Beware of the Managed Forex Scams

By | August 28, 2014

While browsing the Forex Peace Army, I was taken aback by the fact that there are so many so-called Forex Asset Managers. Just by taking a quick glance at their websites I can say that most if not all of them (never say never) is, in reality, one of the lowest forms of scammers. It’s bad enough that there are so many self-professed professional traders who charge hundreds for worthless courses. But these guys take advantage of the naivety and greed of some people to fleece them of more than $10k. Not only that, but they give respectable traders and the forex market a bad name.

Some people believe that as long as the managed forex account is opened in their name and they don’t send money to a stranger’s account, there’s no way for them to get scammed. There are actually two ways. First one is through the monthly management fee. This is normally disclosed in advance, so there shouldn’t be any surprises. The second way and this is where it gets dirty, is through a process called ‘churn and burn’.  The manager, acting as introducing broker,  will make lots of trades because he’s being compensated with a percentage of the commission/spread of every trade, irrespective of the overall profitability of the account.

Here are the most important things you should pay attention to when looking at someone who pretends he’s an asset manager and wants to manage your money:

  • what’s the proof for the performance claims? Ignore any photos, excel spreadsheets or .pdf documents. Ask for third-party verification (on sites like Myfxbook) or audited track-records from a reputable CPA. It should go without saying that only real money accounts should be considered. The longer the track record, the better. Beware that in cases where third-rate brokers are used, you can’t trust Myfxbook. It’s not their fault if the broker sends them falsified account statements. You should also make sure that the CPA really exists. Check out their website, and contact the firm. I know that a scammer set up a website for a fake accounting firm which could fool you at first sight.
  • who are the traders? Ignore faceless, nameless traders that only go by such generic terms as ‘team of profitable traders, XX years combined experience ).
  • what’s the general aspect of the website? Does it look more like a get-rich-quick, no risks involved infomercial? Just ignore it then.

I hope you found this helpful. If you’re in doubt about a company offering managed forex accounts, leave a comment or get in touch with me. I’ll be happy to give you my opinion.

106 thoughts on “Beware of the Managed Forex Scams

  1. make money online

    Superb site you have here but I was curious about if you knew of any user discussion forums that cover the same topics talked about here? I’d really like to be a part of group where I can get suggestions from other experienced individuals that share the same interest. If you have any recommendations, please let me know. Bless you!

    Reply
  2. baixar filmes dublados

    I was wondering if you ever considered changing the structure of your blog? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having one or two images. Maybe you could space it out better?

    Reply
  3. this link

    Useful info. Fortunate me I discovered your web site accidentally, and I am surprised why this coincidence did not happened earlier! I bookmarked it.

    Reply
  4. click

    Some truly nice and utilitarian info on this site, also I believe the style contains superb features.

    Reply
  5. here

    What i don’t realize is in fact how you’re no longer actually a lot more smartly-appreciated than you may be now. You are so intelligent. You already know therefore significantly with regards to this matter, made me personally imagine it from a lot of numerous angles. Its like men and women aren’t interested except it is one thing to accomplish with Woman gaga! Your individual stuffs outstanding. At all times care for it up!

    Reply
  6. Tech In Expert

    With havin so much content do you ever run into any problems of plagorism or copyright violation? My website has a lot of unique content I’ve either written myself or outsourced but it looks like a lot of it is popping it up all over the web without my permission. Do you know any ways to help prevent content from being stolen? I’d certainly appreciate it.

    Reply
  7. Rodolfo Ciak

    There are those who engage in this type of trading without sufficient knowledge; however, there are day traders who make a successful living despite, or perhaps because of, the risks.

    Reply
  8. The Almost Done

    I like the valuable information you provide on your articles. I will bookmark your blog and take a look at once more here regularly. I’m somewhat certain I will learn plenty of new stuff right right here! Good luck for the following!

    Reply
  9. 2019 jamb expo

    I genuinely enjoy examining on this web site, it has got fantastic posts. “Something unpredictable but in the end it’s right, I hope you have the time of your life.” by Greenday.

    Reply
  10. inventhelp number

    Thanks, I have recently been searching for info about this topic for a long time and yours is the best I’ve discovered so far. However, what concerning the bottom line? Are you sure about the supply?

    Reply
  11. InventHelp Product Development

    You actually make it appear really easy together with your presentation however I in finding this topic to be really one thing that I think I might never understand. It sort of feels too complex and very wide for me. I am having a look ahead in your next publish, I¦ll attempt to get the hang of it!

    Reply
  12. MP3 Youtube

    I am really enjoying the theme/design of your site. Do you ever run into any web browser compatibility problems? A few of my blog audience have complained about my blog not operating correctly in Explorer but looks great in Opera. Do you have any advice to help fix this problem?

    Reply
  13. dj songs

    I was just searching for this info for a while. After six hours of continuous Googleing, at last I got it in your site. I wonder what’s the lack of Google strategy that don’t rank this kind of informative websites in top of the list. Generally the top sites are full of garbage.

    Reply
  14. best fitness tracker

    Great article and right to the point. I don’t know if this is in fact the best place to ask but do you folks have any thoughts on where to get some professional writers? Thx 🙂

    Reply
  15. here

    I like what you guys are up also. Such intelligent work and reporting! Keep up the superb works guys I¦ve incorporated you guys to my blogroll. I think it’ll improve the value of my site 🙂

    Reply
  16. this link

    Heya i am for the primary time here. I found this board and I in finding It really useful & it helped me out a lot. I hope to give one thing again and aid others such as you aided me.

    Reply
  17. Homeinsurance us

    Does your blog have a contact page? I’m having trouble locating it but, I’d like to shoot you an email. I’ve got some suggestions for your blog you might be interested in hearing. Either way, great website and I look forward to seeing it develop over time.

    Reply
  18. carpet cleaners surprise az

    Thanks a lot for giving everyone an exceptionally spectacular possiblity to read from this website. It’s always so pleasant and as well , packed with amusement for me and my office co-workers to search your website at the very least thrice in a week to study the newest items you have. And definitely, I am just at all times impressed with the extraordinary pointers served by you. Selected 2 points in this post are absolutely the most impressive I have had.

    Reply
  19. Autoquotesbyzip.com

    Enjoyed examining this, very good stuff, appreciate it. “The hunger for love is much more difficult to remove than the hunger for bread.” by Mother Theresa.

    Reply
  20. www.insurancenew.org

    I was more than happy to seek out this internet-site.I needed to thanks on your time for this glorious learn!! I definitely having fun with each little little bit of it and I have you bookmarked to take a look at new stuff you weblog post.

    Reply
  21. PumpsOK

    I have read several good stuff here. Certainly worth bookmarking for revisiting. I wonder how much effort you put to create such a fantastic informative website.

    Reply
  22. Logan Rotenberg

    When I originally commented I clicked the -Notify me when new comments are added- checkbox and now every time a comment is added I get 4 emails with the same comment. Is there any method you possibly can take away me from that service? Thanks!

    Reply
  23. Insurancenew.org State farm

    What i don’t realize is in fact how you are not actually a lot more well-preferred than you may be now. You’re very intelligent. You recognize therefore considerably relating to this topic, produced me in my opinion consider it from a lot of various angles. Its like men and women don’t seem to be involved unless it¦s something to accomplish with Girl gaga! Your own stuffs nice. All the time care for it up!

    Reply
  24. progressive homeinsurance

    I just like the valuable info you provide for your articles. I’ll bookmark your weblog and test once more right here frequently. I’m reasonably sure I’ll be informed lots of new stuff right right here! Best of luck for the following!

    Reply
  25. Budget Dedicated Servers

    I’ve been exploring for a bit for any high-quality articles or blog posts on this sort of area . Exploring in Yahoo I at last stumbled upon this web site. Reading this information So i’m happy to convey that I have a very good uncanny feeling I discovered just what I needed. I most certainly will make sure to don’t forget this website and give it a look regularly.

    Reply
  26. fine art gallery theme

    I will immediately grasp your rss as I can not in finding your email subscription hyperlink or newsletter service. Do you’ve any? Please permit me know in order that I may just subscribe. Thanks.

    Reply
  27. hublaa

    Good ?V I should certainly pronounce, impressed with your website. I had no trouble navigating through all tabs and related information ended up being truly simple to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or anything, site theme . a tones way for your client to communicate. Excellent task..

    Reply
  28. how to join bhim chat

    Thanks for some other excellent article. The place else may just anybody get that kind of information in such an ideal means of writing? I have a presentation subsequent week, and I am at the look for such information.

    Reply
  29. 2019 jamb runz

    This is the right blog for anyone who wants to find out about this topic. You realize so much its almost hard to argue with you (not that I actually would want…HaHa). You definitely put a new spin on a topic thats been written about for years. Great stuff, just great!

    Reply
  30. bán macbook pro cũ

    whoah this weblog is great i like reading your posts. Stay up the good work! You realize, many people are searching around for this info, you could aid them greatly.

    Reply
  31. consulta CPF

    You actually make it appear really easy along with your presentation but I in finding this matter to be actually one thing which I feel I might by no means understand. It seems too complex and extremely huge for me. I am taking a look ahead on your next submit, I¦ll attempt to get the dangle of it!

    Reply
  32. căn hộ the grand manhattan

    Hi! I could have sworn I’ve been to this website before but after reading through some of the post I realized it’s new to me. Anyhow, I’m definitely happy I found it and I’ll be bookmarking and checking back often!

    Reply
  33. bông nhồi

    I just like the valuable information you provide to your articles. I’ll bookmark your weblog and test again right here regularly. I am rather certain I’ll be informed lots of new stuff right here! Best of luck for the following!

    Reply
  34. Toxins in your organic food

    Thank you for the sensible critique. Me & my neighbor were just preparing to do a little research on this. We got a grab a book from our local library but I think I learned more clear from this post. I am very glad to see such fantastic info being shared freely out there.

    Reply
  35. lousa touch screen

    I precisely wished to thank you very much again. I’m not certain the things that I would’ve taken care of in the absence of these tricks discussed by you regarding such a subject. Previously it was an absolute troublesome difficulty in my view, nevertheless taking a look at this expert form you processed that took me to leap over happiness. Now i’m grateful for this support and then sincerely hope you know what an amazing job your are undertaking instructing the others using your websites. Most probably you haven’t met all of us.

    Reply
  36. Rapshonig

    I’ve been exploring for a bit for any high quality articles or blog posts on this sort of area . Exploring in Yahoo I at last stumbled upon this web site. Reading this info So i’m happy to convey that I have a very good uncanny feeling I discovered just what I needed. I most certainly will make sure to don’t forget this website and give it a look on a constant basis.

    Reply
  37. tấm xốp bitis

    Hello! I’m at work surfing around your blog from my new apple iphone! Just wanted to say I love reading through your blog and look forward to all your posts! Carry on the superb work!

    Reply
  38. Safephotolocktool

    Thanks, I’ve recently been looking for info about this subject for a long time and yours is the best I have discovered so far. However, what about the bottom line? Are you certain concerning the supply?

    Reply
  39. máy làm đá viên công nghiệp

    I am now not certain the place you are getting your info, however good topic. I needs to spend a while studying much more or figuring out more. Thank you for fantastic information I used to be on the lookout for this information for my mission.

    Reply
  40. click here

    Hello there, I found your blog by way of Google even as looking for a related topic, your website came up, it seems to be good. I’ve bookmarked it in my google bookmarks.

    Reply
  41. url

    It’s best to take part in a contest for top-of-the-line blogs on the web. I’ll suggest this web site!

    Reply
  42. web page

    I like what you guys are up too. Such smart work and reporting! Keep up the excellent works guys I?¦ve incorporated you guys to my blogroll. I think it’ll improve the value of my website 🙂

    Reply
  43. Gary Swinny

    It is appropriate time to make some plans for the future and it is time to be happy. I have read this post and if I could I desire to suggest you few interesting things or suggestions. Maybe you can write next articles referring to this article. I want to read more things about it!

    Reply
  44. new invention

    I’d have to check with you here. Which is not one thing I normally do! I enjoy reading a put up that can make folks think. Additionally, thanks for allowing me to remark!

    Reply
  45. Jawatan Terkini

    I just like the helpful information you supply for your articles. I’ll bookmark your weblog and check once more here regularly. I am reasonably certain I will learn plenty of new stuff right right here! Best of luck for the following!

    Reply
  46. Jawatan Kosong Terkini

    Whats Taking place i’m new to this, I stumbled upon this I have discovered It positively helpful and it has helped me out loads. I hope to give a contribution & help different users like its helped me. Great job.

    Reply
  47. Malaysia Jobs

    Wow that was unusual. I just wrote an really long comment but after I clicked submit my comment didn’t show up. Grrrr… well I’m not writing all that over again. Anyhow, just wanted to say fantastic blog!

    Reply
  48. jobsmy

    A powerful share, I just given this onto a colleague who was doing a little bit evaluation on this. And he the truth is bought me breakfast as a result of I discovered it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to debate this, I feel strongly about it and love reading more on this topic. If attainable, as you become expertise, would you mind updating your blog with more particulars? It is highly useful for me. Big thumb up for this blog put up!

    Reply
  49. human fall flat on steam

    Hmm is anyone else having problems with the pictures on this blog loading? I’m trying to determine if its a problem on my end or if it’s the blog. Any responses would be greatly appreciated.

    Reply
  50. jawatankosong123.com

    Hi! I’ve been reading your web site for a while now and finally got the bravery to go ahead and give you a shout out from Austin Texas! Just wanted to mention keep up the good job!

    Reply
  51. sewa mobil

    Hello, you used to write excellent, but the last several posts have been kinda boring… I miss your tremendous writings. Past few posts are just a bit out of track! come on!

    Reply
  52. Don Munier

    Tried to find any method of additional income and always failed until I finally found something legit: http://bit.ly/2ODt2Tt – You get 30 on all products, all you have to do is copy your affiliate link and comment on blogs, forums etc. Just register and confirm your accouunt, go to affiliate links section, copy your favorite product link and spread it all over the internet. Piece of cake!

    Reply
  53. hermes online shop

    I as well as my friends were found to be following the excellent key points found on the blog while instantly got a horrible suspicion I had not expressed respect to the website owner for those techniques. All of the young boys appeared to be consequently joyful to read through all of them and already have pretty much been tapping into them. I appreciate you for simply being so thoughtful and for using some fine topics millions of individuals are really needing to be informed on. My sincere apologies for not expressing gratitude to you sooner.

    Reply
  54. Adidas NMD Men Women Carbon Gray

    I wish to show my passion for your kindness for individuals who require guidance on this one content. Your personal dedication to passing the solution all over has been particularly valuable and has continually made some individuals much like me to achieve their objectives. Your own informative useful information can mean so much a person like me and a whole lot more to my peers. Best wishes; from everyone of us.

    Reply
  55. Auto Liker

    Thanks for some other informative website. The place else may I am getting that type of information written in such an ideal method? I have a venture that I’m just now operating on, and I’ve been on the glance out for such info.

    Reply
  56. yeezy 500

    Thanks so much for providing individuals with an extremely brilliant chance to check tips from this web site. It is usually very fantastic and also full of a great time for me personally and my office fellow workers to search your website minimum thrice weekly to learn the new things you have. And lastly, I’m so actually satisfied with all the eye-popping inspiring ideas served by you. Certain 4 tips in this posting are particularly the simplest we’ve had.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *