Ponzi Scheme TadawulME / Exential Group:

[forex newbie]

Good day all,
I went through this thread and found out that we as investors in exential group know nothing about the company.
I too hold an account with this company for a year now and have been receiving profits regularly until a few months back I had a few issues with them which was resolved after visiting their office.
Certain employees of this company know very little to nothing about the forex business or exential group as a whole.
Some of their relationship managers are unaware of certain procedures and on visiting their office I got a feeling of walking into a rather posh back office rather than an office which handles business worth millions of Dirhams.
Office layout and furniture - 10/10
Professionalism of staff at the office - 4/10
I don't know what kind of trades are they doing that is giving a consistent growth of 100% a year.
However I am happy with the profits I have received in the past year and have recovered my initial investment.
But the question still arises, how long will it continue till it goes bust(which I hope it doesn't).
Another thing that I heard was they are planning to come up with another investment plan whereby we would be asked to invest USD50000/- to get higher rate of returns compared to what we are getting now.
Lets see where it goes.
If anyone has any info on this company, do update us.
Thankyou and have a nice day all.
Regards
C450

Hi C450,
have you been to FCI Market and/or S&S brokerage office? I wonder what you will say about the place. But whatever it is, I want to know what's really their involvement if you have an account with exential and things went south.

if anyone has something to say on that, please share.
Rgrds,
Newbie

 

[faceless_trader]

Hi guys,

I have been following this thread for quite sometime and i can see that lots of people are having doubts about the credibility of Exential/FCIMarkets even if they have accounts with them. So I want to share my own experience and my opinion about them.

Btw, I have an account with exential as well and trust me, returns are tooooooooo gooooooood toooooo beeeeee trueeeee!!! But before I opened my account with them I have done my own due diligence (which all of us should do whenever we are going to invest on something especially if it requires huge amount of money!).


About Exential and FCI:
1 - I did some research about exential but actually the results were limited. Their website tells us what they are doing, and thats it. No official review over the internet or from someone who can really attest the credibility of their operations. You can only get a copy of their legal documents once you open an account with them or if you have any friend that has an account with them (you can just get a copy of what they have provided ;-)).
2 - I did some research about FCI and same as exential, the results were limited. No official review. They are not really known brokers (i believe, as no official review has been done about them). They are audited by big 4 firm as what they are claiming but who knows (they are not listed so they are not publishing their FS for public information)
3 - I have spoken to one of their relationship managers and i agree with C450, professionalism and knowledge of the product is not really of high standards.

So why I opened an account with them?

1 - I hope that those people who opened an account with them understood and somehow has the experience on forex trading. I am a forex trader myself and I do trade during spare time. So if you are a trader and you have the knowledge about the different forex strategy and systems that is available in the market, it should not be a question how they are doing their trading. FCI Market is a forex broker (just like Oanda, FXPRO, etc) and they have an account platform called Multi Account Manager, which is offered to companies/individuals who wants to manage various retail customers (where we belong) because they have a strategy and system which they believe is profitable and they can make business out of it. this type of platform is already available everywhere either manually (meaning through manual trading) or automated (which is through ForexRobots). (just research about multi account manager so you will have an understanding how it works). I contacted FCI and this is what they said "FCI Markets Inc. is forex broker (service provider) where Exential clients' accounts are opened. Your account will be opened with FCI Markets Inc. with POA rights for trading in your account to Exential if you wish to give. Hope it is clear."
2 - So what Exential is doing? Exential is a Multi Account Manager, of which their main account is with FCI MArkets. Based from what I understood and I believe, they are using ForexRobot which has been designed by the owner based on certain market signals and indicators. And the way it works is that, everytime the confirgured forex robot sees the signals/indications on the currency pairs that they are trading, it will automatically open a trade (to buy or to sell) - and they are using metrader as their trading platform.(just research about forex robot in the internet to see how it works). Actually, there are so many profitable forex robots in the internet that is being sold and you can buy and install it yourself if you know how to do forex trading. Can they withdraw our money? No its in the LPOA signed through FCI.
3 - I read that one of the comments is about trading on weekends and public holidays (by zyzy). Just fyi, ForexMarket is open from Monday - Friday (24hours) and public holidays are usually public holidays in the US Market (as most of the pairs they are trading are USD pairs!). I havent seen any trade they have done during Saturday and Sunday (let me know if they have and I will raise it to them). You can check their trades in MyFXBOOK as verified. (Just research how MyFXBOOK works!)
4 - Why 20K USD? I dont know as well, its their discretion. I believe that its more of the arrangement with FCI in terms of opening a multi account manager account.
5 - About their client portal. I have no issues with it. I read one comment about it not showing their live trades, etc and you can only see it after its been updated in the system. If i am the owner of exential, why would I show to the public or to my clients the trades that are currently open or the trades that in the pipeline? Definitely no! people may have the chance to copy my trades and it means loss of revenue for me (think of it a patented product).
6 - About the performance fee, Im fine with it. Its within the market range.

If you guys think that it is a ponzi scheme let me know so I can recheck my understanding.

 

[zyzy]

Hi Faceless_trader,

im just a rookie in this forex industry and some of your inputs really helps. exential seems to be doing good so far i just couldn't understand why they dont have any social media presence. even their website isnt updated at all. their performance fee seems ok if you have traded for the whole month but if you have open an account with them like mid month even if you only have $100 profit they would still take 40% which for which i think isnt really fair. been to their office twice and i keep on guessing where are they doing all these trades? there was no activity there at all. i also notice that exential tries to relax a bit at trading on the early days of the month there has been a lot of no trades on the first few weeks but they try to make it up on the last weeks. i think they are just targeting $3000 profit per month. im not sure if these is their strategy because just like i said earlier im just a newbie on forex. i still reserve some doubts on how the company works even though im enjoying the profits monthly.i hope you are correct that they are not a ponzi cheme kinda thing.

let me know if you heard anything from them.

thanks

 

[faceless_trader]

Hi Faceless_trader,

im just a rookie in this forex industry and some of your inputs really helps. exential seems to be doing good so far i just couldn't understand why they dont have any social media presence. even their website isnt updated at all. their performance fee seems ok if you have traded for the whole month but if you have open an account with them like mid month even if you only have $100 profit they would still take 40% which for which i think isnt really fair. been to their office twice and i keep on guessing where are they doing all these trades? there was no activity there at all. i also notice that exential tries to relax a bit at trading on the early days of the month there has been a lot of no trades on the first few weeks but they try to make it up on the last weeks. i think they are just targeting $3000 profit per month. im not sure if these is their strategy because just like i said earlier im just a newbie on forex. i still reserve some doubts on how the company works even though im enjoying the profits monthly.i hope you are correct that they are not a ponzi cheme kinda thing.

let me know if you heard anything from them.

thanks

Hey

1 - About social media presence - at the beginning of this thread, Exential has already answered it. its their discretion if they want to advertise their product (im not concerned with it). Im not relying on their website, as long as I can see what is reflected in MyFXBOOK is the same as what in my account, im fine.
2 - About the performance fee - i think its fair. Always look at this way, you signed LPOA with them and this includes arrangement for performance fee. In case you have not opened an account with them, do you think you will get that amount (i.e. 60% of 100USD which is 60USD) while you are just sitting in your apartment? Its not their fault that you opened an account at the end of the month. 'There is no such thing as free lunch'.
3 - About where are they doing their trades - well all you need is one PC with metatrader platform and an internet connection to trade. do you think they need as much number of computers in line with the number of the accounts with them?
4 - About their strategy - why bother about them being relaxed at the beginning of the month? as long as you get your profit at the end of the month i think you should be ok.

if you are still doubtful after 2 months having your account with them, why not withdraw?

always remember that when you invest in this kind of stuff (especially forex), think that it will be gone tomorrow. If you cant have an appetite for that then such investment is not for you. IMHO.

 

[Sara 21]

I am quiet familiar with the procedure of this company, as they used to be an introducing broker of Tadawul FX (NOT TADAWUL ME) back in the day. I am sad to say that many clients have lost their entire 20 000 $ and more because indeed it is a scam, and I can't believe that more people are still falling into this trap! These people target mostly cabin crew of Emirates airlines and they sell them a dream. I have a lot more details and can advise on how to find out if this is a scam or not.

I am sorry for those who still register with this company, it's really sad!

 

[fxdxb]

I am quiet familiar with the procedure of this company, as they used to be an introducing broker of Tadawul FX (NOT TADAWUL ME) back in the day. I am sad to say that many clients have lost their entire 20 000 $ and more because indeed it is a scam, and I can't believe that more people are still falling into this trap! These people target mostly cabin crew of Emirates airlines and they sell them a dream. I have a lot more details and can advise on how to find out if this is a scam or not.

I am sorry for those who still register with this company, it's really sad!

Hi Sara 21, thanks for responding. I along with others on this thread would be interesting in what additional details you could provide regarding Exential being a scam.

Thanks

 

[faceless_trader]

I am quiet familiar with the procedure of this company, as they used to be an introducing broker of Tadawul FX (NOT TADAWUL ME) back in the day. I am sad to say that many clients have lost their entire 20 000 $ and more because indeed it is a scam, and I can't believe that more people are still falling into this trap! These people target mostly cabin crew of Emirates airlines and they sell them a dream. I have a lot more details and can advise on how to find out if this is a scam or not.

I am sorry for those who still register with this company, it's really sad!

Hey Sara,

This is new. It would be really helpful if you can enlighten us about the relationship of Tadawul FX to Tadawul ME. Do you have any link/source about them being introducing broker of Tadawul FX. I am aware that Tadawul FX is a scam. Do you know any customer of Tadawul ME/Exential that have already lost their 20K?

Hope you can share your sources and links...

 

[zyzy]

im aware that they are actually targeting the emirates cabin crew for business... but atleast there should be some rants from some people who lost the 20K.. i hope sara will lay all the details here..

 

[faceless_trader]

im aware that they are actually targeting the emirates cabin crew for business... but atleast there should be some rants from some people who lost the 20K.. i hope sara will lay all the details here..

Was thinking the same zyzy, if so many people have already lost their 20K because of fraudulent transactions being done by Exential/TadawulME, why no one is making some noise in social media? theyd been in the business since 2011 as per their website and I know people having accounts with them..

I hope that Sara will provide proof of her 'I am sad to say that many clients have lost their entire 20 000 $ and more because indeed it is a scam' statement so that people will be aware of what she is talking about.

tried searching the relationship of Tadawul ME and Tadawul FX over the internet but nothing...

 

[fxdxb]

Was thinking the same zyzy, if so many people have already lost their 20K because of fraudulent transactions being done by Exential/TadawulME, why no one is making some noise in social media? theyd been in the business since 2011 as per their website and I know people having accounts with them..

I hope that Sara will provide proof of her 'I am sad to say that many clients have lost their entire 20 000 $ and more because indeed it is a scam' statement so that people will be aware of what she is talking about.

tried searching the relationship of Tadawul ME and Tadawul FX over the internet but nothing...

Faceless/zyzy, I agree, if there were some people scammed by these guys I am sure we would hear about it on one of these sites. From my understandings of the beginning of Exential/Tadawul ME, they did start taking customers money and traded currency, but their software wasn't in the present state as it is today and they did loose money.

Also, if Tadawul ME was an introducing broker for Tadawul FX, and you guys are stating that Tadawul FX is a scam, why would they have kept their name in the beginning as Tadawul ME and not change it immediately to Exential or something else. I would think they would want to distance themselves from that name. Also, from what I understand is that Tadawul FX (now called Liquid Markets) is a broker and still doing business. I haven't seen much in the way as them being a scam.....but my research might be very limited in that regards. Would very much like to hear details from Sara about her findings.