Since early December last year until this week I’ve had a ‘Verified Performance’ widget tracking the performance of a live €10k account at Darwinex. This post is to explain why it got started, why I shut it down and the way forward.
Close followers of my site know that I’ve been an enthusiastic cheerleader of Darwinex, believing it will disrupt the asset management/mutual fund industry. So of course that as soon as they offered corporate accounts (you don’t go for a potential income of millions of $$ with a personal account, now do you? ) in November last year, I joined. As they say, what a difference a year makes. Long story short, I very much doubt now that the DARWIN as a product and Darwinex as a company, in their current format, will make significant progress in attracting investors and AUM. I won’t get into more details here if you’re curious you can read the posts I made on their forum or contact me privately.
While the above was perhaps 90% of the reason why I started that account, 10% had to do with making my site even more different and unique compared to the rest of the other 1M trading related sites. So after 90% of my original motivation when I opened the account disappeared, I had the following dilemma: should I continue to run it at Darwinex, move it to a different broker or close it? After debating with myself for a few days, I decided on the latter. Main reason being, I didn’t see the utility in it anymore. To those critics who would be quick to point out: ”yeah, then you’re now just like the guys you’re bashing and calling scammers” I will answer that it’s not the case. I haven’t so far and never will imply more or less overtly that trading is easy, you can do it on your smartphone while sunbathing, you can effortlessly take 1k to 10k in a year, all you need to become a professional trader is a $300 course and all other sorts of BS so ubiquitous on trading sites. Always keep in mind what Carl Sagan said: extraordinary claims require extraordinary evidence.
The way forward as I see it unless some very strong reasons will come up, I won’t start another account to show verified performance.