Ponzi Scheme TadawulME / Exential Group:
- Thread starter samsam9000
- Start date
Guaranteed profits become guaranteed losses.
Pharaoh
Brigadier General
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Rather ironic, since only a few posts later you say you will slither back under your rock and never post in the FPA again. So much for transparency.
But look! A brand new account is created to brag about how good your services are. I'm sure it must be a TOTAL COINCIDENCE that a happy client just happened to find this thread and created a forums account for the sole purpose of endorsing your company at about the same time you withdrew yourself from the fray.
Audits/Licensing
I'm a little late to the party, but here goes.
I've been following these guys for some time, as many of my friends and colleagues have been sucked in by the promise of high returns and minimal risk. Everything about them seems fishy, but here are a few thoughts about their auditing and licensing/regulation:
Here's a link to Exential's myfxbook: Error | Myfxbook . Note that it only shows one three-month-old, $20K account, which is hardly very reassuring for a company that's supposedly been around for years and has many $20K investors. Note also that the returns posted there for previous months do not match the unverified claims on the website.
Finally, last month the myfxbook account's 'track record' went unverified for a couple weeks. During that time, the 'highest balance' shot up to the millions while no withdrawals or deposits were posted. Is this just sloppy management or something more nefarious?
Either way, not very transparent.
I have been provided with the relevant licenses/documents and would be happy to share with whoever is interested. I'm no lawyer, but here's the gist:
-A form detailing the relationship between FCI, S&S, and Exential claims that Exential is an Introducing Broker able to manage client funds solely through LPOAs.
-Exential keeps name-dropping S&S, whose Central Bank license states "Please note that this license does not permit the holder to accept deposits or manage others' funds in any form whatsoever."
-Their DED license does not mean anything except that they are an entity. As a brokerage or money managers, they would still be under the jurisdiction of the UAE's Securities and Commodities Authority, and it seems to be by-the-book illegal for them to practice financial brokerage without an SCA license, as per the SCA website.
Bottom line is that Exential/TadawulME do not seem to be audited, licensed for or regulated in any real way. Dubai is a weird place in terms of laws and regulations and enforcement, and they seem to stay under the radar and likely have enough 'wasta' to avoid any trouble with the authorities as long as they keep paying out 'profits.' They could very well even be legitimate in their dealings. However, claiming or insinuating that they are (indirectly) licensed, regulated, or even audited when they are very much not reeks of hucksterism.
If anything has been misunderstood, I look forward to Exential's prompt reply.
I'm a little late to the party, but here goes.
I've been following these guys for some time, as many of my friends and colleagues have been sucked in by the promise of high returns and minimal risk. Everything about them seems fishy, but here are a few thoughts about their auditing and licensing/regulation:
Here's a link to Exential's myfxbook: Error | Myfxbook . Note that it only shows one three-month-old, $20K account, which is hardly very reassuring for a company that's supposedly been around for years and has many $20K investors. Note also that the returns posted there for previous months do not match the unverified claims on the website.
Finally, last month the myfxbook account's 'track record' went unverified for a couple weeks. During that time, the 'highest balance' shot up to the millions while no withdrawals or deposits were posted. Is this just sloppy management or something more nefarious?
Either way, not very transparent.
I have been provided with the relevant licenses/documents and would be happy to share with whoever is interested. I'm no lawyer, but here's the gist:
-A form detailing the relationship between FCI, S&S, and Exential claims that Exential is an Introducing Broker able to manage client funds solely through LPOAs.
-Exential keeps name-dropping S&S, whose Central Bank license states "Please note that this license does not permit the holder to accept deposits or manage others' funds in any form whatsoever."
-Their DED license does not mean anything except that they are an entity. As a brokerage or money managers, they would still be under the jurisdiction of the UAE's Securities and Commodities Authority, and it seems to be by-the-book illegal for them to practice financial brokerage without an SCA license, as per the SCA website.
Bottom line is that Exential/TadawulME do not seem to be audited, licensed for or regulated in any real way. Dubai is a weird place in terms of laws and regulations and enforcement, and they seem to stay under the radar and likely have enough 'wasta' to avoid any trouble with the authorities as long as they keep paying out 'profits.' They could very well even be legitimate in their dealings. However, claiming or insinuating that they are (indirectly) licensed, regulated, or even audited when they are very much not reeks of hucksterism.
If anything has been misunderstood, I look forward to Exential's prompt reply.
myfxbook is relatively reliable when an account has green check marks next to "Track Record Verified" and "Trading Privileges Verified," as the MT4 data comes directly from the broker. Of course, the data could still potentially be manipulated from a disreputable broker's side.
The big problem with Exential's myfxbook is that it shows one 20K account that's only a few months old (whose verification status and even URL has changed on and off in the meantime, while money's been moved in and out)...not very convincing even if it is legitimate. Who knows what's actually going on there.
Pharaoh
Brigadier General
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I think MyFxBook also lets you pick your start date.
So, just trade like a maniac, get a curve that looks like a roller coaster, and pick a start date at your last low point = instant successful looking account.
What you need to see is the actual trades from the first deposit to the most recently closed trade, plus any floating losses - like the FPA's Performance Tests.
So, just trade like a maniac, get a curve that looks like a roller coaster, and pick a start date at your last low point = instant successful looking account.
What you need to see is the actual trades from the first deposit to the most recently closed trade, plus any floating losses - like the FPA's Performance Tests.
Mrs Forex Dubai
Recruit
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- 3
I hope you don't think the same as below...
"But look! A brand new account is created to brag about how good your services are. I'm sure it must be a TOTAL COINCIDENCE that a happy client just happened to find this thread and created a forums account for the sole purpose of endorsing your company at about the same time you withdrew yourself from the fray."
We live in Dubai and have been into the Exential Offices and seen licenses, and various other documents and met a few of their staff. We too have wondered about the "too good to be true" part and have looked for anything negative on the internet but have come up with nothing. This is the first bit of negativity we have seen and it is all hearsay and speculation. I can't obviously be 100% sure of anything but we have friends who have opened accounts and drawn excellent profits every month and closed accounts with no problems. and so we decided to go ahead. We have opened a few accounts and have made good profits and withdrawn the profits and the money has been paid timeously into our account.
Edgikus you say
"I've been following these guys for some time, as many of my friends and colleagues have been sucked in by the promise of high returns and minimal risk. Everything about them seems fishy, but here are a few thoughts about their auditing and licensing/regulation: ..."
Have your friends and colleagues that have been "sucked in" had any problems with their accounts or payments of profits? I would be interested to know
"But look! A brand new account is created to brag about how good your services are. I'm sure it must be a TOTAL COINCIDENCE that a happy client just happened to find this thread and created a forums account for the sole purpose of endorsing your company at about the same time you withdrew yourself from the fray."
We live in Dubai and have been into the Exential Offices and seen licenses, and various other documents and met a few of their staff. We too have wondered about the "too good to be true" part and have looked for anything negative on the internet but have come up with nothing. This is the first bit of negativity we have seen and it is all hearsay and speculation. I can't obviously be 100% sure of anything but we have friends who have opened accounts and drawn excellent profits every month and closed accounts with no problems. and so we decided to go ahead. We have opened a few accounts and have made good profits and withdrawn the profits and the money has been paid timeously into our account.
Edgikus you say
"I've been following these guys for some time, as many of my friends and colleagues have been sucked in by the promise of high returns and minimal risk. Everything about them seems fishy, but here are a few thoughts about their auditing and licensing/regulation: ..."
Have your friends and colleagues that have been "sucked in" had any problems with their accounts or payments of profits? I would be interested to know
Pharaoh
Brigadier General
- Messages
- 20,307
And ANOTHER brand new account created to defend a company after the company representative slithered away.
On top of that, more than one scam company has been known to have nice offices and pretty certificates. I don't find your post to be very reassuring at all.
On top of that, more than one scam company has been known to have nice offices and pretty certificates. I don't find your post to be very reassuring at all.
