If you are reading this thread, it means you are worried. Worried you should be.
Exential shows all the signs of a Ponzi. Like all Ponzi’s everything is fine as long as new money is coming in.
As you have noticed since September,
there appears to have been large cash flow issues. Since that time many clients have tried – some successfully – to withdrawn their initial deposits. Many are still battling unsuccessfully to get their initial deposits returned.
The problem is there does not seem to be enough money to even pay out the monthly „profits” let alone return the initial deposits to customers asking for account closure.
History has shown, that the last phase of Ponzi schemes is usually desperate attempts to limit any money flowing out, It typically follows these steps:
1. PR – disputing any negative comments online. Issuing propaganda newsletters/emails to reassure legitimacy. Championing support and claiming massive growth, promising to be around for a long time, new partnerships etc.
2. Increasing the withdrawal/transfer fees. This means less money leaving, as they keep a larger proportion. It also encourages customers to keep their money longer and withdraw less often.
2. Limiting the amount of people who can withdraw at any one time.
RM:
Sorry, unfortunately you were not 1 of the first 25% to request a withdraw….please try again later…….
3. Introducing additional procedures/hurdles to withdraw funds and initial deposits to buy time.
Client:
I am still waiting for my withdrawal, it has been over a month?
RM:
There is a new procedure, we tried contacting you to fill in the withdrawal forms for which a mail was sent out requesting for the same.
Client:
It has now been 2 months I filled in the new withdrawal form, still no money.
RM:
Sorry we could not process the request. You signed the withdrawal form in black ink, our procedure states „blue” ink.
RM:
Please try again next week.
4. Threatening to take away this fantastic opportunity at a better life and financial freedom.
RM:
If you request to close your account you will be banned from ever investing with us again.
5. FINALLY, the dummy/showhome myFXBook account will show a
massive loss (again) but this time it will not be miraculously recapitalized as has been the case when there were losses to date.
RM:
Unfortunately our magic system failed due to the turbulent markets. You have lost all your money so there is nothing to return. You knew the risks: High reward, high risk etc etc…
Do not let greed cloud your judgment. Do not believe everything the salesmen (RM)/con men tell you – it is their job. The more contact you have with the RM the more likely he/she will manipulate you to stay invested, and they will keep your money. They are actually a great set of conmen, shame their Forex knowledge is not up to Par.
Beware of people with a vested interest – anyone with them a longtime will say anything to keep the money coming in, and to reduce the rate of account closures. People at the top of the pyramid have nothing to lose but only gain the longer this scheme is around.
You know who they are with comments such as:
„ignore the negativity…
„
„If exential clients will listen to the negative comments of non investors, they will go nowhere! High risk High profit! „
„Exential has been good to me.”
Fxfoxo “i have been with them since their beginning and i know the money will come”
For good reason, ALL legitimate investments carry the following disclaimer (apart from the above mentioned company) – think about it:
„You should not rely on any past performance as a guarantee of future investment performance. Past performance is not a reliable indicator of future results and investors may not recover the full amount invested. „
The only facts and so called proof that people involved in the scheme had, convincing both, themselves and others that is was a legitimate investment is was they were being paid back monthly "profits"..
THIS HAS NOW STOPPED. So called
"profits: have still not been paid to many of my colleagues, overdue since November 2015. Reliable, regular profits are decisively a thing of the past. People have finally stopped recommending this company to others as they had in the past.
To everyone who still believes, and those that are reassured by wrongly believing Exential is somehow regulated by ASIC. Here is what the Australian regulator warns: Link to ASIC
http://tinyurl.com/z9bujzc
It is probably too late, but everyone I know is desperately trying to close their accounts.
Exential cannot pay profit and, as expected, is also delaying the closure of accounts – Surprise, surprise.
Good Luck to anyone still involved.