Ponzi Scheme TadawulME / Exential Group:

[earthnector]

Hey guys, great to find this forum. Just adding my 2 cents -

I have been a customer since 2012 with 1 account (20k USD). In nearly 3 years i've tripled that in profit - all withdrawn.

It's great to see people asking questions and Tadawul/Exentialgroup interacting with clients offering some transparency. Also great to see other client withdraw regularly and close accounts easily. Personally I don't know anyone who's lost money / unable to close account or couldn't withdraw any profits. Things mentioned in this forum seem to be mostly speculation or hearsay.

With regards to withdrawals they state 12-15 business working days which with weekends comes to around 23 days. I find they are normally a few days delayed but always come within a month. This has been consistent for 3 years. This is an area of client servicing they can improve.

For people wondering whether to invest they have an online portal where you can see previous days trades, monthly withdraw-able profit etc.

Being a Dubai resident since 2006 i've come to accept business is done very casually here, everything seems shady from renting apartments, buying cars etc. After 5 years of business i've never seen / heard any condemning evidence that this is an illegitimate operation, everything seems above board so far.

I do agree the rate of profit / return is incredibly high and even possibly unsustainable yet here I am 3 years later with cash in hand. As with any investment don't invest money you can't afford to lose / repay.

Happy to discuss any questions and keep the topic moving!

 

[xcon]

This company is a Ponzi scheme. Target victims are naive cabin crew at Emirates Airlines. False balances are generated and emailed. Limited victims are allowed to withdraw funds to keep scheme from collapsing.

Evidence of Ponzi scheme: statistically impossible profits. Colleague saw list of trades showing all "wins" over period of months-chances of that happening are similar to winning multiple lotteries. Attempts to withdraw funds were aggressively stonewalled and only threats of publicity eventually allowed his money to be returned.

Explanation given for the impossible success of trades: a "magic" computer program that always wins.

My condolences to the many young cabin crew who will lose their life savings when the scheme collapses.

 

[Mrs Forex Dubai]

Look they are scammers, you will not see your money again, they send you fake email reports to show they are gaining money. Did you know that you can access the trading platform with your account number and an investor/view only password?They say they can't give it to you because it will interfere with the trading and that if something wrong happens you will be held liable, whereas the number one rule of brokers or any financial authority is TRANSPARENCY, and it is not true that if you get an investor password or a view only password this will interfere in the trading because they will hold the active password where you can access the platform to view the trades. I know clients who were crying over the telephone because they could not believe that their money is gone and they couldn't do anything about it. If some of the people received some of the profit, that doesn't mean anything, this company has an agreement with the broker to share the losses of the clients, meaning when a client funds 20000$ they will make loosing trades on which they will gain 50% of the losses let's say 10000$ they put in their pockets from the 20000$, the broker then gets the rest and broker and the company is happy. The client is clueless, when a client asks for his profit they give him some profit to shut him up from the money they cashed in on, its not real profit its all fake! but they will not give the money to all clients, they will chose the ones who can bring them more investors, but the ones who are poor and have no means to fight or complain they loose their money. Have you never heard of Ponzi Schemes or Pyramid Schemes...? It wasn't long ago when the MMA scam has been revealed. These people are con artists, they are prepared to answer all your questions they have documents that when they show you, you get blinded and stop questionning your doubts, they are good marketeers and they will get you in the end no matter what I say.

Sara... I am sure you are getting confused with MMA and Exential. I'm sure we would've heard from Cabin Crew if they had lost money as we also work closely with them. There is nothing on social media either... please check your facts and let the people who have actually lost money comment here if it is true - thanks

 

[Lazazar]

hello everyone
this wont be a big thing post
only a few thoughts
i have a friend who lives in dubai
his ex-gf is a flight attentend for emirates and he heard of exential group from her
he is invested since nov 2013 and he reached the point where the money he cashed out of his account is equal to his investment
so i was following his performance and i am thinking of opening an account too
2 things are my biggest concern
first
its end of the year and usually the financial markets rally till the end of the year and the chance of making profit is high
second
i screened myfxbook regarding exential group and i see high drawdowns the last weeks / loss of equity money
so i guess ill extend my observation phase a lil longer, to watch how exential group gets along with this over the next few weeks
regards

 

[james 77]

to understand better

[Q I know clients who were crying over the telephone because they could not believe that their money is gone and they couldn't do anything about it.


Hi Sara21,

My question regarding the people calling you over the phone and crying and with regard to your statement that you have 5 years in the industry: Have you perhaps been working for them in the past?

Your points are valid and I can't deny the logic. yet I know that I don't know the forex industry from the inside...

What is known about the owner of the company, any track record?

Further I find it weird that there is no apparent separate agreement to be signed between Extential and the client with regards to the business arrangement and the distribution of "profits" as well as the commissions that company takes (which is weird, because it perfectly ok to make profits with commissions).

I have say its tempting. If the company was true and 100% bona-fide then there would be no issues with payouts (as previously reported on this forum), clearcut agreements between the company and the clients. Payouts would be based on an automatic withdrawal system, available online with stored clients account data. Thats the company that would have my money tomorrow.

I have seen ponzi schemes before and they have the the following symptoms:

1) Clients get charged a hefty fee for withdrawing funds into their own account.
2) Clients have to wait an excruciatingly long time to get the transfer completed, once requested (2-3 weeks).
3) there seem to be "technical difficulties" with withdrawal of funds

Very suspicious and yet I have learned that forums can be written by anyone. hence I suggest as much suspicion toward the postings here as I would suggest to have toward the company that promises huge gains.
Hope the truth will soon be revealed.

 

[james 77]

Hi guys,

Just part of my duel diligence, not trying to kick up any dust. So I dug a little on the two companies dealing with ExtentialME and noticed that:

FCI markets and S&S broker are both at the same address in Dubai and also share the same PO box.
Its on their websites and not hard to find.


506, Al Fattan Plaza,
Airport Road Garhoud
P.O. Box: 77034
Dubai. UAE

Not sure, if this is relevant or significant. Any thoughts on this?
Cheers

 

[zyzy]

i agree with James, i have a feeling that some of the people posting here are i think employee of exential. i never had an issue withdrawing my profits each month but waitng 12-15 working days is a bit too long.. they deducted their share on the 1st day of each month and why cant they do that to us.. i notice also on their system they try not to deduct the profits that your are withdrawing each month and you see your money just keeps growing each day even if you already knew that it is not the correct balance. this i think is a bit worrying mainly because i think they can manipulate your account balance, we dont know if they are withdrawing some funds from our account that we are not aware of... exential holds our money and not fci... i have ask dubai SCA about exentials operations that they are doing trading under S&S brokerage. They have advise that this is not under them and should check it with central bank of UAE.. i will try to check with them also maybe soon.. will let you all know..

cheers

 

[fxflyer]

Hi, I've bee monitoring Exential performance for a while now and thought I will give my opinions.

- I have a few colleagues who have accounts with Exential and so far they have had no issues withdrawing their money just a couple of delays here and there and the reason has always been "technical problems".

- When they log in to their accounts from Exential website, they are presented with their balances and trading statement and a link to Exential's myfxbook performance data (just google Exential Group myfxbook). The funny thing is, everyone's accounts are linked to the same myfxbook page even though they all have different balances. The current balance showing on myfxbook is around $38,000 however, my colleague balance is actually over $70,000. So obviously Exential is not showing specific individual's account but a generic account EVEN for their own clients. Why are they not doing this? If I am a client, when I log into my account I want to know the exact transactions my money is being traded on not just some generic aggregate performance. Then I read somewhere on Exential website that they trade all the money on one master account. Could the account showing on myfxbook be their master account? I think this is unlikely because if this is the case then the balance should be a lot higher than this, probably in the hundreds of thousands or millions since they have a lot of clients.

- On their website, they stated that they do not risk more than 0.5% per transaction. However, their myfxbook performance shows drawdown of 37.75% which shows a very risk trading system. In fact their open transactions are losing nearly 40% at the moment. If these trades do not reverse and they do not close them manually, the account will be blown. On the other hand if they close the trades manually, the loss will be realized so how are they going to pay their clients? If they still manage to pay out to their clients, then where are they getting the money to do this? There is no problem with money managers taking risk but this needs to be disclosed honestly. There is no system of high returns low risk as they seem to suggest.

- I don't like the way they approach new clients, especially Emirates cabin crew is no. My cabin crew friend wanted to open an account and spoke to one of the sales guy and he suggested that she should take out a loan (Emirates crew can get loans in Dubai quite easily) because the monthly payout will easily cover the loan payments. I don't know if they are approaching any new cabin crew but it would be dangerous for them to take out loans for this purpose.


I will certainly continue to monitor their performance.

 

[fxflyer]

As of today, their drawdown has increased to over 52% making their equity lower than the balance which means they are now losing money. I think their positions are short USD but since last week, USD has been gaining massive ground because the positive economic data and the OPEC not cutting oil production keeping the oil price low. In my opinion, USD will continue to increase because the Feds is likely to raise interest rate in the near future.

 

[HLFROMNL]

This is what Exential has stated today:

Dear Valuable Clients
On the 24th of November, 2 positions were open on our platform for AUD/USD pair.
Due to a technical trading decision these trades went into a negative of $5000, however the said trades are currently hedged and we are going ahead with an aggressive strategy to offset the floating loss, based on the positive results for the last 6 months.
In the process of offsetting the loss during yesterday’s trading session, the negative trade of 7282$ was closed due to a technical error. By a prompt and vigilant action from our brokers we were able to rebook the same trade without causing any actual loss to client’s investment.
Kindly note that there is no loss incurred on your capital invested with us, since this loss is accounted as a floating loss and not a booked loss. We assure you that there will be no decline in the average net profits for the month of December 2014.
Should you have any further questions please feel free to contact your respective Relationship Managers or our brokers S&S Brokerage House and FCI on 046083050.
All trades can be verified on myfxbook.
We look forward to helping you reach your financial aspirations with our products and services.
Regards,
Client Services