Ponzi Scheme TadawulME / Exential Group:

Guaranteed profits become guaranteed losses.
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.

Well, it is a relatively new post and if people want to post to comment they would have to create a new account to do so.
 
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 We have opened a few accounts and have made good profits and withdrawn the profits and the money has been paid timeously into our account.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

Paying you profits does not a legitimate company make, especially when it's a company as new and insanely fast growing as Exential. How else would a naive investor recruit their friends in good conscience (well, besides the incentive of a reduced profit withdrawal fee for each new recruit, of course)?

You said you've been to the offices and seen the licenses and documents. Anything to add to the ones I addressed above? Strange that they wouldn't flaunt their licensing if they were completely above-board...that would sure be a good selling point that would help with a lot of this 'hearsay and speculation!'
 
Hi Guys,

So here's what i got... since some of my friends are really insisting me to open an account with them.. so i did but since i do not have $20,000... they have advise that we will spilt it up so we did with the condition that we will spilt the profit... now filling up the paperwork was easy they email it to you, you fill it up scan it and send it back to them... done thats it... i really thought that since it involves a lot of money you will go to there office signed the paperworks shake their hands and they will say, thanks for investing with us, sadly that didnt happen... after emailing back the paperwork and wired the money to their account it takes 3-4days for them to activate your account.... once activated they will send you the log in and password for your account and trading will start on that day, i really thought that you can see the live trading on your account but to my dismay you will only see today's trading the next day.. you will just see how much profit yu had from yesterdays trade, it was just really simple balance sheet... opening price, closing price date, time, trade type,number of lot and the profit...

It was really nice looking at your profits growing each day, it makes me think "wow, is this for real"... then at the end of the month i said its time to withdraw the profits.. i just realized that when we looked at at monthly profits it wasnt the correct figure that i saw yesterday, then i called them and they said that on each trade profit.. my share will only be 60% and the 40% will be the company share they called it "performance fee", but 60% is still 60%...so we did withdraw our profit and there wasn't any hassle at withdrawing it at all they will charge you $25 local bank and $50 for international bank withdrawal... so far i would say is good as long as the profits keeps coming in...

i will let you all know if some problem pops up...

cheers for now....
 
Good day all,
I went through this thread and found out that we as investors in exential group know nothing about the company.
I too hold an account with this company for a year now and have been receiving profits regularly until a few months back I had a few issues with them which was resolved after visiting their office.
Certain employees of this company know very little to nothing about the forex business or exential group as a whole.
Some of their relationship managers are unaware of certain procedures and on visiting their office I got a feeling of walking into a rather posh back office rather than an office which handles business worth millions of Dirhams.
Office layout and furniture - 10/10
Professionalism of staff at the office - 4/10
I don't know what kind of trades are they doing that is giving a consistent growth of 100% a year.
However I am happy with the profits I have received in the past year and have recovered my initial investment.
But the question still arises, how long will it continue till it goes bust(which I hope it doesn't).
Another thing that I heard was they are planning to come up with another investment plan whereby we would be asked to invest USD50000/- to get higher rate of returns compared to what we are getting now.
Lets see where it goes.
If anyone has any info on this company, do update us.
Thankyou and have a nice day all.
Regards
C450
 
Hi C450

thanks for the info, its really quite odd that some off their staff doesnt really know the company. it seems like this company is on a stealth mode, their website is not actually updated its just like having a website for the sake of having one. my relationship manager have not invited me to their office even when i opened my account with them its all email and phone calls. normally investments with this amount should be done properly in the office and with all the legalities.

who did you meet in their office? have you met the owner Mr. Sydney Marshal Agnelo? what was the issues you had with them?

i do agree with you that some of their relationship managers are not fully aware about their job and the company and even how the business goes. i know we are receiving those profits monthly but i still have some doubts with regards to the security of our investment. exential is not transparent, their september monthly result is still not posted on their website im not sure why?

do you know which institute here in dubai, where we can confirm the legitimacy of exential? this is just to take away all our doubts and maybe invest more with them in the future?

thanks
zyzy
 
hi c450,
thanks for your info, can you please advise what issues you had with them? so that in the future i can avoid it.

thanks
zyzy
 
hic450,
i also agree with you that some of their relationship manager are not knowledgeable about their company and how it works.
they told me that there will be no trades during weekends and public holidays since their system needs to rest, but when i saw some of the trade result some of them falls on weekend, well anyway have met the owner Mr. Sydney Agnelo? with the issues you had have they asked you to visit their office or you just went there straight?
any info you can share will be appreciated.

thanks
zyzy
 
Lets meet.

It seems to me Exential doing the trading under FCI Markets, which it looks an OK company. (fcimarkets.com)
FCI market is a company which does all financial services, and Exential uses their platform (Software). Now, FCI is licensed under the Financial Services Commission "FSC" under the security and investment Business act in the British Virgin Islands "BVI" under license No. SIBA/13/1042. But, that doesn't mean anything, because it not regulated by anything here in the UAE! I believe since the company is in the UAE, they need to abide by UAE laws and regulations, not other countries.

S&S Brokerage House has a business agreement that enables Exential to solicit customer for commodities and FX trading for FCI Markets.

If you live in Dubai, let's meet and we can have a cup of tea or coffee and i can share what I know.

yes, I have the documents




1- Commercial License 671909 issued in Dubai & dated back to 07/06/2012 under the name Exential Mideast Commercial Brokers LLC.
2-Letter of S&S Brokerage House links both FCI Market & Exential Group
3- Letter of the UAE Central Bank declares & authorize S&S Brokerage House to conduct intermediation in dealing in currencies as well as inermediating in money market transactions.

...DED lists 671909 as: 671909 "Financial intermediation Activities auxiliary to financial intermediation / Loans & Overdues Rescheduling Services"

Sounds like a loan collector to me. Is this their DED License number or the category that they originally set up under.

- And if I understand you correctly, Exential is using S&S Brokerage (a different company) to do their trading?

- Do you have copies of the licenses? The UAE Central bank letter? The S&S Link?

Thanks[/QUOTE][/QUOTE]



Lets meet in Dubai and share the info, what do you think?
 
Good day all,

With regards to the problems I had with them, which have now been resolved, my concern is in the way they are being handled.
Firstly, 9/10 times the call center agents have little or no clue how to handle the situation and most of the times the phones are not even being answered.
Anytime you ask them to speak to someone senior, they are apparently all in meetings.
And I myself had to go to their office to solve my withdrawal issues.
At first it didn't come on the specified time frame of '12-15 working days' and then when it did come, it came through and ATM Deposit !
To which they were supportive in saying they had had issues with a few clients accounts during the phase from JULY/AUGUST.
However its back to normal and I am receiving my profits on the said time frame.

I was having a chat with a friend who gave me an instance whereby his profit was not sent to his account and he kept on calling them to solve it.
Eventually he had to go their offices where he was adamant the issue be solved.
However the problem was solved whereby Sydney gave him his profit in hand in the form of US Dollars.

Another thing I found out recently was that apparently they have some very high profile individual from Abudhabi who is involved in this company and that's probably the reason Sydney is most of the times in Abudhabi in 'meetings.'

On digging further I also found out that the owner of the company is apparently a citizen of USA, but his identity still remains a secret as to what it his origin and name !

This company is doing very good as to what I have seen in the past 3years, but how long it sustains it yet to be found out.
Lack of transparency is making me dig more into the company.

Regards
C450
 
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