http://m.thenational.ae/business/ma...art-legal-proceedings-over-access-to-accounts
Sound familiar. Hmmmm and even in a regulated market such as gold it can happen
Sound familiar. Hmmmm and even in a regulated market such as gold it can happen
Ponzi Scheme TadawulME / Exential Group:
- Thread starter samsam9000
- Start date
Guaranteed profits become guaranteed losses.
There you go. Gold.Ae was actually a legit company. It just got ruined by corrupt executives. It is registered in DMCC (where it should be). For Exential, it is registered in a Media Freezone. Didnt the "investors" question this in the first place?. Yes they are dealing with legit brokers like S&S (which is only limited to providing the platform). But to add credibility (if they really want to assure their customers), they should have registered in DIFC or at least directly with central bank.
investorone
Recruit
- Messages
- 46
Running an illegal scheme is out of the equation now. Otherwise if you continue on that premise then might as well include S&S Brokerage on that accusation. Just saying. S&S Brokerage will not be present on that meeting and answer questions from attendees if the Company they are dealing with runs an illegal scheme. Just my opinion.
And there will meetings later on. Just attend one of those and ask all your questions to them.
And there will meetings later on. Just attend one of those and ask all your questions to them.
Pharaoh
Brigadier General
- Messages
- 20,309
If any legitimate investment fund had a large number of investors withdraw all at once, I wouldn't expect delays of more than a few days.
Sounds like they have to wait for new money to come in to pay off those who are wising up and bailing out.
can i attend the meeting even if im not a so called investor? ill just ask simple questions like why are they not showing their mgt team in their website, who are their external auditors, why they dont/wont register in difc, etc. and just for curiousity, did u actually saw the id or at least get a calling card of the s&s representative? if u have, at least try to verify that directly with s&s. hope you wont take it against us (people here who are questioning exential). at the end of the day, we just dont want peoples hard earned money (including yours) to go to other peoples pocket.
Good morning All. I've been following this thread for a while now as I am one of those people involved in this "scheme". Although I've still not yet invested my money in EG, I was approached by one of their RM as I was really willing to invest with them. However, before signing the contract, I've decided to send an email to DFSA asking them to verify whether or not EG is regulated or not, and this was their answer:
Dear Mr. *****
The Dubai Financial Services Authority (DFSA) acknowledges receipt of your complaint.
The DFSA is the independent regulator of all financial and ancillary services conducted through the Dubai International Financial Centre (DIFC), a purpose-built free-zone of 110 acres, located in Dubai. Accordingly we have jurisdiction only in respect of conduct:
•involving Authorised Firms, Authorised Individuals, Auditors, Designated Non-Financial Businesses or Professions, Authorised Market Institutions, Reporting Entities and Funds;
•resulting in contraventions of laws or rules administered by the DFSA;
•causing, or which may cause, damage to the reputation of the DIFC or the financial services industry in the DIFC and/or may prejudice the DFSA’s ability to meet its objectives.
The DFSA has assessed your complaint and following our assessment the DFSA can confirm that the Exential Groupand/or TadawulME are not regulated by the DFSA and are not located in the DIFC. The DFSA is therefore unable to take further action as we do not have jurisdiction over Exential Group and/or TadawulME.
A list of regulated firms is available on the DFSA’s public register which can be accessed at http://www.dfsa.ae/PublicReqister/Default.aspx . A client directory of the companies operating in the DIFC can be accessed athttp://www.difc.ae/browse-directory .
The regulation of financial services outside the DIFC (including in the city of Dubai) falls within the jurisdiction of:
•The Central Bank, for firms providing banking services;
Telephone: ]+971 2 665 2220; Facsimile: ]+971 2 665 2504; URL: www.centralbank.ae.
•The Emirates Securities and Commodities Authority (ESCA), for firms offering securities;
Telephone: +971 2 627 7888; Facsimile: +971 2 627 4600; URL: www.sca.ae.
•The Dubai Police, for firms engaging in criminal conduct; URL: http://www.alameen.ae/en/onlineform/default.aspx; or
•The Economic Crimes Combating Department of the Dubai Police at Telephone: +971 4 203 6341.
Accordingly, you may wish to forward your concerns to the Central Bank, ESCA and/or the Dubai Police for consideration.
Further, Google searches conducted online of Exential Group provides links to adverse information that appears to implicate Exential Group as part of a scam. The DFSA does notconfirm or verify the validity of such information. However, we suggest you contact one of the above authorities or seek further legal and/or financial advice before considering opening an investment account with Exential Group.
We hope the above information is useful to you.
Yours sincerely
DFSA Complaints
Dear Mr. *****
The Dubai Financial Services Authority (DFSA) acknowledges receipt of your complaint.
The DFSA is the independent regulator of all financial and ancillary services conducted through the Dubai International Financial Centre (DIFC), a purpose-built free-zone of 110 acres, located in Dubai. Accordingly we have jurisdiction only in respect of conduct:
•involving Authorised Firms, Authorised Individuals, Auditors, Designated Non-Financial Businesses or Professions, Authorised Market Institutions, Reporting Entities and Funds;
•resulting in contraventions of laws or rules administered by the DFSA;
•causing, or which may cause, damage to the reputation of the DIFC or the financial services industry in the DIFC and/or may prejudice the DFSA’s ability to meet its objectives.
The DFSA has assessed your complaint and following our assessment the DFSA can confirm that the Exential Groupand/or TadawulME are not regulated by the DFSA and are not located in the DIFC. The DFSA is therefore unable to take further action as we do not have jurisdiction over Exential Group and/or TadawulME.
A list of regulated firms is available on the DFSA’s public register which can be accessed at http://www.dfsa.ae/PublicReqister/Default.aspx . A client directory of the companies operating in the DIFC can be accessed athttp://www.difc.ae/browse-directory .
The regulation of financial services outside the DIFC (including in the city of Dubai) falls within the jurisdiction of:
•The Central Bank, for firms providing banking services;
Telephone: ]+971 2 665 2220; Facsimile: ]+971 2 665 2504; URL: www.centralbank.ae.
•The Emirates Securities and Commodities Authority (ESCA), for firms offering securities;
Telephone: +971 2 627 7888; Facsimile: +971 2 627 4600; URL: www.sca.ae.
•The Dubai Police, for firms engaging in criminal conduct; URL: http://www.alameen.ae/en/onlineform/default.aspx; or
•The Economic Crimes Combating Department of the Dubai Police at Telephone: +971 4 203 6341.
Accordingly, you may wish to forward your concerns to the Central Bank, ESCA and/or the Dubai Police for consideration.
Further, Google searches conducted online of Exential Group provides links to adverse information that appears to implicate Exential Group as part of a scam. The DFSA does notconfirm or verify the validity of such information. However, we suggest you contact one of the above authorities or seek further legal and/or financial advice before considering opening an investment account with Exential Group.
We hope the above information is useful to you.
Yours sincerely
DFSA Complaints
Last edited by a moderator:
yrwecomplaining
Recruit
- Messages
- 17
I would say that is damning
Jetset3000
Private
- Messages
- 21
So they are saying they won't be accountable for the coming storm. You will have nobody to turn to or complain to. 20,000 accounts x 20,000 USD - 400M USD at stake here. How big was MMA?
Peacebewithall
Recruit
- Messages
- 5
So this is the coverage of the seminar thingy happened last 13 Feb, a great source has shared.
It's like reading a fairy tale, Will investors live happily ever after? happy reading guys!
client services <clientservices@exentialgroup.com>
Feb 21 at 2:21 PM
Dear Valued Clients,
Greetings from Exential Group!
We are so very appreciative for the great turnout of the seminar that was held on 13th February 2016. It was our very first seminar held by the Exential Group.
Firstly, we would like to take this opportunity to thank all our clients and non-clients who attended the seminar held at Jumeirah Creek Side hotel, who accommodated approximately 1000 attendees.
One of our primary goals for this seminar was to provide a platform for our clients which enables Exential to address all the recent events and also to educate our investors, non-investors and simultaneously create an awareness about Forex and also to give reassurance to our clients.
Topics covered:
Ø Relationship between S&S/ FCI/FC Prime Markets AU Pty. Ltd. and Exential
Ø Technicalities of Forex
Ø Trading technicalities
Ø Brief on MyFxBook
Ø Issues about the withdrawal delays
Ø Issues about customer service
Ø Plan of Action for clearing the backlog & Contingency plans
Ø Lively Q&A session
Spokespersons for the Seminar:
Ø Mr. Prince Daniel- Strategic partner, S&S Brokerage House
Ø Mr. Andrew Fernandes and Mr. Naman Taldar- Senior Relationship Managers
Ø Mr. Sydney A Lemos- Director of Exential
Ø Mr. Firas Singer- Regional Director of Exential GCC Region
Mr. Prince Daniel- Strategic partner, S&S Brokerage House
The topics covered:
§ Importance of Regulation and Licenses & the risk involved in engaging with brokers or money managers who are not regulated:
Mr. Prince Daniel stated that regulations ensure that the brokers are audited at the client level so that each client account is liquidated, tallied and summed up.
Mr. Prince Daniel made it very clear that if the brokers are not regulated, the investment is always at risk, as there is no regulatory body monitoring the transaction, which could lead to manipulations of the investment.
S&S holds a category five license which is two levels below what a bank holds in the UAE. The Central Bank renews this licenses every six months to ensure that all the guidelines laid down are followed (in terms of investment).
Licensing and Regulation is important as the protection of the capital depends on it. S&S does not have tie ups with every broker. It has a selected list of brokers namely FCI, FC Prime Markets AU Pty. Ltd. & ELP.
§ Relationship between S & S/ FCI/ FC Prime Markets AU Pty. Ltd and Exential:
S&S Brokerage house:
S&S Brokerage house is presided byH.E.Sheikh Abdulla Zayed Saqr Al Nahyanof the Royal Family of Abu DhabiStarted in 2003. S&S has been acting as facilitators and providing license to investors and traders to trade in foreign currencies (Forex), CFD’s, Financial Derivatives, etc. S&S brokerage house is licensed by the central bank of UAE and has been in the market for the last 12 years.
FCI Markets:
FCI Markets Inc. is one of the most advanced Financial Service Providers in the market. They are regulated by the Financial Services Commission of the British Virgin Islands under the license: SIBA/L/13/1042.
Financial Markets offer an opportunity to individuals and Corporates to trade and profit from the daily fluctuations in the prices. FCI Markets Inc. provides an online platform to conduct these trades at low transaction costs and at a price that reflect supply and demand. They facilitate 24 hours real time internet trading through competitive products, giving customer direct access to the global Financial Markets.
FC Prime Markets AU Pty. Ltd:
FC Prime Markets AU Pty. Ltd. is authorized and licensed by the ASIC (Australian Securities and Investments Commission) which regulates Australia’s corporate, markets and financial services. ASIC is an independent Commonwealth Government body and is set up under and administer the Australian Securities and Investments Commission Act 2001 (ASIC Act), and carry out most of the work under Corporations Act.
Exential:
Exential are the exclusive money managers for FCI markets since year 2014 and have recently partnered with FC Prime Markets AU Pty. Ltd. We use our proprietary software for trading, which allows us to achieve high returns for the clients with the least drawdown on capital.
The vision of the company says it all, “To help every individual, earn a little extra income, other than their regular income”. And Exential has been successful to do so. Exential has managed making consistent small pocket-size profits for their clients in the past years.
Mr. Andrew Fernandes and Mr. Naman Taldar- Senior Relationship Managers:
Mr. Andrew Fernandes- Senior Relationship Manager
The topics covered are:
§ Introduction to Forex:
Forex is one of the largest liquid markets where on an average 5.4 trillion dollars are traded on a single day. It’s a 24 hour market open from Monday to Friday and extensive use of technology enables traders to trade from different parts of the world.
Foreign exchange is an over-the-counter (OTC) market which means trades do not take place through a centralized exchange. This means that foreign exchange trading can and does take place around the world 24 hours a day.
Mr. Naman Taldar- Senior Relationship Manager
Topics covered:
§ MyFxBook:
My FxBook is a third party verification system that verifies trades directly from the trading platform. This helps to increase transparency as the trades are verified at real time value.
MyFxbook is an online automated analytical tool for the Forex trading account which enables you to track, compare, and analyze trading activity.
Mr. Naman Taldar further educated those present at the seminar in reading the Charts/Hedge Trades/Gains charts and cleared all the doubts with regard to the same.
Mr. Sydney A Lemos- Director of Exential Group
We then had the much awaited face of Exential, the Director, Mr. Sydney A Lemos, who touched on various topics as mentioned below:
§ Technicalities of Forex
Traders usually prefer to trade on fundamentals however our software is designed to trade on technicals. Our software is scripted with algorithms to pick up 10-15 pips a day from an average pip moment of 100 pips per day. This enables us to achieve high returns with the least drawdown on capital and high level of consistency in generating profits. We at Exential will be following the traditional strategy of trading with two lots shortly.
§ Auto Trading
Auto trading is a set of instructions fed into a system which is based on historical data, charts and analysis which gives an estimated trend line for a given currency pair. There are forty six currency pairs that can be traded of which Exential specializes in trading with the six major pairs. In case the markets are volatile we have our specialized trade analysts who block the trading.
The software has an in-build design with pre-indicators installed that projects the expected trend of the market.
Mr. Firas Singer- Regional Director of GCC
Lastly, our Regional Director of GCC, Mr. Firas Singer, spoke in detail about:
§ Social Media / Forum
There have been instances in the past few months where clients, friends of clients, companies, editors, administrators etc. have been using the social network in passing comments or posting private and confidential information that pertains to the company and the policies that it follows.
Most of our clients are not aware of the social Media law in the UAE and the impact that their negative contribution has on the business overall.
He also requested the audience to refrain from engaging in this kind of activity that not only discuss wrong/incorrect and incomplete information but contain serious, untrue and highly defamatory comments towards Exential or the nature of their business; some of which contain malicious falsehood.
He addressed that the company office is the only official source of information and we have no part of any social media practice and therefore he requested all to visit the office in terms of any unsolved queries rather than pointing out on Social Media forums where nameless Identities create panic and rumors.
§ Launching of the Unofficial page on Facebook-Tadawul Exential Group:
TadawulME/Exential Group supports an unofficial group on Facebook. This is meant for all TadawulME/Exential clients. This page was created in order to provide an additional channel of communication over social media so that the right information reaches our clients. The purpose of this is to help our clients get the right information through the right channels rather than false groups or forums, with unrealistic information.
§ Explanation on the article on The National newspaper:
Many of you are aware of the article that was published on “The National”. You are also by now aware that the article was vague. We are in the process of taking legal proceedings.
§ Issues surrounding the delays of the November 2015 and December 2015 profits:
Mr. Firas Singer gave an insight on the events that led to the delay. The profits for the month of November 2015 which were initiated during the first two weeks of December 2015 were processed, however, all the standing instructions were frozen during this phase. These payments processed from the bank in Australia, were of a large volume, few of which were going to the countries currently termed as “high risk countries”. Some of our valuable clients who are resident citizens of these countries with a good status and job profile are also catered by Exential.
Following this, there was a compliance investigation at the bank level, that had to be conducted and we at Exential abided by the laws laid down by the banking authorities. As a result of this investigation, all the payments which were initially processed from our end, were put on hold, until this investigation was completed and was cleared. Exential was bound to comply by the Legal Laws of the bank. This investigation took around twenty one working days. In the meanwhile we put in a contingency plan as soon as the issue came to light. We were instructed by the banking authorities to not disclose the reason of the delay until the investigation was completed.
After twenty one working days it was then confirmed that these countries which were initially termed as “high risk countries” were in fact not a legal threat and we could commence with the payment process. However due to the delay, and our limited channels, we could process only as much that could be accommodated through the limited channels that we have. This led to further delays. However to avoid further extended delays we continued processing the payments of the remaining November profits posted after the first two weeks of December 2015. Additionally we took immediate actions to secure another bank account to continue sending funds. FC Prime Markets AU Pty. Ltd. plays a very important role in helping open additional bank accounts to facilitate the transfers for the service of our clients.
We were also working continuously to try and resolve these issues and find means on how the delay could be tackled in a much efficient manner. We managed to strike a deal with multiple banks in Australia. However due to the current delays it has caused panic amongst our clients and this has led to closures. As a result of closures, the backlog increased, adding up to the existing pending withdrawal payments that were also due to be paid.
Our channels to entertain profits and closures together are limited. We at Exential chose to proceed with the payments with the existing channels that we have in a legal manner rather than considering various illegal methods for transferring funds which would result in questioning the credibility and the security of Exential as well as the security of your investment.
Currently we at Exential, in order to cater to all our clients simultaneously due to the narrowed channels to process withdrawals; payments are made partially. The reason for this split is to allow maximum number of clients to meet their obligations and liabilities during the phase of delay until the backlog clears out and withdrawals are back to the normal timeframe. This decision has proved to be most efficient in reaching most clients in terms of transfers set by the banks.
§ Issues of Customer service
Yes, he further stated that this was a major concern for all our clients and he apologized on behalf of Exential for the same.
Our Relationship Managers and Client Service Department have been working hard in trying to reply to every E-mail, attend every call and reply to every WhatsApp messages. However due to a high volume in the number of calls, WhatsApp messages and E-mails all could not be entertained. Our team are trying their very best to reply to our clients as soon as possible in the most efficient manner. We apologized for the delayed response. We however do not find these reasons as an excuse to not deliver the service that you as a valued client are entitled to. At Exential we currently hold an employee strength of sixty two individuals and due to the growth in business and to be at our best service we are considering a bigger team specially the Client Services and more Relationship Managers.
We have taken the feedback provided by our clients at the seminar and will be bringing in a change to improve your overall experience with Exential. We will soon be setting up a call center with additional lines to enable us to improve the overall customer service.
§ Revision in Fees – not applicable
It has been addressed that due to the inconvenience caused to our clients we at Exential have decided, not to increase the fees for year 2016. It would remain the same as per the last year. Please refer to the below grid for your reference:
Type of Fee
Amount
Annual Account Set up and Maintenance Fee including accounts opened via internal transfer
USD 500
Internal Transfer Fee
USD 50
Type of Fee
Local Currency
International Currency
Processing/Withdrawal Fee
USD 35
USD 75
§ Timeframe for clearing the backlog
We understand that there has been an extended delay with regard to the payment of the November and December profits. To avoid further delays we are now trying to accommodate even the December profits while we are focusing on clearing the backlog for the November 2015 profits, which is about 10%.
Payments are made in batches. We are unable to provide you with an estimated timeframe, however, we can assure you that with this plan in place for clearing both the November and December profits simultaneously, we are catering to the requests of all our clients and it’s just a matter of time that this backlog will be cleared. We at Exential do not want to give a commitment right now but believe in being more realistic and transparent with our clients. At the same time we assure that every client’s requests will be processed.
§ Future plans of Exential
We are proud to announce that Exential will be expanding internationally towards the European, South American and Asian region. We will also be collaborating with new banking partners which will enable us to provide clients with co-branded debit cards. In addition we have partnered with new banking partners in Australia as well as locally that will help towards easing out the banking issues that we have been facing. Mr. Firas Singer and Mr. Sydney A Lemos, assured that until the withdrawal issue is resolved the future prospects will be on hold.
Following the discussion with our speakers, Mr. Prince Daniel, Mr. Sydney A Lemos and Mr. Firas Singer, there was a Q&A session where most of the queries raised by our clients were addressed. We may have not been able to entertain all the queries raised by our clients. We apologize if we were unable to entertain your queries.
We would like to thank all our clients who came to attend our seminar at the Jumeirah Creek Hotel. It was a great turnout of both clients and non-clients wanting to find out more about Exential. We were amazed with the turnout and the increasing support that we received from all our clients as well as non-clients. We are surely going to have more seminars in the future. Dates for these seminars will be communicated to you as and when it will be organized.
We thank you once again for taking time in attending the seminar. For those who could not attend, we hope to see you at the next seminar.
Thank you
Client Services
Exential Group
Contact Number: +971 4 276 6055
Email: clientservices@exentialgroup.com
P.O.Box 124538,
Dubai Media City,
Arenco Tower, Office 003 & 707
Dubai, UAE.
PPlease consider the environment before printing this e-mail
The content of this electronic communication is intended solely for the use of the individual or entity to whom it is addressed and any others who are specifically authorized to receive it. It may contain confidential or legally privileged information. If you are not the intended recipient you are hereby notified that any disclosure, copying, distribution or otherwise placing reliance on the contents of this information is prohibited and may be unlawful in certain legal jurisdictions. If you have received this communication in error please notify us.
It's like reading a fairy tale, Will investors live happily ever after? happy reading guys!
client services <clientservices@exentialgroup.com>
Feb 21 at 2:21 PM
Dear Valued Clients,
Greetings from Exential Group!
We are so very appreciative for the great turnout of the seminar that was held on 13th February 2016. It was our very first seminar held by the Exential Group.
Firstly, we would like to take this opportunity to thank all our clients and non-clients who attended the seminar held at Jumeirah Creek Side hotel, who accommodated approximately 1000 attendees.
One of our primary goals for this seminar was to provide a platform for our clients which enables Exential to address all the recent events and also to educate our investors, non-investors and simultaneously create an awareness about Forex and also to give reassurance to our clients.
Topics covered:
Ø Relationship between S&S/ FCI/FC Prime Markets AU Pty. Ltd. and Exential
Ø Technicalities of Forex
Ø Trading technicalities
Ø Brief on MyFxBook
Ø Issues about the withdrawal delays
Ø Issues about customer service
Ø Plan of Action for clearing the backlog & Contingency plans
Ø Lively Q&A session
Spokespersons for the Seminar:
Ø Mr. Prince Daniel- Strategic partner, S&S Brokerage House
Ø Mr. Andrew Fernandes and Mr. Naman Taldar- Senior Relationship Managers
Ø Mr. Sydney A Lemos- Director of Exential
Ø Mr. Firas Singer- Regional Director of Exential GCC Region
Mr. Prince Daniel- Strategic partner, S&S Brokerage House
The topics covered:
§ Importance of Regulation and Licenses & the risk involved in engaging with brokers or money managers who are not regulated:
Mr. Prince Daniel stated that regulations ensure that the brokers are audited at the client level so that each client account is liquidated, tallied and summed up.
Mr. Prince Daniel made it very clear that if the brokers are not regulated, the investment is always at risk, as there is no regulatory body monitoring the transaction, which could lead to manipulations of the investment.
S&S holds a category five license which is two levels below what a bank holds in the UAE. The Central Bank renews this licenses every six months to ensure that all the guidelines laid down are followed (in terms of investment).
Licensing and Regulation is important as the protection of the capital depends on it. S&S does not have tie ups with every broker. It has a selected list of brokers namely FCI, FC Prime Markets AU Pty. Ltd. & ELP.
§ Relationship between S & S/ FCI/ FC Prime Markets AU Pty. Ltd and Exential:
S&S Brokerage house:
S&S Brokerage house is presided byH.E.Sheikh Abdulla Zayed Saqr Al Nahyanof the Royal Family of Abu DhabiStarted in 2003. S&S has been acting as facilitators and providing license to investors and traders to trade in foreign currencies (Forex), CFD’s, Financial Derivatives, etc. S&S brokerage house is licensed by the central bank of UAE and has been in the market for the last 12 years.
FCI Markets:
FCI Markets Inc. is one of the most advanced Financial Service Providers in the market. They are regulated by the Financial Services Commission of the British Virgin Islands under the license: SIBA/L/13/1042.
Financial Markets offer an opportunity to individuals and Corporates to trade and profit from the daily fluctuations in the prices. FCI Markets Inc. provides an online platform to conduct these trades at low transaction costs and at a price that reflect supply and demand. They facilitate 24 hours real time internet trading through competitive products, giving customer direct access to the global Financial Markets.
FC Prime Markets AU Pty. Ltd:
FC Prime Markets AU Pty. Ltd. is authorized and licensed by the ASIC (Australian Securities and Investments Commission) which regulates Australia’s corporate, markets and financial services. ASIC is an independent Commonwealth Government body and is set up under and administer the Australian Securities and Investments Commission Act 2001 (ASIC Act), and carry out most of the work under Corporations Act.
Exential:
Exential are the exclusive money managers for FCI markets since year 2014 and have recently partnered with FC Prime Markets AU Pty. Ltd. We use our proprietary software for trading, which allows us to achieve high returns for the clients with the least drawdown on capital.
The vision of the company says it all, “To help every individual, earn a little extra income, other than their regular income”. And Exential has been successful to do so. Exential has managed making consistent small pocket-size profits for their clients in the past years.
Mr. Andrew Fernandes and Mr. Naman Taldar- Senior Relationship Managers:
Mr. Andrew Fernandes- Senior Relationship Manager
The topics covered are:
§ Introduction to Forex:
Forex is one of the largest liquid markets where on an average 5.4 trillion dollars are traded on a single day. It’s a 24 hour market open from Monday to Friday and extensive use of technology enables traders to trade from different parts of the world.
Foreign exchange is an over-the-counter (OTC) market which means trades do not take place through a centralized exchange. This means that foreign exchange trading can and does take place around the world 24 hours a day.
Mr. Naman Taldar- Senior Relationship Manager
Topics covered:
§ MyFxBook:
My FxBook is a third party verification system that verifies trades directly from the trading platform. This helps to increase transparency as the trades are verified at real time value.
MyFxbook is an online automated analytical tool for the Forex trading account which enables you to track, compare, and analyze trading activity.
Mr. Naman Taldar further educated those present at the seminar in reading the Charts/Hedge Trades/Gains charts and cleared all the doubts with regard to the same.
Mr. Sydney A Lemos- Director of Exential Group
We then had the much awaited face of Exential, the Director, Mr. Sydney A Lemos, who touched on various topics as mentioned below:
§ Technicalities of Forex
Traders usually prefer to trade on fundamentals however our software is designed to trade on technicals. Our software is scripted with algorithms to pick up 10-15 pips a day from an average pip moment of 100 pips per day. This enables us to achieve high returns with the least drawdown on capital and high level of consistency in generating profits. We at Exential will be following the traditional strategy of trading with two lots shortly.
§ Auto Trading
Auto trading is a set of instructions fed into a system which is based on historical data, charts and analysis which gives an estimated trend line for a given currency pair. There are forty six currency pairs that can be traded of which Exential specializes in trading with the six major pairs. In case the markets are volatile we have our specialized trade analysts who block the trading.
The software has an in-build design with pre-indicators installed that projects the expected trend of the market.
Mr. Firas Singer- Regional Director of GCC
Lastly, our Regional Director of GCC, Mr. Firas Singer, spoke in detail about:
§ Social Media / Forum
There have been instances in the past few months where clients, friends of clients, companies, editors, administrators etc. have been using the social network in passing comments or posting private and confidential information that pertains to the company and the policies that it follows.
Most of our clients are not aware of the social Media law in the UAE and the impact that their negative contribution has on the business overall.
He also requested the audience to refrain from engaging in this kind of activity that not only discuss wrong/incorrect and incomplete information but contain serious, untrue and highly defamatory comments towards Exential or the nature of their business; some of which contain malicious falsehood.
He addressed that the company office is the only official source of information and we have no part of any social media practice and therefore he requested all to visit the office in terms of any unsolved queries rather than pointing out on Social Media forums where nameless Identities create panic and rumors.
§ Launching of the Unofficial page on Facebook-Tadawul Exential Group:
TadawulME/Exential Group supports an unofficial group on Facebook. This is meant for all TadawulME/Exential clients. This page was created in order to provide an additional channel of communication over social media so that the right information reaches our clients. The purpose of this is to help our clients get the right information through the right channels rather than false groups or forums, with unrealistic information.
§ Explanation on the article on The National newspaper:
Many of you are aware of the article that was published on “The National”. You are also by now aware that the article was vague. We are in the process of taking legal proceedings.
§ Issues surrounding the delays of the November 2015 and December 2015 profits:
Mr. Firas Singer gave an insight on the events that led to the delay. The profits for the month of November 2015 which were initiated during the first two weeks of December 2015 were processed, however, all the standing instructions were frozen during this phase. These payments processed from the bank in Australia, were of a large volume, few of which were going to the countries currently termed as “high risk countries”. Some of our valuable clients who are resident citizens of these countries with a good status and job profile are also catered by Exential.
Following this, there was a compliance investigation at the bank level, that had to be conducted and we at Exential abided by the laws laid down by the banking authorities. As a result of this investigation, all the payments which were initially processed from our end, were put on hold, until this investigation was completed and was cleared. Exential was bound to comply by the Legal Laws of the bank. This investigation took around twenty one working days. In the meanwhile we put in a contingency plan as soon as the issue came to light. We were instructed by the banking authorities to not disclose the reason of the delay until the investigation was completed.
After twenty one working days it was then confirmed that these countries which were initially termed as “high risk countries” were in fact not a legal threat and we could commence with the payment process. However due to the delay, and our limited channels, we could process only as much that could be accommodated through the limited channels that we have. This led to further delays. However to avoid further extended delays we continued processing the payments of the remaining November profits posted after the first two weeks of December 2015. Additionally we took immediate actions to secure another bank account to continue sending funds. FC Prime Markets AU Pty. Ltd. plays a very important role in helping open additional bank accounts to facilitate the transfers for the service of our clients.
We were also working continuously to try and resolve these issues and find means on how the delay could be tackled in a much efficient manner. We managed to strike a deal with multiple banks in Australia. However due to the current delays it has caused panic amongst our clients and this has led to closures. As a result of closures, the backlog increased, adding up to the existing pending withdrawal payments that were also due to be paid.
Our channels to entertain profits and closures together are limited. We at Exential chose to proceed with the payments with the existing channels that we have in a legal manner rather than considering various illegal methods for transferring funds which would result in questioning the credibility and the security of Exential as well as the security of your investment.
Currently we at Exential, in order to cater to all our clients simultaneously due to the narrowed channels to process withdrawals; payments are made partially. The reason for this split is to allow maximum number of clients to meet their obligations and liabilities during the phase of delay until the backlog clears out and withdrawals are back to the normal timeframe. This decision has proved to be most efficient in reaching most clients in terms of transfers set by the banks.
§ Issues of Customer service
Yes, he further stated that this was a major concern for all our clients and he apologized on behalf of Exential for the same.
Our Relationship Managers and Client Service Department have been working hard in trying to reply to every E-mail, attend every call and reply to every WhatsApp messages. However due to a high volume in the number of calls, WhatsApp messages and E-mails all could not be entertained. Our team are trying their very best to reply to our clients as soon as possible in the most efficient manner. We apologized for the delayed response. We however do not find these reasons as an excuse to not deliver the service that you as a valued client are entitled to. At Exential we currently hold an employee strength of sixty two individuals and due to the growth in business and to be at our best service we are considering a bigger team specially the Client Services and more Relationship Managers.
We have taken the feedback provided by our clients at the seminar and will be bringing in a change to improve your overall experience with Exential. We will soon be setting up a call center with additional lines to enable us to improve the overall customer service.
§ Revision in Fees – not applicable
It has been addressed that due to the inconvenience caused to our clients we at Exential have decided, not to increase the fees for year 2016. It would remain the same as per the last year. Please refer to the below grid for your reference:
Type of Fee
Amount
Annual Account Set up and Maintenance Fee including accounts opened via internal transfer
USD 500
Internal Transfer Fee
USD 50
Type of Fee
Local Currency
International Currency
Processing/Withdrawal Fee
USD 35
USD 75
§ Timeframe for clearing the backlog
We understand that there has been an extended delay with regard to the payment of the November and December profits. To avoid further delays we are now trying to accommodate even the December profits while we are focusing on clearing the backlog for the November 2015 profits, which is about 10%.
Payments are made in batches. We are unable to provide you with an estimated timeframe, however, we can assure you that with this plan in place for clearing both the November and December profits simultaneously, we are catering to the requests of all our clients and it’s just a matter of time that this backlog will be cleared. We at Exential do not want to give a commitment right now but believe in being more realistic and transparent with our clients. At the same time we assure that every client’s requests will be processed.
§ Future plans of Exential
We are proud to announce that Exential will be expanding internationally towards the European, South American and Asian region. We will also be collaborating with new banking partners which will enable us to provide clients with co-branded debit cards. In addition we have partnered with new banking partners in Australia as well as locally that will help towards easing out the banking issues that we have been facing. Mr. Firas Singer and Mr. Sydney A Lemos, assured that until the withdrawal issue is resolved the future prospects will be on hold.
Following the discussion with our speakers, Mr. Prince Daniel, Mr. Sydney A Lemos and Mr. Firas Singer, there was a Q&A session where most of the queries raised by our clients were addressed. We may have not been able to entertain all the queries raised by our clients. We apologize if we were unable to entertain your queries.
We would like to thank all our clients who came to attend our seminar at the Jumeirah Creek Hotel. It was a great turnout of both clients and non-clients wanting to find out more about Exential. We were amazed with the turnout and the increasing support that we received from all our clients as well as non-clients. We are surely going to have more seminars in the future. Dates for these seminars will be communicated to you as and when it will be organized.
We thank you once again for taking time in attending the seminar. For those who could not attend, we hope to see you at the next seminar.
Thank you
Client Services
Exential Group
Contact Number: +971 4 276 6055
Email: clientservices@exentialgroup.com
P.O.Box 124538,
Dubai Media City,
Arenco Tower, Office 003 & 707
Dubai, UAE.
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