Is Epic Trading A Scam Forex MLM Review
You may have watched a lot of Youtube videos popping up with people comparing Epic Trading vs Tradera. Some videos are by affiliates giving their reasons why they are quitting Tradera for this new Forex (Multi-level Marketing) MLM company.
To me, these two companies are just different sides of the same coin. In this review of Epic Trading, l will look at what it is all about, how it works, and the compensation plan.
In conclusion, l will tell you whether the Forex MLM is a scam, pyramid scheme, or legit company. You will also have your chance to share your opinions or experience with this recently launched Fores trading MLM in the commentary box below.
Epic Trading CEO David McCovy.
He is the founder of this international forex trading company in September 2020. David McCovy, Evolution Travel (ET) founder is not new to the MLM space. Remember, he formed ET after the collapse of another travel-based MLM called Paycation which proved to be a glorified pyramid scheme.
Prior to that, he had been with another MLM which was a mere gathering of third-party products and services called 5Linx. This is normal in the MLM industry that members and leaders jump ship when the ship is sinking to join another shiny object.
Now David McCovy has again jumped the collapsing Tradera to form Epic Trading. His reasons for leaving are not cited, but there are reports that the so-called ”Independent Business Owners” are not being paid in full and on time. Now you wonder which ”business” they own when they can not pay themselves.
If you want to create a real business online, read my Unbiased and Honest Wealthy Affiliate review.
There are also rumors that Tradera is having teething problems with its payment processors. The very reason why in my Elamant Zimbabwe, South Africa review, l cited it as one of the reasons why Elamant will fail and close doors.
As usual, affiliates are leaving the former in droves and will always drag their teams with them to become down-liners in the new opportunity. The CEO brought with him some well-known trainers such as Coach Max and David Liciaga from Tradera.
Now you know why, when you check Epic Trading vs Tradera, you find out that they have more in common than differences. Even the wording on the two websites is similar and the disclaimers are word for word.
It just an MLM fallacy. Being sold a dream and hope!
How The Forex Trading Platform Operates.
It comes with the flagship Epic Scholar Membership for those who really want to learn about forex trading and make money out of it. It comes with products very similar to what Tradera offers;
- Epic University – This is where the newbies to forex trading get started and learn the basics.
- Epic Trade Alerts – Get tips from trading pros.
- Live Trading Sessions – Follow and replicate the real-time trading sessions inside your own account.
- Fundamental Analysis – In-depth trading and market analysis.
- Market Forecasts – Understanding the market volatility
- Member Support – If you need any help, reach out to support.
- 2 Week Syllabus – Step-by-step business launch strategy.
- 20 Pips and Dip Trade Strategy – This is similar to Tradera and it just trains you software on when to sell or buy forex.
This will cost you $99.99/month. You will also need a significant lump sum to invest in the trading for you to earn enough profit to cover your subscription. There is also the hyped pre-Launch special of $19.99 USD. l am not sure if the price will be locked on this level or it’s just for the first month.
As you can see, this is a forex trading academy which is solid, although there are other cheaper programs than this. The challenge is when the owners decide to introduce a parallel Multi-level Marketing structure to induce people to recruit new members.
In comes the…..
Independent Business Owner (IBO)
Although you are encouraged to ”familiarise” yourself with the Epic University training, it’s not mandatory. Once you recruit new members to the platform, you earn commissions and bonuses.
While the payment to learn about forex trading is the same with Tradera, to become the so-called Independent Business Owner you need to fork out $24.99/month. Talk of paying to get paid. This will allow you to check your back office to see the number of referrals and how much you earned. Before you get any referrals, you will be losing $24.99/month.
If you are a scholar and would like to become an IBO, then you need to pay $99 + $24.99 = $123.99/month.
This is why l fell in love with affiliate marketing because l don’t need to pay a company to promote its products. You can learn about affiliate marketing for free by joining this platform with all the training, essential tools, and live support.
- The founder of the academy, David McCovy has vast experience in the Multi-level Marketing.
- Based on legit and solid forex trading University – the main product.
- Is still new and has not yet been tinted with issues.
- The company can generate into a pyramid scheme if the MLM recruitment business model is not regulated.
- The owners are coming from a collapsing MLM called Tradera and might inherit problems from the former company.
- You pay to get paid …. $24.99 per month.
- Is based on MLM compensation plan with a +95% failure rate.
- Forex Trading has minimal profit margins and chances of failure are very high.
Just like with Tradera, you only earn commissions for referring scholars to the platform and they will become your team members if they also decide to promote the academy to others.
l have always wondered why MLM and Networking Marketing compensation plans are so complicated and confusing? The answer is obvious…. that is how money ends up in the ”real owners of the business’ pockets”.
You also need to balance the number of members on your 3 legs to qualify for commissions. For instance, you will need 10 active members below you for you to earn $500/month. This seems to be easy, but there are high attrition rates in the MLM industry and you need to continuously recruiter new members to replace those who quit.
There is a promise of Epic Rank Rewards which will be introduced once there are enough downliners to fund the bonuses.
The levels include;
Founder – From MLM statistics, +95% of IBOs will be in this category. With a few barely making the $500/month consistently. According to Young Living MLM income disclaimer, 89.6% of members earn an average of $3/month.
Ambassador – You must maintain between 500 and 2500 active members to be in this rank.
Icon – You must maintain between 5000 to 40 000 active members. l wonder if even CEO David McCovy will even reach this level. Time will tell.
Is Epic Trading International A Scam, Pyramid Scheme, or Legit MLM?
This is a new company so no one knows if it will pay IBOs in full and on time. Whether the training delivers what it promises, it remains to be seen. For now, let us give the owners of Epic Trading the benefit of doubt and watch from the terraces.
So is it likely to become a pyramid scheme? According to the Federal Business Berau, +51% of products must be sold to ”real customers” who are NOT affiliates or in this case, the so-called ”Independent Business Owners”.
l applaud Tradera because it only paid commissions if +55% of your sales are for students or real customers. This keeps it safe from being labeled a pyramid scheme and get shut down by authorities. l hope they will adopt a similar safety valve.
Is Epic Trading legit? Forex trading is legal and can be profitable if you get the best training. If the forex trading academy or university delivers what it promises, then their training side is squicky clean. It is normally the recruitment and MLM based compensation plan that usually ruins everything if it is not regulated.