Now more and more regulators are warning people to not participate in the IML scam. The latest warning comes from the Financial Services and Markets Authority (FSMA).
International Markets Live claims to provide highly effective tools & services to help traders make the right decisions in the Forex & Futures markets. Also, they claim their services are exclusive and can only be accessed through their membership.
Here are the details of the FSMA warning:
The Financial Services and Markets Authority (FSMA) warns the public against the activities of International Markets Live LTD, which offers tools and trainings relating to forex products and CFDs.
International Markets Live, via the website www.imarketslive.com (link is external), offers Belgian consumers tools and trainings that are supposed to help them trade in forex products and CFDs. They target mainly young people. In addition, the firm offers its members advantages and compensation that increase the more new members they recruit.
International Markets Live is not, however, authorized to offer financial services and products in Belgium. Moreover, the system proposed by International Markets Live exhibits features characteristic of a pyramid scheme.
The FSMA points out that since 18 August 2016 no investment firm, authorized or not, is allowed actively to distribute forex products and CFDs within the territory of Belgium. This also means that it is forbidden to give clients a reward for bringing in new clients or for recommending forex products, CFDs or related services to other people.
International Markets Live has also been the subject of warnings by the French supervisory authority (AMF) and by the Spanish supervisory authority (CNMV).
For all these reasons, the FSMA strongly advises against responding to any offers made by International Markets Live.
– Source fsma.be