Terrible, unethical, ignorant forex managed service.

I was scammed and mislead by forexportfolios.com All information listed in their website are false and would like them to be fully investigated.
(1) Money management issue: they reckon maximum draw down is 5% with strick money management rules, However this is totallly rubbish as I've been with them less than a week the draw down is over 80% which is HUGE ! there is no money managment rules/system in place !
(2) I was asked to open 2 more accounts after my initial one as I was explained they going to try different strategies and for capital preservation, However, all 3 accounts are holding exactly same positions and same size. This has case and massive increase in risk!
(3) Looking at the statements of each account, I found all tradesin the 3 accounts are entred and exited exactly at the same time, which means they have been using an Expert Advisor. This is very deciving and different to what I was told it's manual trade by money manager !!

I'm happy to share my painful experience with any one for the purpose of avoiding these scammers !!
AVOID AVOID AVOID these guys at any cost !
Total misconduct, negligence, lack of care and don't act for the best interest of their clients !
Such service should not be exist as it give bad name to every one authorizes and involves with them !!
How can any one explain lossing the entire $100,000 account in 3 days ! very hard to believe !
They were totally ignoring my deep concerns about the huge risk there taking and I kep getting assurance messages:
" Please don't worry, every thing under control, profits will be $45K in the coming hours" !

They need to be fully investigated, shut down completely and sued for such unethical, negligence, lack of care and misconducting behavior.
I have just asked for their performance from their website. Website very amateurish. This should have rung a bell for you as it did me.
Website has no login?? And no performance??My research shows that they are looking for traders.
Why did you not do research on them. I did and scratched them off my list when I was looking for a managed account.
Anyway, that's too late now. Recovering your money is now impossible. All you can do is rate them a SCAM.
I see they take 30% performance fee. Don't be fooled by this. Actually they might take 30% PLUS pips per trade. At $100K and an excessively large lot size, they can make a big profit if it goes bang.
Good luck and I am truly sorry for your loss.
Holy walhalla !

They lost 100k in THREE DAYS ?????

You lost all of your 100 000 dollars in your managed account in THREE DAYS ???

Please somebody ! Wake me up ! Pinch me ! I m dreaming here !

And, in the best scenario, they get 30 % PER MONTH if they happen to make a profit for you ????

And their ****ty website says " maximum 5 % drawdown per year " ???

Look...my best guess is they have a chimpanzee hitting at random on a keyboard to enter the trades. Then, when they blow your account, they say it s an unfortunate turn of events. If, by pure chance, the chimp entered winning trades, they get their 30 %.

I can guess how they steal money. Mr A opens an account with 100K and Mr B opens an account with 100K. Chimpanzee buys lets say Eur/USD for Mr A and SELL eur/USD for Mr B. After a while Mr A has a huge loss and Mr B has a huge gain ( or the opposite ). They tell Mr A " too bad " and they take their 30% from Mr B. If Mr A lost ALL his 100K, Mr B gained 100K and the crooks get 30 000 from Mr B. That s easy money.

They are not account managers:they are thieves: go to the police
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forexportfolios and IGTFX

The way they explained it to me was 3accounts 1/3 of the fund in each and they work as they trade only on one or two accounts in a conservative way and preserve 1/3 as untouched capital. All lies and misleading.

When I've seen the huge volumes on all my 3 accounts I expressed my deep concerns but they never listen and kept getting assurance messages.
Totally unethical, illegal, lack of care practice.

They are authorised by IGTFX and Varengold bank (German Bank) which carry responsibilty to stop trading and revoke POA once account hit 30% draw down. Total profession misconduct and negligence.

I spoke to few legal firms and I was told my case is very storng and such financial practices should not be existed !

Right, such misconduct should not exist, but how will you go after them in Dubai ? I dont know where you live but if you re not yourself in Dubai, your lawyer has a certain problem there. You might have to get a lawyer in Dubai.

Their offices in UK and Australia are just virtual offices: they are not really present there.

Or maybe you want to blame the german brokerage ? They only executed the orders of the chimpanzee at forexportfolios and I suppose you gave the chimpanzee a power of attorney to fully represent you. But, if your lawyer says there is a way to blame the broker, I guess he is way more competent than me.

No professional account manager would blow a 100k account in 3 days. To me, they are not just incompetent: I think it s a fraud and you should talk to the police for investigation at the same time your lawyer will start legal litigation. A professional manager would NEVER take such enormous risk as to lose ALL of the funds so fast.

I saw another post by you where you saw some evidence they used an EA. If that is true, then maybe it was only gross incompetence instead of a fraud, but I doubt it. There are indeed some idiotic robot EAs that could blow your account that way. They are robots that use a stupid martingale strategy instead of proper money management.Did your big loss happen on march 16 when the Sydney market opened in Australia ? That was a moment when a badly constructed EA could wipe your account. If they did use an EA, it was still fraudulent to sell their service as human professionals....you could just as well buy the suicide-EA yourself for several hundred dollars.
Varengold Bank and VPAG.De and VPEFXPRO and VPEBANK bank and all those Papiers Handels Banks in Germany are all frauds. An IB can download their website and use it as their own. They all look the same but the heading differs.
All the live prices are there and all. The whole tootie works as if they are FX Brokers.
They all say they are registered as "Banks". Bulldust. Stay away. I have personal experience with these "Banks"
Forexportfolios, IGTFX & Varengold Bank

Sorry guys I have not been able to come here since then.
I've been very sick for 3 weeks with nerves breakdown. it's a huge loss and a big shock :(
Anyway, after some intelligence and through investigation Varengold Bank, IGTFX and Forex Portfolios are affiliated with each other but they never admit that !
They have exactly same phyiscal address as well as same contact phone numbers in Dubai !
Now they deleted their Dubai address from their website ! ( wonder why !)
They reckon they tried to contact me to come to an acceptable solution but it's all lies and never made any attempt of that !
Contrary, I tried to contact them again and left them so many messages without any reply or answers.

These scammers should be hunted down and brought to justice !
I don't know where to go from here ? howand when forepeacearmy court will decide on my case ?!

Be aware of this company !
They are scammers.
the company have changed their website and also deleted their contacts in Dubai and Sydney.
The company is not licensed to practice in UAE, UK and Australia.
After along search and investigation I discovered that.

Be aware of this company or any other body that is affiliated with them such as IGTFX and/or Varengold bank. ALL three firms hold same physical addres, contacts and representatives.

My painful experience started back in January when Mr.Marouf ( the Varengold Bank & forex-portfolio-management) representative explained to me about the company management services and how the minimum is $100,000.
I opened and account and let them to traded for me under POA in March 2011.
Within 4 days only my entire account was totally wiped out ! it's unbelievable.
So I got totally mislead and scammed by them.

I contacted Mr. Marouf as he was the only person I spoke to, he ignored my calls and never got back to me.
I tried to contact the company but found out that the company never exist nor licensed in any country.

Avoid these scammers at any cost or you will cry big time !
You are not alone.

I don't intend to blame victims but how could you send so much money to these people ?

At least, you should have signed a contract with them. Please pulblish it so that all of us could know more about them.

I am only working with banks and I noticed that they cited a few of them on their web site.

"Borker Company : IGTFX , Alpari , Saxo Bank , Varengold Bank , Dukascopy Bank , MIG Bank ,dbFX Bank ,Vpe Bank "

Can you see that they wrote borker instead of broker ?

The above banks are very well known. Did you report this site to them ?

They promise an attempt of 120% annual return !!!!

I also noticed that it is imposssible to find on their site their real address (forex portfolio management).

Please, do not give up. At least, the banks/brokers will confiscate their IB profits and ban them.
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