Akashx: My Daily Choice’s “social trading” securities fraud
BehindMLM reviewed My Daily Choice back in 2015.
At the time the company marketed Peak, a deer antler velvet supplement.
Fast forward five years and My Daily Choice has since branched out into CBD, essential oils, discount travel and… securities fraud.
My Daily Choice markets Akashx as a “social trading” platform.
Akashx is a revolutionary education platform providing tools and solutions to help traders master their Forex and Cryptocurrency portfolio.
Within Akashx is “Akashx Academy”, providing access to a video library with 145 lessons on trading.
Akashx members also gain access to a “digital banking solution” and trading signals, provided ‘on your desktop or directly to your phone on Telegram.’
That’s all pseudo-compliance waffle though. The actual drawcard of Akashx is the promise of passive returns through trading. Specifically, automated copy trading.
My Daily Choice offers passive returns through Akashx through an “autocopy expert traders” service.
Despite the name, passive returns are derived via “algorithms”.
Copy trading is characterized either by utilizing other Traders’ signals via the Akashx Social Trading platform or by using algorithms.
Trading bots by any other name, in Akashx they’re referred to as “trader combos”.
The Combos are automatically created following a point-based algorithm that has been set up for identifying profitable combinations of trading strategies.
Akashx members set up a trading account, fund it and then use trading bots provided by Akashx to receive passive trading returns.
Just so we’re crystal clear, this is an entirely passive return as confirmed by My Daily Choice on Akashx’s website;
By converting the advice of professional and talented Traders globally, our autotrading Platform executes trades rapidly and automatically in your account.
With Akashx Social Trading, you don’t have to study or monitor the Market, because hundreds of Traders world-wide are doing it for you.
This is of course a securities offering. And as I write this, neither My Daily Choice or Akashx are registered with the SEC.
This is a major regulatory compliance issue for My Daily Choice, who on their website provide a corporate address in Nevada.
There are no corporate or contact details provided on the Akashx section of My Daily Choice’s website.
Also in violation of securities law, who exactly is behind Akashx and who runs the trading bots is not disclosed.
Akashx membership costs $299 and then $149 a month.
In addition to that, members are expected to fund their accounts with a few hundred dollars.
Typically, your investment account connected with Akashx should always exceed a $200 balance.
No compensation plan is provided on the Akashx section of My Daily Choice’s website. Such to the extent Akashx is part of My Daily Choice’s MLM opportunity, those details are not disclosed.
What we do know is Akashx is being marketed as part of My Daily Choice, meaning the onus is on them to register the securities offering with the SEC.
That hasn’t happened, meaning My Daily Choice and Akashx are committing securities fraud in the US.
Considering the US is the most tightly regulated jurisdiction in the world when it comes to MLM related securities fraud, we don’t anticipate this ending well.