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OakFX

Discussion in 'Has anyone heard of?' started by Antononini, Oct 7, 2012.

  1. Antononini

    Antononini Recruit

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    Has anyone heard of OakFX? I have been cold called and offered this software by a company called Phoenix (Investments) based in Auckland, New Zealand and they are offering a regular income of $1000+ per month from Forex Trading for a cost of NZ$24,700 for the software licence and a minimum investment of NZ$20,000.
     
  2. Pharaoh

    Pharaoh Colonel

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    Never heard of them, but your description alone is enough to make me say "Take your money and run away!". This sort of thing is just a way to get $24k out of you up front.

    If you still really feel tempted, ask them to allow you investor access to a $20k live account that has been running for at least 6 months making at least $1000 per month. Then count how fast they can come up with excuses.
     
    #2 Pharaoh, Oct 8, 2012
    Last edited: Mar 11, 2013
  3. paulweig

    paulweig Recruit

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    Spoke with a rep from OakFX last week. The usual sales approach, all talk and no listen. The big sell is 'fully automatic', the owner never has to touch it. Unable to substantiate the guarantee of $1500 per month, admitted it could be anything up to $1500. Not willing to show any live account records or put prospect in touch with a current user, the usual excuses despite website claim about user demo. No justification whatsoever for $25700 price tag and 30 day warranty simply isn't enough to evaluate a forex product. 'New' validating information was to be sent by email ... it arrived alright but it's just the same as on the website, including a .JPG logo. What use is that? The only offer was an invitation to visit the office and see 'live' trading'. Rep seemed pretty uncomfortable when told he was speaking to a 15-year manual trader, and avoided discussing MetaTrader4 indicators as used inside virtually all robots, most likely including OakFX, he wouldn't confirm or deny. Take that as a confirm, common old MAs etc. Remember it's not only the $25700 you have to come up with, there's a minimum account balance of $20000 as well, making a total of $46000. Personally, I wouldn't touch it, even with your money!
     
    #3 paulweig, Mar 10, 2013
    Last edited: Mar 11, 2013
  4. Pharaoh

    Pharaoh Colonel

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    I've taken a look at OakFx.com. Love the part that says "Low investment". :p

    Oak Fx also seems to want people to have at least AU$25,000 in the account.
     
  5. MysticNodule

    MysticNodule Recruit

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    They're advertising on The Rock radio station in New Zealand now - telling you to go to Micro Trading - OakFX microtrading platform - I've checked out the website and there's (almost) zero information on the site - just a space for you to fill out your details so they can contact you.

    I have to admit that the advert prompted me to look into the whole forex trading thing. I've done various searches on the net and there's very little about oakfx in terms of consumer reviews etc.

    Interested to know more if anybody has any experience of them?
     
  6. Pharaoh

    Pharaoh Colonel

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    There have been others like this. They have a huge upfront fee for software (sometimes pre-installed on a laptop). There's never a good excuse not to show trading records. In those other cases, sooner or later, the complaints came in from those that gave in to temptation.

    For $25,000, you could test out a whole lot of mentorships and high end trading systems. Seems like far too much to spend on something where you can't even get a glance at verified results. Take your money and run away as fast as you can.
     
  7. Whatever

    Whatever Recruit

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    I’m one of the sad buggers that purchased one of OakFX trading boxes. Long story getting worse by the day. I went to Auckland to have a meeting with David McEwen previously with IRG and now publishing the McEwen report. I was looking to invest money with him via his private wealth facility. Apparently OakFX is a part of, or associated with the Phoenix group, Davids own company. Instead of talking about his wealth management service he wheeled out some Flash Harry salesman(you know the type). He was there to talk me into the OakFX trading box, as I said too good to be true. Anyway after some discussion and a major brain fade on my part I actually purchased the thing, more on the strength of Davids reputation, and he was certainly very effusive of the product with examples of early customers doing extremely well.

    An income guarantee was part of the deal which was for 1500 dollars per month for the first 3 months. After sub par performance(quite dramatically) I contacted OakFX to note my concern and question re the guarantee. I was told that 3 months of statements were needed, the trading appeared to ramp up from that phone call but equity started to decline rapidly. To cut a long story short after the three months and equity of circa 17000 pounds equity was down to 12700. Since then I have on numerous occasion contacted the company through email and spoken to them over the phone re the guarantee, each time being told they will get back to me, the persons out of the office, in a meeting etc etc. I have been in contact with the General Manager, same response. You know the routine. I have just closed the account, I had to go direct to the trading company as when I called OakFX again, I couldn’t get past the receptionist who said “someone might get back to you by Friday.” I now have equity left of just under 11,000 pounds plus the loss of the cost of the trading box. A rather expensive lesson, one I can actually afford but nethertheless not good for the ego. Just a reminder to all, if it looks to good to be true!!!!!, This company in particular is incredibly unprofessional if not incompetent with more than a suspicion of dubious practice. In other questions only too happy to help
     
  8. Pharaoh

    Pharaoh Colonel

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  9. Ryanjo

    Ryanjo Recruit

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    A similar thing happened to myself With the equity levels started to deplete. Then my equity started recovering and my profits grew accordingly. I have traded now for 8 months and easily made $1000 / month. Found oakfx to be a responsive company including topping up my trading account $400 when i had a short fall of the guarentee in the first 3 months. So Far so good.....
     
  10. Pharaoh

    Pharaoh Colonel

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    Wow. A brand new member signed up just to tell everyone to trust OakFx with their money.

    Hey Ryanjo, care to share a statement to back up the $1000 a month claim?

    How much equity did you have to make up?

    Assuming $1k per month remains stable, how many more month until you've recovered all losses and also the $24+K you paid for the system?

    Are you affiliated with OakFx in some fashion?
     

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