Eu Trading Group Scam Alert!

manlee · Mar 26, 2016

Thanks god i found Forex Peace Army!

My friends are being approached by Eu Trading Group agents and investors in Singapore, Indonesia and Malaysia for the past few months. Thus i decided to launch an investigation against this firm. I found that same group of people name Mr. Dean Price, Josh Hamilton and Alison Lloyd who used to run youtradefx, newtradefx are now representing Eu Trading Group. I understand both youtradefx and newtradefx have scammed many investors and traders in Europe since few years back. If you have any experiences dealing with them, feel free to share!

Eu Trading Group
40 Bank Street
76E14 London

Eu Trading Group eutradingroup.com has been promoting as a FX managed account with their own white label MT4 platform. They have consistently show over 10% profits every months by MT4 which suspect to be manipulated in order attract new investors. TOO GOOD TO BE TRUE! Eu Trading Group is promoting as UK company but their MT4 platform is under an unregulated Belize firm name Eu Trading Group Inc. According to their agent, investors funds are guaranteed by a trustee company name OklyCapital which self claimed as Financial Funds Assurance Regulator. UK FCA has confirmed such organisation is not exist in FCA list and it is unlicensed company. OklyCapital is also trustee or guarantee for company like Lhcbrokers Group Limited, etc. They showed investors that this company has 70mil pound of capital in order to mislead and build their confident. However, as i understand from one of the UK company secretary, UK company allow to set any amount of share capital without required to deposit the funds into the company bank account. This mean OklyCapital huge capital may not exist!

Below are the fund guaranteed terms from Eu Trading Group web site which sounds very suspicious! You may need to think twice when you heard guaranteed in FX trading.

The Oklycapital Limited, 20/22 Wenlock Road London England N1 7GU (Company number 9301062), acts as a Guarantor of EuTradingGroup, in the event that a Bank, Credit Union, Building Society, or any other financial institution goes bankrupt, or if for any other reason cannot meet its financial obligations toward its client, associates, and other business partners of EuTradingGroup. The Oklycapital Limited offers financial protection of up to £420,000 per person pr other authorized institution, in their business endeavors with EuTradingGroup. All deposited funds from sources including Checking Accounts, Savings Accounts, Cash ISA, or Savings Bonds, will be secured and protected under the strict guidelines of the Oklycapital Limited. The Oklycapital Limited acts as a Guarantor in the amount of £420,000 per person, per authorized institution, thereby protecting all holders of the funds. More specifically, if two individuals are co-owners of a joint account, the total amount covered would be doubled up to £840,000, per authorized institution. Terms conditions apply.

INVESTORS MUST BEWARE OF ALL THIS UNLICENSED BROKERS WHICH COULD DISAPPEAR ONE DAY! DO NOT GAMBLE YOUR MONEY WITH THESE SCAMS! TRADERS SHOULD ONLY TRADE WITH TOP LICENSED BROKERS!

Please share if you have any experiences with them. Moderator comment are welcome!

Pharaoh · Mar 28, 2016

Any chance of getting an official letter from the FCA about Okly's claim to be a "regulator"?

manlee · Mar 29, 2016

Below are the reply from UK FCA regarding OklyCapital.

OklyCapital

I've had a look at the attachments you've provided and I can confirm that I'm not aware of any organisation in the UK called Financial Funds Assurance Regulator. Having searched the Financial Services Register, which is a record of all the firms we regulate, I can't see any record of OklyCapital. Therefore, it appears this firm isn't regulated by us and you should treat this firm with extreme caution.

If you deal with an unauthorised firm you may not have access to the UK's complaints and compensation procedures. There's more advice on our website on the steps you can take to avoid unauthorised firms.

Yours sincerely,

Emdad Siyed Hussain (Mr)
Associate | Financial Conduct Authority
Consumer Helpline: 0800 111 6768 | www.fca.org.uk

vincentlimcp · Apr 3, 2016

Hi I have experienced with eutg for a year plus. My experience with them is very good and their trading results are consistent as well. There are many brokers out there operate without any proper licence. Eutg is one of the many out there. I do not think they are scam as you have shared. Please share any of your bad experience you had with them. And I will get them to assist you

manlee · Apr 6, 2016

leechantan · Apr 28, 2016

I have to say that I have been following this thread and did look into it as a long-time client of the company.

First of all, their trades are not "too good to be true". They often get complaints that their profits weren't high enough and that they are too conservative. This is the exact opposite of what a scam would be.

Secondly, talking about scams in general in their context, and posting this vague thing on absolutely no basis, is unfounded. I have never seen such a "hot air" review in my life. The fact is they've been around for years and people withdraw and close their accounts when they want. There are no concrete complaints here, from any client. This review is actually ridiculous and someone with a sharp eye could see right through this. A bad company has bad reviews from multiple people and this is a fact.

Thirdly and most disturbingly, I did look into the source of this "review" and guess what? I found out that
all this "talk" is from a competitor! This person is not a client and not even a prospective one. This is why this "review" is full of hot air and with no concrete content. I found out that many clients are moving to EUTG from this competitor and this is their way to try to harm the good name of EUTG. I have to note - that this is without success. I asked the company if they want to respond, and they don't feel the need to respond and post here, to such unfounded and ridiculous claims with no basis or details.

I will admit that they can be slow at times and they are improving their systems, but they are no scam. They are quite boutique and don't engage in mass marketing campaigns but they are decent. They always communicate and care. This is why people stay with them for years.

I also want to point out total lies about connection to YouTrade and other brands. When this competitor truly couldn't find anything bad to say about the company, they made up that the company is connected to other companies, in addition to all the vague talk. I checked it and it's all false.

You can't ruin someone's good name when there is no truth behind it and no basis. So don't even try.

As a client here who has been receiving caring service and many withdrawals for a long time (after unpleasant experiences in the past), it really annoys me that this kind of warfare is allowed. It's a pity anyone can get online and write unfounded nonsense.

Best Regards
- Someone who doesn't like injustice, dishonesty and fowl play.

manlee · Apr 28, 2016

Clearly we understand that you are writing as a well paid clients who are yet to experience the end of this type of scam fx game. It is true that no complaints under EUTG name but the business model has no different from those closed and fraud FX companies. Just because the same group of people operate same type of FX game using different name, doesn't mean it is a scam? Not yet, soon will be.

Regarding the trading results, i bet the traders unable to produce the same returns through genuine licensed FX platform. They have plenty of reasons not to trade on other platforms. By manipulated trades, they are able to show very convincing and consistent returns through their own white label trading platform. This method has been widely used by many scam unlicensed FX platforms.

Competitor? I am posting this for the public awareness. It is a fact that FX business must be regulated. Only those scam FX avoid from taking license with excuses because ONE DAY WHEN THEY SHUT DOWN THE BUSINESS, there is no way authorities will hunt them down. Make sense? A well regulated FX required to comply strict regulator rules and regulation as well as constant auditing. There will be official government institution who will handle the dispute and complaints for clients/investors.

Once EUTG owners shut down the platform & web site, how and where do investors file their complaints and dispute? Okly Capital? It is a shell company that does not recognise by UK FCA. Lastly, the victims will cry on this forum just like newtradefx and youtradefx.

Good luck mate.

Pharaoh · Apr 28, 2016

If they have a Belize company behind it, a report to the Belize IFSC would be a good idea. The more holes you can poke in this balloon, the faster it will fall and stop attracting new clients.

manlee · Apr 29, 2016

Below is the screenshot of MT4 platform login page and Eu Trading Group Inc. bank info found on google.

manlee · Apr 29, 2016

Authorities warned against Okly Capital Limited., it's also used by another 2 scam FX companies IFX4U and LHCbrokers Ltd.

http://www.mfsa.com.mt/pages/announcement.aspx?id=7359
http://www.mfsa.com.mt/pages/announcement.aspx?id=7280
http://www.amf-france.org/en_US/Act...cesStore/dd186fab-e7ef-4c89-8e09-b8d5f9c2eee7
http://www.binaryoptionswire.com/050116-brokers-warnings-regulators/
http://qiquanwang.com/article-1475-1.html
https://leaprate.com/2015/12/italys-consob-warns-against-optioncm-ifx4u/
http://www.fin-fsa.fi/en/Financial_...ers/Warning_lists/Pages/Foreign.aspx?letter=O
http://forexpress.hk/news/3327
http://atozforex.com/news/consob-warning-list-grows/

Eu Trading Group Scam Alert!

manlee

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