Is Midasama a Scam? Stay Away From This MLM!
Welcome to my Midasama review!
In the MLM industry, one of the most lucrative, and newest, niches is Forex trading, or anything that has to do with trading for that matter.
With the advent of software and platforms that allow people to trade from the luxury of their homes, it’s no surprise that companies want to take advantage of the sudden demand coming from this niche.
Unfortunately, not a lot of these companies are legitimate, nor are they even regulated by the financial authorities.
Today, we’re taking a look at Midasama and finding out if the program’s legitimate or not.
First of all, I must Congratulate you for taking your time to do your own research before buying into any "seemingly good" product.
That's the way to avoid scams and find the legitimate way to make money online!
Let me be completely transparent with you, I'm not associated with Midasama in any form.
So, rest assured that I'm not here to pitch or sell anything to you.
Instead, I'm here to reveal why you should stay away from this MLM company...
Midasama Review Summary
Product Name: Midasama
Founder: Not disclosed
Product Type: Stock Trading MLM
Price: $1000 to $100,000 investment
Best For: No one
Summary: Midasama is a stock trading MLM that has a lot of red flags that say it could be a pyramid scheme. There's just a lot of recruitment going on around here, and you're not selling any product or service at all. Just find out what the other red flags are in this article
What is Midasama?
Midasama is a MLM or multi-level marketing company that provides you with a trading platform of sorts to help you get up to 20% ROI and more.
The company’s site was launched in 2016, but recently got an update back in May 2019. This is probably where the change of ownership occurred, which brings me to my next point.
There’s no mention of who owns or runs the company on their landing page. But after some digging, I found out that a man named Morgan Matthews is credited as Midasama’s business director and associate partner.
Matthews does also appear in some marketing material for Midasama, but outside of that, you won’t find any other information about who he is. Prior to Matthews, there was someone named Edward Fox who was running the company’s promotions.
Here’s the curious part. A couple of sites ran the Alexa rankings of the site and found that 84% of the site comes from Malaysia, which is an indication that the site and company are being run by people from Malaysia.
The website also does not provide information about their licensing and regulation, which is a very serious matter if we’re talking about Forex trading.
Some of the regulatory institutions that are commonly used by legit trading platforms are ASIC, CONSOB, CySEC, NFA, SEC, and FCA. None of these regulations have any platform listed under them as Midasama.
What this means is that the platform is unregulated and your funds are never safe.
Midasama Product Line
Midasama claims that they have a trading platform as their product, but there’s no actual physical or digital product that’s beneficial to their members.
Their product is what’s known as MIT mirror trading, which is supposed to be able to copy a trader’s successful traders so beginners can do trades like them.
This is a very common feature in a lot of legitimate platforms and makes it easy for anyone to trade. Midasama doesn’t have anything unique to offer in their program.
In fact, a lot of retail trade brokers are even using this mirror trading as an added benefit for their clients. What’s also interesting is that these legitimate trading platforms have their own team of Forex traders to help with manual trades or to provide financial advice.
Midasama doesn’t have a trading team, so they really don’t have anything to offer than their platform.
Does The Product Work?
Does Mirror Trading work? Yes, if done and used properly.
Does Midasama’s trading platform work? Hard to say because there’s no one who’s come forth and talked about how much money they’re making.
Even if they did come forward, the testimonials would have to be verified by us to the best of our abilities to make sure that these are genuine.
How To Make Money with Midasama?
Midasama has your typical MLM compensation plan, so you’re going to be making money via:
- Your Trading ROI
- Recruitment bonuses
- Other bonuses for promotions
How To Get Started with Midasama?
The minimum investment to get started is $1,000 and you can go as high as $100,000. Of course, nobody’s going to be stupid enough to invest that amount of money on an unregulated platform.
Midasama Compensation Plan
The typical compensation comes from your 20% monthly returns from your investments, which comes in different price points:
- $50,000 and
Residual commissions are paid out via a unilevel compensation structure. Any member you recruit is placed under your first level, and the person they recruit is your second level, and then goes on from there.
This bonus isn’t really defined properly even on their official website, but from what I gathered, the bonus starts at the Diamond Rank and is generation-based.
Midasama Ugly Truths Revealed!
#1 Unknown Founder
One of the biggest issues here is that there’s no information about who runs the company, let alone who even started it.
Any legitimate trading platform, or any legit company for that matter, will let you know who’s their founder and who are the people running it as a sign of transparency.
They don’t even update their social media accounts like Facebook. Their last post was on March of last year, and then they just disappeared from there.
#2 Forex Trading Is Risky
Forex trading comes with its own inherent risks, and mostly because of the market. The market is volatile and you’ll never be able to predict things accurately.
Even with the best and legitimate trading platforms, they don’t have any guarantee that you’re going to make money risk-free. In fact, they are quite transparent about the risks of trading.
Midasama is the exact opposite. They even guarantee that you’re going to make money.
#3 Red Flags Of A Pyramid Scheme
A closer look at their compensation plan revealed that they’re going to have you recruit people as much as you can to get the most out of their program.
I found this oddly weird because while legit trading platforms have referral programs, it doesn’t have you do a lot of recruiting. There’s no other incentive for recruiting people other than to earn a small commission.
With Midasama, you have to recruit people to earn some form of passive income. If you combine that with the fact that they have no physical product or service for sale, then you have 2 red flags of a pyramid scheme.
If you look at this illustration, it highlights the red flags of a pyramid scheme as listed by the FTC or Federal Trade Commission.
#4 Ridiculous ROI
A base ROI of 20%? Even for legitimate trading platforms, this is very improbable and not achievable. This is merely a bait to get greedy people into the program who want to make a quick buck.
Again, legitimate trading platforms will never guarantee that you’re going to get ROI because of the inherent risks.
What I Like About a Midasama?
Midasama is obviously up to something, and for that reason, I don’t think there’s something to like about their program.
You’re better off with legitimate trading platforms such as:
Is Midasama a Scam?
Midasama has a lot of red flags of a pyramid scheme, so we’re not going to recommend this program to anyone at all.
The company is not that transparent when it comes to who’s running the company, and this lack of owner information is upsetting. If you don’t know who’s holding on to your investments, then why even bother trusting this company?
How I Make a Living Online?
I'm not a fan of MLM, not because it's illegal or not profitable, but because of all the restrictions and the expensive costs involved.
Instead, Affiliate Marketing is my top recommended business model for anyone to make money online.
The reason is simple...
- You don't have to recruit anyone to make money
- You have the freedom to promote any products you want and not being restricted to only promote the products from one MLM company
- It's Free to get started
In fact, with affiliate marketing...
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