Manifest FX Review: Unregistered forex trading bot scheme
Manifest FX provides no information about who owns or runs the company on its website.
On what appears to be an official Manifest FX YouTube channel, marketing videos credit Jimmy Bennett and Josh Felts as co-founders of the company.
I wasn’t able to establish if Jimmy Bennett has an MLM history.
On his personal website, Bennett describes himself as a “British entrepreneur”.
The marketing slide above cites Bennett as a founder of Southgate Wealth. A Google search for “”southgate wealth” bennett” returns four results. Two are unrelated and the other three are Manifest FX spam.
This puts a question mark over Jimmy Bennett’s professional history.
Update 22nd March 2022 – Turns out Jimmy Bennett has a history of securities fraud.
Circa 2015 Bennett was promoting some real-estate investment scheme:
In October 2020 Bennett launched Simply FX:
As above, Bennett pitched Simply FX as a 40% to 50% a month passive “auto trader” scheme.
The FCA moved in and shut Simply FX down in December 2021:
The FCA identify Simply FX as “SnapTrade LTD”. SnapTrade LTD is another UK shell company owned by Bennett.
If you’re wondering why SnapTrade LTD is still incorporated despite being tied to securities fraud, it’s because securities regulation in the UK is dysfunctional.
For all intents and purposes, Manifest FX appears to be a spinoff of Simply FX. /end update
After failing to establish himself as a religious rapper, in 2015 Josh Felts launched his own ministry.
That flopped and led to Felts slinging MLM trading opportunities.
BusinessForHome tied Felts to Silver Star Live in January 2019.
Silver Star Live was a forex bot MLM company that failed to register itself with US regulators.
In November 2019 we learned the CFTC went after Silver Star Live co-founders Hassan Mahmoud and Candace Ross-Mahmoud.
In mid 2020 the CFTC filed suit against Silver Star Live’s third co-founder, David Mayer.
The CFTC alleged in their lawsuit that Mayer, through Silver Star Live and Silver Star Live Software, defrauded “more than 9000 clients out of millions of dollars”.
In August 2021 Mayer copped a $15.6 million judgment.
By then Felts had moved onto Epic Trading, which he promoted under “Paid2Live” branding.
Epic Trading wasn’t as nefarious as Silver Star Live but we still raised pyramid concerns.
I found Manifest FX marketing dating back to January 2021. This suggests Felt’s time promoting the company was short-lived (or he managed both for a while).
Manifest FX’s website was registered through an incomplete UK address in December 2020.
Based on their respective social media profiles, Jimmy Bennett and Josh Felts represent they are based out of Dubai and the US state of Georgia respectively.
With Dubai being the MLM scam capital of the world, Bennett basing himself there is an automatic red flag.
Despite having no ties to the UK, other then Bennett presumably being a UK citizen living abroad, Manifest FX represents it operates out of Chichester.
Read on for a full review of Manifest FX’s MLM opportunity.
Manifest FX’s Products
Manifest FX has no retailable products or services.
Affiliates are only able to market Manifest FX affiliate membership itself.
Manifest FX does sell branded clothing, however this has nothing to do with their MLM opportunity.
Manifest FX’s Compensation Plan
Manifest FX affiliates purchase access to an automated trading forex bot.
- $1 License – costs $1 a month and provides access to “AI trading software”, Manifest FX keeps 60% of returns
- Platinum Elite – costs $849 and reduces Manifest FX fee to 25%
- Royalty – costs $1299, provides access to three trading bots and maintains 25% Manifest FX fee
- The CEO Club – costs $4999, provides access to three trading bots and removes Manifest FX fee
The MLM side of Manifest FX pays on recruitment of affiliates.
Direct Recruitment Commissions
Manifest FX affiliates are paid on recruitment of affiliates:
- recruit a Platinum Elite affiliate and earn $100
- recruit a Royalty affiliate and earn $140
- recruit a The CEO Club affiliate and earn $200
Note that Manifest FX’s compensation plan details monthly membership payment options. These are not detailed on Manifest FX’s website.
In any event, should they be made available again, the above amounts are paid out at 50%.
Manifest FX pays residual commissions as a percentage of funds spent by recruited affiliates each month.
This presumably only applies to monthly affiliate memberships, however this isn’t made clear in Manifest FX’s compensation material.
Manifest FX pays residual commissions down two levels of recruitment (unilevel):
- Platinum Elites earn 15% a month
- Royalty and The CEO Club affiliates earn 20% a month
All affiliates earn 5% on level 2 (affiliates recruited by those you recruit).
Global Bosses Pool
Manifest FX takes 3% of company-wide affiliate fee revenue and places it into the Global Bosses Pool.
Manifest FX affiliates qualify for a share in the Global Bosses Pool when they recruit ten affiliates in a month.
Although not clarified, I believe Global Bosses Pool qualification resets monthly.
Manifest FX rewards affiliates who recruit with the following bonuses:
- recruit 25 affiliates with active membership and receive AirPod Pros
- recruit 50 affiliates with active membership and receive a MacBook Pro
- recruit 100 affiliates with active membership and receive an iMac or $2500
- recruit 250 affiliates with active membership and receive a “$5000 shopping spree”
- recruit 500 affiliates with active membership and receive a Rolex watch
- recruit 1000 affiliates with active membership and receive a “7 Star hotel Dubai trip of a lifetime” or $10,000
- recruit 2500 affiliates with active membership and receive a Mercedes G Wagon or Range Rover or $75,000
- recruit 5000 affiliates with active membership and receive a Lamborghini Huracan Evo or Ferrari Portofino
Joining Manifest FX
Manifest FX affiliate membership costs $1 to $4999:
- $1 License – $1 a month
- Platinum Elite – $849
- Royalty – $1299
- The CEO Club – $4999
Manifest FX’s compensation plan references monthly fee options for Platinum Elite and higher. Details aren’t available on the company’s website.
Manifest FX accepts bitcoin and USD as payment.
Manifest FX Conclusion
Manifest FX is a continuance of what Josh Felts learned at Silver Star Live. That brings with it the same regulatory concerns.
By providing affiliates with access to a passive trading bot Manifest FX is committing securities fraud.
Because they’re offering returns through forex, whether purported or otherwise, Manifest FX and its founders also need to register with the CFTC.
At time of publication neither Manifest FX, Jimmy Bennett and Josh Felts are registered with the SEC or CFTC.
By failing to register with US regulators, Manifest FX is setting itself up for the same fraud charges Silver Star Live was pulled up on.
Secondary regulatory concerns exist by way of Manifest FX failing to provide consumers with any information about its trading bots.
This is potential violation of the FTC Act (disclosures and deceptive marketing).
Seemingly aware it is operating illegally, Manifest FX offers up the following pseudo-compliance on its website:
The information on this site is not directed at residents of the United States.
This is obvious pseudo-compliance. In addition to Josh Felts operating from the US, three out five Manifest FX “team members” are US residents.
Meanwhile a search of social media reveals plenty of Manifest FX promoters with US accents.
In October 2021 Bennett fronted a Manifest FX Marketing video titled “MANIFEST E-COMMERCE LAUNCH”.
Manifest E-commerce appears to be some Amazon dropshipping training scheme.
This suggests things aren’t going so well with Manifest FX’s trading bot opportunity.
Curiously I couldn’t find anything further on Manifest E-commerce. It doesn’t appear to have gone anywhere.
At the end of the day if Manifest FX’s marketing claims were legitimate, they’d register with US regulators and provide investors with relevant audits.
Failing to do this is not only illegal, as we saw with Silver Star Live, it lends itself to Manifest FX operating fraudulently. Both with respect to its business model and claims made about its trading bots.
The majority of Silver Star Live affiliates lost money. Being essentially a clone of the business by a former promoter, Manifest FX will play out the same.