Hey all, welcome to my IM Academy review!
It’s a pretty unique MLM company – instead of selling weight loss or beauty products, IM Academy is selling an education program for trading.
If you’re thinking of joining IM Academy, you need to ask yourself this first: “is IM Academy a pyramid scheme?”
This will first rule out on whether or not you will be able to make money or being scammed.
Before I dive deeper into the company, I want to let you guys know that I’m by no means associated with IM Academy so please be assured that this review is coming from a 3rd party.
I will be honest and unbiased of my opinions here.
I want to help more people out there to make a more sound decision when it comes to joining MLM companies because I had been doing MLM too in the past. It’s easy to be swayed by the income claims but you gotta know the real truth..
So if you’re here to find out whether IM Academy is a legit company to make money from, let’s get to it!
Is IM Academy a pyramid scheme? Here’s the truth…
|IM Academy Summary|
Product: IM Academy
Founder: Jason Brown
Product Type: Forex Trading Education
Price: $16.71 Enrollment fee + $234.95 or $324.94 + Add ons MONTHLY
Summary: IM Academy is an education platform where users can subscribe to learn more about FOREX trading or crypto trading. Prior to rebranding the company to IM Academy, they were once known as IMarketsLive which had been getting under a lot of fire for operating under a pyramid scheme.
IM Academy is now focusing on retail sales of education subscription and no longer in recruiting, therefore stepping away from the pyramid scheme line.
If you’re tired of finding ways to make money, here’s my #1 favorite way of making money online that’s sustainable and you won’t need to find recruits under you:
What Is IM Academy?
IM Academy is founded by Jason Brown 7 years ago but they haven’t been known as IM Academy at that time. They were known as IMarketsLive and was outright a pyramid scheme.
This happened because there were no legit products that the company was selling. They were mainly focusing on recruiting more people.
Once they have rebranded the whole company to IM Academy, they are now offering multiple trading education courses for users to take to trade profitably.
There are a lot of options that you can choose from and I’m going to go through them below.
1) Choose Your Package
IBO ($16.71 and $16.71 monthly): This is a package or fee you will need to pay if you were to become their Independent Business Owner or in another word, distributor.
HFX ($234.95 and $174.95 monthly): Teach you about the high frequency markets.
FRX ($234.95 and $174.95 monthly): You will learn more about FOREX and how to trade it more profitably.
DCX ($234.95 and $174.95 monthly): This is for you if you want to learn about cryptocurrencies.
ELITE ($324.94 and $274.95 monthly): This is one of the most expensive packages you can take and you will get all access to FRX, DCX and HFX.
ECX ($324.94 and $274.95 monthly): This costs the same as ELITE. Even though it mentioned that this package will be launched soon, you can actually purchase this package…
2) Choose your add-ons
Is it just me or it’s just really confusing when they do it like this?
HS or Harmonics: patterns in FOREX
ST or SwipeTrade ($22.95): real time FOREX market analysis and ideas
SC or SwipeCoin ($49.95): get the app and you will receive real time market analysis and trade ideas for cryptocurrencies
VB or Vibrata ($22.95++): learn strategies to identify trades
GC or GoldCup ($22.95++): Vibrata on steroids – you will learn combination of strategies and find high probability trades
LV or Levels ($22.95): a strategy or an indicator when trading
PV or Pivots ($22.95++): identify reversal zones in different time frames
LB or Liberty: if you want to learn Binary Options, this is the strategy they teach to find high pace trade ideas
SD or Steady ($22.95++): if you want to learn Swing Trading
DL or Delorean ($22.95): helping you nurture your own trading style
BB or BounceBack ($22.95): helping you identify the entry points
When you choose a package, many of them will already include a number of add-ons but if you want to add more “Add-ons” you can do so.
Please note that these are monthly payments 😊
Also, some of the add-ons that I didn’t write the price will be because I couldn’t find them on the website.. I have a feeling that they are revamping the website for 2021 but still haven’t fully updated it yet.
Now that you know what they are offering to users, let’s dive deeper whether this is a company that you want to trust your money with.
Is IM Academy Legit?
IM Academy is a legit company, meaning that they have registered the company and there are actual products or services that they are offering to users.
Even though their last brand “IMarketsLive” has been put aside, that doesn’t mean you want to 100% trust the company.
I’m saying this because of the research and information I could gather on this company. And I’m taking this reference based on their credibility with BBB.
You know that whenever I’m doing an MLM company, the first thing I would want to see is whether or not this company is BBB accredited.
And, IM Academy is NOT BBB accredited.
In fact, they are probably the first MLM company that I’ve seen to have that many warnings given on BBB’s website.
Let’s take a look.
Yes, this is 3 years ago and they have already settled it. BUT as a consumer, you need to know to make better decision on whether or not to trust this company, even though this was done in 2018.
This is in 2019 where they were a spike of complaints about the company. Mainly due to billing and cancellation of the subscription.
IM Academy’s education platform operates in subscription payment and not a one-time payment. Meaning that they will always have your payment details. If this is one of the main complaints they’ve had, you need to ask yourself whether it’s a company that you’d want to trust with your credit card details.
It’s not the company for me.
But yes, you might argue this was happening a few years ago. So, I did some more digging and I’m afraid to tell you that this is still happening even in the beginning of this year.
As a user, you need to be more aware of these situations so that you won’t make a decision that you’ll regret.
If you want to learn more on IM Academy, you can also check out the website here.
The subscription is NOT cheap as well guys. So please think twice.
Now that you know more about IM Academy’s products, you have to know what they are too and how they operate.
Is IM Academy an MLM?
Yes they are an MLM.
They don’t spend on advertising, they will let you do the work instead by giving you some incentives if you managed to bring in new customers for them.
The thing that you have to know about MLM is that, even though their compensation plan can be different from the other, the main principles are still the same.
– You need to join the program as an IBO (most times, you need to pay to become an agent)
– You need to purchase a welcome pack or the program itself
– You need to find customers to buy the products or services to get a commission
– You need to find downlines so that you will get a higher percentage of the commission
– You need to become eligible for commissions every month by referring X amount of users or making X amount of sales
To me personally, this is just too much for wanting to become a “partner” of the company.
And, as an agent, you won’t get salary. But you’re working like a salesperson with a normal corporate company. The difference is that, they get salary plus commission and you’re only getting by your commission.
Anyway, IM Academy used to be a pyramid scheme under IMarketsLive. Are they still one now?
Is IM Academy A Pyramid Scheme?
If you’re not sure what pyramid scheme is, you can check out this video first.
Basically when you are mainly focusing on recruiting people with no “good” products to promote and making money solely by recruiting, this will send a red flag of it being a pyramid scheme.
Thankfully, they have rebranded and offering a true trading education subscription on their platform and recruiting has become almost secondary to them.
They are almost becoming like an affiliate marketing program but NOT YET. Although there are videos and reviews out there claiming that they are an affiliate marketing program instead of MLM – don’t trust them.
Affiliate marketing won’t be focusing and needing you to recruit people and building a team. They only get a commission when they manage to refer a buyer to a company – which to be a more sustainable way of making money.
Just on the fact that you will avoid the cult-like culture and you will have the freedom of promoting whatever products you want, wherever you want and with no uplines pressuring you to make sales.
If you want to really understand the downside of MLM even if they are not a pyramid scheme, I really recommend watching this video.
How To Make Money With IM Academy?
Now let’s talk about how you can make money with IM Academy but first thing first, you will need to know what you must do or pay to become IM Academy’s agent or distributor.
Currently, IM Academy hasn’t been the most transparent with this. I couldn’t find their latest compensation plan and income closure.
But this is what I’ve gathered when scouring the internet.
1) Pay for IBO fee of $16.71 every month
You can just join this without buying any of their products to become their agent. You can continue promoting IM Academy and get some commissions.
But in my opinion, you always want to promote the products that you know WORKS. So if you’ve never tried joining them, it’s going to be hard for you to promote, and it also makes you kinda sketchy.
2) Buy their starter pack at $234.95 one time and $174.95 monthly (FRX/HFX/DCX) or $324.94 one time and $274.95 monthly (ELITE/ECX)
This payment that you make as a customer will also be included in your personal sales if you were to become their agent.
3) 18 years old and above
4) Reside in USA, Canada or Australia
5) Have a valid tax number to submit
This used to be the things you need to tick off when you want to join them as an agent.
For the first year, you will need to pay a total of:
– Only IBO: ($16.71 X 12) = $200.52
– IBO & Platinum pack: ($16.71 X 12) + $234.95 + ($174.95 X 11) = $2,359.91
– IBO & Elite pack: ($16.71 X 12) + $324.94 + ($274.95 X 11) = $3,549.91
And now, the exciting part is how you can make money with IM Academy.
Before we start, you have to know that you can still SAVE money even if you’re a customer and not an agent. You won’t make money as a customer but if you were to refer someone to IM Academy, this can offset your monthly subscription.
For more info, you can watch the video below:
There are different ways where you can earn with IM Academy:
1) Retail sales
When you refer someone to IM Academy and they purchase any of the packages, you will get a cut from it. If they buy FRX/HFX/DCX, you will get $25 and if they buy Elite or ECX, you will get $50.
2) “Passive Income”
The more you buyers you refer to IM Academy, the more IM Academy will pay you weekly. For example, if you have 3 active subscribers under you, you will get $37.50 from IM Academy.
But you need to maintain your rank to get paid. Meaning, you will those buyers to remain active subscribers and you need to reach a target of sales for each month.
You can see the table below:
3) Chairman Bonus
These bonuses are only for chairman rank – which to be honest is not easy to get to. You need 225 active members under you to get there!
4) Rank Achievement Bonus
As you rank higher, you will get bonuses. This can be a one-time or recurring bonuses if you were able to hold your rank for more than certain number of months
There are a lot more you need to understand when it comes to making money with IM Academy since their compensation plan can be quite complicated – and the fact that they are not transparent on this is making it even harder for me to keep this updated.
But let’s see their “latest” income disclosure statement.
Unlike many other MLM companies, they actually have their income disclosure on an Excel sheet for reasons I can’t comprehend. But let’s take a look.
As you can see in the table above, 45,924 of 52,705 or 87% of agents only make an average of $52 per YEAR.
You’re not only not make money, worse, you’re actually LOSING money.
If you do want to at least make a thousand dollar per month with IM Academy, you need to work 4 days per week (they didn’t actually specify the number of hours, but I do think it’s a lot more than you think), your chance is only at 0.6%
$12,521 – $3,549.91 = $747.59 is your potential profit per month.
But this doesn’t include your extra expenses like gas that you have to pay to lunches in order to promote IM Academy to your friends. Or if you have a website, the cost of maintaining the website.
And most importantly your time and energy.
I can tell you that all those people that had made it to chairman level are the ones who have started so much earlier, perhaps even during the rebranding of the company.
By the way, for the column “Average Days Worked Per Week”, it’s only based on 89 agents.
What I Like About IM Academy?
Honestly, I can’t find anything that I like about I’m Academy and I’ve never said this to any MLM reviews that I have done.
So this will bring me to the next section.
What I DON’T Like About IM Academy
1. Expensive Products
I don’t think that amount of price is worth it for you to purchase. And I have been learning how to trade FOREX.
You can get free training and education on YouTube. Yes, some of them have their own courses and they are much cheaper than what IM Academy offers.
Many of them won’t need you to pay that amount of monthly subscription. The most I’ve seen is about $49/month and they are offering much more than what IM Academy is offering.
I managed to find someone who had been an agent with IM Academy and who’s been trading Forex saying the same thing. Check out her video below:
2. Enrollment Fee
I know it’s only $16.71 but if you need to pay that monthly, it doesn’t make sense.
They didn’t specify what exactly you’re gonna get with that monthly payment too. I find this absolutely sketchy.
3. Do They Really Trade Forex…?
In the video above, the lady also mentioned that people in her team don’t really know how to make money trading.
All they care about is building a team and make money.
Don’t you think it’s better to learn trading and profit of that instead of constantly having to find people?
I think learning how to trade (not with IM Academy) is much better way for you to earn money. I know a lot of Forex traders in my circle and they didn’t pay that high monthly subscription for Forex education.
4. Not Transparent
When doing this article, I find it EXTREMELY difficult to get info from IM Academy.
I’ve never had that problem with many of my MLM reviews before this. This just shows how much they don’t want to share certain information that is vital for people to know and see before making any decision.
Is IM Academy A Scam?
I don’t think IM Academy is a scam but it’s a company that I’ll stay away from after doing this review.
I can’t see why you need to join them.
It’s expensive to join, it’s expensive to get their education and it’s unlikely for you to make good money by recruiting people to this program.
You can all by all means try out their product for the first month and cancel if you don’t like it.
If you’re a Forex trader and you do like a certain training or system that you use to trade and still want to make some money promoting them, you can do affiliate marketing instead.
A Better Way To Make Money
Affiliate marketing is a much better way to promote a product that you love.
Even with Forex!
You don’t need to constantly recruit people. You just need to set up a system where customers can find you on the internet and purchase from you.
And it’s all passive.
You can focus your energy on trading Forex WHILE making money on the side by promoting the system that you have personally used and LOVE when trading.
It’s much better way to make money and it’s a lot more sustainable in the long run too.
If you want to know how to create that system, you can click here to get my FREE training.
It’s my own 7 days of free training, I won’t ask for your credit card details and you can set up your basic affiliate marketing system for free in 7 days.
Trust me, it’s a lot better way to make money than joining IM Academy IBO program.
If you want to learn more, click the button below.