Thanks for the advice. What statement in particular do I have to ask FCI to disclose?
Ponzi Scheme TadawulME / Exential Group:
- Thread starter samsam9000
- Start date
Guaranteed profits become guaranteed losses.
Thanks for the advice. What statement in particular do I have to ask FCI to disclose?
Pharaoh
Brigadier General
- Messages
- 20,308
Many brokers will send you a statement once per day showing your trading activity, account balance, account equity, etc. If FCI doesn't, then try to login to your account and find where to see this info.
If there's no way to see it, how can you know if your account is really making any of the claimed profits?
I ran the numbers on a compound profit calculator using the typical monthly profit report of Exential and these were my results:
If someone found a FOREX algorithm that made 10% profit a month (thats 120% a year) and reinvested his earnings into the system each month, with an initial investment of 1million, this person would become a billionaire after only 6 years, and get this, that same person would become THE RICHEST PERSON IN THE WORLD, with a net worth of over 92 billion dollars in only 10 years just from using this FOREX trading this algorithm. This monthly percentage profit is what Exential is promising their future customers. (Sources for these calculations are bellow)
Seeing these numbers made me realize how ridiculous their profit promise is.
To follow on someone's comment, if you found a way to become the richest person in the world in 10 years, would you go to the trouble of sharing it with other people and hiring staff, and setting up an office and promoting and finding clients? hell no you wouldn't! you would just use your system and become the richest man in the world, simple.
If anyone wants to know about all the other irregularities I experienced during my time with Exential, please let me know, I thought Id just talk numbers on this post.
Compound profit source 1:
forex21.com/forex-compounding-calculator/
Start Balance: 1,000,000
Percent per Month: 10%
Number of months: 120 (10 years x 12 months)
RESULT: 92,709,068,817
Compound profit source 2:
moneychimp.com/calculator/compound_interest_calculator.htm
initial investment: 1,000,000
Annual Addition: 0
Years to grow: 10
Interest rate: 120% per annum (10% per month)
Make additions at: End of each compounding period
FUTURE VALE: 92,709,068,817
Ridiculous profit promise, obvious Ponzi scheme. DO NOT invest your money here, if you have, get it out NOW.
If someone found a FOREX algorithm that made 10% profit a month (thats 120% a year) and reinvested his earnings into the system each month, with an initial investment of 1million, this person would become a billionaire after only 6 years, and get this, that same person would become THE RICHEST PERSON IN THE WORLD, with a net worth of over 92 billion dollars in only 10 years just from using this FOREX trading this algorithm. This monthly percentage profit is what Exential is promising their future customers. (Sources for these calculations are bellow)
Seeing these numbers made me realize how ridiculous their profit promise is.
To follow on someone's comment, if you found a way to become the richest person in the world in 10 years, would you go to the trouble of sharing it with other people and hiring staff, and setting up an office and promoting and finding clients? hell no you wouldn't! you would just use your system and become the richest man in the world, simple.
If anyone wants to know about all the other irregularities I experienced during my time with Exential, please let me know, I thought Id just talk numbers on this post.
Compound profit source 1:
forex21.com/forex-compounding-calculator/
Start Balance: 1,000,000
Percent per Month: 10%
Number of months: 120 (10 years x 12 months)
RESULT: 92,709,068,817
Compound profit source 2:
moneychimp.com/calculator/compound_interest_calculator.htm
initial investment: 1,000,000
Annual Addition: 0
Years to grow: 10
Interest rate: 120% per annum (10% per month)
Make additions at: End of each compounding period
FUTURE VALE: 92,709,068,817
Ridiculous profit promise, obvious Ponzi scheme. DO NOT invest your money here, if you have, get it out NOW.
Pharaoh
Brigadier General
- Messages
- 20,308
I keep my own spreadsheet for showing how pathetically obvious some of these schemes are. Unfortunately, I'll guess that at least 25% of the participants in this thread are too busy planning how to spend the billions they think they can accumulate through this Ponzi instead of looking at how impossible the numbers really are.
If you have any more information on issues with Exential, please post it. Impossible numbers aren't enough to penetrate the skulls of those who want to believe.
If you have any more information on issues with Exential, please post it. Impossible numbers aren't enough to penetrate the skulls of those who want to believe.
investorone
Recruit
- Messages
- 46
I think your example is way too much.. First of all I don't think each investor has 1,000,000 to invest. I only have 20,000. And if I just started now I will wait at least 1 year before I can fully recover my investment and then re-invest again. I think this is the realistic case for most of the investors on this Company.
Nope. Its not "way too much". Its just how compounding interest work. Hes just showing you why this is just "too good to be true". And its exactly the point. If I'm exential (And I believe that its not a scam), why would I bother go to individuals to get 20k each, whereas I can just go to multinational companies and convince them to invest their millions to me.
With recession (in UAE) just around the corner, majority of companies are just forecasting 10-50% growth for next year. Why not exential will go to them and tell them that he can give them at least 100% return.
Tutankhamun
Recruit
- Messages
- 6
Well... as I mentioned previously, I am here to share my personal experiences with Exential.
As of March 2015, I had two active FX accounts with Exential/Tadawul.
My first account was active for more than 12 months, which I closed in Sep 2015.
This was partly to cut my overall potential exposure if the whole thing turned out to be a scam (c.$40k) ... and partly as a result of the negative comments I was reading on this forum.[/B]
I admit to being slightly nervous when I initiated the account closure, but in actual fact I received the expected refund into my bank account, on or around the 20 day deadline.
At that point in time, I was in net overall profit, plus had one account remaining 'Active'.
All of a sudden, in Oct 2015 there was a delay in reimbursing the monthly profits, and a huge increase in the number of negative comments on this forum. Exential described this as an issue resulting from the change in banking provider, and communicated that everything would be back on track in a matter of weeks.
I viewed this as a bit of a warning sign, and so decided to test the water, and "cash in my chips" on my second account. The second account has now been closed and the funds repaid to me in full.
So, in summary...
I had two FX accounts. Account 1 generated profits for more than 12 months and was closed in line with my expectations. Account 2 generated profits for less than 12 months, and was closed in line with my expectations.
Investing in Exential/Tadawul has been a profitable experience for me, personally.
Was I skeptical at the start - Yes.
Am I skeptical now - Yes.
Did I make the returns that were promised to me by Exential - Yes.
Did I experience problems in closing my account - No.
Is this a Ponzi scheme or a complex pyramid scheme or an FX scam... I don't know?
As with any form of financial investment...
1) Do your own research.
2) Only invest an amount that you can afford to lose.
3) Know when to invest, and when to withdraw.
Good Luck...
Tutankhamun
As of March 2015, I had two active FX accounts with Exential/Tadawul.
My first account was active for more than 12 months, which I closed in Sep 2015.
This was partly to cut my overall potential exposure if the whole thing turned out to be a scam (c.$40k) ... and partly as a result of the negative comments I was reading on this forum.[/B]
I admit to being slightly nervous when I initiated the account closure, but in actual fact I received the expected refund into my bank account, on or around the 20 day deadline.
At that point in time, I was in net overall profit, plus had one account remaining 'Active'.
All of a sudden, in Oct 2015 there was a delay in reimbursing the monthly profits, and a huge increase in the number of negative comments on this forum. Exential described this as an issue resulting from the change in banking provider, and communicated that everything would be back on track in a matter of weeks.
I viewed this as a bit of a warning sign, and so decided to test the water, and "cash in my chips" on my second account. The second account has now been closed and the funds repaid to me in full.
So, in summary...
I had two FX accounts. Account 1 generated profits for more than 12 months and was closed in line with my expectations. Account 2 generated profits for less than 12 months, and was closed in line with my expectations.
Investing in Exential/Tadawul has been a profitable experience for me, personally.
Was I skeptical at the start - Yes.
Am I skeptical now - Yes.
Did I make the returns that were promised to me by Exential - Yes.
Did I experience problems in closing my account - No.
Is this a Ponzi scheme or a complex pyramid scheme or an FX scam... I don't know?
As with any form of financial investment...
1) Do your own research.
2) Only invest an amount that you can afford to lose.
3) Know when to invest, and when to withdraw.
Good Luck...
Tutankhamun
Last edited by a moderator:
investorone
Recruit
- Messages
- 46
Well If I'm exential why would I go to companies and convince them to invest on my company.. Why would I just not let them to come with me then present with them my business model and let them decide on their own whether to trust me or not.
I still don't think that getting your invested capital 100% after a year is still " too good to be true".
Pharaoh
Brigadier General
- Messages
- 20,308
Making 100% isn't automatically "too good to be true"
Regular payouts of a large percentage without regard to what is happening in the REAL markets is too good to be true.
If Exential isn't a Ponzi, why haven't they bothered to show up (or, at least show up as themselves) and show a little transparency?
Many of Charles Ponzi's investors reported good experiences, all the way up until his illegal investment scam collapsed. Anyone who invests while having good reason to suspect that the investment is illegal should be held liable as an accessory. Even if that doesn't happen, there are examples of Ponzi fans having their "profits" clawed back to help repay others who lost.
Regular payouts of a large percentage without regard to what is happening in the REAL markets is too good to be true.
If Exential isn't a Ponzi, why haven't they bothered to show up (or, at least show up as themselves) and show a little transparency?
Many of Charles Ponzi's investors reported good experiences, all the way up until his illegal investment scam collapsed. Anyone who invests while having good reason to suspect that the investment is illegal should be held liable as an accessory. Even if that doesn't happen, there are examples of Ponzi fans having their "profits" clawed back to help repay others who lost.
Apparently, there is an agreement between FCI (broker) and Exential that trade reports (logs) are directly communicated to Exential, and that FCI is prohibited to directly communicate trade information to the clients.
Some of my funds are currently managed by Royals Capital and I've gotten 13% returns (withdrawn) in just 12 days.
I have to admit that the document they sent (terms and conditions) call for improvement in grammar and their owners and offices are not listed. But here are the things that made me invest that Exential lacks:
1) Very responsive representatives (email, FB)
2) Account is created in my name, bank withdrawal detail is also in my name
3) Broker (ICMarket) blocked all withdrawals not requested via my email address
4) Password is known to me; I can log in to broker's site and check out trade reports
5) I can observe trades being made on MT4
6) Account 35% once only to recover eventually
7) I pay through wire transfer to their representative with his name, address, and personsl bank details
Today, I gained $200 from trades I can see that are being opened live and closed live.
I wonder if these warrant a higher investment exposure.
Some of my funds are currently managed by Royals Capital and I've gotten 13% returns (withdrawn) in just 12 days.
I have to admit that the document they sent (terms and conditions) call for improvement in grammar and their owners and offices are not listed. But here are the things that made me invest that Exential lacks:
1) Very responsive representatives (email, FB)
2) Account is created in my name, bank withdrawal detail is also in my name
3) Broker (ICMarket) blocked all withdrawals not requested via my email address
4) Password is known to me; I can log in to broker's site and check out trade reports
5) I can observe trades being made on MT4
6) Account 35% once only to recover eventually
7) I pay through wire transfer to their representative with his name, address, and personsl bank details
Today, I gained $200 from trades I can see that are being opened live and closed live.
I wonder if these warrant a higher investment exposure.
