Looking to trade foreign currencies to make a living online? There's a possibility you've come across a platform named IM Mastery Academy.
Formerly known as International Markets Live Ltd. and iMarketsLive, it's a company that claims to get you up to speed with trading. According to the company, if you're looking to master foreign exchange markets, you don't need to look any further.
Now is it legitimate or a scam you should be wary of? It never hurts to do some research before you let go of your hard-earned dollars. Some research can help you avoid scams, and also assist in finding legit business opportunities that don't disappoint.
With that said, lets' get started.
IM Mastery Academy Review
IM Mastery Academy is a multi-level marketing company that was founded in 2013 by Christopher Terry. The company offers various programs that teach the ins and outs of Forex trading.
In Forex or Foreign exchange markets, you will watch the relative value of two different currencies and enter a trade with a higher probability of profit. Even with a 50% success rate, you'll make more than what you lose if you use a proper stop loss strategy.
Terry used to work in the construction business, and then realized it's not from him, and got started in Forex instead. After becoming a full-time trader, he launched the company iMarketsLive that was all about recruiting people.
As per the IMMA website, you get:
- Access to tools and training to help you become a better trader
- Courses to help develop your own unique trading strategies
- Real-time trade ideas to help you with scalping (a quick profit in day trading)
To avoid a lawsuit, the company was (probably) re-branded as IM Mastery Academy. They introduced a few Forex trading courses that a member can re-sell to make money.
As a distributor, you can sell their courses and get 50% commissions on all sales you bring. The program previously shared characteristics of a scam since there was no actual product.
Is IM Mastery Academy a Pyramid Scheme?
No, IM Mastery Academy is not a pyramid scheme. However, its predecessor, iMarketsLive sure was one. It focused solely on recruiting and behind the scenes, there was no actual product. The founder probably changed his strategy to ensure his product's longevity.
In case you're interested, here's a quick video that shows how to spot pyramid schemes.
IMMA Pricing Plans
IM Mastery Academy offers four subscription plans:
- Digital Currency ($179.95 per month)
- High Frequency Pack ($179.95 per month)
- Platinum Starter Pack ($225 per month)
- Elite Starter Pack ($325 per month)
Here's a quick overview of the four packages:
You can get started with any plan, and upgrade/downgrade as required. With the platform, there's also a Prime pack with which you can buy a subscription for multiple months, and save money:
- Buy for 3 months for $825, save $50
- Buy for 6 months for $1,600, save $100
- Buy for 12-months for $3,100, save $200
There's also an option to partner up with the company, and become a distributor. They use the term Independent Business Owner (IBO) as a fancy term to address their affiliates.
The company uses an MLM structure, and it can be a bit tricky at times to get referrals. Unfortunately, most network marketers resort to unethical practices to sign people up, and the referred people end up having wrong expectations.
This is not true with all network marketers, of course, but most of them.
The Product Line
You can resell the above-mentioned plans as a distributor, more specifically as an IBO. You can also sell the following products as add-ons:
- Vibrata - This is a tool used to find quick trade ideas ($9.95)
- Levels - Used to identify the best entry/exit points, and a stop loss ($21.95)
- Dolorean - This tool will find various market opportunities, and strategies to better fit your trading style ($21.95)
- Steady - If you're looking for long-term trading ideas and don't want to watch markets all day long, this tool is for you ($21.95)
- Goldcup - Uses a lot of strategies to come up with high probability trade ideas, the ones that are very likely to yield a favorable result ($21.95)
- Bounceback - Identifies the best entry points on a chart ($21.95)
- Pivots - A lot of traders use reversal points to identify entry exit points, this tool will do just that, and draw pivot points. ($21.95)
- Liberty - This tool will find binary options trading ideas ($21.95)
Can You Make Money With This System?
Yes, you can. There are two ways to make money with the system:
- Promote their products as an independent distributor and refer people to the platform. If you're not a huge fan of MLM business, you certainly won't enjoy this.
- Learn trading from their courses, and trade on the markets in real-time from Monday to Friday (Forex market hours). The foreign exchange markets are closed on the weekends.
The website does offer trading courses, but for the most part, they are all about recruiting people onto the platform. You have to recruit people under you and build a team.
There are 11 levels that you can climb depending on your performance as an IBO. You need to have a certain number of people under you, and have a few of them buy the starter pack.
There's nothing wrong with recruiting, just that it isn't the best way to make a living working online. Not many people are a huge fan of chasing their friends/family and other connections to join a platform.
As an 'Independent Business Owner', you're also entitled to receiving a few bonuses if someone in your team makes a starter pack purchase.
If you're interested in joining this platform just for the sake of learning trading, you need to re-consider. There are far better options to learn trading online, with some being free.
Master the fundamentals of trading from websites like Udemy or YouTube, and test out your newfound skills on a Forex demo account. This way, you can play with it for as long as you like without risking real money.
No matter what trading style suits you, make sure you use a decent take profit-stop loss ratio. 2:1 ratio works best for most people, and it will help you get to profitability faster.
Final Words - Is IM Mastery Academy a Scam?
No, IM Mastery Academy is not a scam. They are a legit MLM company that offers Forex trading courses. Even though their courses are mediocre, they are legitimate regardless.
That being said if you're looking to make a quick buck, there are better options. Not only are their courses overpriced, they also utilize an MLM structure for recruiting people onto the system. For the many reasons mentioned in this review, we cannot recommend the platform to our readers.
There's nothing wrong with MLM programs except that 90% plus of the distributors struggle to make $100 per month with them, let alone make a full-time living. If it's trading that you're interested in, you can start with free courses on platforms like Udemy or better, check out YT.
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Definitely check it out if this piques your interest.