What is Mirror Trading International?
How money laundering could become a scam and lead to the liquidation of Mirror Trading International?
I believe you have heard many stories about money laundering, But did you ever read about the scam of Mirror Trading International?
Wait, before we get into the meat of this article, you probably noticed the expression of Mirror Trading, and you’re wondering if there is any common point between “Mirror Trading International” and the Forex Concept of “Mirror Trading”. The issue that keeps coming up is, what does make the case of Mirror Trading International so famous in 2020?
Firstly let’s see the meaning of Mirror Trading…..
What does Mirror trading mean?
The Mirror Trading concept is quite simple: special servers keep track of strategy developers’ “buy” and “sell” signals. By using the Mirror Trader platform, traders can view, analyze and evaluate signals sent by experienced traders and execute the signals in their own accounts. Basically, when you track someone’s strategy, you follow exactly his trading path.
Characteristics of Mirror Trading:
- The mirror trading platforms are characterized by algorithmic trading systems that analyze the market basing on the expert’s activities in different types of indicators oscillators, trends, and technical market analysis. Those sophisticated systems are alternatively available only to large banks or hedge funds clientele.
- Time is an important factor in Forex trading, and the most important thing is how to achieve the right result at the right moment. That’s why mirror trading has an automated execution machine that enables the monitoring of the market to identify the optimal moment to open or close a position. Before automated execution machine was previously the domain of large financial organizations such as banks and hedge funds, Now this technology is available for retail traders too.
- Traders look for the best choices in order to enhance their profits. Mirror trading platforms clients are given the opportunity to trade in a variety of trading methods. Algorithmic traders are offered a list of strategies to choose from and a portfolio from which they can view, monitor, and make adjustments to their chosen strategies.
- As The icing on the cake, the Mirror Trading Platform supports multi assets trading since the same principle mirroring idea suits all types of assets trading. The user can find algorithms to trade in all of the above.
Of course, Mirror Trading is not only the concept that appears with Forex trading. Social Trading and copy trading are also concepts based on mirror Trading and use social media like Telegram or WhatsApp in order to help users to copy experts positions and executes them in MetaTrader Platforms.
Now, Let’s talk about The Mirror Trading International?
What is Mirror Trading International?
Mirror Trading International is a trading and networking company that uses Bitcoin as its base currency and to pay member bonuses. It uses an automated system that takes the hassle out of Forex trading by doing it all for you.
The organization grabbed headlines after it allegedly scammed 280,000 investors, a bulk of whom were in South Africa. It posed as a multi-level marketing scheme, promising get-rich-quick returns for the investors. It was founded by Johann Steynberg, who had a history of duping investors and getting away with it over and over. He’s currently rumored to be in Brazil.
“Mirror Trading International Named Biggest Crypto Scam of the Year After Raking in $589 Million”
This is the title of the article that appeared in feb13,2021on bitcoin. ma about this company. After an investigation made by CHAIN ANALYSIS found that MTI had taken in $589 million from more than 471,000 deposits. According to the report, MTI’s haul is significantly higher than that of Forsage and Jenco, the next biggest scam. Both scams raked in less than $350 million each.
According to this report, more than half of MTI’s victims are originated from South Africa, and from, The Other Hand, Canada, Mexico, the united states, and the united kingdom. the data were found according to the website traffic.
Separately, the blockchain analysis firm’s report also found that the BTC that was sent to MTI came “primarily from exchanges.” The so-called self-hosted wallets were also used. The report then details how MTI resorted to using a popular gambling service to launder investor funds. The report explains:
“Perhaps most interesting is MTI Club’s apparent usage of a popular cryptocurrency gambling service as a money laundering and cash out mechanism. The platform is the biggest risky destination of MTI funds by volume, having received $39 million worth of cryptocurrency from the scam in 2020”
It seems an interesting topic,….
Do you know how MTI lured its victims?
Bitcoin. ma reveals that the MTI attracts victims by promising consistent daily returns of 0.5%. This rate of return would translate to yearly gains of 500%. On its website, MTI claimed that these high returns were guaranteed by “its AI-powered foreign exchange trading software.” MTI’s unrealistic promises soon led to scam allegations. Initially, executives of MTI denied allegations they were operating a multi-level marketing scam after regulators in the U.S. and South Africa pounced on the company. Still, sometime after the Financial Sector Conduct Authority (FSCA) raided homes of some MTI executives, reports emerged of investors failing to withdraw their funds. As pressure grew, CEO Johann Steynberg eventually disappeared with investors’ funds. This ultimately led to the collapse of MTI.
In the meantime, the Chainalysis crime report concludes that the MTI scam is one good example of “why the industry must spread the word that algorithmic trading platforms promising unrealistically high returns are nearly always scams.” The report also says that cryptocurrency exchanges and other services must “discourage users from sending funds to those addresses or at least warn them that financial losses are highly likely.”
As a result, the company was provisionally liquidated at the end of 2020.
Finally, Forex trading is a field that has always integrated technology in order to make it accessible not only for professionals but also for beginners. Throughout the evolution of the market and technology couple, investors have found their way to achieving huge numbers. Social networks have also contributed to the deployment of Forex. TelegramFxCopier is one the best combination between the Trading world and Social Media. It’s definitely unrecommended to use Mirror Trading International Login because the whole activity is suspended after the liquidation.
Ref: Forex Copier: TelegramFxCopier; Forex Backtest: TelegramFxBacktest
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