IM Academy Review
Our IM Academy review looks at this educational platform and the pros and cons of signing up. There are quite a few strong opinions on the credibility of this academy. Therefore, we take a look at what they offer, if they’re a scam, and whether or not you should sign up to learn with them.
Table of Contents
Review of IM Academy
We can’t do an IM Academy review without finding out if you can be profitable with them. After all, what’s the point of signing up for a service if you’re going to pay them and not see a return on your investment. Especially with trading.
Be aware that IM Academy is a MLM entity. MLM, or Multi Level Marketing, has you make money through recruiting. So yes, you can make money with IM Academy as long as you can recruit friends and family to sign up with them. They also do teach trading techniques. So there is an educational value like many trading communities that exist on the world wide web.
Now is MLM something you want to spend your time doing? That’s another question. How much do you enjoy getting the Facebook messages from an old high school friend looking to “catch up”. And then BAM, they hit you with a business opportunity. Nine times out of ten, we roll our eyes and ghost them. Our IM Academy review is here to let you know, that’s how you make money with them.
What is iMarketslive.com?
You might be wondering who iMarketslive is. Depending on who you ask this question to, you may get a wide range of different answers. On the surface, iMarketslive.com and the iMarkets Academy, is a forex trading software and educational site that helps its users learn the skill of forex trading. Notice we said on the surface. The site certainly straddles the line of legitimate educational and trading software and a multi-level marketing business. Talk about opposite ends of the spectrum! Typically this type of business model can be a turn off, but for others, MLM and trading is their bread and butter.
So the IM Academy deals with teaching people how to trade in foreign exchange markets and was founded in 2013, in New York City. The founder and CEO of iMarketslive is a man by the name of Christopher Terry. Was Mr. Terry an experienced investment trader with a long history of finance and investing?
Actually, Terry was in construction and managed a company before ultimately walking away and starting iMarketslive. Terry also has a long history in multi-level marketing companies from working for Amway. As well as Zeek Rewards, a brand that was deemed to be a Ponzi scheme by the SEC.
So kind of a shady individual running an organization that any quick Google search will tell you is a multi-level marketing scam. This all seems to add up pretty well. Not to say that everything about iMarketslive is negative. But read on in their IM Academy review and you can make a final decision yourself of whether or not iMarketslive is a legit trading platform; or a good old-fashioned MLM business?
Is Forex Trading Legit?
Sure, there are plenty of investors who play the forex market on a daily basis. In fact, the global forex market is the largest financial market in the world; with trillions of dollars in trades going through each and every day. In terms of dollar transactions, the forex market dwarfs the stock market and cryptocurrency market several times over. But does that mean it is easy to trade on the forex market? Hardly.
Since forex is a global market, it makes sense that iMarketslive operates in over 120 countries around the world and offers support in several major languages. But forex trading isn’t something one really just picks up and learns by watching some video tutorials and reading some guides. Like other forms of trading, it takes lots of time, trial and error, and sweat and tears.
Forex trading is difficult, period. Currencies don’t fluctuate as wildly as stocks. Nor do they have CEOs or quarterly earnings calls so that shareholders can judge their performance. The forex markets are complex and take years to master. But we learning in our IM Academy review that Terry and iMarketslive lead users to believe that it’s something that any regular Joe can do with the press of a button on their mobile phone.
Is IM Academy a Pyramid Scheme?
We want to address this in our IM Academy review. While they’re not technically a pyramid scheme (they’d be shut down) their business model sure looks like one. They do get away with how they run things. But they do have members who try to recruit others so they can level up. The word pyramid scheme gets thrown around a lot and it’s not always a legitimate claim.
The more people you recruit, the more money you make. Now, what does that sound like to you? If you do a little research, you’ll see at least in 2018 that 95% of their users made less than $300. The top 5% did well, however. Which is the sure-fire sign of a pyramid scheme.
You have to be on the lookout for the typical phrases like “Do you want to make money from at the click of a button?” Or how about “You’re slaving away at a 9-5 job when you could make 3 times as much in just 2 hours all from the comfort of your own home.” Typically when we hear that, we run.
So What Does iMarketslive Actually Offer?
If you ask Terry, iMarketslive offers individuals the opportunity to experience financial freedom, by taking the forex trading market into their own hands. When you visit the iMarketslive website, it’s a little unclear as to what the company actually does.
You can find dozens of optimistic-sounding phrases like, “How would you feel if you had total control over every aspect of your life?” or “What if there was a way for you to build a better life and experience more happiness and fulfillment?”. In fact, the word forex is used only once on the homepage when iMarketslive’s Harmonics software is being described.
We found in our IM Academy review that when you sift through all of the positive language and encouraging slogans, you’ll come to realize that iMarketslive is funneling you towards its various levels of membership. The further down the homepage you go, you’ll begin to see prices and rates for different types of enrollment. Once you are able to reach a pricing page, then you can see all of the different packages that iMarketslive has available.
This is what iMarketslive has named its patented software. Essentially it just scans the markets for real-time data. You can set up notifications for pricing pattern alerts or buying or selling opportunities. This actually replaced the old program that iMarketslive offered which was called FX Signals Live.
This was a software that basically just copied the trades that Terry was making. Only users would get alerted to these after he made them. This, of course, is illegal, so FX Signals Live was taken out of commission in 2016, and was replaced by the Harmonics app.
How Much Does It Cost to Join IM Academy? (Pricing Review)
As with many multi-level marketing companies, iMarketslive offers multiple entry levels for users who can be anything from a normal member to an Elite Academy member. Not surprisingly, the prices for these memberships range from $16.71 per month for the IBO Membership to $274.95 per month for the Elite Academy membership.
Each monthly subscription includes an enrollment fee as well, so you can see how quickly these fees can begin to add up. Here is an IM Academt review of a couple of examples of the fees involved in signing up for a membership.
The standard IBO Academy membership rate. The $16.71 is a recurring monthly fee for users. By the way, IBO stands for Independent Business Owner. Why is it so much cheaper? More on this later.
The FRX Academy membership includes a $174.95 per month recurring membership fee that is not included in the image.
Finally, the Elite Academy package includes all of the lower packages, as well as various other forex and crypto trading products. The end price is an astounding enrollment fee of $324.94 plus a monthly fee of $274.95.
This Elite Academy package claims to be able to turn people with zero investing experience into profitable forex market traders simply by using their software and attending the educational seminars. But wait, there’s more.
2 and Free
You guessed it. If you can refer two other people to subscribe for monthly membership plans with iMarketslive, then your membership fee is absolutely free. So, to get this straight, if you recruit people to the site, you get rewarded.
If those people you recruit are able to recruit more people, then they get rewarded. Are you able to see what kind of shape this organization is beginning to look like? Now the IBO part.
This is where things really go off course for iMarketslive. Rather than taking part in the actual learning and forex trading, you can opt to be an IBO. Think of this as a full-time recruiter. The more people you recruit to iMarketslive, the more commission you can make per month.
If you somehow manage to convince 30,000 people to sign up for iMarketslive, you get the highly sought-after Chairman 500 ranking; which will net you $500,000 per month in passive income. Sheesh.
But Is iMarketslive Actually Helpful For Forex Trading?
Without actually taking the courses or using the software, I have no doubt that iMarketslive and the IM Academy are aimed at helping people to learn how to become forex traders. The potential for making money in the forex markets is incredible.
I can definitely see how a focused style of teaching can help people understand the intricacies of trading. But when learning how to trade and invest becomes a marketable product to sell, it becomes a bit of a slippery slope. How legitimate is a business? If Terry was such a successful forex trader, why would he need to start a company to make money off of teaching people how to trade in that manner? Well, it is another source of income, and, a business is a business. There is nothing inherently wrong with providing unique education, working hard to make that education valuable, and charging for it.
iMarketslive provides its users with full learning academies, live mentorship, and additional tools like virtual seminars and even weekly webinars held by Terry himself. They also offer live trading rooms with real iMarketslive forex traders.
Here users can actively chat with them as they scan the markets and make real trades. But even throughout all of this, iMarketslive rarely ever mentions the risks involved in trading on the forex markets. Everything in the verbiage is positive and talks about how you can make money by signing up for their iM Academy.
Generally speaking, if it walks like a scam and talks like a scam, it might be a scam. Do your own due diligence. Is iMarketslive a pyramid scheme? Well, obviously not explicitly. Otherwise, they wouldn’t be allowed to continue to operate as a business. The ability to sell its product as a service seems to have exploited the loophole under U.S. law. But that hasn’t stopped plenty of people from claiming that iMarketslive is a scam.
The cost of your monthly membership subscription and initial enrollment fees are nothing short of exorbitant. Especially in the age of the internet where most things can be found at little to no cost. Sure, the customer service and live support from traders is nice. Yes you can learn a lot from other traders and having a good stock scanner.
But plenty of investors are willing to live stream themselves or post YouTube videos of how they trade for free. Yes, free doesn’t guarantee the best, but you have options. The biggest question you can ask yourself is does it this ring true when iMarketslive and the IM Academy treat your membership fee as an investment in your future wealth?
Trading in a volatile market like the global forex market is anything but a sure thing. As a result, when you sign up for the IM Academy, the only thing you can guarantee yourself is a large monthly bill and being part of a MLM company.