![]() ![]() And to convince you that it is worth it to pay all of this money for some helpful information that can be found on the internet for free, they sell an idea. IM Academy promises you a bundle of learning resources as well as online mentorship through webinars and livestreams, equipping you with the “skill sets to be in control of your financial success.” And this can be very enticing as the enrollment fee of $324.94 along with a monthly fee of $274.95 which to a new trader that is already taking a jump into a risky business is not ideal. IM academy basically sells an idea: an idea of getting rich quick and not having to work to be successful. If you join an MLM program, the company may refer to you as an independent “distributor”, “participant” or “contractor”. That means you’re selling directly to other people. MLM companies sell their products or services through person-to-person sales. One of the main ways to tell if you are being scammed is to remember ¨if it seems too good to be true then it probably is.¨ IM Academy is just one example of these types of businesses that sell an idea of getting rich quick by trading and usually doesn’t live up to that. Where it gets even more complicated is that, just like the Stock Market, Real Estate and just about any other legitimate investment, many pyramid schemes and scams have been invented around the Forex market. Currencies don’t fluctuate as widely as stocks nor do they have CEO’s or quarterly earnings calls so that shareholders can judge their performance. It is possible to find success and make money with the Foreign Exchange Market (if you put time, work and lots of research into it), but it’s very difficult and takes years to master. Depending on which currency has a stronger value by the time your trade expires you will either make or lose the money you put into it. To do this, you’ll either predict if the graph will be going up or down in a specified time period. Essentially, trading with foreign exchange is to predict changes between two international currencies (for example: Euro to Japanese yen or US dollar to Canadian dollar). Forex is a legitimate trading market where the world’s currencies are traded on a digital platform. I’m here to clarify for all of these people. Many people think that Forex itself is a scam or pyramid scheme, and don’t bother looking into it. The site definitely balances on the fence of a legitimate trading software and a multi level marketing business.īefore I go into whether or not it’s a scam, I need to explain Forex and Multi-Level Marketing. There will be pictures of the profits these people are making with captions like ¨earn money while your sleeping!¨, ¨why waste your time on a 9-5 getting minimum wage when you could become one of the top earners¨, ¨take this opportunity while you can, don’t miss your chance!¨ and ¨all you need to do is copy and paste to make money- it’s that simple¨ Notice how I say on the surface. As you first come across Forex trading most likely you will see advertisements on social media. ![]() On the surface IM academy is a Forex trading software and educational site meant to help its users learn the skill of Forex trading. You might be wondering what IM Academy is and depending on who you ask you’ll get a range of different answers.
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