucessfull.
Best !
Pablo
Hey Pablo,
Thanks for sharing this!
Glad to know that you are getting value. Just a quick understanding, when the “experts” share their knowledge, did they go through them on a live chart, and did they enter a live trade with their strategy. Or was it just education on a historic chart?
Looking forward to your reply.
Cheers!
~Jack (BareNakedScam)
Allways live.. And the next day they show their results.
You can test your own results in your tradingview/metatrader because you put the same order and then check ( many times winning pips in virtual or real )
Trust me, there are many real traders teaching different methods which leads to profitable trades (e.g. Derryck, Adell, Olave, McGregor, Waves, Zuniga )
Best
Pablo
Thanks for the info Pablo!
Cheers!
~Jack (BareNakedScam)
Thank you jack. Am just arranging to start trading on the platform of IMLIVE, trading alone not the networking aspect. I want to comfirm if that can be fine. Or do you have a better platform you can introduce me to for trading because am not good at marketing.
Hey Chris,
Thank you for your comment!
Actually, there are other learning platforms out there that produces actual results.
This is the trading academy that I recommend.
You may want to check it out.
Hope this helps!
Cheers!
~Jack (BareNakedScam)
Been in IML 1 year and its been good to me and been making profit without networking to be fair.
Thanks for sharing your experience James.
Cheers!
~Jack (BareNakedScam)
Hi Jack I have already pay them to join thinking it is legit, but thanks for advice, will get bank to give back that money then if it s a scam.
Would love to learn to trade.
I’m glad that my review helped Karine!
Cheers!
~Jack (BareNakedScam)
Get ready because imsmell stinks. As creator of the harmonic methodology, they have no idea what they are doing. The entire company is coming apart at the seems as we speak
See here Check C.Terry And S.Carney presentating Harmonic Scanner
( they are partners and the IML HS working well )
https://www.youtube.com/watch?v=0_5eKdhDnPM
Hi Jack,
i got your mail and have replied.
the url may or may not be the companies, please check your mail for more details.
thanks
Andy Woke
Hey Andy,
Regarding the email you’ve sent me where you’ve requested for a review on Kuvera (previously known as Wealth Generators), the Kuvera Review is done and you can read it here.
Cheers!
~Jack (BareNakedScam)
thank you Jack for this information. it has been very helpful.
i have some other MLM companies that i would like to verify their authenticity. please how can you help?
Hi Andy,
Just sent you an email.
Cheers!
~Jack (BareNakedScam)
Hello,
I am open to learning about making money online. I found your review helpful but I am looking for a mentor. Would be open to talking more to you.
Hi Nelson,
Thank you for your comment!
Is it possible if we talk on Facebook Messenger?
Please send me a message here: https://www.facebook.com/BNSocial/
Cheers!
~Jack (BareNakedScam)
Thank you for allaying the confusion in mind about imarketlive.
I can now make my decision
I joined as a customer with IML and must say that the products are phenomenal. It’s perfect for a novice trader and because I saw results in a matter of days I instantly wanted to share with others. I wasn’t interested in recruiting or building a team and you honestly don’t have to sell anything. It’s like when you see your favorite movie and if its good you will share it. It basically sells itself. Network marketing is not for everyone but its nice to have the option to still make money from their various features…especially the SWIPE TRADES! It’s amazing! I wouldn’t knock it until you try it for yourself. IML is more than amazing! Great opportunity!
Thanks Jack!
I am right now considering joining and learning to trade but I too am skeptical because there is a MLM portion of the business. I’m hoping to find something worthwhile that i can invest my savings into and maybe the trading portion will be worth it. Do you have any other suggestions?
So it is not a scam then, rather, false marketing. Essentially not for trading but really for a network marketing business. Is it good for that at least? At least review that aspect.
So in short: not good if you are an aspiring trader. but a question mark if you like networking business ventures…. great stuff
I do not agree with your final position. I Trinidad & Tobago the business was launched in October 2016 and we have grown to between 4,500 and 5,000 members since. 82% of those who have joined IML in T&T trade ONLY, they DO NOT….I repeat, they DO NOT engage in the networking aspect of the business.
And many of those who have exposed themselves to the quality education have gone on to become successful traders on many levels. There are a lot of risk management principles in trading that, if violated, exposes one to risk. There are also comprehensive risk management tools in the trading platforms.
Please perform proper researches before disseminating information that is not completely true.
There is a saying here in Trinidad, ‘Only trees that are bearing fruit have stones thrown at them.’
I believe the methods taught works, but why the MLM model?
Why can’t it be marketed as a service like other trading firms?
People who wants to join an mlm company will inherently want to make money from that framework.
Traders can’t focus on trading and marketing at the same time, I was a trader and that’s why I know that.
So, does it make sense for iMarketsLive to be in the MLM field?
There will definitely be people who will only focus on recruiting instead of trading. I have no doubt about that.
Cheers!
~Jack (BareNakedScam)
ohh…I’m so much upset ..I already purchased ,,yeah your right its not the one I’m looking for its look like they focus in marketing the system …totally MLM networking NOT focusing How to educate people how to understand Forex market they have video tutorial but its not very detail very difficult if your newbie trader. I can’t request refund coz it’s lapse already .
How about you make the money back and a little more from the networking side then quit?
this is a real opportunity, as my first experience in network marketing was a scam. IML is something fantastic.
Thanks for the comment.
Thank you sir for exposing us to the truth about imarketslive.
You are most welcome Colin! I’m glad this review helped.
Cheers!
~Jack (BareNakedScam)
Thank you man! I’m in the meeting right now and from the very beginning it all seemed like air, expected to learn how to trade but just got leaded to their systems.
You are most welcome! I’m glad you found this review helpful!
Cheers!
~Jack (BareNakedScam)
Thanks for the advise!
You are most welcome!
Cheers!
~Jack (BareNakedScam)