IMarketsLive is not a broker, not a trading robot, not an educational service. It’s… a hybrid. If a broker, trading robot and educational service had a baby, this would be the result. Maybe. I haven’t really thought about that particular communion. Let’s dig into it.
Who Is iMarketsLive?
The website is owned and operated by International Markets Live Ltd, with a principal place of business at 45 Rockefeller Plaza New York, NY, United States Of America and with a registered office at 9 Chapel Place London EC2A 3DQ the United Kingdom. We cannot confirm whether any of these addresses are real or virtual offices.
The company is not regulated or authorized by any notable financial supervisory institution. They can be contacted at phone +1 917 935 4965 and email [email protected]
Is iMarketsLive A Scam?
It is unclear what this company actually does but that alone is not enough to call them a scam. However, it must be noted that the British Financial Conduct Authority (FCA)has issued a Warning against this company and this is what they’ve said: “This is a firm that we have been told is either operating regulated activities without the correct authorization or is running a scam. We strongly suggest you avoid dealing with unauthorized firms like this.” See FCA full warning.
This is a major red flag and should be enough to make you stay away. However, it looks like a lot of people are disregarding the FCA warning because the traffic numbers for iMarketsLive are huge: in July 2018 alone, 485K people have visited their website. Sure, not all of them are clients but it seems people are very interested in what iMarketsLive has to offer.
All in all, we align with FCA’s point of view and recommend that you don’t do business with unauthorized companies.
What Is iMarketsLive And Should You Open An Account?
At first glance, iMarketsLive (IML) looks like a brokerage but this assumption is quickly put to rest when you dig just a bit deeper. According to their website, IML provides “highly effective” tools and services to help traders make decisions in the Forex and Futures markets; also, their services can only be accessed through their exclusive membership. And I say exclusive because when you click on “Become a Customer” they inform you that you have to be an IBO (Independent Business Owner) or you have to be invited to join by an IBO.
So, if you don’t have your own company you can get invited by someone who does; in other words, you have to know a guy who knows a guy, who is friends with the sister of the guy who works as a janitor at IML. All this creates a very “exclusive” feel to iMarketsLive and a lot of people fall for that: Oh, it’s so hard to get in so I have to get in somehow because I will make a lot of money. And speaking of making money: how do you make money with IML? DO you make money with IML? Let’s see.
Their tools for making money are a Live Trading Room, a Harmonic Scanner and Trading Education. The Live Trading Room is a place where IML CEO Christopher Terry places live trades and you get to watch and possibly replicate his trades on your account. The Harmonic Scanner is a custom indicator or Expert Advisor for your Meta Trader 4 that constantly scans and draws harmonic patterns on your charts and provides trade opportunities. It is unclear whether this tool trades automatically or just inform you about a possible trade. It is also unclear if it is profitable or not as we have no way of verifying its results. Finally, the Trading Education is “the best” on the market according to them and contains a full trading Library, stacked with videos, articles, and webinars. However, I couldn’t find any Trading Education but this may be due to my lack of membership.
Overall, from the information provided, I cannot pinpoint exactly what this company does. According to internet sources, the whole thing is an affiliate scheme that works on an MLM structure: people become Independent Affiliates and in doing so, they will promote and sell the company’s products in exchange for a commission. Then you bring in more affiliates and get a commission from their sales, so you make more money.
The answer to whether you should open an account or not is really subjective: if you are into affiliate marketing and MLM stuff, then do thorough research on them. If you are a trader looking for a broker, keep looking because this is not it.
The Harmonic Disharmony And The Internet Vibe
Let’s go back to iMarketLive’s Harmonic Scanner for a bit. Apparently, it was created by a trader named Scott Carney and the two parties are currently firing lawsuits at each other. Carney sued IML for using his harmonic patterns for 1 million USD and IML countersued for 4 million USD for defamation. I don’t know who is right because I am no judge but this quarrel is certainly not good for their business.
Opinions around the internet are mixed regarding who is right about the Harmonic stuff but I see an overall negative vibe surrounding IML as people (affiliates) complain about locked accounts and unpaid commissions. Also, IML had a meeting in Barbados, with many people attending and the speaker was going on about making money and the whole “get rich easy”. Nothing about actual trading.
Take it all with a pinch of salt because these are not our first-hand experiences but information gathered online.
Final Words – Still On The Fence
As I’ve said in the beginning, this is not a brokerage and not a robot, so if you are looking to trade primarily, this is not a service for you. On the other hand, if you’re into affiliate marketing and MLM stuff, then maybe give it a go. Just be aware that you will have to pay to enroll and there are other conditions such as being an IBO or being invited by one. I am not sure it’s worth the hassle, especially because information is scarce, at least until you sign up. It would be nice for them to explain better what they are selling.