Bitprofund.com review Scam or Legit Don’t Invest Before Reading This Review

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Bitconnect Review: Is it Legit?

99Bitcoins Editorial Note:

Hi guys, it’s Ofir from 99Bitcoins. I think there are some things that need to be put straight before reading this review. The main thing is this – we can’t say for certain if Bitconnect is legit or not. People who are arguing that there aren’t enough evidence to support the claims made in this post are right, we wish there were more.

However, personally I wouldn’t invest my money in it. Why? Because it has too many red flags in my personal opinion. You are free to think differently, that’s your opinion. So take what’s written here with a grain of salt and let us know your opinion in the comment section. As always, none of this is investment advice, just the writer’s personal opinion.

Jan 16, 2020 update: Bitconnect is shutting down its lending and exchange services.

You have probably read several stories about the guys who bought $1000 of Bitcoin 5 years ago and are now millionaires. Even if you bought your first cryptocurrency at the beginning of 2020 you’re probably still pretty happy with the investment.

Some people haven’t settled for the gains to be made in an expanding market. Over the last couple of years, several Bitcoin investment schemes have popped up. One of those platforms is Bitconnect. On the face of things, there are some pretty impressive returns. Users report high rates of interest—sometimes up to 1% per day, as well as a very generous referral reward.

Just look at the price of BCC (Bitconnect Coin) over the past 8 months. It went from $0.16 to over $300. That’s an ROI of 187,500%, which is pretty crazy.

Update: Apparently the founder of Ethereum, Vitalik Buterin is also concerned about Bitconnect’s reputation.

You’ll probably notice that BCC’s market cap has dropped dramatically on November 3rd 2020. This is due to a “[r]evised circulating supply calculation,” according to Coin Market Cap. Vitalik pointed out to TNW over email, it has not affected BitConnect Coin’s price. That is very strange as such a huge change in coin circulation should have a massive effect on the price.

What is Bitconnect?

That’s a good question, I’m not sure anyone can provide a simple answer. It seems like Bitconnect is trying to create a Bitcoin clone—with the main benefit being making money. Here’s the very perplexing intro video for the company:

Bitconnect has developed its own cryptocurrency to help users transact quickly via the inbuilt exchange. Many Bitconnect investors are aggressively chasing rewards through the service. They appear to be latecomers to the market, who have missed the recent upsurge in Bitcoin value.

I first came across the service when watching a YouTuber with the screenname Cryptonick. He reported that he made hundreds of thousands of dollars on Bitconnect through loans and referrals. Sounds too good to be true, right?

How exactly does the company operate, and make these astounding returns? What’s the secret?

How Can You Make Money with Bitconnect?

According to the website, Bitconnect utilizes a uniquely developed trading bot. It is known as “volatility software,” which takes advantage of the changing Bitcoin market. Bitcoin’s price can swing up and down by hundreds of dollars a day, so anyone who can predict these changes can make a fortune. That’s what the trading bot reportedly does, and loaning your Bitcoins to the software allows you to enjoy these returns.

To make an investment, users must first buy the Bitconnect token with Bitcoin via the exchange. Then you will be able to loan the token to the Bitconnect bot. It is important to note that the investment stake is locked away, and can’t be accessed for or anywhere between 120 and 299 days. Any interest earned is available to be immediately withdrawn.

Interestingly, referral codes come though the real moneymaker. Users with large followings (such as Cryptonick) earn a far greater return from this method. Hearing about this situation really raised the first questions in my mind. Is it a legitimate lending platform, or is it a modern Ponzi scheme? It all sounds too easy to make quick money.

So for example, if I bring in an active lender that loans out $100 BCC, I will receive a $5 commission. For any additional loans, I will receive additional commissions. But it gets even “better.” If that lender brings in additional lenders, I get 3% of their lending amount, as well as 2% of any additional lenders brought in by these lenders.

The whole thing starts to sound a bit shady, as shown here:

Of course, this affiliate commission model makes people go crazy for spreading the word about Bitconnect. Not because there is real value in the platform, but mainly due to the fact that they want to make a quick buck.

I’m not surprised to see my old friend, who previously promoted the Bitclub Network, now promoting Bitconnect and USI Tech (supposedly another Ponzi scheme) as well.

People are even getting so creative that they are giving away their affiliate bonus, just to sign up people under their downline.

I really wanted to find out more about Bitconnect. What is actually going on? Consider this title: “17-year-old makes $100,000 in one month.” Anywhere else on the web, you’d probably think this article is a scam. But with cryptocurrencies, it doesn’t feel like such an outlandish statement, especially when you see the exponential growth.

Then when just scratching below the company’s surface, things take a shady turn. When there is no apparent owner of a business, it is always concerning. Nobody publicly attributes their name to running the BitConnect platform, and the website gives very little away. Browsing the website doesn’t exactly inspire confidence, especially in a place where I’m meant to make an investment.

After exhausting Google’s resources, I decided to try and find some contact details for Cryptonick. I fired a couple of requests via the contact form, and even asked some of the listed partners for an introduction. All requests fell on deaf ears.

I was surprised to find that several Bitconnect iterations are currently registered in the UK. Companies House lists the original director as Ken Fitzsimmons with offices at Park Street, Ashford. A few days later, I received word that the British government is shunning the Fitzsimmons’ original company, since it didn’t file any accounts. So things really don’t appear to position BitConnect as a legitimate operation.

Update: It has been brought to our attention that the company Bitconnect LTD perhaps isn’t the right company to investigate. After further research we have found the following:

BitConnect also listed on Companies House’s registrar as BITCONNECT INTERNATIONAL PLC.

Neither of the filings – for the PLC or the LTD – mention how BITCONNECT PLC will be affected in the event that Companies House proceeds with BITCONNECT LTD’s removal from the registrar – or how it will affect the company’s operation in the UK BitConnect has also been listed on Companies House as BITCOIN AMR LIMITED.

One thing to keep in mind is that, prior to assuming the name BITCOIN AMR LIMITED, the company used to be registered as BITCONNECT PUBLIC LIMITED – not to be mistaken with BITCONNECT LTD. Confusing isn’t it?

According to the documents, BITCONNECT PUBLIC LIMITED (now BITCOIN AMR LIMITED) and BITCONNECT LTD were two separate entities, registered under two different company numbers: the former was logged under company number 10944876, and the latter – 10278342.

BITCONNECT INTERNATIONAL PLC, on the other hand, also has its own company number: 10948031.

Looking through the names attached to the companies though. It appears that a person named Le Thi Thannh Huy is involved in both BITCOIN AMR LIMITED as well as BITCONNECT INTERNATIONAL PLC.

Weirdly enough, both of them appear to have indicated a correspondence address on the exact same street; the exact street numbers are not the same, however. – Source

What Is Bitconnect Up To?

The question that keeps running through my mind is: ‘If there is this great trading bot, why would they let little old me use it?’ In fact, the ‘special trading software’ line has been trotted out for every pyramid scheme under the sun. Take a look at the “promotional videos”: There’s nothing factual to see.

Simply look at how rich everybody is. You can probably make up your own conclusion after watching these videos:

Public Opinion

When it comes to BitConnect, there are some interesting opinions. I really wanted to know if anybody had made or withdrawn money. I broached the subject with a couple of my crypto Facebook groups. The results were plentiful. The vast majority dismiss it as a scam, and even reported that they just asked their administrators about it.

But I was startled by how many people sang its praises. A strong proportion of users had been able to withdraw money from the platform, and started spending some of their gains. Some success stories are floating around, so they’re the people to investigate.

Many Bitconnect investors seem to accept that it is not a legitimate scheme, but are happy to risk capital for short-term gains. After random Facebook chats I had with Bitconnect users, here are some responses I got:

That’s correct. [It will stop eventually]. But as the amount I invested is something that if I lose, then I can sustain the loss.

“Well, maybe I have no morals. Maybe my morals lie with profits. You can’t call it a scam yet, until it is shut down and closed.”

Most users clearly know that there is no “trading bot.” But how could it be a scam if it makes money?

Here’s an interesting point to consider: There’s evidence that make the whole operation seem like a Ponzi scheme.

In addition, my interest in the platform had another unexpected result. Bitconnect users started to approach me about investing via their referral links. Plus, I suddenly had growing friend requests.

I felt like I was being courted by some sort of cult, which guaranteed wealth and financial freedom. But we already know why people want me to join their investing “team.”

Taking a deeper look at Cryptonick also uncovered some grey areas. It appears that someone gave him his very first investment on Bitconnect for free. There are multiple other ‘social media cryptocelebrities’ touting the project. And it’s becoming clearer and clearer that they are leveraging their followings for personal gain.

Charlie Lee, one of the most respectable figures in the Bitcoin community and the inventor of Litecoin had this to say on Twitter:

Former Fortress Investment Group partner Michael Novogratz took to Twitter to share his opinion that BitConnect “really seems like a scam,”.

What Is Actually Happening to Your Investment?

By piecing together the puzzle, we can start building a picture of where investments are ending up. What if there actually is no volatility software?

The first step is buying Bitconnect tokens with Bitcoin. Who owns the majority of the tokens? BitConnect. Next, you loan your tokens back to them, so they now keep control of everything. In addition, the tokens run a ‘Proof of Stake’ protocol. In other words, they make an interest on the tokens held: your tokens.

Sure, they slowly pay some interest to you for making a withdrawal, but the initial Bitcoin investment is still locked away. Who’s to stop them from walking away with all your money? The higher-ups get a bigger payout from referrals, while the lower-downs fight it out for scraps—until the money hose is turned off.

The only questions remaining are:

  • When will this happen?
  • How many people will lose their money?
  • And how much money will be wiped away?

Update: Some users have brought to our attention that Bitconnect is coming out with a prepaid debit card (much like the ones we have for Bitcoin). These cards will allow you to pay with your Bitconnect balance at various shops while cutting a commission from each transaction. This is being presented as proof that the company plans to stay here for the long run. At the time of writing the cards are only available for registration and not on the market so we can’t assess them yet.

Conclusion

From what we have looked at, there is a simple answer to how Bitconnect makes its money. Many users accept that something isn’t quite right about the service, but they don’t care, since it’s making them money in the short term.

In the end, more people will lose the ultimate greed of the few. Investors with large amounts of money will not be so favorable when everything goes south. When Bitconnect decides that they’ve had enough, their profit from signing up new members will be a short-lived victory.

As a final check, I ran Bitconnect through our famous Bitcoin Scam Test. Although the site has some very good metrics and was almost able to pass the test, the results were the same in the end,:

Here are some additional resources that review Bitconnect:

iMarketsLive MLM Review (2020): Scam, Wolf, or King of Wall Street?

Table of Contents

It’s All About The Benjamins

So you wanna get rich from Forex trading, huh?

I know the feeling.

But you might wanna think twice about joining iMarketsLive.

Like it or not, most MLMs like iMarketsLive are dressed up sales jobs.

Whether it’s selling “the dream” to your friends and family to convince ’em to sign up for your new Forex trading program…

Or just buying and selling currencies in the Forex market yourself.

Either way, you better enjoy hustlin’ and grindin’ if you’re gonna make it in this game.

Let me break it down for you:

iMarketsLive – short for International Markets Live – is a unique multi-level marketing company that’s all about Forex trading.

That’s short for foreign exchange trading, also known as currency trading.

It’s just like the stock market but instead of buying and selling shares of companies, you buy and sell currencies like the U.S. and Canadian dollar.

And unlike a regular 9-to-5 job, skilled currency traders can make (or lose) serious bank.

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In fact, the Forex market is the largest financial market on the planet — doing 5 TRILLION (with a “t”) a day in trade volume.

That’s over 200 times larger than the New York Stock Exchange!

Now you can see why there’s an absolute sh*tload of Benjamins to be made in Forex.

And iMarketsLive is doing exactly that:

By 2020, they were pulling in over $6 million per month.

They’ve also experienced a tremendous amount of growth and momentum in 2020 and 2020.

But there’s a fair amount of controversy surrounding this network marketing phenom.

If you’ve noticed that too, you’re probably interested in a lil’ more info about ’em, right?

You’ve come to the right place, brotato chip.

iMarketsLive Company Overview

First things first:

iMarketsLive is a Forex trading MLM that offers various trading educational products and services to a global audience.

They currently appear in over 120 countries and have training available in 8 major languages.

As you’d expect, their headquarters is located in the center of the financial universe:

New York City, New York.

They also have a staff of over 60 educators who have a single job: Teach peeps like you and me about the joys of Forex and cryptocurrency trading.

Oh, did I not mention they do cryptocurrency markets like Bitcoin as well?

The company’s vision, according to their website, is to “Educate, Enrich, and Empower One Million Students by 2020.”

Admittedly, also according to their website:

Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing financial security or life style.

To be fair, that could be said about any investment opportunity (e.g. financial services from Primerica, binary options, etc), but Forex trading is notoriously difficult — I know from personal experience.

Risks aside for now, let’s talk about how iMarketsLive came into being in the first place.

When Was iMarketsLive Founded?

What’s the real story behind iMarketsLive?

Well, for starters:

International Markets Live, Inc. was founded back in 2020 by CEO Christopher Terry.

But you know what’s weird?

iMarketsLive’s corporate website is surprisingly thin when it comes to offering information.

Most companies, even most MLM companies, have at least a little history of the company along with a small biography of the founder/CEO.

iMarketsLive.com has no such information on their site and seems to prefer to remain as mysterious as possible.

But I did manage to find this page, which appears to be an older bio of the company’s founder Chris Terry.

Here’s an excerpt:

Mr. Christopher Terry began this journey in construction, both as a worker and eventually as an owner, for nearly 12 years. In 1995, he discovered commodities trading and began to immerse himself in the markets.

In just 3 years, he was confident enough to walk away from his Construction Business, which had generated sales in excess of $40 million that same year, in order to become a full time trader.

Over the years he applied and effectively utilized this winning strategy of gaining the necessary learning and experience through the proper Mentors and then imitating the strategies of successful people.

While doing so he realized the same process of following success step by step, could bring average people everywhere to the same level of success that he himself had achieved.

Mr. Terry began to realize that at this point in his life it was his calling to help change people’s lives on a massive Global scale through a marriage of Network Marketing with Professional Trading.

This is why, in August 2020, Mr. Terry made the decision it was time to act on this Philosophy, and International Markets Live, Inc. was born.

One thing that’s missing from that bio of Chris Terry is his long history with MLMs and network marketing.

Terry came up in Amway, and although by his own admission he didn’t actually make any money, he said it gave him a “mindset of wealth”.

In other words, he probably realized the folks who made the most money in an MLM were the ones at the top and who recruited the largest downlines.

This also might explain why Chris Terry was reportedly a big promoter of Zeek Rewards*, which got busted by the SEC in 2020 for being a ponzi scheme.

(*In this interview with Denise Martino, Terry refers to Denise as his “downline member” and she clearly appears to be in Zeek at the time.)

Despite these failed business attempts, Chris Terry persisted and while the idea of iMarketsLive was spawned in 2020, it officially launched in 2020.

The new Forex trading MLM grew quickly and by 2020, iMarketsLive reached 55,000 members.

Unfortunately, that same year brokers began locking the accounts of many iMarketsLive customers for using an unregulated “expert advisor”.

Here’s what happened:

iMarketsLive had a special little automated trading program called “FX Signals Live”.

The program automatically mirrored the trades of Chris Terry himself, so members could essentially play the Forex market without actually understanding it.

However, one of the main reasons there are regulations in the investment world is to prevent exactly that.

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And when legitimate brokers like FXCM decided they wouldn’t allow it anymore, FX Signals Live was discontinued in 2020.

As a replacement, iMarketsLive released their new online “Harmonic Scanner” designed to help follow market trends.

It’s a little technical but here’s a basic video that explains what it does:

It’s basically an online tool that scans the market in real-time and gives you alerts for different price patterns and trading opportunities.

But now you actually have to know what’s going on and make the trades yourself.

What Are iMarketsLive Products?

iMarketsLive sells you on the ability to become a successful currency trader.

Sure, you could try to learn it all by yourself.

After all, how hard could it be to click a few buttons and place a few trades?

Buy low, sell high.

Easy peasy, right?

Well, despite what you may have heard, day trading is MUCH harder than it sounds.

That’s why iMarketsLive offers a full suite of support and trading education.

Over 100 training videos and modules offer basic and advanced strategies on both Forex trading and cryptocurrency investing.

You can also access live trading rooms and watch experienced staff members place trades and talk about the secrets of their success (in 8 different languages).

Here’s a good overview video that explains the iMarketsLive opportunity:

Obviously that’s a company sponsored video, so take it with a grain of salt (don’t drink the Kool-Aid).

But I will say that iMarketsLive seems to provide a ton of help for their members, which is always a big plus.

Even CEO Chris Terry himself gets in on the action, holding Sunday night webinars that you can sit in on.

Additionally, iMarketsLive gives you access to their proprietary financial trading software.

As mentioned earlier, their Harmonic Scanner searches the market for harmonic patterns to exploit and profit from.

Their Web Analyzer does the same with cryptocurrency, for an additional fee.

And even though their trade-mirroring service is gone, iMarketsLive still provides other ways for you to copy what their experts are doing.

Swipe Trades will alert you to “Forex trade ideas” including risk management and expert guidance for an extra $17 per month.

Swipe Coin does the same but for Crypto trade ideas and info, for an extra $100 per month fee.

While that may seem pricey, keep in mind that it allows you to get solid trade ideas sent right to your phone without having to do any of the legwork.

Because let’s be honest: If you knew what you were doing when it comes to trading, you wouldn’t be paying this company $165 a month or more for the privilege.

Long story short: The more you pay iMarketsLive, the more training and tools you get.

Speaking of which, here are your membership options if you wanna join:

iMarketsLive Membership Options

*Mobile users: scroll left/right on table if last column is not fully visible

iMarketsLive Membership Options
DIGITAL CURRENCY MONTHLY HFFX MONTHLY PLATINUM PACKAGE ELITE PACKAGE
INITIAL PAYMENT INITIAL PAYMENT INITIAL PAYMENT INITIAL PAYMENT
$189.95 $189.95 $225.00 $325.00
MONTHLY PAYMENT MONTHLY PAYMENT MONTHLY PAYMENT MONTHLY PAYMENT
$179.95 $179.95 $164.95 $274.95
WHAT YOU GET WHAT YOU GET WHAT YOU GET WHAT YOU GET
DC Academy HFF Academy IML Forex and Crypto Academy’s IML Forex and Crypto Academy’s
DC Scanner HFF TV IML TV (All Sessions) IML TV (All Sessions)
SwipeCoin App PipTalk Harmonic Scanner Harmonic Scanner
IMLTV Sessions High Frequency Forex Swing Trades & Night Owl Sessions Swing Trades & Night Owl Sessions
Pip Talk (Basic) Pip Talk (Basic)
Swipe Trades
Web Analyzer
Bounce Back
Gold Cup
SwipeCoin
High Frequency Forex
PIVOTS
LEVELS

Hey, nobody said day trading was cheap.

To be fair, iMarketsLive does offer a 7 day, 100% money back guarantee to all of its subscribers.

If you’re dissatisfied with their service in any way, you can get a full refund of your membership fee within a week of signing up.

iMarketsLive gives their Customers a “2 & FREE” option as well — if you personally refer 2 people into buying a monthly membership, your membership is free.

So: If you can convince a couple people that Forex trading is awesome…

You don’t have to pay anything to get the iMarketsLive training and support.

Sounds good, but here’s something you should know from a guy who’s been in the trenches:

My Forex Trading Experience

The risk factor in Forex trading is something we shouldn’t just gloss over.

As mentioned in iMarketsLive’s disclaimer, you can easily lose all your invested money in addition to the monthly fees.

I should know — years ago, I was heavily into Forex trading and learned everything I could about it.

Technical analysis, risk management, chart indicators — you name it, I tried it.

And that’s not all:

I kept daily trading journals, learned how to read candlesticks, recognize trends, and was a particular fan of using 2ATR for a trailing stop loss.

Along the way, I traded almost every currency pair, chart timeframe, and read every trading strategy book I could find.

(Here’s my personal favorite, along with this one originally published in 1930.)

I should also mention that I paid a small fortune for different trading systems, tools, and “secret” strategies from so-called experts.

I’m FAR from the smartest guy in the room — but I’m not a complete Muppet either.

I wasn’t just gambling (only risked 2-3% max per trade) and I gave Forex trading everything I had for almost 3 years straight while I was still driving truck.

And even though I had periods of profitability, in the end I always lost money.

Not to mention I also got sick of the highs and lows of trading — feeling like a God one week, damn near suicidal the next.

Out of desperation, I finally resorted to following a mirror-trading service which ultimately blew up and reduced my trading account to almost nothing.

It was my own dumbass fault, but that’s when I decided to hang up my Forex trading gloves and look for something else.

Also contributing to that decision was realizing that after being on countless online trading forums — I wasn’t alone in my frustration and misery.

The only ones who seemed to be making any consistent money in Forex (besides the banks and hedge funds), were the guys selling me the tools and systems.

Just like during the gold rush back in the 1800’s, the real money wasn’t in digging for gold — it was selling the pickaxes and shovels to the desperate and hopeful.

Now obviously, there ARE successful Forex traders out there.

So just because this ex-truck driver with a GED couldn’t do it, doesn’t mean that you can’t make it work.

Like any other form of retail trading, some folks make money and some folks lose money.

All I’m saying is that Forex trading is hard as hell.

As a general rule, if you enter a gambling game against a lotta peeps who are more experienced and skilled than you are…

It’s a safe bet that the odds aren’t in your favor.

Don’t say I didn’t warn ya.

Pros: Why Join iMarketsLive?

Potential for serious income without recruitment.

Almost every MLM in existence requires you to recruit and grow a huge downline if you wanna make the big money.

The reason is simple:

Your time is limited and there’s only so many hours in a week that you can use to sell products to people you know.

Forex trading is different in the sense that you could gain (or lose) a lot of money all by yourself, without ever having to recruit anyone.

No pants required.

While most MLMs involve you dragging around a box of products to various houses, iMarketsLive is something you do from your desk or smartphone.

This is a very modern MLM and the entire thing (training + products + support) is all available online.

Never having to leave your house to run your business is a definite advantage.

For example, go try selling Amway products with no pants — I’m guessing it wouldn’t turn out so well.

Plenty of training materials.

Between all the videos, training modules, tutorials, and live help sessions, iMarketsLive probably offers more actual product support than most other MLMs.

If you’re willing to invest in your education and want a crash course in Forex trading, there’s a vast bucket of knowledge here waiting for you.

Cons: Is iMarketsLive a Scam?

First off: Solid trading advice don’t come cheap.

Around $200 up front plus $170 a month is what it’s gonna cost you for the most basic level of membership.

That’s over $2000 per year.

But if that trading advice makes you ten times that, it might be worth it.

You could lose a lot more than your monthly fees.

Yes, plenty of people lose money in MLMs (most do).

But they generally lose money from not being able to recoup their minimum purchase requirements and monthly fees.

With iMarketsLive, in addition to your membership fees, you’ll also have to risk your own trading capital to play the currency markets.

And you might lose all of that money too.

In fact, thanks to the way that leveraged trades work, you can actually lose even MORE than the full amount of your Forex trading account.

A strong fishy odor.

Can you trust iMarketsLive?

Well, sometimes the best way to predict the future is to look at the past (or just Google the present):

• iMarketsLive CEO Chris Terry has a previous connection with Zeek Rewards which the SEC had to shut down for fraud in 2020.

• The VP Alex Morton has a long history with MLM companies like Vemma Nutrition that had to settle for hundreds of millions of dollars with the FTC for being a pyramid scheme. You should check out this revealing article on Morton that shows the reality of being a professional MLMer when he was with his last company.

• iMarketsLive is banned as unauthorized in Belgium, and also received warnings from other countries like France.

• When I first published this article, iMarketsLive had an F rating (very bad) from the Better Business Bureau due to having so many complaints.

Then all of sudden they had an BBB rating of “A”, mostly thanks to a bunch of positive reviews that showed up around the same time (many on the same day).

Coincidence? Yeah, right.

As another reviewer pointed out, prob’ly because IML asked their members to spam their BBB page with positive reviews to drown out the negative ones.

Nice try fellas. Not shady at all.

Also can’t forget that iMarketsLive is an MLM which means recruiting other members is highly encouraged.

Here’s one of IML’s top earners explaining in detail how it’s done:

Ask yourself: If it was just about forex trading, why teach people how to recruit at all? Why not just trade forex and make a ton of money?

I dunno… maybe cuz:

Most retail traders lose money in the long run, so the real money is made by getting other people to join.

Is it really, though?

  • 87% of all IBOs make an average of $4.30 per month (you read that right, less than $5/mo).
  • 98% of all IBOs make less than $115 per month.
  • Only 0.3% of all IBOs earn more than $30k per year.

Not exactly what I’d call a high-probability trade.

But if that doesn’t make you puke in your mouth a lil’, this industry might be for you.

If, however, you’re looking for a more legit and reputable business model… my two cents?

Oinvest Review – 5 things you should know about oinvests.co.za

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Oinvest is a South African forex and CFD broker, offering 49 currency pairs and a good selection of CFDs, covering a wide variety of asset classes form commodities, indices and stocks to crypto coins and precious metals.

Among the forex pairs some are with exotic currencies like Honk Kong Dollar, Singapore Dollar, Danish Krone, Hungarian Forint, Norwegian Krone, Polish Zloty, Swedish Krona, Turkish Lira, Mexican Peso, Russian Rubble, South African Rand and Israeli Shekel.

We also counted CFDs with nearly 20 indices, over 170 stocks, a number of energy and agricultural commodities like oil, natural gas, cocoa, coffee, copper, corn, cotton, orange juice, soy beans, sugar and wheat, precious metals including gold, silver, platinum and palladium and even crypto coins, most notably Bitcoin, Ether, Ripple Dash, Bitcoin Cash, Bitcoin Gold, Monero and Litecoin.

Oinvest trading conditions

The benchmark EURUSD spread is as low as 0,7 pips, which is quite tight as the broker does not take a commission on the trade.

In the same time the maximum leverage offered by Oinvest is as high as 1:500 and can easily accommodate even the most aggressive trading strategies.

Since the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex trade in the European Union to 1:30 in the beginning of August and since similar restrictions are already in place in the US and Japan, the only reliable regulators, still allowing more generous leverage remain the Australian Securities and Investments Commission (ASIC) and the South African Financial Sector Conduct Authority (FSCA), where Oinvest is licensed.

Still, have in mind that while higher leverage may help you score good profit with a relatively small deposit, it also makes your investment much more vulnerable to market fluctuations.

Oinvest trading platforms

At Oinvest you can choose between an internet based Web Trader platform and the MetaTrader4.

MetaTrader4 has always been a good solution for professional and beginner traders alike. The well known platform features multiple market indicators, various charting tools and an option to run automated trading sessions with the help of specially designed trading bots or Expert Advisors.

Oinvest regulation & safety of funds

Oinvest is owned and operated by BASFOUR 3773 (PROPRIETARY) LIMITED, a company based in Cape Town, South Africa and regulated by the local Financial Sector Conduct Authority (FSCA).

FSCA, along with respected financial watchdogs like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) enforces a strict and yet balance regulatory regime.

FSCA licensed brokers for example are required to keep all clients’ money in a segregated, protected form creditors account.

Also, all brokers under the jurisdiction of the South African regulators are obliged to maintain a certain minimum capital adequacy ratio, which gives traders additional security.

Oinvest deposit/withdrawal methods and fees

As most other brokers Oinvest accepts payments with major credit or debit cards like VISA and MasterCard, bank wire and popular e-wallets like Neteller, Skrill and VPay.

And while Oinvest does not specify a minimum deposit requirement, it is generally advisable to invest at least 250 USD so that you can support a sufficient margin to sustain any significant moves against your position.

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