Joining MTI may end in tears

Three authorities, across three different countries warn consumers against dealing with Mirror Trading International.
The company seems to operate as a pyramid scheme. Image: Shutterstock

Mirror Trading International (MTI) has been around for a little over a year but the first time I heard about them was during the market collapse earlier this year when people started asking me about their promise of 10% returns per month. That in itself is a red flag: 10% a month doubles your money every seven months which is pretty much impossible and is certainly not sustainable without significant risk being taken.

The idea behind MTI is that a member deposits a minimum of $100 in Bitcoin and then MTI claims to trade FX using a programmed bot that generates the impressive returns.

A look at its website raised several red flags, most notable, that it was not registered with the Financial Services Conduct Authority (FSCA). Its reason for this (communicated indirectly via online videos now deleted) was that as members deposited Bitcoin and this cryptocurrency is not regulated, MTI did not need to be registered with the FSCA. That statement is false. It is essentially a deposit-taking institution and trades on behalf of members – that most definitely requires a licence from the FSCA.

Further, the company seems to operate as a pyramid scheme, whereby current members introduce new members and then earn a 10% commission. MTI defends this as a marketing expense, but it is also the cornerstone of any pyramid scheme.

Back in May I requested more information from MTI and things got weird real quick. Four different people popped up in my emails and Twitter DMs claiming to represent MTI yet none actually answered any of my concerns about the lack of FSCA registration, audited results or the risks involved. Not surprisingly I did get a lot of hate-filled and threatening messages and was also sent a number of links to videos that claimed to verify the promised returns.

But at no stage was I given any verifiable information proving the claims around the returns, the actual trading or the safety of member monies.

Then in early July the Texas State Securities Board issued an emergency cease and desist order against MTI and its founder and CEO Johann Steynberg.

A month later in early August, FXChoice, the broker MTI claimed to be using, issued a statement stating that it had frozen the MTI account and more damningly: “Before the account was blocked, they (MTI) executed just a few trading operations, which were performed manually, large and incurred substantial losses.”

The Autorité des marchés financiers (AMF), responsible for financial regulation in Québec, Canada, has on its website included MTI in a ‘Warning list of websites and companies that solicit investors illegally’.

Then earlier this week the FSCA issued a statement on MTI in which it states: “The FSCA is of the view that the current business model of Mirror Trading International requires it to be in possession of a financial service provider licence.” And it concludes with, “We recommend that clients request refunds into their own accounts as soon as possible.”

Read: FSCA investigating Mirror Trading International

In response to all of the above, MTI issued a lengthy statement to clients that raised even more red flags. Concerning FXChoice freezing its account, it claims: “No member funds are held with this broker and the funds frozen pertain only to MTI’s private fund” – which contradicts its earlier statements about this being the FX broker it was using for its automated bot trading.

Read MTI’s statement here.

MTI states it has now moved to a new unregulated broker because Bitcoin is unregulated and MTI claims this is in members’ best interests. Further, it’s not stating who this new broker is in order to “protect our relationship with the broker”.

It also acknowledges meeting with the FSCA and claims it tried to work with the regulator but that the “FSCA does not have any intention to assist MTI”. MTI does not make any reference to whether or not it will be acquiring the required licence from the regulator.

Numerous attempts to get comment from MTI and to speak to its CEO, Johann Steynberg, over the last few months, and more recently this last week, have meet with no success.

The above evidence from three authorities, across three different countries, leaves me with no doubt that MTI is not a legitimate operation and ultimately it will end in tears.

Luister na Ryk van Niekerk se onderhoud met ondersoekhoof van die FSCA Gerhard van Deventer en MTI se woord-voerder Cheri Marks

AUTHOR PROFILE

COMMENTS   53

Sort by:
  • Oldest first
  • Newest first
  • Top voted

You must be signed in to comment.

SIGN IN SIGN UP

Agreed.

One thing though. Why does the FSCA not shut them down if they are supposed to have a license? Not sure about their own position?

Aaaaaah man

One gets so so mad with these statements that others will just feel so free to publish at times.

U read these statements and miraculously get discouraged and not join what seemed to have changed your life financially.

THEN HERE’S A BIG QUESTION?

Is the same person who discouraged and threatened so many to join MTI or any other online business that makes sense, going to be there? Come end of the month when creditors start to call? When U have to pay for your car, house, buy groceries for your family? And your money can’t even go further month after months after month to a point U can’t even plan anymore for U are always in debt.

And what makes me more mad is that these publishers can’t even give U an option that will help U financially or borrow U money during your trying times.

So U thought I am a member of MTI? No I am not.

But I just heard of it beginning of this month and very much interested into it after I made my researches.

And let me tell U I am joining next week right after Aug 25th.

Because I need financial freedom and tired of creditors calling me.

Hope this sinks into people’s mind.

Listened with great interest to Ryk’s radio interview with FCSA’s investigative respresentative & then to MTI’s Cheri M.

SA must be proud to’ve come up with such a clever scheme (…viewed even an IT-developer’s comment on another blog, where he said he’d sacrifice both his testicles if “he can own or develop a bot that’s so supposedly consistently on a winning streak. That’s something you’ll never find.” So it makes one think.)

Honestly, why do we all keep on working the daily slog, if you have bots making money for you? And why would any scheme needs YOUR money, for YOU to be successful 😉

This scheme reminds me of the world famous landmarks located just outside Cairo.

My advice to foreigners that’s interested in MTI, and does not understand a word of Afrikaans….go to Google Translate and enter “boereverneukery”.

Interesting indeed! Banks, Asset Management Companies and even Insurance Companies need you to invest with them for YOU to be successful. Are they also scams?

They too also employ traders who trade both FIAT and crypto currencies for the benefit of shareholders. Do they pass on the huge gains to you?

Invest with banks and they give you 5-8% per annum after taking brokers’ commissions from your investment. Yet when you borrow from the same bank they use other clients’ money invested with them to give you a loan with interest ranging between 16 and 27%. This excludes all the fees they charge like initiation, admin, deposit, withdrawal fees etc. Doesn’t all this sound like a real scam to you?

These companies pay their CEOs and senior managers massive bonuses running into hundreds of millions annually, yet they feel justified to pay 5-8% interest on money you investment with them. Does that make any sense to you?

Did you know that MTI uses a profit sharing model and they make no money unless trades are profitable? Don’t you think that’s fair? Do the banks and investment companies share their profit with you? This company gives 40% of the daily profits back to its investors…daily between Monday and Friday. Don’t you think that makes better sense?

Did you know that MTI does not charge any deposit fee, admin, membership, trading or withdrawal fees?

Did you know that you can withdraw all your bitcoins anytime between Sunday and Friday and get them within 48 hours?

Try the company out yourself with a mere $100USD worth of bitcoins and then scrutinize the company from within. I am sure your experience of the company will change your views towards it.

@Jhonos are you for real? This is 100% a SCAM! We don’t have to try it out with a “mere $100USD” to know that.

How much more evidence do you need to wake up?! Shill.

Nicolaas20, are YOU for real? Come on !! What evidance? It is not a scam! You will eat your words believe me today!! Go MTI!! Let these negative perceptions including the FSCA eat your dust!!

@Duane

Hi there. Who are you? Cheri? Johann? Joel?

Are YOU for real? Are a dozen red flags not enough evidence to pull your money out of MTI immediately? And don’t ask me to name them all. Go do your own homework!

WHEN this thing collapses you owe us all an apology. Not to mention the people you stole from by being part of this scam!

To add: on a different forum, an IT techie stated “why do you want to hand over control of your own Bitcoin to another organisation?”

Hey Mr Simon Brown , maybe we should also close down Bitcoin and the entire Crypto space ?

What does cryptocurrency have to do with this pyramid scheme besides from being the “product” being falsely claimed to be traded?

Your argument or point lacks any substances. It’s the same as asking if we should close down Fruit Juice and the entire Drinks space?

Sounds like you have the IQ of a typical MTI scammer #lizmalton

@djgabriels. Don’t confuse (the valid) crypto sphere with fraudsters operating in that space.

People are still very unfamiliar with crypto, hence clever schemes are easier camouflaged, creators coming up with overtly complex schemes adding to smoke & mirrors.

It’s like demonizing the ZAR, if there’s a cash heist somewhere 😉 Or if online scammers scam you out of some Rand, it does not make the currency illegal.

But why not give MTI a try yourself? It has to do with Bitcoin…so surely it’s legit, right?

My only concern with crypto currency is that is people do not need to follow any anti-money laundering and anti-terrorism funding laws….

Seems crypto may only draw the attention of the greedy, immoral or fraudulent personalities.

I cannot fathom how these schemes keep going, I so wish they would look at Karatbars and Lifestyle Galaxy, the pushers of these schemes love to quote articles that support an underlying asset such as gold or bitcoin to their almost cult faithful, the problem is their schemes are nothing more than pyramid MLM schemes that will ultimately end in tears. Investing in gold and gold shares is vastly different than some sliver of gold leaf superglued to a plastic card or self made gold paper currency.

Agree. Well perhaps these schemes keep going from all the cult-like ‘believers’….one simply cannot convince them their ‘religion’ is a pyramid.
(…and some even know very well it’s a clever scheme, and wanting the rest to join below them).

If 10% returns per month was sustainable into infinitum (i.e. 120% p.a.)….I’d happily obtain a ‘business/commercial loan’ for a million or more from any bank, and make money using the bank’s capital. Can’t understand why this is not universally done on the globe, especially investors in some developed markets getting near zero % return on their cash deposits or long-term bond yields.

I’ve been following the MTI developments over the last couple of weeks with a mix of laughter and concern.

A friend of mine, who I lovingly referred to as “financially Illiterate”, tried to sign me up. To which I promptly said no and pointed out that there are way too many red flags pointing to a Ponzi / Pyramid.

Anyway I thought I would just have a look at the business model of the 10% sign up commission that my financially Illiterate friend would earn off my hypothetical $100 investment. See attached.

In short he would earn $10 off me, but I would still get my full $100 investment. MTI states that they fund the commission out of their 10% of the trading profit.

BUT, the trading profit will be (at the assumed 10% p/m yield) only 33cents per day. I would get 40% of that, 13cents and MTI would get 10% / 3 cents.

If you compound and extrapolate this (and I will not quote Mr. Albert E the way they do) MTI will have to do 257 straight days of 10% p/m profit and use their full portion of the trade to just pay the $10 commission.

Quite unlikely I say.

Anyway, maybe I missed something or the 45 seconds I spent on the spreadsheet was not enough. Who cares I’m not spending more time on this scam.

No medicine for stupidity

Dear Simon. I looked into MTI at the beginning of May 2020 after being told about them by a friend. My initial thoughts – coming from a commercial crime law enforcement background – were that this was another scam. My intention was to prove this to my friend.
I also sent an email to the FSCA on May 20th, including therein the link to the MTI daily Zoom presentation. To date the FSCA has not responded to me.
My research however rendered that MTI’s claim of not having to register with the FSCA was indeed correct since they do not accept FIAT currency but Bitcoin only and Bitcoin and other crypto currencies are not regulated. The FSCA is therefore overstepping their authority here.

Having looked at the MTI model I liked the concept but still had reservations about their legitimacy. Their concept of only taking fees from profits and not from an investor’s capital appealed to me. Their referral bonus is only paid out seven days after the referred investor funds their account to allow for profits to generate on the invested amount.

This is quite revolutionary since all investment houses take their fees regardless of gains or losses on one’s investment. An investment I made a few years ago with one of the big companies in SA was worth R2700 LESS after two days because they took their fees before trading with my capital.
They also very explicitly DO NOT guarantee future returns percentages and clearly state that historical returns are nor guarantees of future earnings. Unlike the SANLAM’s, etc of this world that claim 10% per annum for instance but generate less in some years.
Having traded with forex and crypto myself for a number of years I am confident that good gains above the conventional belief are possible.

Your claim here that MTI runs a pyramid scheme are however totally incorrect. You should educate yourself about what constitutes an unlawful Pyramid (Ponzi) Scheme and a referral model. You create the impression that all referral compensation models (Network Marketing) are illegal. That can unjustly hurt companies that have been using that model for decades (i.e Amway, Avon, Mannatech, etc)
Having looked at the track record of MTI and being provided with proof from my friend about how she makes regular withdrawals I could not find fault with what the company does. As with any investment opportunity it however remains the decision of the investor where they want to risk their money. Just ask the Steinhoff investors and the mutual fund investors that sometimes get out less than they invested.

Hi Bez. Great to see a fellow legally trained person putting in the time and effort to look up the ins and outs of MTI.
I am a 3rd year law student and spent many hours researching. I also joined MTI myself anf corroborated many of the so-called claims on what and how MTI does business. From what I can see I also cannot find any fault with what MTI does. I don’t necessarily like the binary trading bonus structure which rewards referrers with extra trading income, but that is MTI’s right as a business to do and my right as a client to choose if I still want to use their services or not. Nothing here smacks of illegality or a scheme. People just want it to be a scheme because they don’t understand the crypto space or trading. I was actively trading with my crypto before miving it to MTI. I frequently had days where I made upwards of 100% returns on a trade. Some days I also lost money, but I can assure you that with some time and effort monthly average returns of 50+% is very reasonable (even taking into consideration all the losses). In my opinion MTI’s track record of about 8-10% a month is at the very low end of the spectrum of what should be possible. To be honest, for the type of risk trading involved I would be shocked if their returns were lower – it could be much higher. I will keep watching this space, but to me MRI is legit and it’s not their fault crypto is not regulated yet. FSCA and other bodies just want to demonise anyone who is successful and who does not pay some or other membership fee to some regulatory body or association. Call it what it is: MTI is successful and they cannot stand it because they do not control them.

Agree witg you 1000%. Lack of knowledge is not an excuse to make uninformed statements if you do not know what you are talking about.
Well said!

@Marcelle. WHY are you still doing the effort of completing your 3rd year law studies, in the hope to achieve a well-paying career???

Just loan money from the stupid, crooked banks, and pour EVERYTHING into MTI. Including your parents’ money.

Once you get to a few hundred thousand’s worth, and approaching a Rmillion of three, your daily returns from your capital would be so great, it will be way more what an Advocate earns in a day day. Think about it….you’re wasting your time at varsity.

Throw everything at this worthwhile MTI earnings miracle.

If you only ‘invest’ a fraction of your money, it tells me you’re NOT really believing what MTI can do for you. Go in all the way…..of go home. (You’ve told us already how great returns you can get….so what’s holding you back?)

Does dear Michael makes sense to you?

@Bez. You’re from a commercial crime law enforcement background you state?
My gosh…it just shows you how even the experienced easily fall for this 😉

MLM’s operate similar as pyramids, with exception there’s a product involved (and you may over-pay for the product hamper, as the difference in economic value serves as the pyramid up-line commission)

MLM’s like Amway, Herbalife, etc are well-known and legit. But what the industry does not tell you is that more than 80% of people suckered into MLM’s at the beginning, give up along the way, losing money (in fees & products bought) to their upline promotors. So…people GENERALLY LOSE getting involved in MLM’s, only a fraction makes a living from it.

A share/unit trust/EFT/ETN investment does not work this way. There’s an asset involved, and as always you buy “the price” of the asset, hence the risk.

Perhaps you need to spend some time on Simon Brown’s website Just One Lap, to broaden your knowledge. Otherwise you’ll pay school fees with teary eyes.

(Did it ever occur to you, in the current Covid-19 world, there’s a kazillion people suddenly without jobs, or with reduced income….I anticipate many more ‘fascinating’ schemes like these will pop up, which will attract destitute people like flies to a heap of fresh dung….)

The clever sophistication of fraudsters indeed came a long way since the 1980’s “Vrot melk KUBUS scheme” of Adriaan Nieuwoudt.
Humanity & greed have remained the SAME. The methods differ.

And what makes you an expert to make a comment like that….and who is MLM?

@Duane. It’s called financial wisdom. Comes with age. Lessons in life.

MLM….it’s an acronym for…(No wait, it’s my secret what it stands for, just like the way MTI is keeping their trading bot a best kept secret).

Why don’t you resign your job, or cease your studies, and loan money from the idiotic, evil banks…and plow everything you have into MTI??

(Not…? It’s because you’re not believing in what MTI can do for you, my son)

Imagine the daily earnings you’ll make on a million capital, and increasing with every trading day. You can only win.

@Bez @Marcelle Nel dumb and dumber over here. Marcelle even claiming 50% average a month is possible LOL.

You 2 are obviously shills because no one can be this stupid. Thanks for playing though.

@michaelfromklerksdorp @nicolaas20. Firstly, I have successfully criminally prosecuted many illegal pyramid/ponzi schemes over the past 31 years in my capacity as an investigator in the Hawks. I therefore are fully conversant with what constitutes an illegal scheme. Unless you have similar or higher training and Forensic Science degrees like I have please do not comment on a field of law that you are not fully versed in. And no, television series like CSI are not considered accredited educational material nor is Wikipedia accepted references by university professors. Also, an investigation (as stated by the FSCA) is not a verdict of guilt or wrongdoing. You may have noticed that they have since withdrawn their post and “warning”.
Second, I have personally used MLM as an additional form of income for a number of years. It is true that not everyone profits from the model but not because the model is flawed. It takes dedicated effort and consistency. The lazy do not succeed but for many it is a life saver. The pyramid label in MLM is also unjust because one can surpass the others above you in the structure if your production is better. I have.
Lastly, as with anything reasonably new, most will scoff at what they do not understand. The question one has to answer is why do banks and investment fund managers discourage people from venturing into crypto and forex trading while they trade therein themselves? Little old me have made good profits on short term trades (a few minutes sometimes per trade) with forex and crypto. It does take a lot of time and study of markets and trends though. Now MTI offers that as a professional service so I do not have to sit in front of my laptop for hours.
In just over 8 weeks MTI has doubled my capital. I have withdrawn my initial investment amount and am now “playing with the house’s money”. Can’t lose now.
Diarise 21August 2021 and then revisit this. You may be surprised.

Using unkind words like “dumb” and “stupid” does not improve your argument or make you sound wiser. It just tells us that you are, psychologically and mentally, unable to handle the logic given to you and you resort to such insulting words. That’s regrettable and sad.

Have you ever thought of the possibility, probability and the likelihood that you could be very wrong? Has that ever crossed your mind?

In the MTI matter, like in many others before it, time will tell. I could be wrong, but you could be wrong too.

@Bez.

Good to hear we have someone from the Hawks on this forum, you certainly have many years in law enforcement/prosecution 🙂 Welcome! Here we can respectfully differ from each other 😉 I enjoy our intelligent responses, without slandering.

I’m a degreed financial & post-grad tax guru (for almost the name number of years you’ve been in criminal investigations. Come also from a past banking & insurance field…and I know how the world of business is stitched together (and what floats and what does not).

One point I want to make, about this socalled bot that does your Bitcoin trading for everyone, which seems to have a record of consistent trading gains in crypto or forex. I personally doubt whether such trading-bot exists, whicg MTI keeps as ‘highly secret’ so that so-one can steal their software.

IF I was the owner of such remarkable trading-bot, which gains most of the trades, I would patent/trademark this software & SELL it to the highest bidder in the international Forex trading spot. Investment banks, etc etc will fall over their feet to acquire this top-secret “black box” trading bot….and walk away with a few billion dollars. (Imagine the gains a large trading house can make using MTI’s succesful bot…the market is a few billion a day).

WHY has it not happened, and why is MTI interested (only) in helping individuals “making money for themeselves”? (They don’t owe you or me any favours…why are they so ‘kind’).

Hi Bez

Thanks for your input. I also joined MTI but have withdrawn my Bitcoin. The reason for this is the FXChoice report. The evidence says that MTI is not trading with a Bot, nor have they ever traded with a Bot.

Consider what MTI says in their statement https://www.moneyweb.co.za/wp-content/uploads/2020/08/MTI_response_19Aug20.docx

Yesterday, August 20th, MTI, from Johan Steynberg’s statement above, were not trading either FX or Crypto. All trading was suspended.

But yet, go and look in your account. MTI reports that your 40% share on your money in the trading pool earned 0.6914% from trading on August 20th.

How did this happen?

The figures are invented. They are not trading… unfortunately.

Oh my word! Now every Dick, Tom and Harry have an opinion on how MTI conducts their business

@Duane,

MTI said they halted the forex bot trading and would have started the crypto bot trading a few days later. So where did the daily profit reports come from in that period?

I also assume that the fact that ALL the top fat cats in MTI have been involved in NUMEROUS pyramid schemes is nothing to worry about? Not to mention all the other red flags. Shill.

Bidcoin has an awkward spread to say the least and doing 800 trades with billions?? Well. Who do you buy from????

Oh! and win every trade. All 800 per day.

Whahahahaaaaaaa.

This scheme will implode all by itself long before the FSCA gets out of the blocks. The longevity of any Ponzi scheme is the inverse of the compound interest they promise. Bernie Madoff offered around 5% per annum and lasted for around 20 years. Abante Capital (Herman Pretorius) offered 20% per year and lasted for about 10 years. Krion lasted for 4 years.

If these fools promise 10% per month, they will run out of money within 12 months. There just isn’t enough money in the universe to support a scheme that pays out 10% compound gains per month to a limitless amount of eager fools.

Correct; the real test of these schemes are if the business keeps running in existing clients and not needing “new money”.

If they need “new money” all the time; then it is a scam… and business generate their own profits from existing assets.

Ie; if you stop paying your unit trust pension… the provider does not collapse…

Also; if their bot made 10% per month; then they do not need other people’s money since in 12 years they will have 10million dollars from their initial 100 they started with… (100 * ( 1.1 ^ ( 10 years * 12 months ) ) ).

Correction:

~100 million dollars after 12 years

$91,315,954.44 exactly at 10% per month for 144 months.

Exactly correct, they do not need new money to keep on trading

@Dune

I am saying that they are a scam! Everyone here says to proove it is not a scam; put in money… which is how a scam operates. (facepalm)

Sensei, may I kindly advise you to take time to investigate the MTI model. Almost all of you commenting about MTI here have just recently heard about MTI and what the FSCA is saying about it? Would it not be wise for you to thoroughly dig up information for yourself before you call people fools?

MTI uses a profit sharing model and every single investor can withdraw all their bitcoins anytime and they will get it in their crypto wallets within 48 hours. Do you think if all bank clients go to the different banks and demand their money at the same time they would get their money? Highly unlikely not so? Do you know why? Because banks are the biggest scams. They are lending out “money” which does not exist. This is a topic for another day.

MTI runs several trades in a day, sometimes up to 500 trades. Google the information and you will find information and videos of people who investigated the company to find out if the trades were real or merely computer generated. Each day, the company takes the profits generated and shares them among stakeholders involved. Investors get 40% of the profit generated from the trades each day. This is what contributes towards compound growth. If there is no profit, then there is no income. It’s as simple as that. That’s why the company does not guarantee even the 10% people are mentioning. This figure comes from the historical performance of the company since it started trading, not extrapolated data or projected calculations.

Marketers who refer others are paid from the profit generated during trades. 25% of the profit generated each day goes towards the referral program.If there are no trading profits, then there are no earnings. How then does this make the model unsustainable?

So, if the company pays investors on the basis of profits generated, how then do you expect the company to implode?

It will cost you a mere $100USD worth of bitcoin to start with MTI. I suggest you sign up with the company so you could investigate it yourself from inside. You will have access to all the information so you could gather clear empirical evidence and verifiable facts. Then you will be well equipped to comment objectively on this company.

If it could help, I would say allow me to show you how it’s done and if you lose your $100USD worth of bitcoins with MTI, I will pay it back to you. You can invest with the company for just one month, investigate it, reach your conclusion, withdraw your bitcoins and then come back here and comment. The knowledge, the experience and the wisdom you will gather by doing that will be far much more than the $100USD worth of bitcoins invested. You have nothing to lose since I am prepared to pay you back the bitcoin if you lose it.

That’s how confident I am of the company.

I suggest you keep a copy of your response somewhere.

MTI will be in the news again I suspect no later than Jun 2021.

Jhonos, Sir, i see you dare Sensei to invest $100 in MTI for ONE month. An investment exercise that can assist him in gaining some level of subjectivity into the matter. I assume after that ONE month he should have acquired some sound knowledge about MTI and its model. ONE month you say!

Some of us, spent 3years in varsity to complete an Investment Sciences undergraduate degree, an extra year for honors. That is a total of FOUR YEARS…YEARS. It does not end there, we go on to complete a CFA course for an extra 3years. SEVEN YEARS in total. Running parallel to our studies is the knowledge we gain in practice, day by day.

There is no way, in ONE month Sir, that an MTI client(including yourself) will ever know more than us people who gave up so much of our lives into understanding and knowing the sciences behind finance/investing/economics. Not a chance. No amount of subjectivity can even bring you close. A ‘degree’ from google will not suffice Sir. When we tell people like you that the MTI model is not sustainable, heed our caution, it is just a mere $0 prescription, you are not at all forced to incline your ear and commit your deeds to our cautionary cries.

King Khan, You have said it all. A friend of mine is an agricultural economist who spent his career advising farmers. He spent most of his time helping farmers to avoid bankruptcy. Some people are just not open to good advice. My friend said, “If a farmer does not want to follow your advice, then help him to go in the direction that he wants to go”.

A Ponzi-scheme investor, per definition, is not open to logical reasoning or sound advice. Help them to go in the direction they want to go.

All the Ponzi-schemes that I have experienced as a spectator had highly motivated, eager, excited and very convincing marketing agents and clients. You get that cult vibe at their meetings. The most important tool of the successful Ponzi scheme operator is not his “black box, proprietary, rocket science” trading system, but the naivety and gullibility of his investors.

It says nothing about the investment opportunity when the investor finds a scheme that uses a magical trading system that promises more than 3 times the rate of inflation. It says everything about the investor though.

The more these investors motivate their decisions, the more they give away about themselves. We can envision the financial destruction and turmoil that lies ahead for them, simply by listening to them. Years of study have prepared us to see their future.

The people running this scam have been involved in multiple scams including BTC Global and Kipi Investments. In fact, this is the 3rd at least since 2012. Someone of them were also involved with Breedt’s Vaultage Solutions.

They haven’t even bothered to cover their tracks and it’s all over the internet.

To add to above comment from Bibap / KingKhan / Sensei / Scamarouche:

+1 to you all.

And when defenders of an investment scheme behaves like a (brainwashed) CULT, it’s yet another red flag.

Johann Steynberg may’ve been (previously) involved in the KIPI pyramid scheme, AND also previously played a part in SYNTEK Global (dealing in Xtreme Fuel additive products….which is nothing but selling “snake oil”. Chemical engineers worth their salt will attest to that).

Here we have Mr Steynberg, coming from a snake-oil sales industry, now your ‘best friend’ in growing your Bitcoin. When MTI focused on Forex alone, Mr Steynberg has no Forex trading background, and MTI to date did not possess a securities licence…which is illegal in SA (…”@Bez”…do you note?)

No wonder they have closed their Forex trading (perhaps it is getting “too hot” for them?), and hoorah, from today 21 Aug, their new focus is into crypto.

Yet ALL the founders of the company have been involved in Bitcoin scams previously. Go figure 🙂

Did the FSCA approach MTI or did the meetings with MTI take place at the request of MTI?

Since the company started, has there ever been a single person who complained about this company? I tried googling for complaints and found none, not even a single one, both locally and internationally. If the company has been operational since April last year and nobody has complained, then the company could be doing something right.

Since the company started, has any of their investors been unable to withdraw any money? I would like to hear from their investors on this one.

It is quite interesting to hear, from the FSCA, that MTI needs to register in order to trade crypto currencies. Which sections of the South African law regulate the mining, distribution, storage and trading of crypto currencies and digital assets?

It was only in June 2020 that the minister of Finance, Mr Tito Mboweni, published proposed amendments to the Financial Intelligence Centre Act (FICA) for public comment. It is clear from the proposed amendments that the aim is to align the FICA with existing International Standards of the Financial Action Task Force (FATF) and other recent legislative amendments, including new rules which are meant to govern digital asset service providers.

Therefore, which law has been violated by MTI regarding the acquisition of a crypto currency trading license, and which law gives the FSCA the legal jurisdiction and authority to pronounce on this matter?

Simon, you seem to conclude that by using a referral program they are running a Ponzi Scheme, have you taken the time to thoroughly investigate their referral program and their profit sharing model before reaching your conclusion? Do you believe that network or referral marketing in general is a genuine business or are all network marketing programs illegal according to you?

As a trader and investigator yourself, would it not be beneficial for you to register as a member of this company so you could find out more from within? Then you may be in a much better position to acquire more reliable information.

My thinking is that it could be beneficial to spend more time thoroughly investigating this company and its business model so you could objectively report on this matter?

I joined MTI but pulled my funds out the moment FXChoice, the broker MTI was using at the time, published their warning that MTI was in fact not trading in the manner they claim to be trading.

And THIS is what it all comes down to. IF, and I mean if, MTI is actually making the trades they claim they are, all is good. No, it is not impossible to program a Bot to make hundreds of trades a day and return a small, incremental positive return, daily.

The fundamental theory of the business is sound. If they are doing what they say they are doing, this is a sound and legal business.

However, the evidence says that they ARE NOT TRADING.

Be warned, if you still have your Bitcoin in your account, get it out while you still can, because if this ends it will end suddenly and not everyone will get their money back.

No need to withdraw your bitcoin from MTI. They are going to be around for a very long time, whether the competitors like it or not!

If MTI is illegal. Close the place and prosecute the directors. What i do find strange looking at the bigger picture is the cryto market is emerging and rapidly catching up to gold,with new technology improving i have no doubt that it will eventually have a bigger market cap . On the other side our fiat is deflating at a rate of knots. Next step investors start moving money into gold and crypto. Who loses out banks and big business. Who has to protect banks and business….. yes the regulatory bodies….. will the support or be happy with any company supporting crypto…. he’ll no its a threat to them. That’s my cents. A last word to all old school traders and brokers. You will need to change with the times or be left behind. We never expected to drive cars have electricity have atms….. guess what we go it and things will continue to change. Adapt or die

You confuse “currency” (be it in FIAT or crypto) with crooks/scammers.

A century or two ago, when the world trade was mostly done in hard cash or gold….you’d have con artists (or robbers) relieving others for their cash. Be it in USD, Pound, ZAR, Deutsche Mark, Zloti, etc etc…it does not demonise the currency.

To date, most of our FIAT currency world is “digitised” in investments or trading (thinking card tapping, snapscan etc,and newer tech)

If the whole world becomes crypto (..which one?) it will end up being regulated. Don’t have the problem with that. The banks will still exist, as people loan money to acquire housing, businesses, cars NOW rather than later in life. If it’s all crypto, it DOES NOT change a thing…..there will still be scamsters using crypto.

And I note, with crypto still a new ‘wunderkid’ it’s just so much easier to con (like a century ago) people out of their crypto. Like people handing over control of their crypto to MTI.

Back to economics (which many think they understand, but doesn’t grasp). How come such high returns in MTI are sustainable? (….heck, then people in the USA, Japan, Germany etc can get a nice % return on their money, instead of negative interest rates).

I know what I’m talking about, but will keep my proof secret…just like MTI keeping their super successful trading bot secret (…for no-one to realise it does not exist).

MTI works like a RELIGION. They don’t want to “reveal” their trading bot to other IT programmers, like proving God exist. You just have to believe…)

Here is another link, quite fun reading it , and other links (and as usual comments, for & against, are classic).

https://behindmlm.com/companies/mti-drops-forex-trades-for-crypto-trades-both-non-existent/

https://behindmlm.com/companies/mirror-trading-international-sec-fraud-warning-from-sth-africa/

Methinks the hole thing of a “bot” is hocus pocus. The socalled ‘secret in a black box’. You’ll be amazed what demo accounts can be created by software programmers.
All from Peter to Paul.
Fanatic “believers” of this scam (sorry, meant scheme) are being fooled in trading demo forex accounts. The real accounts are non-existent. Now that MTI is caught out, its getting too hot fro them, and now they focus (on hide) in the crypto space.

I wish no harm to Johann S, Cheri Marks (Ward?); Liz Malton, Richard Simmonds, others…in fact, may they earn well from this venture. Your ‘believers’ are behind you like a cult.

Btw, when one Googles MTI, why does the adress of 341 Beyers Naude Dr, in Randburg, comes up, and not Stellenbosch? Have to guys relocated suddenly, like you did from forex to crypto?

Let’s say nothing, then there is nothing….We should all just stick to what we good at.

I can’t wait to see MTI’s excuse when everything collapses spectacularly…!

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: