FX-Trading-Account.com

[Pharaoh]

Two more items to promote caution:

1. The domain was only registered on December 23rd, 2013.

2. The link to their stats here - fx-trading-account.com/performance-record.html
Points to here - fxstat.com/performances/view/27312 - which is unavailable

They do have a functional link to here - mt4i.com/users/fta

Statement appears to be well over a year old, but the domain is much younger. History of orders is disabled. This means that you have no way to know if they really use SL or not.


Can an account manager scam you if they aren't your IB? Yes. Being an IB means they can churn for commissions, but that's not the only way to ruin your account.

There are 2 primary methods to getting wiped out by an account manager when you have your own account at a broker.

1. Human error. This happens with account managers and signals providers. They get on a winning streak and get over-confident. Alternatively, they hit a losing streak and start breaking all their rules to win it back. Either of these can lead to a call from Mr. Margin.

2. Split accounts into 2 groups. Group A gets heavy trades in one direction. Group B gets heavy trades in the opposite direction. When the market moves, one group gets big profits (and pays a percent of profit to the account managers) and group 2 takes heavy losses. People leaving 5 star reviews are convinced that all the low ratings are from competitors. People leaving 1 star reviews are convinced that all the good reviews are placed by the company itself. The winning group is encouraged to recruit new members. Then another A-B split is done and the process repeats.

 

[JimN]

I have been getting multiple emails from this company sent to two of my email accounts.
They will try to get you interested by shouting about impressive (unrealistic) results.
They will follow up the original email with one urging you to act as the allocation is filling up rapidly - SCAM Alert
Eventually you will get an email explaining that the offer is fully subscribed.
You will then get another email explaining that their subscribers are doing really well and they can take a few more - SCAM Alert
These are spaced apart to give you time to think and worry that you may miss out. This is what they are trying to achieve.

 

[shaneohara]

I also received and still receive many emails from these guys…some guy called Neil King? So i googled them and found that he was banned by the financial regulator in Australia for online financial fraud!

Six-year ban for derivatives trader | Money Management
NEIL KING'S CAMELOT DERIVATIVES NOW IN LIQUIDATION

And looks like one poor bugger got trapped in the FXTA scam…..

FX-Trading-Account (FXTA) scored 16 - Bugscore.com

On another note, i am based in UK if anyone knows some good brokers with good spreads, I'd appreciate a lead.
Shane

 

[Vernard]

Thanks for the warning

Thanks soo much for the warning. I was seriously contemplating sending them $3K as their figures seemed good but I too got red flags when I couldnt see ANY actual trade history to see how they really handle money and even this Global forex award they say they won last year looks like a shady echo site to get fools when they google for proof of this companies legitimacy. CAN SOMEONE PLEASEEEEEEE TELL ME IF A HONEST MANAGED FOREX ACCOUNT EVEN EXISTS? I've tried it my way without sucess and want to invest with an experienced investment group while I complete my own training but at least would be making a small profit while I wait. I'm sorely disappointed in the sheer number of fraud persons out there.

 

[forexskeptic12]

Newbie thread poster here

I think Pharaoh's advice is absolutely imperative to ANYONE investing in any FX program.
Wow, great article my friend. That is exactly what people need to read to avoid kicking themself later. It's sad how few do though. And while I knew most of it, it amazes me there are so few centralized resources like this to make sense of it all.

Regarding FTA - I don't think there is any clear indication this is a scam.
Having an MT4 statement verified and taking phone calls (as they do) is a good sign.
The only knocks I have seen against them is one client. I regularly frequent the "Reviews" section of the FPA and all products have unhappy customers. That does *not* mean they are a scam.

For $3k, I will probably join this program, and WILL report back to the FPA after at least 2-3 months of trading. I do not want to make any premature decisions.

My main reason for feeling comfortable to join is because they trade with regulated brokerages.
I have contacted those brokers and confirmed they only are compensated off performance (15%).

I was one of the suckers that bought a $997 EA last year, and paying upfront for systems that work is a sucker move, but something like this is worth a shot (in my opinion) because the trades are motivated to make money and of course there will be some reasonable DD with a highly aggressive managed program.

Happy trading everyone!!

PS. I should have mentioned this in the beginning too but was too excited by reading Pharaoh's insight. I talked to a Patrick at FTA on the phone today, in Canada, he told me that Neil King is absolutely NOT the same Neil King as this SCAM artist.
https://www.asic.gov.au/asic/asic.n...financial services for six years?opendocument

If someone is removed by ASIC like this, I doubt the bloak would be silly enough to use the same name with other regulated *Australian* brokers. Lol!

 

[ForexJ]

I notice their FXSTAT link now points to MT4i after FXSTAT had a little chat with Neil King who supposedly is the brains behind the operation. FXSTAT were concerned about their marketing strategy and the use of FXSTAT's logo etc. I had confidence in their preferred broker (Synergy FX) and was almost about to invest the minimum $3k, but I now consider I've saved myself that amount!

 

[riclew]

I have two offers to use their service. The first on January 14 nominated Pepperstone as the broker. The second on February 13 nominated Synergy FX. Otherwise the offers were identical. The fact that they appear to have switched from Pepperstone so quickly makes me suspicious.

 

[nawajyoti]

Hi I actually sent an email about this as I was confused about signing up with Synergy and then getting an email linking to Pepperstone. I was told that their account with Pepperstone was full and they therefore moved to another Broker. I am impressed by their quick response to questions etc. so not sure if this is a scam or not.

 

[GJB68]

Just got another email saying....

This is a brief notice to inform anyone not currently in the program that we are willing to accept an additional $150K in capital this month. The execution at the broker has been excellent recently, and so we are willing to let a few more clients in and feel save with an additional $500K according to our calculations.

However, we are only allowing $150K in new deposits simply because the accounts will obviously likely grow larger as usual!

If you are serious about this opportunity, I invite you to get started below....

Then points you to pepperstone....

My BS alarm is going off....

Cheers

 

[Pharaoh]

Hi I actually sent an email about this as I was confused about signing up with Synergy and then getting an email linking to Pepperstone. I was told that their account with Pepperstone was full and they therefore moved to another Broker. I am impressed by their quick response to questions etc. so not sure if this is a scam or not.

Broker accounts don't get full.

Successful investment funds keep growing. They may stop recruiting new members, but why would any legitimate fund claim that they will turn down your investment, unless you sign up right now?

Did that link to Pepperstone include an IB or Affiliate ID code?