Mirror Trading International review 2023 | File A Scam complaint (2024)

FAQs

What happened to Mirror Trading International? ›

The company was placed under provisional liquidation on 29 December 2020, with a final order granted on 30 June 2021. Following an application by the joint liquidators on April 26 last year, MTI's business model was declared unlawful as a multi-level marketing, or “Ponzi”, scheme.

Therefore, any withdrawals from MTI are considered 'dispositions without value' in terms of the Insolvency Act and must be repaid. This also means that any investor required to return capital in terms of Section 29 of the Insolvency Act is entitled to put in a claim for any capital loss suffered.

In short, the answer is yes. Mirror trading is copying another person's trades. As a result, you can follow someone in and out of their trades. Your trading software for stocks and options may not be able to copy another trader's trades.

The Supreme Court of Appeal ruled that repayment of an investor's capital did not constitute a “disposition without value”. In April 2023, the Cape High Court ruled that MTI was an illegal scheme and all agreements between the company and investors were void from the outset.

In this case, less experienced investors mirror or replicate the trades made by counterparts that are more knowledgeable. While MT can offer opportunities for legitimate profit, it also can pose money-laundering (ML) risks due to its potential use as a mechanism to move funds illicitly across borders.

Conclusion. Mirror trading is one approach for certain novice traders to get their feet wet in real trading. But it also has potential risks since it may increase the likelihood of making bad choices and suffering financial losses.

Mirror trading allows traders or investors to mimic others by implementing the same trades that others do in the trader's own account. Mirror trading can be done in both forex and stock markets, though it is much more common in forex trading.

MTI was placed under provisional liquidation on 29 December 2020. A final order was granted on 30 June 2021. It is one of the largest insolvencies in SA to date: more than R 1 billion worth of bitcoin was held by the company on liquidation.

Music Theatre International (MTI) is one of the world's leading theatrical licensing agencies, granting theatres from around the world the rights to perform the greatest selection of musicals from Broadway and beyond.

Mirror Trading International (MTI) declared a pyramid scheme by the South African High Court was a cryptocurrency trading platform promising automated trading services with significant returns. MTI was masterminded by Johann Steynberg, who claimed to use an artificial intelligence bot for its trading activities.

What is mirror payment? ›

Mirror trading, as a fraud type, is a widespread practice in which an intermediary represents two companies with identical ownership in different countries. This technique is frequently used for private money transfers.

In copy trading, the trader directly copies the moves of an individual successful trader; whereas in mirror trading, investment decisions are based on algorithms developed from trading patterns of number of successful traders.

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Mirror Trading International was found to have defrauded at least 23 000 US residents. MTI's CEO and founder, Johann Steynberg, is still in jail in Brazil where he fled after the scheme collapsed.

Mirror Protocol has been on a downward trajectory, which was fuelled by the collapse of the Terra ecosystem. However, it was showing signs of recovery as of 12 September 2022, being up 46% over the past week.

Then, the empire truly began disintegrating after 1388, when Mansa Musa's lineage died out. Additionally, outside invaders, such as the Tuareg nomads, and the Songhai Empire, would conquer parts of Mali. Eventually, the last sections of the Mali Empire would fall to the Moroccan Empire in 1670.

Johann Steynberg, the mastermind behind a South African bitcoin Ponzi scheme, recently died of a heart attack while under house arrest on a farm in Brazil. According to his Brazilian wife, Steynberg left no will and had no assets that could be inventoried.

Timeline of Mirror Trading International: 2019: MTI was launched in South Africa as an automated bitcoin trading platform, offering significant returns to investors through a trading bot [1]. 2020: Membership in MTI experienced a significant increase, especially due to its network marketing model [1].