• Please try to select the correct prefix when making a new thread in this folder.

    Discuss is for general discussions of a financial company or issues related to companies.

    Info is for things like "Has anyone heard of Company X?" or "Is Company X legit or not?"

    Compare is for things like "Which of these 2 (or more) companies is best?"

    Searching is for things like "Help me pick a broker" or "What's the best VPS out there for trading?"

    Problem is for reporting an issue with a company. Please don't just scream "CompanyX is a scam!" It is much more useful to say "I can't withdraw my money from Company X" or "Company Y is not honoring their refund guarantee" in the subject line.
    Keep Problem discussions civil and lay out the facts of your case. Your goal should be to get your problem resolved or reported to the regulators, not to see how many insults you can put into the thread.

    More info coming soon.

SimpliTrade.com

G

gombosg

Private
Messages
10
Hello, I have just discovered this website. They offer managed accounts and have promising live account records, but reveal little of their trading method and the website has only been up for a few weeks.

I have sent them the following letter. I will keep this thread updated.

G.

Hello!

I have some questions regarding your services.

- If I'm using my own account, how do you get access to it? Using VPS, or simply by giving away my password?

- How do you trade? Some kind of automated trading? Any manual management? What is the SL, how many positions are opened at a time? It seems that there are some big drawdowns possible.

- How do you get the fees if the money stays on my account? You request payment every month from another source?

- I see that you have live track record(s) running for almost a year, but I also see that your website has only been running for a few days. How is this possible?

- A comment, your monthly performances on the main page are mostly based on backtesting, and you do not emphasize this fact.

Thanks in advance for your answers.

p.s. I have posted this inquiry to the forexpeacearmy.com forum, I'll keep it updated so that you can get an entry there. There is also an option to put your live performance tests there.
Click to expand...
 
The myfxbook performance does make this one look more tempting than most.

It appears that they invoice you for fees. Personally, I wonder why any forex account manager would do this. It's infinitely better to have a properly signed LPOA that specifies the percentage of profit and the broker can then pay automatically.

Why does a forex account manager require 2% of your balance annually? The best payment for this sort of service is based on profits only (taking any floating losses into account).

If they don't use LPOAs then allowing them to have access to your trading account would violate your broker's TOS. This could result in all the trades being cancelled.
 
Website still up & trading, but I have received no reply so far.
I haven't found any forum discussion about it. I wouldn't give my money to them though, this is not an EA...
 
You must log in or register to reply here.

Similar threads

D
Compare Most reliable CFD broker who withdraws profits without issues
Replies
5
Views
74
cordelian
C
Mustafa Hesham
Problem FTMO SCAMMED ME
Replies
8
Views
60
Mustafa Hesham
Mustafa Hesham
shanmugapradeep
Discuss EA Makes MetaTrader slow after sometime
Replies
7
Views
263
4evermaat
4evermaat
K
Problem SEGRO TRADE The Company is not honoring their refund guarantee the subject is as follow
Replies
2
Views
48
veri5
veri5
joscespe1
Problem Be aware of AXPV.com, I can't withdraw my money
Replies
0
Views
24
joscespe1
joscespe1

Share this page

Back
Top