But I was very excited to get people the opportunity to make money, so I was selling them false hope, but also excited to sell them the hopes because I was still believing in the plan. Another ex-IM Academy member, called Darius, claimed the company has a 'real way of pulling people in and keeping them, selling them a dream and a hope'.

So that was tricky once they got in,' he said. Birmingham-based BBC reporter Dion Hesson discovers becoming a forex trader is harder than it sounds to make a living from when you're a total novice. Dion also spoke to current 'mentors' within IM Academy, none of whom would reveal what they earned, claiming it went against company rules to do so.

IM Academy policy forbids members from making income claims on social media, websites and videos, which covers what they make through trading and sales, including lifestyle claims and photos of things like cash, fancy cars and yachts.

One, known as Junior, said he made 'enough', describing it as 'mortgage money' and 'a very sexy amount of money'. Another mentor called Anika, who was secretly recorded delivering a seminar, urged people to try to recruit IM Academy members at their local supermarket, branding the service she offers 'a form of charity'.

Then I say, "Are you open-minded to making extra income? Another IM Academy mentor called Anika, who was secretly recorded delivering a seminar, urged people to try to recruit members at their local supermarket, branding the service she offers 'a form of charity'.

Let's not feel shy about it. We're not shy to make money, we're not shy to help other people. They join the business, they're able to leave their job, they're able to retire their parents, right, they're able to achieve their goals, and then they come and thank you. The documentary also featured videos posted by IM Academy's CEO Christopher Terry, pictured.

But a study of amateur forex traders like Dion - who completed the IM Academy training that came with its elite package - showed four in five lose money. However, IM Academy doesn't monitor its students' trading so it doesn't know if it counters this trend. The documentary also featured videos posted by IM Academy's CEO Christopher Terry, including one in which he appeared to advise members to distance themselves from their family if they don't support their 'dream'.

During a Panda Takeover Zoom he shared a holiday message, urging members to 'change your energy to become something else now to a billionaire mindset'. If anybody says anything about you, you put your hand up and say no. Dion claimed he attempted to reach Chris Terry and even wrote a letter when emails went unanswered. But when the team visited addresses in the US listed as belonging to the company, one was a postbox while another was at the Rockefeller Centre in New York, but there was 'no sign of them anywhere in the building'.

Its registered address in Northern Ireland was also reportedly that of lady who registers companies. MLM expert Robert Fitzpatrick, who has been investigating companies like IM Academy for 30 years, said forex trading is a good product for a MLM to sell because 'no one knows what it is'.

Dion claimed he attempted tor each Chris Terry and even wrote a letter when emails went unanswered, but when the team visited addresses in the US listed as belonging to the company, one was a postbox while another was at the Rockefeller Centre in New York, but there was 'no sign of them anywhere in the building'.

But trust us, there's a lot of money to be made over there, but you're also told bring some other people in too. Each person that comes in has to pay money to get in, so there's another source of money that's actually you, it's you and your friend's money, so that's what MLM is, it's your own money at work, not the money over there where they tell you you could be going to make money.

Forex, or foreign exchange, sees traders across the world buy and sell currencies between each other. Just like a holidaymaker would transfer their home currency into the one used at their destination, companies and central banks need to transfer huge amounts of money across borders to buy products or services.

This is the practical use of foreign exchange, but most transactions are done by traders looking to make a profit. The amount of currency traded each day makes the price of each one very volatile, so traders look to buy one when it is cheap and sell when the price rises. Publicly-available apps include live figures and charts to allow traders to identify when is the best time to sell. However, Forex trading is very risky, and no amount of skill or expertise can guarantee a profit.

He added that claims you have to work hard to be a big earner in the game are simply 'preparing you for losing your money for a while' which will 'keep you in a bit longer'.

Very soon you don't find enough people out there to pay the earlier people and then the thing collapses. IM Academy said in response to the documentary: 'IM Academy does not sell or promote the prospect of a large, fast return and instant profit.

We do advise that is anyone wants to trade they should take personalised advice before doing so from a licensed broker or financial advisor. The vast majority of customers are retail end consumers who do not participate in the multi-level marketing programme that our business model is based upon.

Dion also investigated a company called FTMO, founded in Prague by two university friends. It claims to offer funding for 'serious traders', helping people make profit through forex trading, without risking any of their own capital. He travelled around the UK and Ireland to meet smart, driven and hopeful traders who were investing substantial time and money in FTMO 'challenge' fees and education, with the aim of trading with the company.

But when Dion took a closer look at its terms and conditions, he discovered that traders who passed the challenge were then trading on a demo account with fictitious funds, and that it is up to FTMO whether any of these trades are executed in the real world or not.

Instatraders is available to watch now on BBC iPlayer. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline.

Argos AO. com River Island Groupon Debenhams Wayfair Very eBay Boohoo Nike Currys Virgin Media ASOS TUI My Profile Logout Login. Latest Headlines The Queen Kate Middleton Fashion Finder Mail Best Shopping Gardening Parenting Blog My Profile Logout Login. Privacy Policy Feedback. Tuesday, Nov 22nd 4PM 13°C 7PM 10°C 5-Day Forecast. RELATED ARTICLES Previous 1 2 Next. Share this article Share. What is Forex and how does the market work? Read more: BBC iPlayer - Instatraders.

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By Hayley Richardson For Mailonline. Published: GMT, 4 August Updated: GMT, 4 August A woman who claims she failed to make any money while working for a multi-level marketing firm has admitted she 'fed people lies' to recruit them in order to dodge the hefty membership fees in a shocking new documentary. BBC Three's Instatraders delves into the recent foreign exchange craze on social media, where slick Instagram accounts and YouTube channels point to forex trading - betting on the value of a currency going up or down - as a route to earning extra cash.

But Birmingham-based BBC reporter Dion Hesson discovered it's harder than it sounds to make a living from trading when you're a total novice. He signed up to IM Academy, an American multilevel marketing MLM company that sells foreign exchange education packages with educational webinars and mentoring, and eventually trading platforms. But despite generating a small profit from his £ trade, he realised he would need to invest thousands to cover his £ membership fee, £ sign-up fee and ongoing education alone.

If he wanted to take home £1, a month, he'd need to be trading with over £13, Dion also explored the other side to the company - the recruitment and referral strand - where people are encouraged to sign up new members in exchange for commission and waiving their membership fees. He spoke to several critics of IM Academy, some of whom openly claimed they 'sold people a dream' that didn't exist. An amateur forex trader who claims she failed to make any money while working for a multi-level marketing firm has admitted she 'fed people lies' to recruit them in order to dodge the hefty membership fees in a shocking new documentary.

One woman from the US, known only as Asha, said she worked the 'hardest three months of her life' and failed to make any profit. But I was very excited to get people the opportunity to make money, so I was selling them false hope, but also excited to sell them the hopes because I was still believing in the plan. Another ex-IM Academy member, called Darius, claimed the company has a 'real way of pulling people in and keeping them, selling them a dream and a hope'.

So that was tricky once they got in,' he said. Birmingham-based BBC reporter Dion Hesson discovers becoming a forex trader is harder than it sounds to make a living from when you're a total novice.

Dion also spoke to current 'mentors' within IM Academy, none of whom would reveal what they earned, claiming it went against company rules to do so. IM Academy policy forbids members from making income claims on social media, websites and videos, which covers what they make through trading and sales, including lifestyle claims and photos of things like cash, fancy cars and yachts.

One, known as Junior, said he made 'enough', describing it as 'mortgage money' and 'a very sexy amount of money'. Another mentor called Anika, who was secretly recorded delivering a seminar, urged people to try to recruit IM Academy members at their local supermarket, branding the service she offers 'a form of charity'.

Then I say, "Are you open-minded to making extra income? Another IM Academy mentor called Anika, who was secretly recorded delivering a seminar, urged people to try to recruit members at their local supermarket, branding the service she offers 'a form of charity'.

Let's not feel shy about it. We're not shy to make money, we're not shy to help other people. They join the business, they're able to leave their job, they're able to retire their parents, right, they're able to achieve their goals, and then they come and thank you.

The documentary also featured videos posted by IM Academy's CEO Christopher Terry, pictured. But a study of amateur forex traders like Dion - who completed the IM Academy training that came with its elite package - showed four in five lose money. However, IM Academy doesn't monitor its students' trading so it doesn't know if it counters this trend. The documentary also featured videos posted by IM Academy's CEO Christopher Terry, including one in which he appeared to advise members to distance themselves from their family if they don't support their 'dream'.

During a Panda Takeover Zoom he shared a holiday message, urging members to 'change your energy to become something else now to a billionaire mindset'. If anybody says anything about you, you put your hand up and say no. Dion claimed he attempted to reach Chris Terry and even wrote a letter when emails went unanswered.

But when the team visited addresses in the US listed as belonging to the company, one was a postbox while another was at the Rockefeller Centre in New York, but there was 'no sign of them anywhere in the building'. Its registered address in Northern Ireland was also reportedly that of lady who registers companies.

MLM expert Robert Fitzpatrick, who has been investigating companies like IM Academy for 30 years, said forex trading is a good product for a MLM to sell because 'no one knows what it is'. Dion claimed he attempted tor each Chris Terry and even wrote a letter when emails went unanswered, but when the team visited addresses in the US listed as belonging to the company, one was a postbox while another was at the Rockefeller Centre in New York, but there was 'no sign of them anywhere in the building'.

But trust us, there's a lot of money to be made over there, but you're also told bring some other people in too. Each person that comes in has to pay money to get in, so there's another source of money that's actually you, it's you and your friend's money, so that's what MLM is, it's your own money at work, not the money over there where they tell you you could be going to make money.

Forex, or foreign exchange, sees traders across the world buy and sell currencies between each other. Just like a holidaymaker would transfer their home currency into the one used at their destination, companies and central banks need to transfer huge amounts of money across borders to buy products or services.

This is the practical use of foreign exchange, but most transactions are done by traders looking to make a profit. The amount of currency traded each day makes the price of each one very volatile, so traders look to buy one when it is cheap and sell when the price rises. Publicly-available apps include live figures and charts to allow traders to identify when is the best time to sell.

However, Forex trading is very risky, and no amount of skill or expertise can guarantee a profit. He added that claims you have to work hard to be a big earner in the game are simply 'preparing you for losing your money for a while' which will 'keep you in a bit longer'. Very soon you don't find enough people out there to pay the earlier people and then the thing collapses. IM Academy said in response to the documentary: 'IM Academy does not sell or promote the prospect of a large, fast return and instant profit.

We do advise that is anyone wants to trade they should take personalised advice before doing so from a licensed broker or financial advisor. The vast majority of customers are retail end consumers who do not participate in the multi-level marketing programme that our business model is based upon.

Dion also investigated a company called FTMO, founded in Prague by two university friends. It claims to offer funding for 'serious traders', helping people make profit through forex trading, without risking any of their own capital. He travelled around the UK and Ireland to meet smart, driven and hopeful traders who were investing substantial time and money in FTMO 'challenge' fees and education, with the aim of trading with the company.

But when Dion took a closer look at its terms and conditions, he discovered that traders who passed the challenge were then trading on a demo account with fictitious funds, and that it is up to FTMO whether any of these trades are executed in the real world or not.

Instatraders is available to watch now on BBC iPlayer. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline.

Argos AO. com River Island Groupon Debenhams Wayfair Very eBay Boohoo Nike Currys Virgin Media ASOS TUI My Profile Logout Login. Latest Headlines The Queen Kate Middleton Fashion Finder Mail Best Shopping Gardening Parenting Blog My Profile Logout Login. Privacy Policy Feedback. Tuesday, Nov 22nd 4PM 13°C 7PM 10°C 5-Day Forecast.

RELATED ARTICLES Previous 1 2 Next. Share this article Share. What is Forex and how does the market work? Read more: BBC iPlayer - Instatraders. Share or comment on this article: Amateur forex trader working for multi-level marketing firm 'fed people lies' to recruit them e-mail Most watched News videos Moment driver tries to fight off carjacking gang as they steal BMW Locals in Iran celebrate England's win over their home nation Joe Lycett sticks to his word and shreds £10, in a woodchipper Royal welcome!

Charles, Wills and Kate greet SA president in London South African president enjoys royal welcome from Wills and Kate Camilla shares a laugh with William and Kate at historic state visit Injured Indonesia earthquake victims receive treatment at hospital Small boat packed with Albanian migrants crosses the Channel Illusionist Derren Brown reinvents the concept of 'faith healing' British angler catches one of the world's biggest goldfish Bicycle thief gets captured on CCTV cutting locks in broad daylight Russian 'soldier' caught on CCTV murdering his wife in Comments Share what you think.

View all. Bing Site Web Enter search term: Search. DON'T MISS Inside the King's first State Banquet: How Charles will treat Kate, William and South African president to a dinner of Windsor pheasant Loved up in Malibu! Cher, 76, and beau Alexander Edwards, 36, hold hands before he touches her hip after two months together 'Here is some of my reality': Vicky Pattison shows off her 'cellulite and tummy rolls' as she urges fans not to get 'hung up' on 'perfect' side of social media Police are called to Katie Price and Carl Woods' home over 'domestic incident' - after the pair split following claims the model cheated Tom Parker's widow Kelsey wears wedding ring during solo red carpet appearance - after it was revealed she's dating a convicted killer Sick of expensive treatments that don't work?

Try this 'magic fix' for fine, damaged hair with zero fuss and its cheaper than a trip to the salon! Ad Feature 'He's the biggest softie ever! Here's what to expect as Captain Lee and his crew return to the Caribbean for 'the most shocking season yet', plus how to watch it FIRST in the UK Ad Feature I'm A Celebrity LIVE: I'm A Celebrity embroiled in sexism row after being accused of racism as Sue Cleaver is third woman sent home Advertisement. Follow DailyMail Subscribe Daily Mail Follow dailymail Follow DailyMail Follow MailOnline Follow Daily Mail.

MORE DON'T MISS Andrea Riseborough debuts a shaved head as she attends gala screening of her new film Matilda The Musical Swapped her long locks for a buzz cut King is urged to speak out over cash for honours row as expert accuses His Majesty of hiding behind 'flunkeys' Michael Fawcett quit Prince's Foundation No-show!

after ex Lenny Hochstein cut off access to his American Express card England WAGs roar! Harry Kane's wife, Raheem Sterling's fiancée and Jack Grealish's girlfriend lead the partners celebrating win My, how they've changed!

You'll never believe what the stars of A Country Practice look like now as they reunite 28 years after the final episode aired A-List actor looks unrecognisable with new look - so can you work out who it is? The actor shocked fans with his new appearance 'A lot of us are paying the price': Josh Cuthbert reveals a 'lack of care' during his X Factor journey impacted his mental health Tom Parker's widow Kelsey is in the early stages of a relationship - eight months after losing her beloved The Wanted star husband to brain cancer aged 33 Woody Harrelson reveals that he and Michael J.

Fox once drank cobra blood together in Thailand: 'Mike promptly vomited ' Iggy Azalea, 32, reveals her plans to retire after selling her master recordings and publishing catalog in a 'eight-figure deal' Lucrative Kris Jenner, 67, shares her very FIRST Christmas card with boyfriend Corey Gamble, 42, after eight years together: 'We love how it came out' Harvey Weinstein's camp says poor box office opening for MeToo drama She Said 'isn't a surprise' and disgraced producer 'would have known that' Will Ferrell on preparing for musical turn in new film Spirited: 'It's literally the most vulnerable thing I've ever had to do' Bold move Blown away!

after sharing that eating papaya and raspberries with chia seeds keeps her slim Indiana Jones 5 FIRST LOOK: Harrison Ford dusts of his fedora for one final swashbuckling adventure as the intrepid archaeologist in new film Stranger Things star Dacre Montgomery reveals how a phone call from role model Hugh Jackman changed his life forever Grateful Holly Willoughby looks incredible in a figure-hugging black gown at the Variety Club Showbusiness Awards Looked stunning on Monday evening Amanda Holden flashes her legs in super high thigh split teal gown ahead of her hosting duties at the Variety Club Showbusiness Awards Simon Cowell looks dapper as he cosies up to glamorous fiancée Lauren Silverman at Variety Club Showbusiness Awards Naomi Campbell shows off her chic sense of style in a low-cut silver satin dress with a matching jacket at the Variety Club Showbusiness Awards Christine Quinn sizzles in black and white as she is named the face of MCM's Festive campaign: 'For the holidays!

Team USA soccer stars' stunning wives and girlfriends cheer on their player beaus from the sidelines at their first World Cup game 'It's a little spooky but it works! Kylie Jenner and Travis Scott seen out on date in Malibu as they climb over stones before heading to the shops for spot of retail therapy Kelly Rowland exudes business chic in a white pantsuit as she leaves a hair salon in Beverly Hills after defending Chris Brown when he was booed at the AMAs 'It's amazing': Trevor Noah makes coy remark on THOSE Dua Lipa dating rumors - after pair were pictured kissing following NYC date REVEALED: Trevor Noah blindsided Daily Show staff and writers by announcing his exit without warning during taping in front of studio audience members Michael J.

Fox on how he overcame 'seven years of denial' and depression following his Parkinson's disease diagnosis in Speaking out Miley Cyrus, 29, announces godmother Dolly Parton, 76, will join her New Year's Eve Party in Miami to ring in 'It's going to be legendary! Swedish singer Mattias Lindblom 'proposes to songstress after dating for over a year' Rumours Wendy Williams, 58, looks in good spirits as she heads to photoshoot in NYC - three months after sparking concern I'm A Celebrity embroiled in a race row for the second year running after Scarlette Douglas and Charlene White are first to be evicted 'I look up to her': Max George, 34 hits back at 'concern' over year age gap with Maisie Smith, 21, and insists 'it never enters my mind' 'He brought such light and love': Leslie Jordan's life is celebrated in his hometown of Chattanooga after he died at age 67 Love Is Blind's SK and Raven SPLIT!

Fan-favourite couple reveal they have ended their rekindled romance as the couple are plagued by cheating allegations Kanye West tweets out 'Shalom' - the Hebrew word for peace and love - just hours after Elon Musk reinstated him following suspension for anti-Semitic rants Raheem Sterling's fiancée Paige Milian celebrates with their son Thiago, five, and his daughter Melody Rose, 10, in sweet snaps after England's win Beaming King Charles III holds an audience with King Felipe VI of Spain at Clarence House Ahead of Chamber of Commerce event Goldie Hawn is 77!

Private Benjamin actress is seen in her youth as she gets a loving tribute from daughter Kate Hudson, 'She blazed trails' Joss Stone details her 'scary' experience giving birth to her second baby by emergency c-section but not too much! and talks recovering from femur injury Flea puts pregnant wife Melody Ehsani on his lap at Lakers game with RHCP bandmate Anthony Kiedis 'I don't think we will again': JoJo Siwa says there is little chance she will speak with Candace Cameron Bure again following her 'traditional marriage' remarks 'Thank you for being a friend to my mum and our kids': Prince Harry and Meghan Markle share personal message with Elton John ahead of his farewell concert Princess Charlene of Monaco cuddles with Prince Jacques and watches over Princess Gabriella on National Day in behind-the-scenes snap 'I eat a lot less and drink a lot more': The Chase's Mark Labbett shows off his incredible 10 stone weight loss on Loose Women 'Shut your face!

The model reveals she is expecting her second child

Flight attendant reveals the cabin crew's most hated flyer - and it's not a screaming baby Chef and his delivery driver friend strangled wealthy businesswoman to death and dumped her body in rubbish You can also check the warnings list of firms to avoid. As Argentina suffer a shock defeat to Saudi Arabia, the WAG who'll after defending Chris Brown when he was booed at the AMAs 'It's amazing': Trevor Noah makes coy remark on THOSE Dua Lipa dating rumors - after pair were pictured kissing following NYC date REVEALED: Trevor Noah blindsided Daily Show staff and writers by announcing his exit without warning during taping in front of studio audience members Michael J. Sophia advertises celebrity endorsements from the likes of Ex-On The Beach Star Stephen Bear left and former Love Island winner Nathan Massey right. A medical student claims he is 'on course to become a millionaire through Forex trading' by the age of

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