Broker boots Mirror Trading International, claims no trading
Up until recently, Mirror Trading International claimed FX Choice was its broker.
Using FX Choice’s platform, Mirror Trading International claimed to trade using AI bots.
Now a representative from FX Choice has revealed Mirror Trading International was booted from their platform back in June.
Oh and surprise surprise, trading was virtually non-existent.
In a Forex Peace Army thread discussing MTI, FX Choice representative George A. provided insight into the relationship between the two companies.
We want to make a public statement about Mirror Trading International (MTI).
As we have been mentioned as their broker in the company’s marketing materials, we want to set the record straight.
MTI opened an account declaring that all the funds they were going to trade were their own.
Due to large deposits, and the fact that FXChoice was mentioned in their marketing videos, we had to take a closer look at MTI.
MTI opened a personal account profile in 2017 under the name of its current CEO, but we didn’t notice any suspicious activity with the trading volume and the deposits were small.
Their activity picked up in May 2020; by this time, the account had been converted to corporate status. This was when the deposits and trades were made.
So up until May 2020, literally a few months ago, Mirror Trading International’s trading volume was “small”.
Not what you’d expect from a company that’s promised perpetual trading returns since late 2019.
Our research leads to the realisation that MTI is a multi-level marketing pool that claims high returns from trading Forex for their members using artificial intelligence software.
Additionally, MTI uses a very aggressive multi-level marketing campaign with high rewards to get new investors into the pool.
Due to this new information, we blocked MTI’s account on 10th June.
June 10th is the last date MTI did any trading through FX Choice. Yet the company continues to solicit investment on the promise of trading returns.
George goes on to state FX Choice
requested additional documents from MTI to confirm the source of their funds. We are still waiting.
Also unable to get an answer on MTI’s source of funds is the Texas State Securities Board, who issued a securities fraud cease and desist against MTI on July 8th.
If MTI fails to respond to the notice (read: can’t/won’t explain to the TSSB what the source of ROI funds is), that notice is set to become a permanent injunction in about a week.
I wasn’t aware the AMF had issued a warning against MTI.
As per AMF’s website though, Mirror Trading International is currently listed as a company that “solicit(s) investors illegally” in Quebec.
Perhaps the most revealing comment by George is in relation to trading MTI was engaged in before their FX Choice account was shut down.
We want to make it clear that the information naming FXChoice as the broker where MTI executes its Forex operations is inaccurate.
The same can be said about their claims of using artificial intelligence software.
Before the account was blocked, they executed just a few trading operations, which were performed manually, large and incurred substantial losses.
So there’s no bots. What little trading MTI did engage in was manual, and incurred “substantial losses”. Yet Mirror Trading International, supposedly on the basis of of its trading activity, has offered “an average of 10% per month” for almost a year.
George closes out by noting
Paying out such a consistent stream of profits, which is nearly a 100% return on investment in one year, to investors by trading Forex is hard to believe.
We note that there is no single proof of the efficiency of MTI’s operations.
BehindMLM pointed out MTI has no verifiable source of ROI revenue other than new investment last October.
We’ll leave it to Johann Steynberg (right) and MTI’s investors to explain where return revenue is coming from without a trading account.
Failing which we can’t imagine there’s much life left in the Ponzi scheme.
Our next update is expected to be confirmation of TSSB permanently banning MTI. Stay tuned…