What is MTI?

  Mirror Trading International MTI, is a company describing itself as one that uses advanced digital software and artificial intelligence (AI) to trade with bitcoin. Previously, MTI used bitcoin as its base currency to trade on international forex markets. MTI was founded in April 2019. The company’s head office is situated in Stellenbosch.  

What is mirror trading?

  Mirror trading is a strategy used in forex trading that enables traders to copy the trades of successful and experienced forex traders in their own trading accounts, in almost real-time.  

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Business model of MTI

  According to MTI’s website, statements issued, and disclosures to the FSCA, the company’s business model comprises, inter alia, the following aspects:  

• The company uses Bitcoin as the base currency to trade on the international forex markets. The trades are enabled by advanced digital software and artificial intelligence.

  However, in an article of Tech Central on September 21. 2026, it was mentioned that the company ‘has stopped trading in forex in an effort to remain compliant with regulators and switched to trading bitcoin using computerised algorithms,’ or an automated trading algorithm, as mentioned by Cheri Marks, the marketing head of MTI, in an interview with Moneyweb.   Apparently, this strategy has caused surprise and disapproval in the crypto community.  

• A member joins MTI by depositing a minimum of $100 in the form of bitcoin, which is then pooled in a single trading account on a derivative trading platform, executing high-frequency trading by utilising an automated high-frequency algorithm.
• According to MTI’s website, ‘daily profits generated from the trading are divided in a sustainable manner and are added to member accounts according to their share in the total trading pool.’
• ‘In terms of the scheme advertised by MTI on its website, a member established a trading pool balance that fluctuates with the bitcoin price, but the member’s bitcoin would continue to grow, and when the price of bitcoin is increased, the member would be even better off.’
• ‘MTI also provides an escalating financial bonus scheme based on the rising number of new investors that a member brings to the company.’
• MTI assures clients on their website that ‘no trading experience is required as the system is automated and does everything for you.’
• Marks said to Moneyweb that MTI is ‘now using an offshore unregulated broker to prevent its trading activities from being shut down and its accounts frozen.’
• Marks also mentioned that MTI provides daily trading stats to enable members to verify the company’s trading performance.

 

Warning signs with regard to MTI trading

 

MTI included in a warning list of a Canadian financial regulator

  The Autorité de marchés financiers (AMF), the financial regulator in Québec, Canada, includes MTI in a ‘Warning list of websites and companies that solicit illegally.’ The list comprises the names of websites that the regulator has received complaints about.  

Emergency cease and desist order by the Texas State Securities Board on July 7, 2026

  The Texas State Securities Board (TSSB) issued an emergency cease and desist order against MTI, Johann Steynberg (CEO and founder of MTI), and numerous marketers of the company on July 7, 2026. A cease and desist order is a legally enforced order from an authority, directing an individual or company to stop activities that are considered suspect.  

Public statement by FXChoice on August 3, 2026

  FXChoice, the broker mentioned in MTI’s marketing materials, issued a statement in August ‘to set the record straight.’ The statement confirmed that the broker blocked MTI’s account on June 10, 2026. The action was taken after research disclosed, inter alia, ‘that MTI is a multi-level marketing pool that claims high returns from trading Forex for their members using artificial intelligence (AI) software.’ FXChoice realized that MTI’s trading strategy was contrary to the broker’s policy that attempts ‘to avoid any client pools where the beneficiaries are hard to identify.’ MTI was requested to provide additional documents to confirm the source of their funds. As of August 3, no document has been provided. The statement continued to state that the information claiming FXChoice as MTI’s forex broker is inaccurate, similar to the company’s claims about using AI software, saying: ‘Before the account was blocked, they executed just a few trading operations, which were performed manually, large and incurred substantial losses.’ The broker advised people involved in MTI to understand the risks, warning: ‘Paying out such a consistent stream of profits, which is nearly a 100% return on investment in one year, to investors by trading forex is hard to believe.’  

Simon Brown’s article on Moneyweb on August 20, 2026

  Simon Brown, a well-known investor, and trader, raised some concerns about MTI in an article, ‘Joining MTI may end in tears,’ on Moneyweb on August 20, 2026. Brown’s mentioned the warning list of Québec’s financial regulator, the emergency cease and desist order issued by the TSSB, the public statement by FXChoice, and FSCA’s statement on August 18, 2026. In addition, Brown was concerned about the promise of a 10% commission return per month when current members introduce new members. He pointed out that ‘10% a month doubles your money every seven months which is pretty much impossible and is certainly not sustainable without significant risk being taken.’ He also described this promise as ‘the cornerstone of any pyramid scheme.’ Brown concluded with a clear warning by referring to the statements and warning list issued by the regulators: ‘The above evidence from three authorities, across three different countries, leaves me with no doubt that MTI is not a legitimate operation and ultimately it will end in tears.’  

Financial Sector Conduct Authority (FSCA) and MTI

  The FSCA, previously known as the Financial Services Board (FSB), is the market conduct regulator of financial institutions in South Africa.

Press release on 18 August 2026

The FSCA announced in a press release on August 18, 2026, that it is investigating the activities of Mirror Trading International, arguing: ‘The FSCA is of the view that the current business model of Mirror Trading International requires it to be in possession of a financial service provider licence. MTI has informed us that they accept client’s funds in the form of bitcoin, pool the funds into one trading account on a forex derivative trading platform, and conduct high-frequency trading through the utilisation of a Bot. If this is being done as described, then this amounts to financial services, hence the licence requirement.’ In addition, the FSCA expressed the following concerns about the activities of MTI:

• The regulator has not been able to conclusively confirm that clients’ funds in trading accounts exist - apparently more than R2.9 billion (at conversation rates as of date of FSCA’s press release) according to MTI’s claim.
• The claims by MTI in respect of returns on the investments ‘seem far-fetched and unrealistic,’ consistent profits of an average of 10% per month.

The regulator warned the public ‘that MTI is not licensed to conduct the proclaimed business that they are conducting and that they are aware of the need for a FSP licence.’ The FSCA mentioned that the investigation is ongoing and that MTI has partially co-operated with the FSCA. Regarding its clients, MTI has undertaken to inform them all of the investigation, providing all its clients the opportunity to withdraw their assets that are with MTI. The regulatory authority has recommended ‘that clients request refunds into their own accounts as soon as possible.’  

Search operations on 26 October 2026 and press release on 28 October 2026

  The regulator announced in a press release on October 28, 2026, that it conducted search operations at the home of Johann Steynberg (CEO of MTI), the home of Cheri Marks (marketing director of MTI), and the MTI offices in Stellenbosch on 26 October 2026. All the search operations were authorised by separate high courts in Limpopo, KwaZulu-Natal, and Western Cape. Concerning the investigation into MTI’s tradings, the FSCA provided, inter alia, the following information:

• The regulatory authority does not conduct criminal investigations.
• The FSCA’s investigations are executed according to the Financial Sector Regulations Act (Act 9 of 2017), seeking to protect ‘the South African investing public and to ensure a secure financial sector.’
• FSCA investigators will examine the evidence gathered during the search operations and ‘compare it with other information obtained.’
• On the conclusion of the investigation, the regulator will make the necessary and appropriate decisions.
• The FSCA mentioned the following reasons as motivation for the continuation of its investigation:
• The regulator ‘has not been able to independently confirm the accuracy of the demonstrations’ made by MTI to FSCA investigators about live trading and the existence of bitcoin balances.
• Contradictory information received about MTI trades.
• The regulator ‘rejects’ MTI’s statement that the FSCA does not have the jurisdiction to investigate MTI because the company has changed from trading in forex to trading in Crypto assets.

  As motivation for the rejection, the FSCA argued as follows with regard to the forex and Crypto assets tradings: ‘The information at the disposal of the investigation team indicates that both these trading operations were and are implemented by means of derivative financial instruments. The FSCA has jurisdiction over all derivative instruments regardless of what asset or commodity forms the basis for the trades.’ The regulatory authority reiterated its warning to the public ‘to exercise extreme caution when ‘investing’ with any person or organisation not registered as a Financial Service Provider.’  

MTI’s reaction to FSCA’s search operations on 28 October 2026

  Cheri Marks, marketing head of MTI, told Moneyweb[2] they intended to file countersuits at the courts that issued the search warrants, requesting to have the search warrants set aside, and claiming damages from the FSCA. Marks alleged that Brandon Topham, FSCA’s divisional executive for investigations and enforcement, is waging a personal vendetta against MTI, an accusation that Topham denies. The marketing head of MTI also made the following remarks in her interview with Moneyweb:

• MTI is ‘fully compliant with all laws.’
• Regarding the FSCA’s request for certain documents from MTI and a meeting between MTI’s senior executives and the FSCA held in August 2026, Marks said: ‘We are 100% convinced this was a fishing expedition and that the application brought by the FSCA was illegal in the application, the merit and the execution.’

  Marks also asked the following questions in the interview: ‘If Topham [FSCA’s divisional executive for investigations and enforcement] says they saw [MTI’s] live trades and bitcoin balances, why did they lie about that in the high court application and why was it omitted from the statement they put on their website?’ According to Marks, the number of MTI’s members exceeds 200 000. Marks reiterated that ‘we believe we do not fall within the ambit of the SA regulations that the FSCA says we do, and we will be challenging this in court.’  

MTI’s response to warning signs

  MTI issued a statement on August 19, 2026, responding to the FSCA, TSSB, and the change of broker and trading.  

With regard to the FSCA

  MTI mentioned they had meetings and discussions with the FSCA. However, they claimed that the FSCA ‘will not guide MTI as to what needs to be done in order to be regulated and FSCA approved.’ In its response to the FSCA, MTI said that the FSCA will release a statement in which the regulator will warn the public against MTI, ‘despite the fact that they [the FSCA] have seen LIVE trades and confirmed Member Pool Balances  

Concerning the emergency cease and desist order from the Texas State Securities Board (TSSB)

  The company confirmed that it intends to effectively engage with the TSSB and that they ‘have connected with an SEC Defence attorney to assist MTI in this process.’  

About MTI’s broker and trading

  The statement stated that the company has moved the MTI Member Pool to a new broker ‘that better suited MTI’s needs.’ The change of brokers ‘is in the best interests of our members,’ MTI said. Although, the broker is not regulated. Furthermore, MTI argued that trading with bitcoin, which is an unregulated digital currency, made the new broker ‘a better fit for our [MTI’s] business model.’ The company did not name the new broker in order to ‘protect our relationship with the new broker.’ The company was adamant that claims in the media with regard to the relationship between FXChoice (the initial broker) and MTI ‘are not true.’ Regarding the freezing of MTI’s account by FXChoice, MTI proclaimed: ‘No member funds are held with this broker and the funds frozen pertain only to MTI’s private funds.’ MTI has changed from forex trading to ‘Crypto’s’, as a result of the disagreement with the FSCA. Concerning a licence for forex trading, the company confirmed it ‘will continue to seek a trading licence so as to be compliant as possible.’  

Should I get involved?

  Unsurprisingly, there is a hectic altercation (we can call it a verbal fight) currently taking place about Mirror Trading International. In the one corner, we have MTI itself and clients who confirm they receive returns as promised. Sadly, some MTI members vehemently justify their membership by sending hate-filled and threatening messages to opposers of the MTI business model. Unfortunately, MTI is also stoking emotions by claiming that the FSCA lied to the courts in pursuit of its investigations into MTI. In addition, the company is promoting unfounded accusations (fake news?) by claiming in a webinar, released in late October, that the FSCA is paid by the banks to halt the outflow of funds into crypto from the banking system. In the other corner, we find numerous regulators and respected traders, and investors who warn the public against trading with MTI. About the question, should I get involved with MTI? This article will not give a definitive ‘yes’ or ‘no’. Although, it will provide the following guidelines to enable a potential investor or trader to decide for him- or herself:

• Discuss MTI with a trusted and independent financial advisor.
• What are the risks involved in MTI?
• It is not by coincidence that numerous respected investors and regulatory authorities signaled warnings about MTI.
• ‘What goes around, comes around,’ meaning that a person’s actions will eventually have consequences which he or she will have to deal with.

 

On the lighter side

  To rephrase the question to the mirror on the wall: Mirror, mirror on the wall, who is the truest of them all? [1] All the accentuations, including those in citations, are by the article writer. [2] In an article, MTI plans countersuit after FSCA raid on offices and homes of execs, by Ciaran Ryan on Moneyweb on October 28, 2026. [3] This article does not intend to provide investment or trading advice. Its aim is solely informative.

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