Browsing the web I came across this article on a very unique marketing ploy that I Trade FX was using to attract clients in Jamaica last November:
David Smith’s Olint partners with iTradeFX in a US$100 giveaway to Jamaicans | Silicon Caribe
Quote:
Jamaica- David Smith, the Fx Chief of Jamaica, founder of OLINT the premier foreign exchange trading investment club has lent his name to iTrade online forex trading platform with this giveaway. The fullpage, full colour newspaper advertisement and the website says: David Smith is adding US$100 of his own money to Live Forex Trading Accounts for Jamaican Residents who open with iTradeFX between November 15th and December 31st this year at gotradejamaica.com. Of course MTI Traders is all over this, they have been the dominant forex trading educator brand in Jamaica. They have from day one marketed themselves as the company that taught David Smith what he knows. So this giveaway should not be suprising.
Purely, what a powerful affiliate marketing programme !Whoever thought this up, is very intuned with the psyche of the jamaican people has a great timing, it’s very Digicel-esque this offering. The question that’s been hounding me though is this, are Jamaicans really interested in learninig to trade forex themselves or do they simply want to understand how it works, so as to legitimise, fortify their decision to become investors in forex trading investment clubs. I’m sure that for every 100 people Market Traders Institute (MTI) trains in their programme, less than 10% actually become forex traders and do so consistently.
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David Smith was depositing $100 of his
own money into individual I Trade FX accounts? This is highly irregular to say the least and while I have heard of plenty of companies that give signup bonuses to customers I have not heard of individuals doing this for customers.
What it indicates is that Smith was not some passive, minority shareholder in I Trade FX. It sounds like he was pretty involved in the firm judging from this promotion.