Ponzi Scheme Did anyone hear of UTMarkets forex broker in London?

[AdamHola82]

They are offering higher profits and no fees for opening or maintaing the account, withdraw takes up to 3 days and 15 USD for any transfer. starting account from 10k-20k-30k-50k and interests up to 21% per month, they have a web.link and android or Mac mobile app .

I just want to also know if they are legit or not any one with info please share

 

[Pharaoh]

21% compounded monthly increased your investment 10 fold every year. 21% for one month is possible. 21% sustained every month isn't. Just do some simple math and you'll see why:

Your 10k investment would become 100k a year later. After 5 years, you would have 1 billion. In 8 years, you would have 1 trillion. Does this sound viable? Wouldn't you think Obama would have the resources to verify if it works and would have dropped a billion into it a few years ago so he could pay off the national debt?

If the company claims to be in the UK, contact the FCA and ask if they are properly licensed and regulated.

 

[AdamHola82]

21% compounded monthly increased your investment 10 fold every year. 21% for one month is possible. 21% sustained every month isn't. Just do some simple math and you'll see why:

Your 10k investment would become 100k a year later. After 5 years, you would have 1 billion. In 8 years, you would have 1 trillion. Does this sound viable? Wouldn't you think Obama would have the resources to verify if it works and would have dropped a billion into it a few years ago so he could pay off the national debt?

If the company claims to be in the UK, contact the FCA and ask if they are properly licensed and regulated.

I have already sent to the fca and waiting any feedback. As for the 21% is the highest it's between 17-21% as from What I was told by a account holder with UTMARKETS.

 

[Pharaoh]

17% compounded monthly takes your account up 7 fold in one year.

10k at that rate would "only" yield 168,070,000 in 5 years if my Ponzi spreadsheet is programmed correctly. Your eventual ownership of the world would require a few more years than a 21% interest rate would permit.

 

[AdamHola82]

17% compounded monthly takes your account up 7 fold in one year.

10k at that rate would "only" yield 168,070,000 in 5 years if my Ponzi spreadsheet is programmed correctly. Your eventual ownership of the world would require a few more years than a 21% interest rate would permit.

This is what FCA replied back to me

Dear Mr Hola,


Thanks for your recent web form where you ask about a firm you’ve been considering using.


I can’t find a record of this firm


I can’t find a record of UTMarkets on our Financial Services Register. This could mean we don’t regulate them and have no knowledge of them.

They also don’t say anything on their website about being authorised by us. Firms offering Contracts For Difference and Spread Betting to UK consumers need to be authorised and regulated by us.

Protect yourself from unauthorised firms

You should only use a firm we authorise and regulate.

If you use a firm we don’t authorise or regulate, you won’t have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if anything goes wrong.

These two organisations can only help customers of firms we authorise.

More information about how and why you shouldprotect yourself from unauthorised firms is explained on our website.

What I’ve done with the Information

I’ve referred this to our intelligence team so they’re aware this firm might not be authorised by us when they might need to be.

We might be able to use this information, because on top of what we do as the Regulator of UK Financial Services Firms, we try and warn consumers about the financial scams consumers tell us about.

How we try and warn consumers

We try and make sure consumers are aware that they’re doing the right thing when it comes down to using a financial firm, by making sure they’ve checked to only use a firm we authorise, and avoiding scams.

We’ve also got a list of unauthorised firms to avoid that we continually add to, as well as information about rejecting cold calls.

I hope this information helps warn you that I can’t find a record this firm’s authorised by us.

How was your experience with the FCA?

To help us improve our service, I’m interested in finding out about your experience with the Contact Centre today. I’ll send you a link to a survey and I’d appreciate it if you could take a few moments to share your feedback.

Yours sincerely,

L A Manhood (Mr)

Associate | Customer Contact Centre

Financial Conduct Authority | www.fca.org.uk

Consumer Helpline: 0800 111 6768

 

[Nikolas83]

17% compounded monthly takes your account up 7 fold in one year.

10k at that rate would "only" yield 168,070,000 in 5 years if my Ponzi spreadsheet is programmed correctly. Your eventual ownership of the world would require a few more years than a 21% interest rate would permit.

I have 8 accounts there! It's not like Pharaogh says!
With the 10.000$ account you get average monthly 2.000$, so in a year 24.000$ profit. I have 15months now my accounts and everything works perfect.
They are not registered at FCA, but actually non of those company's are! Even exential in Dubai that many people have accounts is not registered anywhere.
AdamJola82 if you have any questions ask me

 

[Nikolas83]

And I have to mention that I believe that for sure this kind of "companies" are ponzi! At least if you start on the beginning you will get advantage of it. For me getting back my capital on the first 5months was really good, so from now on I don't care..

 

[Pharaoh]

I have 8 accounts there! It's not like Pharaoh says!
With the 10.000$ account you get average monthly 2.000$, so in a year 24.000$ profit. I have 15months now my accounts and everything works perfect.
They are not registered at FCA, but actually non of those company's are! Even exential in Dubai that many people have accounts is not registered anywhere.

OK, we've got 2 points here:

1. It sounds like I don't have full info on the rate of return. It also sounds like you aren't accepting compounding. 2000 per month on 10k would be 20%. If you started with 50k, you would be getting about 10k the first month, so could open a new account every month at the end of the first month. Then each month, you take ALL the profits from all accounts and open a new account with that. If the transfers both directions are fast enough (or can be done internally) this would allow you to achieve the equivalent of monthly compounding of the 20%. 50k would turn into 446k by the end of year one (approx 9x your initial deposit). Let's assume you have slight delays and lose a whole month of interest. You now would end up with $372k (approx 7x your initial deposit). If we go with the lower figure, your 50k becomes over 14 trillion in 10 years.

2. UTMarkets claims to be in London. That means they are supposed to be FCA regulated. Exential claims to be in Dubai, so has a whole different set of regulators it should be tied to.

And I have to mention that I believe that for sure this kind of "companies" are ponzi! At least if you start on the beginning you will get advantage of it. For me getting back my capital on the first 5months was really good, so from now on I don't care..

I'm happy you can see that this is an obvious Ponzi.

I'd like to know what your thoughts are about your acknowledgment that this is a Ponzi. This means all of your profits are coming from other investors and that many who are not educated enough about Ponzis and sign up at the wrong time are financially devastated when their "safe and secure" investment fails. Are the profits you've collected enough to make you ok with someone else losing a house or being unable to afford food and medical care?

 

[Nikolas83]

I said my realistic opinion based on my thoughts. Everyone who does those tradings it's by his own responsibility and risk.
So simple

 

[AdamHola82]

hey guys how do we remove the post we post ? some people r upset so I need to remove some info

thanx