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.