oportunis
Private, 1st Class
- Messages
- 80
Hello, has anyone heard of 3rd Party Verified Profitable Managed Forex Accounts | Best forex managed accounts
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trade-council.com
- Thread starter oportunis
- Start date
Pharaoh
Brigadier General
- Messages
- 20,310
Let's see what I can find.
They've got a review page, but no reviews:
Trade Council | PhD Investment Group | Trade-Council.com reviews and ratings by Forex Peace Army
The contact us on their website lists an address in Florida. I like seeing physical addresses, but since this is in the USA, I have a feeling that they need to have an NFA registration. I don't see one on their website and can't find one in a quick search of NFA BASIC.
The address for their website registration is in Dubai. The email address associated with it begins with "nolossguarantee". That doesn't inspire a lot of confidence.
They do say they trade using LPOAs and take a fee based on high watermark. That's good.
They don't list the brokers and ask you to contact them about the right way to open an account. If this "right way" involves using their IB link, that means they will make money on trading even if you lose. That would put your account at risk of being churned. I recommend asking about whether accounts need to be opened through their IB link. They claim to not operate as IBs, but I'd want to see these special account opening instructions to be 100% certain of this.
Ooops - got a big red flag for you. They offer an "alternate way" to open an account. They will trade a pre-existing account without an LPOA. With any legitimate broker, that's a clear violation of the TOS of almost every forex brokerage and could result in all the trades being cancelled. The very fact that they offer this calls the legitimacy of the whole operation into question.
The do offer a short free trial of their signals. This would be worth checking out.
They've got a review page, but no reviews:
Trade Council | PhD Investment Group | Trade-Council.com reviews and ratings by Forex Peace Army
The contact us on their website lists an address in Florida. I like seeing physical addresses, but since this is in the USA, I have a feeling that they need to have an NFA registration. I don't see one on their website and can't find one in a quick search of NFA BASIC.
The address for their website registration is in Dubai. The email address associated with it begins with "nolossguarantee". That doesn't inspire a lot of confidence.
They do say they trade using LPOAs and take a fee based on high watermark. That's good.
They don't list the brokers and ask you to contact them about the right way to open an account. If this "right way" involves using their IB link, that means they will make money on trading even if you lose. That would put your account at risk of being churned. I recommend asking about whether accounts need to be opened through their IB link. They claim to not operate as IBs, but I'd want to see these special account opening instructions to be 100% certain of this.
Ooops - got a big red flag for you. They offer an "alternate way" to open an account. They will trade a pre-existing account without an LPOA. With any legitimate broker, that's a clear violation of the TOS of almost every forex brokerage and could result in all the trades being cancelled. The very fact that they offer this calls the legitimacy of the whole operation into question.
The do offer a short free trial of their signals. This would be worth checking out.
oportunis
Private, 1st Class
- Messages
- 80
They recommend broker forex.com, but you can open any of your choosing. Yes, they give you their link to open in forex.com. Here is the LPOA View attachment attorney2_fx_uk.pdf
They also sent this document: View attachment conditions for accepting clients.docx you can add them to skype and ask them questions.
Pharaoh
Brigadier General
- Messages
- 20,310
Forex.com - not the greatest broker in the world, but far from the worst. If they aren't your IB for it, that's good.
1. The conditions document you attached says they may go as far as 35% into drawdown. Some drawdown is acceptable, but I'd be hesitant to accept that much.
2. The US address combined with no sign of an NFA registration is very worrisome.
3. That email address on their domain registration is worrisome.
4. Their willingness to trade without an LPOA for a few months is very worrisome. If they make money and you send them their share of the profit, your broker could later legally nullify all of those trades. Then you don't have your profit and you've sent some of the money away.
1. The conditions document you attached says they may go as far as 35% into drawdown. Some drawdown is acceptable, but I'd be hesitant to accept that much.
2. The US address combined with no sign of an NFA registration is very worrisome.
3. That email address on their domain registration is worrisome.
4. Their willingness to trade without an LPOA for a few months is very worrisome. If they make money and you send them their share of the profit, your broker could later legally nullify all of those trades. Then you don't have your profit and you've sent some of the money away.
oportunis
Private, 1st Class
- Messages
- 80
I wouldn't trade without LPOA. I'm considering to open another account with my own broker and send them to sign LPOA, plus I will ask them to sign agreement with me and them that they will stop trading if equity falls under 70%
Do you have any other suggestions, how to protect my investment? I'm looking for good, experienced traders, that would manage my money... I'm also trading and learning, but I have so many other projects that I can't focus all my energy into fx...
Do you have any other suggestions, how to protect my investment? I'm looking for good, experienced traders, that would manage my money... I'm also trading and learning, but I have so many other projects that I can't focus all my energy into fx...
Pharaoh
Brigadier General
- Messages
- 20,310
Let's see...
1. Make 100% certain that your broker will allow you to revoke an LPOA even if there are trades open. A few brokers won't.
2. If you can't find a free one somewhere, pay some EA code company to write up a script that will set off an alert if balance or equity fall below a level you define. Make sure that this can send an email to your mobile so that you will get some advanced notice if your account starts heading the wrong way.
3. Check your account frequently. Make sure the stoplosses used really will protect your account. It doesn't matter if they have a team of traders watching 24 hours a day - internet outages happen. A hard stop works even if the trader, his computer, or his internet connection doesn't. A hard stop may have slippage around major news events and won't protect you from a weekend gap, but other than that, it's the #1 way to protect a position.
4. Ask for ID documents of the trader. At least if something very bad happens, you'll be in a better position to send a lawyer or the police looking for him.
1. Make 100% certain that your broker will allow you to revoke an LPOA even if there are trades open. A few brokers won't.
2. If you can't find a free one somewhere, pay some EA code company to write up a script that will set off an alert if balance or equity fall below a level you define. Make sure that this can send an email to your mobile so that you will get some advanced notice if your account starts heading the wrong way.
3. Check your account frequently. Make sure the stoplosses used really will protect your account. It doesn't matter if they have a team of traders watching 24 hours a day - internet outages happen. A hard stop works even if the trader, his computer, or his internet connection doesn't. A hard stop may have slippage around major news events and won't protect you from a weekend gap, but other than that, it's the #1 way to protect a position.
4. Ask for ID documents of the trader. At least if something very bad happens, you'll be in a better position to send a lawyer or the police looking for him.
oportunis
Private, 1st Class
- Messages
- 80
Hi,
I decided not to test them for now. I found other traders, that are more open and use myfxbook as 3rd party audit. I will post my findings in other thread once everything is done. As for trade council I will ask them if they can open account on myfxbook so we can check if everything is as they say...
FaidaForex
Banned spammer for FaidaForex
- Messages
- 5
Are their trades automated or manual? I would only go for manual traders only if they are a very large organisation.
