Mirror Trading International -The Basics

Mirror Trading International Status Update: FSCA, TSSB and Change of Broker and Trading

UPDATE 2020/09/01: MTI posted with some enthusiasm that they now have a way for members to view “live trading” in their member dashboard “backoffice”. I thought it was possibly going to really show snippets throughout the day of how Mirror Trading International, well, trades. I expected that it might allow people to see they are really trading, but not long enough that it would make sense for someone to try and copy their trades (the primary reason they said that users cannot see the live trades). Turns out it’s just a 3 minute video, showing huge trading losses, that’s it. I’m not sure how that’s supposed to convince anyone that what they’re doing is legit, maybe I missed the point, don’t think so though… Here’s a video of what it looks like:

 

UPDATE 08/18: Mirror Trading International has posted the following response on their website regarding the issues previously mentioned – see full statement below. In short, MTI has indicated that FSCA regulation compliance appears not likely to happen, it is unclear exactly why. MTI has moved to new brokers after private trading funds, not member funds, were frozen by their previous broker. MTI will temporarily switch to only trading cryptocurrencies, instead of trading Forex. These changes will take effect on 08/21/2020. 

My take on this:

What struck me immediately was that their statement particularly states that Johann Steynberg decided to move the MTI member funds to a new broker, with all the talk of setting up a board of directors, I would have expected such a statement to read that “MTI” decided to move the funds, not an individual, even if he is the CEO. It may seem like a small issue, but it creates the impression that other board members of MTI might not have agreed with the decision.

The second element I disliked is that all of this was done without even notifying members about the change when it happened. With all the talk about being transparent, why not just let people know that there are going to be changes, instead of notifying members almost a month later?

So now MTI member’s considerable funds (over 14,200 Bitcoin) are with an entirely unregulated new broker, whose name they say will not be made public.

It is really not very hard to see that this new combination of changes could prove to be problematic. At today’s rate, that means over $17 million of MTI member funds are sitting somewhere with an unregulated, un-named broker, while MTI’s “private funds” are frozen with their previous broker, and the FSCA has indicated they do not have confidence in MTI.

MTI is claiming that their relationship with their previous (regulated) broker was harmed by being “inundated with queries and requests from MTI members”. I find this hard to believe, primarily because probably 99% of MTI members don’t even know who the previous broker was, and even if they did send queries and requests to the broker, with an account the size of MTI’s, you would think that they would be willing to deal with it, what about other brokers that have to deal with client requests? This is not an unusual situation for a broker. 

There’s just too many things in their statement that makes things worse, not better, so please be careful with your funds if you are an existing member. If you considered joining MTI, I urge you strongly to reconsider.

 

MTI Statement:

Dear Members

RE: FSCA, TSSB and the change of broker and trading.

July and August 2020 has been interesting months for MTI members. As we grow into an iconic industry leader, we are the centre point of focus from competitors and the media. We thought it imperative to clearly communicate some changes and offer some information with regards to processes that are underway.

Change of broker.

At the end of July 2020, our CEO Johann Steynberg decided to move the MTI Member Pool (11,000 BTC at the time) to a new broker that better suited MTI’s needs. This broker is unregulated, however after careful consideration, MTI decided to move to said broker as it is in the best interests of our members to do so. Dealing with Bitcoin, which in itself is unregulated, made the said broker a better fit for our business model. The claims in the media regarding the relationship between the initial broker and MTI are not true and we trust that this media release clarifies this for you.

We confirm that the previous broker communicated for the first time with MTI on the 7th August 2020 with regards to the freezing of MTI’s account, which account would be frozen until they have received accounting statements from MTI. MTI has had no objection to submitting the said statements to them, however same will, in accordance with MTI’s financial year end, only be available in September 2020. Accordingly, only once they receive said statements, will they release MTI’s Private Funds.

It is important to note that NO member funds are held with this broker and the funds frozen pertain only to MTI’s private funds. Upon publishing this announcement, the LIVE trading account balance for MTI with our new trader is 14235.725BTC.

MTI has taken the decision that the details of its new broker will not be made public. It is our intention to protect our relationship with the broker and we ask that MTI members respect that. The previous broker was inundated with queries and requests from MTI members, which was one of the reasons for the breakdown in relationship between them and MTI.

We confirm and reiterate that MTI was trading the forex market for members on the broker platform since August 2019 and continued to do so without interruption until we moved to our new broker. In this regard, we further confirm that no demo accounts were used, no LIVE trading videos doctored and no member funds were frozen at any point in time.

As you should know, MTI uses MT4 software (MetaTrader4) and trades are effected by our BOT, contracted exclusively to MTI. The result of such trades can be seen in your back office under TRADING BONUS REPORT. From now on, MTI will also have a limited LIVE view of trades taking place on a weekly basis, confirming actual trades and the member pool balance in the back office for the access of all MTI members. This new feature should be LIVE by Friday 21 August 2020.

MTI will not be getting into a media debate with previous brokers, our focus is to deliver a service to our members and maintain our BOT.

• MTI moved to a new, unregulated broker since we are in an unregulated space with Bitcoin

• No member funds are frozen

• MTI has and will continue to offer trading services to our members

• The claims in the media regarding MTI and the previous broker are not true

• Limited LIVE view of trades and pool balance to be added to the back-office Friday 21/08/2020

 

FSCA

MTI have been in discussions with the FSCA in South Africa. Two physical meetings have been attended to by MTI at the FSCA offices in South Africa. All trading proof, balances and processes have been given to the FSCA and upon their request, Johann Steynberg went to their offices and showed them LIVE trading taking place and LIVE trading pool balances.

The future of MTI being regulated by the FSCA was discussed, however, after considerable time spent with the FSCA it has become clear to MTI that they will not guide MTI as to what needs to be done in order to be regulated and FSCA approved. The process in order to regularise with the FSCA was done so that our operations would not be interrupted and was by no means an admission of any wrongdoing. The FSCA will be releasing a statement warning member of the public about MTI. This statement will be published despite the fact that they have seen LIVE trades, confirmed Member Pool Balances and despite the responsibility MTI expressed it feels towards helping members in trying economic times. MTI takes the service we provide to members seriously and we intend on continuing making a difference to members with our innovative product and we stand by our Brand Promise to you. MTI will continue to Grow Your Bitcoin.

• MTI tried to work with the FSCA

• FSCA does not have any intention to assist MTI

• MTI furnished FSCA with all documents requested and showed LIVE trades and balances

• FSCA to release a statement regardless of the above, warning people against MTI

 

TSSB

MTI was issued with a notice from the Texas State Securities Board (“TSSB”). We have every intention of effectively engaging the TSSB and we have connected with an SEC Defence attorney to assist MTI in this process. As this process is in progress, we cannot further comment on the matter but assure our MTI members that this is a priority and we will do whatever it takes to resolve this matter. Having said this, however, we confirm that after discussions with our SEC Defence attorney, as well as further perusal of the TSSB notice, the grounds upon which notice was submitted seem to be of no merit and pertain to members who were not even based in Texas. As such, and although MTI deems it important to be compliant in every way possible, MTI intends on dealing with the TSSB in the appropriate manner.

• MTI is in a process with the TSSB

• US Legal counsel has been appointed

• MTI cannot comment until the matter is resolved

 

Change of Broker and Trade

As a result of the current situation with the FSCA, as mentioned above, MTI has changed from FOREX trading to Crypto’s and we are thoroughly excited about this change.

We have been testing a product in the crypto space for a number of months and the performance of the BOT has been exciting. MTI Management, under the guidance of Johann Steynberg, has decided to move MTI into a pure crypto space. This change will be affected on Friday 21 August 2020.

We are very excited about the change and assure our members that our focus has not and will not change. Our aim is to service our members and to GROW Your Bitcoin. Nothing in the back office will change, daily statements will continue and so will communications around results achieved.

During this break from FOREX trading, MTI will continue to seek a trading licence so as to be as compliant as possible. Once this has been achieved, MTI will retake our position in the FOREX Space. We anticipate that this will take no longer than 4 weeks, after which we will then be ADDING the FOREX trading as an additional BOT for members to benefit from, actively then trading FOREX AND CRYPTO’S. The purpose of this change is to offer more to our members and to ensure that MTI continues to help you Grow Your Bitcoin!

• MTI FOREX trading is on hold

• New, tested Crypto BOT will be going live on Fri 21 August 2020

• FOREX BOT will be reintroduced after some weeks

• MTI will continue to help members grow their bitcoin as we have done for the last 18 months

• MTI can change its model to better suit industry requirements to the benefit of all members and without a break in services.

 

YOUR Decision

MTI is focussed and dedicated to our members. We take our social and economic responsibility to our members seriously. We stand by our brand promise and we will continue to deliver on that promise to the best of our abilities.

As a member you know that MTI functions in a volatile market space with the price of cryptos fluctuating daily. We as a company stand by Bitcoin and we are excited about the future as it remains our belief that Bitcoin IS the future.

It was never the intention of MTI to only ever have one product (FOREX TRADING BOT), and our R & D Department are constantly testing and considering new products and so including Crypto trading into our portfolio was a natural move and one we are excited about.

We will still trade with a low to moderate risk strategy by limiting our exposure, trading with AI rather than individuals, spreading our risk and then of course basic risk management strategies suited to the markets and our product. We remind all members of our excellent track record but also that that is by no means a guarantee of future results.

We want to be clear; MTI will be mentioned in the media. A company with MTI’s stature and growth will attract attention. Members are urged to conduct their own due diligence and to remain focussed on the brand promise of MTI. MTI is here to help you Grow Your Bitcoin, as long as we are providing that service successfully as we have been for the last 18months, there is no need for concern. We urge members to remain focussed as we are, to develop MTI into an iconic heritage brand while navigating through an unregulated space in the cryptocurrency industry.

You, as a member, have the freedom to remain with MTI or to withdraw. The withdrawal and administration service that MTI offers to members is FREE. We are dedicated to the process and we are hopeful in our endeavours to establish MTI has an industry leader, changing the negative perception in the media and continuing to service you, our members.

 

UPDATE 08/14: In July this article was updated with breaking news regarding Mirror Trading International and concerns raised by the South African Regulator FSCA and the US Texas Securities Commission. At the time, it seemed that MTI responded quickly by stating they would be working with these entities to address any issues, which was followed up by updates stating they were in talks with the South African FSCA regulator.

We are now a month further into this, and although there has been lots of improvements to their website, which now looks a bit more professional (and at the same time also makes them look more like other scammy sites), I cannot find a single reference to any further talks with either of the regulatory entities mentioned.

That’s not great. 

Earlier this week a webinar was announced with great fanfare, but despite it being well over an hour long, not a single mention was made about talking with these governmental entities, or any progress regarding resolving the concerns raised. On the contrary, the whole webinar was just a massive Mirror Trading International marketing exercise with a huge emphasis on bringing in new members. 

This is a big departure from their previous attitude, where most of the focus was on the MTI trading results growing your Bitcoin account, and the recruitment of new members was just an additional element, not the primary focus.

At this point, Mirror Trading International is heading full-on into multi level marketing (MLM) territory, and that’s just not my scene. Here’s a link to the latest newsletter from their CEO, Johann Steynberg, and you’ll notice that there is not a single reference to addressing the regulatory issues: https://www.mtimembers.com/uploads/1/2/6/8/126856166/ceo_address_-_aug_2020_-_final_approved_by_johann_steynberg.pdf

Based on the latest we’ve seen from MTI, I do not recommend you invest your funds in this offer.

 

NOTE (07/14): There has been media reports circulating mentioning Mirror Trading International regarding the South African Regulator FSCA and the US Texas Securities Commission. Mirror Trading International (MTI) has indicated that they are willing and eager to answer any questions these authorities may have. In the meantime, please exercise additional caution when considering signing up. Updates will be posted here when new information is received. 

This is a direct quote by the MTI CEO regarding these reports: “The time has come, to for once and for all,  address and reframe the reputational perception issues of regulators, the media and potential members about this industry, through MTI demonstrating that a genuine Bona Fida business and brand using an innovative business model of integrity can exist and grow sustainably in this sector. I am personally very determined to see this through and together with and supported by MTI’s professional advisors, this process is now underway.”

Link to previous CEO statement regarding future plans for MTI: https://mymticlub.com/userpanel/newsletter/MTI-From-the-Desk-of-the-CEO-Edition-1-04-Jul-2020.pdf

This Mirror Trading International review will be looking at this Bitcoin-based company that has recently come to my attention… 

Mirror Trading International

A lot of my friends and family have asked me about Crypto and Forex trading and I’ve always been drawn to the multi Trillion Dollar Forex market… 

People are always shocked to learn that Forex trading is international to the tune of 5 Trillion Dollars per day…

I got into Bitcoin when it was still affordable, like below $1,000 affordable. These days with Bitcoin bouncing back in a big way there are far fewer opportunities to get in on a good and affordable level, even if you only have a few hundred dollars.

And that’s where this Mirror Trading International review comes into play.

 

MTI Income stream 1This massive Forex market is what makes the world’s markets move and it is probably the most LIQUID markets to trade in. However, the problem for most people is that they don’t know where to start. If you want a simple way to participate in this TRILLION dollar market, the trading options are few.

What people really want is a way to generate passive income from this massive market, but in such a way that it is automated and cheap to start without risking $35,000 in the Stock Market to day trade.

Mirror Trading International (also referred to as MTI Trading) is offering memberships that promise a fully automated Forex trading solution that uses Bitcoin as it’s base currency for trading.

What intrigued me while I was researching for this MTI Trading review was that they use a hybrid model combining trading Cryptocurrency, Forex, and networking which they claim produces monthly returns on autopilot.

That was pretty interesting…

Alright, so let’s dive right in and see how all of this works together to potentially help you build a Crypto portfolio for profit.

Based on the information I gathered for this MTI Trading review the company started operating in 2019, with its headquarters based in Stellenbosch, South Africa. The company is registered as Mirror Trading International (PTY) LTD Registration Number: K2019/205570/07.

MTI Trading Review scam or not

Their web page lists over 40,000 active members in over 150 countries, and they trade over 5,300 Bitcoin daily. At the current rate that’s over $45 million dollars. The founder and CEO of the company is Johann Steynberg, whose vision for MTI Trading is to provide members with a passive and sustainable income.

Mirror Trading International reviews the markets daily and use an automated artificial intelligence (AI) software platform to trade on the international Forex Markets on your behalf and grow your Bitcoin account.

They claim that no trading experience is required and that the automated trading system does everything for you, while you benefit from sustained profits that are “divided in a sustainable manner and are added to member accounts” daily. Statements are also provided daily to allow you to track your progress.

Do You Need To Bring In New Members?

No, it is not required.

You don’t need to bring in new members to benefit from their daily trading profits and generate a passive income stream.

While researching this MTI Trading review I also found that their website states you can expect to start seeing profits paid into your account within 24 to 48 hours after you have deposited Bitcoin into your account and added it to the Trading Pool.

What type of daily profits are we talking about?

Mirror Trading International (MTI) says you can expect about 1% daily ROI for an average account. Of course, that is not going to be the same every day and depends on that day’s trading performance by MTI trading, market conditions, and other factors that influence profitability.

They have what they call a “binary bonus system” that is recurring and that pays out weekly. So that would be on top of the trading profits that you can get. More on that later.

Now it’s time to list the positives and negatives for this Mirror Trading International review.

MTI Trading Review Positives

  • The profits they are talking about appear to be attainable and not blown out of proportion just to lure people in
  • The company registration details check out as legitimate based on the Companies and Intellectual Property Commission (CIPC) from what I can tell
  • The CEO seems to be active, open and honest about the operations of the business
  • They have an interesting Bitcoin and Forex hybrid trading system
  • Profits are automatically compounded
  • They offer multiple profit streams and more than one way to participate
  • A fairly new company that has grown fast and is generating a lot of buzz
  • Great opportunity for future growth and recurring passive income

Mirror Trading International Testimonials

Mirror Trading International Review Negatives

  • Make sure you watch the training video about the user dashboard to fully understand how it works, it is not all self-evident
  • They could make it clearer that with Forex, crypto or any trading profits are not assured and past performance does not guarantee future success
  • They could urge potential members more strongly to never invest money that they cannot afford to lose
  • MTI trading should advise potential members to make sure they can participate freely in the program from their country

If you have been hodling Bitcoin then this MTI Trading review might have revealed a good opportunity to do something with it instead of just holding on. Or if you haven’t gotten into the whole Bitcoin and crypto trading thing yet, then this might be a good way to not get left out.

Either way, whether you have Bitcoin already or if you are only starting now, be sure to only invest money that you can afford to lose. Trading is inherently risky and no-one can guarantee profits.

 

Free eBook “Bitcoin Profit Secrets”

Drop me an email at if you are interested in learning about Bitcoin and you’ll get a free copy of this eBook! Or just click here to get it directly!

Bitcoin Profit Secrets

How Do I Register?

You do not need to pay a fee to sign up, there are no recurring membership fees or any requirement to recruit members. See the MTI site for more details should you be interested and able to participate. 

How To Fund

Once you have registered, you will receive a confirmation email and instructions on how to fund your account. 

 

You will need a Bitcoin wallet, and do a transfer to the specified wallet. It only takes a few minutes to process and then you’re all set to be included in the daily bonuses. You do not need to bring in new members to benefit.

If you already own Bitcoin wallets will be familiar to you, but if this is all new to you, reach out to us, or anyone else you trust that knows how to create and fund a Bitcoin wallet – it’s easier than you might think.

MTI Investor Club Referrals

Besides the trading aspect, there is also the Investor Club referral aspect of this business which adds a very interesting component. If that piques your interest, then you should definitely do your own research.

US based people as well as others, do your due diligence and check out their website and make sure that this is something you can and want to do. I am not a financial adviser, and this article is purely my personal opinion and should not be construed as financial advice. 

If you are more interested in creating your own auto trading bot, you can take a look at my Cryptohopper review.

 

2020-05-24