MTI or "Mirror Trading International" has been getting a lot of heat lately, and quite possibly rightfully so. I'll post what I've found so far over time but for now, the most damning is a link that was brought to my attention today:
Take a look at the public statement:
Public statement about Mirror Trading International
We want to make a public statement about Mirror Trading International (MTI). As we have been mentioned as their broker in the company’s marketing materials, we want to set the record straight.
Our company is regulated by the IFSC of Belize, and we have a strict KYC procedure in place for our clients. We endeavour to avoid any client pools where the beneficiaries are hard to identify. MTI opened an account declaring that all the funds they were going to trade were their own. Due to large deposits, and the fact that FXChoice was mentioned in their marketing videos, we had to take a closer look at MTI.
MTI opened a personal account profile in 2017 under the name of its current CEO, but we didn’t notice any suspicious activity with the trading volume and the deposits were small. Their activity picked up in May 2020; by this time, the account had been converted to corporate status. This was when the deposits and trades were made.
Our research leads to the realisation that MTI is a multi-level marketing pool that claims high returns from trading Forex for their members using artificial intelligence software. Additionally, MTI uses a very aggressive multi-level marketing campaign with high rewards to get new investors into the pool. Due to this new information, we blocked MTI’s account on 10th June. This was when the last trade was closed. We requested additional documents from MTI to confirm the source of their funds. We are still waiting.
Our concerns were later confirmed by a statement from the Texas Securities Commission on 7th July and the AMF of Canada a week later.
We want to make it clear that the information naming FXChoice as the broker where MTI executes its Forex operations is inaccurate. The same can be said about their claims of using artificial intelligence software. Before the account was blocked, they executed just a few trading operations, which were performed manually, large and incurred substantial losses.
To summarise our statement: We would like everybody involved in MTI to understand the risks. Paying out such a consistent stream of profits, which is nearly a 100% return on investment in one year, to investors by trading Forex is hard to believe. Forex is not the same as owning a bond where you receive a percentage. It is about risk-reward where the larger the reward you received, the larger the risk you took. We note that there is no single proof of the efficiency of MTI’s operations.
I no longer have any doubt after reading this. There is just no way that I would trust my money with these guys.