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Account manger help need urgently

Discussion in 'General Forex Talk' started by 7am7ad, Dec 8, 2012.

  1. 7am7ad

    7am7ad Recruit

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    I am an account manger my problem that I am not regulated and the investor want me to trade his account on split on profits .My problem that I am not registered with NSA and the investor insisted to be with fxcm uk and he offered me by private agreement without fxcm since fxcm uk canot handle this.

    Can I know how this private agreement should be to be able to use it with court later
     
  2. Pharaoh

    Pharaoh Colonel

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    Do you mean NFA? If so, FXCM Uk doesn't have anything to do with them. FXCM.com is NFA regulated. Perhaps there's a UK regulator for account managers.

    Anyway, let me make this perfectly clear from both the manager and clients point of view.

    DO NOT LET ANYONE MANAGE YOUR ACCOUNT WITHOUT A SIGNED LPOA

    DO NOT MANAGE ANYONE'S ACCOUNT WITHOUT A SIGNED LPOA

    Without an LPOA, the broker can lock down the account and possibly even confiscate ALL the profits. The broker also could to check to see if the account manager has been accessing other accounts and do the same to those.

    Without an LPOA, the account manager's percent payment can end up being disputed.

    Without an LPOA, after a profitable month, the client can change the password and send no payment.


    Any account manager suggesting managing an account without an LPOA is very likely a scammer.

    Any account holder suggesting managing an account without an LPOA is either very foolish or is planning to scam the account manager.
     
  3. Damon

    Damon Founder/Director Pellucid FX

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    l would open a PAMM account at the brokerage, have the investor put money in it... All LPOAs are then handled through the broker instead of around him. Why people still manage accounts without using a PAMM is completely beyond me. You cannot manage very many accounts if you are trading them individually and you have so much paper work and admin (writing and cashing cheques or playing with bank wires). Just use PAMM, unlimited clients, split is all handled for you by broker. Easy Pleasy.
     

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