Ponzi Scheme Did anyone hear of UTMarkets forex broker in London?

[Pharaoh]

So what company is legit and people should join ?

First, avoid any company with obvious signs of being a Ponzi scheme.

Second, make sure you've got at least a general understanding of trading and risk management. Otherwise, how can you look at a trading statement and understand if what's shown is realistic and the risks taken in trading are low enough to not put you in the path of an impending margin call?

Third, this article should help you to perform due diligence in any quest to find a legitimate managed forex investment:

How Not To Lose All Your Money With A Managed Forex Account

Fourth, if you lack the time or capability to perform due diligence, find an accountant or other licensed financial professional to assist you.

Fifth, the investment needs to be transparent. You should know your balance and equity at all times. Monitor your account closely and be prepared to shut it down if the manager shows any signs of violating the risk or drawdown parameters the two of you agreed upon.

 

[Donatelo]

Mr pharaoh It is clear what we are asking and what we want to know, the company which is legit as per your perception. Your a bright guy you should know that. Any recommendation from you?

Hoping for your positive feedback and please don't give us any talks only company which is legit.

thanks

 

[Pharaoh]

Donatelo, do you have a memory issue? Why don't you go back and count the number of times you've accused me of trying to recruit people into some other investment and the number of times I've made it very plain to you that I don't recommend specific companies?

I still don't recommend specific companies. What I recommend is performing careful due diligence to make certain that an investment is legitimate. Hundreds of "it pays me on time every time" testimonials are not evidence that an investment isn't a Ponzi. Only true transparency can assure that an investment is legitimate.

What I can do is provide advice on how to filter your choices of account managers and account management companies.

First, screen out Ponzi's and other obvious scams like HYIPS:

Ponzi Schemes and HYIPS - Free Money Traps

Then, use the advice here to filter the survivors:

How Not To Lose All Your Money With A Managed Forex Account

Your best bet is to have the money in a well regulated forex broker with a good reputation. Then find a regulated manager or management company which will work under an LPOA which clearly lays out that compensation solely is paid as a percentage of profits above the High Water Mark. Make certain that the broker permits the LPOA to be revoked at any time, since a few have rules preventing this while trades are open - allowing a bad manager to always leave at least one trade open.

Make certain the manager/management company has a verifiable trading record where you can see the full trading history, from initial deposit to the most recently closed trade before signing that LPOA.

Finally comes the hardest part. Take Brian's advice:

"You've got to think for yourselves."



Remember, if an investment is too good to be true, then it really is too good to be true. Here's another one. It just crashed and burned. Unlike many Ponzi and other highly suspicious managed accounts threads, I didn't get attacked for issuing warnings in this one:

https://www.forexpeacearmy.com/community/threads/www-noeruscapital-com.39717/

 

[lukeskywalker]

Hi everyone!
I do not know if this is a good sign:

published on Nov 25
http://www.fca.org.uk/news/warnings/united-trading-markets

United Trading Markets

We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised individual and how to protect yourself from scammers.
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.

However, some firms act without our authorisation and some knowingly run scams like share fraud.

This firm is not authorised by us but has been targeting people in the UK:

United Trading Markets
Address: 57 Rathbone Place, London, W1T 1JU

Phone: +44 24 7718 0000

Email: Info@utmarkets.com

Website: www.utmarkets.com

 

[Pharaoh]

I'd say that is a very bad sign. The UK FCA doesn't issue warnings about unauthorized firms out of boredom.

Let's see how long Donatelo and some of the other fans of this sort of investment either ignore this or come up with an excuse for a form claiming a UK address failed to register as required under UK law.

 

[Marcelo Rosa]

It's true and did you realize now they changed their website for the management accounts: management.utmarkets.com/forex-managed-accounts.html

Now it's showing only Bulgaria, but still no guarantees for me, no myfxbook or third parties verified accounts.

 

[Pharaoh]

So they got chased out of their fake UK virtual office. I wonder how many of their fans are still overflowing with confidence?

 

[Marcelo Rosa]

So they got chased out of their fake UK virtual office. I wonder how many of their fans are still overflowing with confidence?

Yes indeed there are many individuals that still believe it's true, but I've met some people that have their accounts opened for more than a month and are waiting for their contract!!! That's ridiculous, how a company will trade on your behalf and you (client) still didn't receive your contract?

 

[Pharaoh]

I see Donatelo decided to ignore this thread now that there's been some limited regulatory action and UT Markets shut down their fake office. Now he's back trying to push Exential instead.

 

[jay82]

I recently was told about this company through a friend that's interested in investing with them, I have been looking around for a week or so.. but not getting much really. I talked with a guy that has an account with utmarkets and been with them 2 months now and is happy, I can share the information that was shared with me from him. if you find anything further please let me know

Hello adam so you finally invested with utmarkets?are you happy with the outcome so far?