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…
Johann my maat – jy’s ‘n egte poes. Seriously, I hope you get arrested in the Western Cape so that you go to Pollsmoor Prison. Papa wag vir jou boete. Lekker steel ne?
Maybe now’s a good time to withdraw all your btc.
Interesting to know that the very same people who ran BTC Global are front and center in this thing. Right at the top. Once again making millions from unsuspecting people.
BTC Global database used to recruit for MTI.
Dallas, how do you know that they are the same people?
I am trying to find information about BTC Global and find the connection but I can’t find it anywhere.
@Stevie – why all this hate and slander? If you have (which I doubt) invested in MTI, you have not lost 1c – please withdraw all your funds including profits and let us be. But, you are probably sitting on the side feeling sorry for yourself.
Nobody has lost a single cent with MTI and we have more than 120 000 very happy members!
Anybody who is unhappy can withdraw all their funds immediately and leave, nobody is holding you back!
This continued attack is just a reflection of a justifiable Fear Of Missing Out (FOMO)? You are showing your jealousy!
Poor George at FX Choice, you have lost a huge accoun (actually 11 of them) with more than 11 000 Bitcoin in trade – no wonder you are so negative.
The mere fact that MTI is no longer with FX Choice, does not mean that they do not trade with another Broker – FX Choice is definately not the only one!
Ponzi schemes are zero sum. Just because you don’t acknowledge the majority of MTI affiliates can’t withdraw because there isn’t enough money to withdraw doesn’t change the fact that this is the case.
Yeah funny how no other brokers were every mentioned until FX Choice revealed MTI’s claimed trading was a sham and dropped them. Stop making excuses for scammers.
Don’t be stupid. You’ve nearly all lost. Do you really believe that what you seeing on your dashboard is as a result of a real trade, that like the vast majority of them somehow managed to beat every statistical law and probability, and have a positive return?
You withdraw and someone else loses out. Do you not get that? MTI only makes money from recruiting and fresh deposits which it is then using to compensate people who came in earlier. How can you not see that?
I don’t feel sorry for myself. I feel pity for you people mostly. You and Johann who promote this in the face of absolute certainty that this is a crude MLM scam, I feel nothing but contempt and hatred for.
Why is the scam not registered with the FSCA? Why are their no FAIS controls? Under what authority can MTI collect money in SA if it isn’t a registered bank, an investment manager or an insurance company? Where are the audit reports? Who is registered at the FIC as the MLCO, etc? Why are the Texans clamping down? Why is SARB investigating? Are your parents closely related? Fool.
@Bruce – I’m pretty sure that investors in Bernie Madoff’s scheme shared your opinion, until they lost everything.
MTI hasn’t been around for more than two years and yet you legitimize it. Madoff’s scheme lasted 20 years and involved $17.5 Billion. You consistently defend MTI, yet you do not question their validity after they were officially charged with fraud in Texas, a decision that will become permanent next week.
Regardless of what you say, whenever any investment company is involved in a fraud case you should question your involvement in such a company, especially as a stakeholder, yet you take the word of “your” CEO over that of an official securities board.
You now have two third parties (TSSB and FX Choice) who have said that something is off with MTI and you still prefer to ignore that?
The fact that you even read OZ’s reviews says that you are either set on attacking people that are against MTI or deep down inside you also feel that something’s off about MTI. Otherwise you’d only be on forums, praising how MTI is the best thing ever and too big to fall.
Please bear in mind that should MTI be exposed as a Ponzi Scheme, every single bit of “gains” you have made were just taken from the people below you. Thus you would’ve stolen their BTC and you should be ready to give it back.
While you’re at it speaking absolute kak, let’s dig a little deeper.
You claim FX Choice walked away from trading 11,000 BTC, or ZAR 2,257,656,984! And they are not the “only one” MTI uses?! Please!
I suppose MTI is properly reporting all of this revenue to SARS?
Again, it you hold that much, why the aggressive recruiting? If FX Choice really have damaged your business and what you claim is true, you are going to sue them I expect and have no objection to all of this coming out in a discovery process?
All of this is before we’ve even touched upon exchange controls. Who is MTI’s Authorised Dealer?
And don’t tell me it doesn’t matter because you use BTC. I’ve seen some of the promotional material and it is often denominated in USD.
@Bruce 11 000 btc in trade wow! according to you, you have $128 938 700,00 of other peoples money in trade – that’t rather something to be ashamed of and not something to boast about..
The truth can can stare you in the face and you still won’t realize how wrong you have been
Although I am only a normal Member with MTI, our management has on several occasions made it clear that if anybody is not happy with MTI or uncertain, that they are more than welcome withdraw all or any portion of their funds at any time.
MTI has never and will never guarantee results and give constant disclaimers about the inherent risks, as with any investment and that past results are no guarantee of future results. You should never invest more than what you can risk to lose.
If you are not an active investor with MTI, you are ill-informed and cannot substantiate your allegations.
I am 100% convinced MTI is in fact trading and they are only paying from profits. They are not an Exchange and all transaction on their platform are done in Bitcoin (Bitcoin in and Bitcoin out).
I am getting daily trading results of all the trading that MTI does and the results are over several pages, as do all of our 120 000 plus members – it would in my view be very difficult to fabricate entries of this magatude on a daily basis and still conduct other business such as payments.
I am definately not going to reply on this slander and bullshit any further.
Bruce – jou dief – you are not getting away easily. The GDP of the Western Cape Province (SA’s second richest) is ZAR 424.38 billion.
You are claiming that MTI trades ZAR 2,257,656,984 through a single broker? Thereby making MTI bigger than most African countries and a significant portion of the third world.
You claim 120 K “happy members”? Do you know how division works? Work out for yourself what 11K BTC divided by 120 K and expressed in ZAR is!
No wonder your members are “happy”, they’re the richest people on the African continent.
Now with a straight face, you are going to tell us that every MTI member could withdraw on the basis of the BS you have said all at once and the company would be solvent?
Do you know how much money moves through the SA National Payments System every day? Obviously not. It’s ZAR 350 billion.
And the fact of the matter is that if everyone did that MTI would collapse because there isn’t enough funds to cover withdrawals.
Stupid offers like this count on the majority of Ponzi investors not withdrawing. “Oh see, why would they make the offer if they couldn’t cover withdrawals?”
None of which has any relevance to MTI committing securities fraud and running a Ponzi scheme.
You don’t need to be in a Ponzi scheme to identify one.
“Hey, the SEC can’t shut us down… they didn’t even sign up and invest!”
Cool. So prove it then, or admit you’ve based your due-diligence on hope rather than facts.
See you when the TSSB reveals MTI was unable to provide evidence it isn’t a Ponzi scheme.
Jou banggat! Let me spell it out for you: “slander” is spoken, libel is written. It doesn’t really matter because in SA they are grouped together in one delictual action called “defamation”.
You have been faced with some pretty heavy accusations backed by some pretty sobering numbers and obvious shortfalls in MTI is supposed to do and doesn’t.
You’re a crook. This doesn’t end well for you.
You honestly put this up and didn’t expect any backlash? And then you accuse people of slander.
What about the TSSB and FX choice who have publicly said that there is something very wrong with MTI.
Surely the broker, that was named by MTI themselves to have handled and observed MTI’s trading account, have the right to voice an opinion? And they have.
Problem is that it doesn’t agree with your opinion so you’ll just shut it down.
Have you actually seen the live trades? You know the reports you receive daily? It would take less than a day to set up an Excel Spreadsheet that will do that for you.
Won’t be surprised if you’ve gotten the same report twice over a span of a few weeks without even noticing.
It’s ok if you don’t reply, cause I know you will read every single comment and just simmer and try to convince yourself that you are still right.
Sir with all due respect, just take a moment and look at it from the other side. The only official, completely independent statement out there about MTI is that it has committed fraud and MTI has issued one statement that they will deal with it in the two weeks.
It’s been almost four weeks and nothing has materialized. MTI constantly says that they will do everything possible to prove that they are legitimate yet they are failing to do so with the first official and legal backlash against them.
Just for a moment look at it from the other side. You can’t tell me that there isn’t something fishy about this whole situation.
Ha! Bernie Madoff fabricated trades for decades. You really think fabricating trades is difficult? All it takes is charts and a few minutes with a spreadsheet.
Your gullibility makes you the perfect mark for scammers like MTI.
There is now an official “response” from MTI
That’s not a response, it doesn’t address securities fraud or not trading on the only broker they’ve ever publicly disclosed.
FX Choice dropped MTI because just being associated with them (no trading was going on) put their own financial accounts at risk.
How stupid do you have to be to continue to be led down the garden path?
I have a few questions:
1) Why did MTI not inform their member when they supposedly changed their investment strategy from one broker to a multitude of brokers? They only acknowledged it once it was exposed that FX choice booted them.
2) Why do they not address that fact that FX choice has confirmed that what they tell their member doesn’t correlate with the trades that were done on the FX Choice platform?
3) Will they name their new brokers or is that just an attempt to evade new questions regarding who their new brokers are. They’ll probably answer with “there is too many to mention.)
4) Every time they have official allegations against them, they always answer that they are in talks with regulating bodies yet nothing has come of these “talks”. Why has nothing come up?
5) Why have they put no energy in addressing the TSSB situation?
6) For months now MTI’s CEO has explained how they are working very hard to be as transparent as possible and be in line with the correct regulating authorities (although they must be saying something different to their members in private as the members keep claiming that cause it’s BTC the companies doesn’t have to be regulated or registered with any authority).
MTI has literally been operating the same for about a year now l, with no changes to improve their transparency and compliancy. Why is this?
You’d think the CEO would put his energy into this considering everything regarding the BTC is automated and he just has to sit back and relax while all the BTC grows (he’s definitely not reviewing the trades as he has no background in trading).
These are the tacts:
MTI now has two official third parties (TSSB and FX choice) accusing them of questionable business practices.
MTI has done nothing to improve their transparency.
MTI does not have an official management team (everyone always only knows of the CEO).
MTI has not made any inroads with any regulating authority.
MTI say they do not guarantee returns yet their website states: “this allows your Bitcoin to grow daily”. So they don’t guarantee returns but actually they do.
We don’t know who MTI’s broker is but more importantly they company that supposedly wrote their trading bot software has never been mentioned by name EVER (just let that sink in for a moment).
MTI has never made their live trades public.
MTI has missed their deadline to submit their AR (Annual Returns).
@Bruce I know you’re reading this (you wouldn’t be able to help yourself). Why don’t you get your CEO to comment on this forum as I’m sure he is aware of this forum. There are quite a few people who would love to ask him some questions.
On a final note, if you (I’m not referring to the OP Johan here. Rather I’m referring to MTI investors in general) are invested with MTI and you are still believing unconditionally that MTI is 100% legal and not a Ponzi scheme and have not looked at it from the other side, you are blinded by money, yes money.
You see your “daily growth” on your investment and you decide to rather say nothing because you are making money.
You are no different from anyone taking a bribe. You do not understand how your investment works but as long as you are making money you do not care how it works.
This shows your lack of Financial literacy and is probably the reason why you people get so angry when MTI is slated. You cannot really defend something if you do not know how it actually works.
Or their is the other possibility. That being that you know this is a ponzi scheme but you don’t mind stealing other people’s money for your own benefit.
Either way, you are blinded by money and shows a general lack of understanding regarding investments and how to manage your money.
You chose MTI because you cannot manage your own money and a company that says “sit back and relax, you don’t need to know how it works cause your money will grow”, is just too good to not invest in.
You are lazy, you are ill informed and you will never make good on any legal investments as you are too lazy to educate yourself regarding financial management.
The members that insisted to see their FX book, account was closed immediately and could not go back into their back office, WHY.
Their lame excuse, ‘if they reveal it, they will loose customers that will use their strategy or brokers’.
So, I’m guessing that the TSSB ruling has now become permanent? Given that news of the ruling broke 8 July 2020 and it is now 10 August 2020.
Unless they don’t factor in weekends and public holidays, I’d say that the 31 day period in which MTI could defend themselves has now lapsed?
Permanent yes but there’s lag between the injunction becoming permanent and the TSSB issuing a notice about it.
@Oz that’s fine. As long as the ruling has now become permanent and legally binding. I just wanted everyone who is involved in MTI and who reads this forum (I know that there are many) to know that MTI has now legally committed fraud and that they are now involved with a fraudulent company. If there is anything that I could suggest to MTI members is just start asking questions and don’t take anything at face value.
Hi Crypto Analyzer! Your videos have been pointed out to us by a concerned MTI client.
In your video you make the claim that on 17th December you saw that MTI was trading at FXChoice, and that information was shared with you personally.
We can categorically deny that claim: no Live trading took place on MTI’s account for the whole month of December.
Perhaps you were looking at one of their Demo accounts, which were very active in that month.
We note that MTI statements do seem to include trades executed on our Demo servers.
AS has happened before the two top earners have made huge amounts of money off this scam.
The names of these people are Cheri Marks nee Ward, and Clynton Marks They were involved and are under investigation by the South African Hawks in a scam called BTC Global.
Now the latest “scam” is a program called MTI trading International.
My quetion is this. How could a man Johann Steynberg a supposed selfmade man of cryptocurrency success have thes two as top people in MTI when they are under investigation for their involvement with BTC.
OH! BTW Cheri has just bought an 11 Million Rand home in Kwazulu Natal and she has more than one very expensive vehicle paid for in cash.
Come on Johann are you that blind. Cheri’s in charge of all marketing and training videos and according to Steyberg Clynton Marks is the person who has been behind the success of the operation because of his extensive experience in MLM etc., etc.
I’ll say this much Johann Steyberg simply cannot be that blind about his top earners.
Cheri had the audacity at one of her presentations to brag that her husband’s downline consists of roughly forty thousand members of the then sixty-odd thousand membership at that time.
Somebody please call the Hawks and tell them so they can combine the BTCGlobal scam and MTI into one portfolio before billions more is lost down the multiple BTC wallets that are being used at present. So just be careful.
BTCGlobal. MTI. Same people – same modus. How is it possible that SA law enforcement is so slack?
How are “investors” so blind/stupid/greedy to not get slapped in the face by history?
FSCA Just released statement on Ponzi MTI
Johann – turns out you were wrong, and the rest of the world was right!
How does it feel to get bitten by one of the slowest, lamest, stand-offish regulators? That’s how wrong you got it.
@Oz please make a review of this and share the link.
I would love to see the comments on it. Cause there will be MTI disciples proclaiming MTI’s innocence.
Thanks for the heads up Bruce, on it.
I’m not gonna lie. This really does put a smile on my face. Has anyone seen the media statement by MTI? I’d like to share it on this forum but I only have it as a pdf so I don’t have a link to it.
They essentially said that they tried working with the FSCA but that the FCSA is not telling them what they wanna hear (I mean how dare the FSCA tell MTI that they need a trading license, who do they think they are right?).
So they basically said screw the FCSA, we don’t think we’re doing anything wrong so we’ll just carry on doing what we’re doing.
It’s comical to be quite honest. Really can’t believe that MTI members are believing these statements. Surely there must be MTI members going:” Shit!! This actually really doesn’t look good.”
Does anyone have a link to MTI’s latest response to the FCSA’s statement? I would love to share it but I only have it in a PDF format.
@ Concerned Citizen
It does seem to be something quite hard to get hold of.
I’m loving that the champions of the scam on the SA financial sites are now tjoepstil!
Has anyone asked the Financial Intelligence Centre or Asset Forfeiture Unit if the accounts of the company and its principal tonsil like Johann have been frozen?
This is going to be as entertaining (read devastating if you were a victim) as Fidentia was.
Send me a copy (contact link on top right). If it’s not entirely waffle rubbish I’ll put it up as a response.
Tried to send it through the contact tab but it’s being picked up as Spam
Yeah that’s the good ol’ spam filter. I replied to your email so you should be able to send it over.
edit: Hah the comment filter picked it up as spam too. Believe it or not I’ve got a copy of that, just wasn’t sure it was the same document.
Finishing my evening then I’ve got two articles to put together.
I think their funds are running out. 40 hours ago I requested all my bitcoin (around 300 dollars right now) and still didn’t get payed.
Here is their “leaked” short movie of the year:
And here are the details:
That video, some guy getting stabbed in Nigeria, jokes and then Joel Santiago has an epic meltdown @ [7:30].