eCredits, TAG Markets, Copy X & Werner Kaiser: Ripping Off the Crowd?
How Werner Kaiser and Marina Graf make eCredits victims look foolish with the fairy tale of a “crazy deal”
Last week, former Lyoness/Lyconet top marketer Marina Graf hosted a video call under the motto: “When life gives you lemons, just make lemonade together with us!” At her side, acting as sous-chef, was her long-time associate Werner Kaiser, with whom she served the audience a supposed secret recipe for rescuing investments believed to be lost. We have already reported on the legally questionable aspects of this call in our article “Regulation as a Facade” – now we turn to the subtle but significant inconsistencies that the two sales talents revealed “between the lines.”
“Because we all worked with the best knowledge and intentions”: Marina Graf’s nursery tale
Before Kaiser is allowed to present his new clothes on the forex runway, Marina Graf takes a few minutes to reflect on the eCredits past: “You will never recommend anything to anyone again,” she claims to have sworn at the time. Graf’s monologue gives the impression that the eCredits collapse is an unpleasant memory for her “because we all worked with the best knowledge and intentions.” And after some naïve-sounding small talk, the supposedly saving solution for all victims arrives with a pantomime drumroll: Enter Werner Kaiser – “the man who made this insane deal possible!”
Graf & Kaiser: Quite well-known personas in the MLM and direct-sales scene
Marina Graf, publicly showcased as a “Top Leader” of the Lyconet Black Diamond Team, has for years been among those who present themselves as powerful promoters through displays of luxury and motivational videos – without ever holding official entrepreneurial responsibility.
Werner Kaiser, a long-time sales figure and former International Sales Director in the orbit of Lyoness Europe AG, later a prominent face of Safir/Zeniq and XERA/XPRO, reappears as an international recruitment figurehead.
Werner Kaiser’s comeback – and his ship of fools charging into the forex market
What Marina Graf does not mention: since withdrawing from the Lyoness/Lyconet network, Werner Kaiser has hardly been idle. Instead, he spent quite some time stirring vigorously in the pot of another MLM scheme. Until the summer of 2025, he was very active in various leadership roles at XERA/XPRO.
And now, somewhat surprisingly, here comes Kaiser again – serving up his trademark half-baked claims, this time on the subject of the forex market. His introductory assertion that the forex market is the most liquid market in the world is not wrong – but high market liquidity does not automatically mean high profit security. Forex trading is a highly competitive activity dominated by banks, market makers and institutional players – not, as Kaiser suggests, by retail traders or social-trading communities.
“Liquidity providers love this business because they basically can’t lose money.”
This statement is factually incorrect. Providing liquidity always carries risk. No professional liquidity provider (LP) in the world claims that their risk is zero. Every LP is subject to regulatory requirements and risk models. The statement “you can’t lose money there” is not only misleading – as an investment promise, it may be illegal.
Amplified Accounts – Implausible return promises as a classic MLM narrative
Kaiser’s model sounds spectacular: a USD 1,000 deposit “amplified” x12 or x24 – meaning a multiple increase of trading capital. According to Kaiser, one supposedly trades with USD 12,000-24,000 of real liquidity. Yet decisive points remain unanswered: no regulated broker on earth provides external capital without KYC/AML procedures, risk profiling, a legally binding funding agreement, or a challenge/qualification test. Prop-trading firms must meet strict requirements, and even they have drawdowns, limits and risk rules. Here, however, there is allegedly no challenge, no risk limits, and losses are supposedly almost impossible. Such a combination is unthinkable in the professional financial world.
The example calculation: 1.26% monthly performance supposedly becomes over 12% with x12 and over 24% with x24, with allegedly minimal risk. These returns do not exist in regulated finance. They are typical of Ponzi schemes, alleged AI trading bots, opaque copy-trading models and MLM-based trading “communities.”
The persuasion pattern is familiar: start small – scale massively – downplay risk – maximize returns.
Copy X, a “launchpad for traders” – transparency promises without verifiable substance
The “social trading” concept presented in the call is, in itself, a legitimate model: investors do not trade themselves but automatically copy the trades of others – usually experienced traders. But even here, classic warning signs appear: Kaiser gives no insight into regulation or licensing. It remains unclear where the traders are located and how strategies are vetted. He provides no details on risk structure and cannot present publicly verifiable audits.
His claim that 1,800 traders want to be listed on Copy X is a classic quantity trick without quality proof. And the mention of a myfxbook link to a strategy called “Sonic” serves as a fig leaf: myfxbook is not an audit. It can be manipulated, copied or faked. Without verified track records, none of this is reliable.
MLM-style incentive system – the real business model?
Almost casually, Kaiser mentions a detail that immediately triggers MLM déjà-vu:
“If you show it to someone who also likes it and connects with Copy X, then if he has a positive result, you have a plus.”
This smells strongly of affiliate marketing, followed by another swirl of numbers that goes roughly like this:
“70% of the profit goes to you, 5% to the trader, 25% per trade to the community; with a USD 1,000 deposit, those 2.5% refer to the 24-fold amount…”
Listeners quickly lose the thread.
The truth is: such constructions rarely exist to distribute sustainable trading profits – instead, they make recruiting new participants more financially attractive than the underlying product. This shifts the focus from trading to recruiting – the actual core of many MLM models.
Between the lines: further ambiguities and the fine print
Why the near-worthless eCredits token should suddenly rise on the forex market remains a mystery until the end. All we learn from Kaiser is:
“Marina fought to get brokers to accept the token at a value of one dollar.”
And after Kaiser repeatedly emphasizes that investment success is noticeable even with “ten dollars,” Marina Graf, in the call’s closing segment, presents a classic MLM tactic:
“I personally always say: take the amount you feel comfortable with,” she advises, immediately followed by the “very, very exciting” affiliate marketing concept that Kaiser only mentioned in passing:
“You also want to automatically do something good for others in your environment, in your community.”
Here comes the catch: this affiliate feature is only activated from a one-time USD 250 deposit, and only via the host’s specifically linked referral link – anyone registering independently “does not get the deal.”
Conclusion: The “magic” doesn’t come from trading – but from MLM marketing
Many of Kaiser’s statements about TAG Markets and the amplified accounts strikingly resemble the promises of earlier network-trading projects that later collapsed – particularly in the final stages of XERA/XPRO, where nearly identical calls about TAG Markets were made. The technical jargon sounds serious, Kaiser’s presentation polished enough for unsuspecting listeners – but the models and strategies presented contradict fundamental market mechanics, and the returns appear unrealistic. Risks are, in our view, systematically downplayed. The compensation structure looks like a reheated version of well-known MLM systems.
Note:
This article is a journalistic analysis. It is based on publicly available sources (Blocktrade blog, Banxa press releases, Trustpilot reviews, BBB complaint data, MiCA licensing registry information, as of 4 November 2025). It is not a legal assessment or financial advice. All assessments have been researched to the best of our knowledge and are marked as opinions within the meaning of Art. 10 ECHR / Art. 5 GG. Counterstatements will be taken into account in accordance with § 56 RStV.
Sources:
FSC Mauritius – Public Notice (27 March 2024)
Confirmation of the return and termination of licence GB21026474 (Pure North Markets Ltd.).
No longer listed in the current FSC register; no affiliation with T.M. Financials Ltd.
FSC Register of Licensees (as of 26 November 2025)
No active licence GB21026474; T.M. Financials Ltd. not listed as an investment dealer.
Company register
Pure North Markets Ltd.: former licence holder, licence terminated.
T.M. Financials Ltd. (Mauritius): no investment dealer licence.
Tag Markets Ltd. (St. Lucia): IBC without financial supervision.
Primary material (editorial)
Complete recording of the call from 26 November 2025 (Kaiser/Graf):
Advertising for T.M. Financials Ltd. as allegedly ‘FSC-regulated’, use of the expired licence number, misleading statements about eCredits and copy trading.
Screenshots and chat log material (Telegram/WhatsApp, 2024–2025) archived.
Personnel research
Werner Kaiser: former management and sales roles at Lyoness/Lyconet/myWorld; CSO/promoter at Safir/Zeniq (2021–2022); international recruitment at XERA/XPRO.
Marina Graf: Black Diamond/Lyconet promoter; ÖWA/Hannover team; appearance on the call on 26 November 2025.
Publicly available analyses
BrokersReviewer.com, TraderKnows.com: indications of a lack of regulation and payout problems at Tag Markets.
BEKM.eu: Research on Lyconet promoters and marketing structures.
Further watchdog analyses on Safir/Zeniq/XERA.
User reports
Complaints about refused payouts, internal simulation profits, account suspensions and non-transparent support (Reddit, Trustpilot, Telegram groups).
Own verification (editorial team)
Comparison of FSC data, domain/company check, backup of the call and all relevant screenshots.
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