Mirror Trading International has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to RengaLife. We’ve received over 5 complaints against Mirror Trading International.
Mirror Trading International (MTI) is marred by controversies, including being labeled an illegal Ponzi scheme. Customers report poor handling of complaints, high fees, and issues with withdrawals. The liquidation process has recovered a fraction of the stolen funds, and the inaction of South African authorities has led to only partial redress for affected parties, casting further doubt on MTI’s legitimacy.
Get Your Money Back From These Scammers!
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The lack of regulation or the presence of poor regulation is a huge red flag. It means Mirror Trading International is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Mirror Trading International, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
The company Mirror Trading International (MTI) said it used automatic AI systems to trade forex. People could invest in their website and, supposedly, make money from trading on it. On the other hand, MTI was accused of being involved in scams.
At its peak, MTI got a lot of investors by offering returns on investments that were way too high. The company said they used a trading bot that could make steady profits, but there were doubts about how honest they were and how long the returns they promised would last.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
There seem to be a lot of problems with how Mirror Trading International handles reports, which is a big worry. One big issue is that there aren’t any governmental checks and balances, which leaves customers open to possible risks.
The site also charges ridiculously high fees and commissions, which makes it harder for users to pay their bills.
Problems with communication make things worse, making it hard for clients to get answers to their questions quickly. It also seems like the company is being pushy and changing its rules without warning. Notably, clients have trouble taking their money because of high fees and unhelpful customer service, which makes the process difficult and annoying.
Overall, these problems show that Mirror Trading International’s issue resolution system is not very clear or focused on the customer, which is a big problem.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
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The general customer sentiment regarding Mirror Trading International is negative, primarily due to issues related to withdrawals and the lack of transparency and responsiveness from the company.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like Mirror Trading International tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust Mirror Trading International reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Mirror Trading International, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Mirror Trading International enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Mirror Trading International reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Mirror Trading International.
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You should always look out for consumer complaints. In the case of Mirror Trading International, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Mirror Trading International? You can share your complaint in the comment section or submit an anonymous tip.
Mirror Trading International has been designated by the Financial Sector Conduct Authority (FSCA) as an illegal Ponzi scheme. The liquidation processes recovered just a small portion of the stolen funds, with approximately $9.8 million going to liquidators. South African officials’ inaction has exacerbated the crisis.
Mirror Trading International is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Mirror Trading International can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Mirror Trading International?
All the evidence suggests that Mirror Trading International is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.