An investment company is promising to grow my funds by managing my broker account - dangers?

[Trendrider1]

I have been receiving quite good signals from this company and now they are offering to total manage my account and they claim they will achieve huge profits.
They require my MT5 account password for this. I am wondering what are the possible dangers? Of course, they could blow the account with wrong trades, but otherwise, I don't think they can withdraw money since money withdrawal is always back to the bank card that was used to deposit the money.

Has anyone trusted a company to do this?

 

[Surepips]

My question to your question would be whom approached who? And are they truly the source of these signals, able to prove that they wer even traded by themselves....I personally wouldn't trust anyone but myself to manage my own trading accounts. Guarantees dont exist in trading. Theres only the guarantee someone somewhere wants your money be it an opposing trade or just some lowlife scammer. Perhaps a little digging into the source? You could allways set up a separate account... deposit a very small disposable amount and test them with that..... but gather as much of their info first to expose them if they are fraudsters.

 

[Trendrider1]

My question to your question would be whom approached who? And are they truly the source of these signals, able to prove that they wer even traded by themselves....I personally wouldn't trust anyone but myself to manage my own trading accounts. Guarantees dont exist in trading. Theres only the guarantee someone somewhere wants your money be it an opposing trade or just some lowlife scammer. Perhaps a little digging into the source? You could allways set up a separate account... deposit a very small disposable amount and test them with that..... but gather as much of their info first to expose them if they are fraudsters.

They do have a legit looking website and take payment by Paypal. They have okayish reviews. I will do like you suggest and start small. Thanks

 

[fxoday]

Regarding the problem, I have experienced a few years ago, I investing funds in an independent trader and in agreement, they will guarantee profit and if loss they will bear, he writes letter agreement on paper with a signature, one month, paying on time, the second month still paying on time, the third month already delay, and eventually, he carries out the funds and leaving the office, I think good start with small money.

 

[ForexWarrior2020]

They could use your account as a hedge against their own positions maybe. I just don't think anyone managing your account is going to end well. Best to learn all you can and begin to trade for yourself

 

[HeavenLeighRob]

I would be skeptical. You said reviews were mixed, so I would definitely look at those bad reviews and consider those complaints very carefully.

 

[TareqS]

Depending on others in trading can be risky. I would suggest that you may receive some of their signals and execute them in your live account with proper money management. However, you may not give away your whole account to them.

 

[kin78]

I would decline the offer.

 

[FriendlyFX]

I've never used such a service and would be quite weary .
Unless you can verify the results I wouldn't go down that route

 

[sebking1986]

Avoid at all costs. Also consider if they are regulated to even be doing account management or fund management? Could end up getting shut down and your money (if any is left) being locked up with the regulatory body for ages.