Sent email to client services regarding the national news paper issue and got this reply ....
Dear Valued Client’s,
Greeting’s from Exential!
We at Exential would like to give you an understanding about the controversies that have arisen which refers mainly to Forex companies. We would like to give you a clear understanding on all the false accusations against Exential Group or misunderstandings as to how the forex market operates, that exists in the market. Find our explanations in red.
DUBAI // Amateur investors are being targeted by financial conmen offering to double their money in foreign currency exchange trading. In fact, financial experts say the “forex” funds don’t exist: they are Ponzi schemes, in which new investors’ cash is used to pay returns to existing investors, and could collapse at any moment.
Exential has and is very transparent with their clients as to how the investment operates and how you could verify trades on a daily basis. All licenses and documents are presented to clients during the first meeting to show how legit this investment is.
Meaning of Amateur investorsAn investor who deals in securities but does not do so professionally.
We have been accused of targeting only cabin crew specially from EMIRATES AIRLINES since its mentioned that they have no clue about forex markets. We at Exential have investors from various sectors like Government organizations, media, professional traders, bankers, hospitality industry, oil and shipping companies, etc, which covers 90% of Exential Clients, so does that mean that all are Amateur investors?
We don’t think so, would anyone trust their 20k, which is their initial investment without verifying the company operations or legal documents? How can Exential pay profits from new investors?
For example Exential exist in the UAE for about 6 years and we have number of clients and 99% of the clients initiate withdrawals monthly, we do not open that many accounts in a month to pay clients who exist for 6 years, it’s impossible, therefore legit trading helps us pay clients.
Exential does not pay commissions to clients to refer business unlike other so called forex companies, who take commissions to refer and pay other clients with their money. We do not see Exential collapsing since we have our experts trading and making sure we make the money for our clients, which can be verified on
myfxbook.com
“I could probably find 40 in a couple of hours, just in Dubai,” said Sam Instone, chief executive of AES International financial advisers. “If they are allowed to get away with it, these kind of get-rich-quick scams will thrive.
How can someone say Forex does not exist, when it’s evident everywhere. Forex trading market is the place where a huge volume of capital is involved. Forex exists for smooth functioning of exchange of goods and services between different nations. Forex trading is a worldwide online business. Forex market has a significance role in the world’s economy. There are a lot of international currencies worldwide to trade and to change the currency to pay and get money for goods and services, forex plays very important role. The worldwide payments for traders and investors must be capable, liable and safe, which is possible due to forex market.
According to Hartley Withers, “Forex is the art and science of International monetary exchange”. Forex exists in all banks across the world. Every bank has a Forex department that functions in lines of transferring funds internationally.
The foreign exchange market (Forex, FX, or Currency market) is a global decentralized market for the trading of currencies. In terms of volume of trading, it is by far the largest market in the world. The main participants in this market are the larger international banks. Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies.
Exential Group has been in the market for the past six years and has been consistently delivering returns by trading on an online platform provided to us by FCI Markets Inc.
FCI Markets is one of the most advanced Financial Service Providers in the market. FCI Markets is regulated by the Financial Services Commission of the British Virgin Islands under the license: SIBA/L/13/1042. This article speaks wrong, that the clients’ money is sent to BVI, which is false, it can be proven that all client funds are transferred to bank accounts in U.A.E. and not to B.V.I. FCI Markets Inc. operates in Dubai Al Garhoud.
Financial Markets offer an opportunity to individuals and Corporates to trade and profit from the daily fluctuations in the prices. FCI Markets INC. provides an online platform to conduct these trades at low transaction costs and at a prices that reflect supply and demand. We facilitate 24 hours real time internet trading through competitive products, giving customer direct access to the global Financial Markets.
About S&S:
Sands Brokerage house is presided by the Royal Family of Abu Dhabi H.E. Sheikh Abdulla Zayed Saq Al Nahyan. Started in 2003, SNS has been acting as facilitators and providing license to investors and traders to trade in foreign currencies (Forex), CFD’s (Contract for differences), Financial Derivatives, Commodity Derivatives etc. They are directly licensed with the Central Bank of UAE. It has been clearly mentioned on their license that they cannot accept or manage clients’ accounts as they are the license providers hence they have their own financial arms known as Brokers. This information can be verified on the Central Bank of U.A.E. website.
“To the poorly informed, they look genuine. It catches out a lot of people. I hear heartbreaking stories from people like teachers who are often targeted.” One fund company, with offices in Dubai Media City, promises a return of 110 per cent on an investment of as little as US$20,000, less than Dh75,000.
Exential has a broad range of client base coming from various industries. Exential does not cater or target only one segment of the market. No one in the history of Exential existence can speak of heartbreaking stories, as we have a clean history of returning all clients initial investments along with their profits. So we are sure this statement has been confused which is related to the so called companies who don’t even have offices in the UAE and some who have lost money is companies in Dubai, as they have been walking to our offices and asking for help, Exential choose not to name any companies or target anyone but rather work hard to improve our own services.
“$20,000 for an investment fund like this is particularly low, that is the attraction. Usually the minimum deposit is nearer $100,000, and pays just 7 per cent a year. “Offering 110 per cent a year is phenomenal. It is too good to be true, so I got out quickly.”
In the above mentioned statement the writer has a misconception on how the banks and the Forex market operates. Forex is a leveraged market and Trillions of dollars are traded every single day. One can open a trading account as low as $500. There are different types of Managed accounts with varying initial investments. I am sure many have tried this greed factored investments in the last 12 months and have got burned too.
Brett, an investor from New Zealand, closed his accounts because he had doubts about the legitimacy of the company. “I asked key questions like how to view live trades and why it took so long to get the money back once accounts were closed,” he said. “They didn’t answer these basic questions, so I closed my accounts.
www. myfxbook.com sponsored by FxPro is a third party verifier which verifies our trades and our performance on a day to day basis in the forex market. It is a website that gives you a glance at the trading history where each and every trade is verified. A client can view how much profits we generate on every account of USD 20,000. This can be viewed on the “Monthly Analytics” option by selecting from the dropdown the “Profit” option on the website. Based on the Performance fee system we charge 30% to 40% to our clients if we make a certain profit per month. This has been mentioned in the contract that the client agrees to. We have been very transparent to our clients and also our investors.
So we guess our New Zealander client has misunderstood the product or could be referring to some other forex company.
This is the verification website as how you could see Exential Group performing for its clients under the Multi Account Manager (MAM): myfxbook.com/members/ExentialGroup/exential/1097184
“Offering 110 % a year is phenomenal. It is too good to be true, so I got out quickly.” Even then, he had his deposit returned only after he threatened to contact regulators. “The fund managers were fine at first and paid back my first account,” he said. “But on my second, the communication broke down.”
“I heard nothing and after 35 days I was getting worried,” the investor said.
“I sent them an email and told them I would contact the authorities at Dubai Multi Commodities Centre and within five minutes I had an email and the money was returned the same day. They try to hold on to cash for as long as possible.”
Exential does not force clients to invest or retain their investments with us. There is a clause in the agreement whereby the clients have a right to close the trading account at any point of time and claim their capital investment of USD 20,000. If the clients are not confident with their investments with Exential, they are free to reconsider their decision of investing. We at Exential do not entertain threats or bad attitude, as we help investors, we have a history of closing clients’ accounts who have threatened the company for whatsoever reasons. So why should we be scared. We do not hold on to cash as long as possible, we try to pay off clients as quick as possible if all is functioning well at the banking end. But we are glad that Mr. bratt got all his money which he was worried about.
Alina, a former cabin crew member, also invested with the fund, which told her its core business operated from the British Virgin Islands.
“Because the money is held in BVI, it is easy to freeze and transfer to anywhere in the world,” she said. “This is not regulated and it is not a reliable investment.”
She withdrew her investment after reading warnings about the company on an online chat forum for airline staff, but she said many of her colleagues had risked their life savings.
“Many are not financially educated, all they see is their friends making money and they want to join in.”
Alina was also concerned when the fund manager told her it would take up to a month for her to withdraw her cash if she wanted to close her account.
“As soon as you have opened an account and deposited the money, customer services are very difficult to get hold of,” she said.
As mentioned earlier, FCI Markets are only licensed in the B.V.I.
They do operate here in the UAE under the S&S umbrella with funds transferred within UAE by our clients.
There is a clause in the agreement which educates and has been agreed by the clients about any request received for the “Termination”. It clearly states that the client has the right to terminate the agreement and close the trading account, by giving Tadawul ME 20 working days’ notice period by sending an e-mail to
withdrawals@exentialgroup.com specifying the date and reason for termination. Tadawul ME assures your initial investment i.e. USD 20000 and profits available to be transferred to the bank account registered with Tadawul ME, within 20 working days after receipt of your closure request, via email only.
20 working days totals up to approximately a month; (excluding weekends and public holiday). Alina might have received her funds within the timeframe specified in the contract. We wish Alina would make more efforts in talking to us or visit our office to get the right information or read the contract she accepted well before her investment with us.
William Messruther, group manager at the Continental Group of financial advisers in Abu Dhabi, said some of his clients had asked him to withdraw regular savings to invest in what they believe are forex schemes.
“This could all disappear tomorrow. No one even knows where their money is going,” he said. “It is not a case of if they will collapse, but when. Some people know the risks but are still happy to invest. It is dangerous. The bottom line is people are greedy.”
Exential Group has always educated our clients on what mode of transfer is accepted. The clients are therefore aware that cash deposits are not accepted, instead they are requested to transfer the funds from their personal bank account to any of our bank accounts. So here the client knows and proof is given as to where the money is gone. No one would risk their life savings for greed.
To operate legally, fund managers must be licensed by the Emirates Security and Commodities Authority and the Central Bank. Legitimate websites will clearly state the name of the regulator that oversees their work, and details of their commercial registration and trade licence.
Our licenses (Exential Mideast Commercial Brokers LLC/ Tadawul ME/ Exential Mideast Investment LLC/ FCI Markets Inc./ S&S Brokerage House) have been provided to our clients/investors upon request. Clients could further view whether S&S Brokerage House is legitimate and verify the same on the Central Bank of UAE website.
Having read the article, we conclude that the writer has a very limited knowledge about FOREX markets and how it operates and secondly he has not done his homework well on Exential, and has rightly picked statements from forums, discussed by people who have no identity. When the writer had mentioned his email id on a forum saying he was doing a study on forex scams in the UAE, some of our clients met the writer to know more about his thoughts and in turn spoke about their good experience with Exential and how legit this business is. But seems like the writer had made up his mind to target Exential with false statements. Exential group always mentioned saying we do not want to be a part of any forums but would prefer people walking up to our office and get their doubts cleared.
We will definitely visit National office to educate them on this business and investment. There are almost 2-3 so called Forex companies within the UAE, who are discussed on various forums and chat rooms, most of the companies have lost money while trading for many clients, and not returned the initial amount of investment as well, which can be proven and spoken by our clients and friends who have bad experiences with them. Whereas Exential has a history of giving back the entire investment along with the profits to all clients, when requested, and has a clean history and that’s why we do not get surprised why we are targeted on such meaningless forums and chat groups on social networks.
The article published in “The National” is based on experiences of only 3 clients and we have more than 3 clients who has visited the journalist and given a good word about exential which the journalist chooses not to publish. It is in the best interest of clients who have any further concerns or queries you are free to contact us or visit our office and be rest assured that you will be assisted.
We definitely do not claim this article towards or against Exential or state that The National has written about us, if it was directly directed to us our name would have been mentioned. Above we have explained as to why this article could not be related to us as we do not operate in the manner mentioned by the National and we will visit The National to explain about the way we operate.
Coming soon!!
Message directly from the Directors desk
Newsletter January 2016
Thanks and regards
Exential group
