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Swindle or not?

Discussion in 'Trading/Investing Resources' started by James Austin, Jan 27, 2019.

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  1. James Austin

    James Austin

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    I came across a "verified" trading account (link) at myfxbook with some interesting stats; +22% av. month and a mere 1.65% drawdown. However, the history is still in its infancy at 5 months.

    The trading team employs a non-directional (fancy!) forex strategy. And they are inviting investment in various "programs" (link). Which got me thinking......:cautious:

    What are the objective measures that I can use to avoid being swindled?

    Is the rate of return / drawdown a red flag?

    Or the fact that the "trading teams" broker is offshore, regulated in St. Vincent and Grenadines?

    Perhaps the fact Intelligent Capital's website has no phone contact, should raise questions?

    I'm grasping at straws here. Your input is appreciated.



    **btw, I have no association with the organisation in question


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  2. James Austin

    James Austin

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  3. greggles

    greggles I'll be back!

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    They are offering 3% monthly, 12% quarterly and 36% half yearly returns. I just don't see how that's possible.

    They say they use algorithmic trading with ultra-low risk and have negligible drawdowns. 36% half yearly returns with ultra-low risk doesn't make any sense. If it sounds too good to be true...

    For those doing research on this mob I have attached their Brochure to this post.
     

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  4. James Austin

    James Austin

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    You are right, it does sound too good to be true. However their myfxbook (link first post) says they are well on track.

    Future results are another matter of course.
     
  5. basilio

    basilio

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    Really ? Well then there should be absolutely no problems. Put your house your first born and your grand mother into it and in a couple of years you will sitting pretty...:rolleyes:
    __________________________________
    Every sinew screams scam. Perhaps you should check out who the principals are what there form is. Fact of course is if they were so crash hot...why would they bother using other peoples money ?
     
  6. greggles

    greggles I'll be back!

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    From their FAQ:
    They use a broker regulated in St. Vincent and Grenadines (ACCFX.com) and they won't let you use another broker. It just doesn't pass the smell test for me.
     
  7. James Austin

    James Austin

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    I agree greggles. The use of this broker raises a red flag that I havent been able to resolve.

    As for the trading performance, I cant fault it to date.
     
  8. cynic

    cynic

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    My apologies! A careless error on my part.

    Anyhow, further enquiry into (the UK firm's) chosen broker, reveals "ACCFX" to be the trading name of "Alpha Capital Markets limited", which, according to the following news article, appears to have been undergoing some changes in recent years:
    https://www.leaprate.com/forex/inst...al-markets-post-2-1-million-loss-in-2016/?amp
     
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  9. kahuna1

    kahuna1

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    Swindle /....


    I read their blurb and what crap .... seriously ... with over 30 years experience .... well I started in fx in 1983 as the trainee dealer and well ended up being head of this and that .... I would not use their prospectus to wipe even my least fav persons bum with in fear of the crap that may injure even someone I don't like.

    Report to ASIC and get them removed. Thats my objective tip.

    Nothing is free. NOT A THING ... and if its too good to be true, its going to hurt you !!
     
  10. greggles

    greggles I'll be back!

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    Alpha Capital Markets has some terrible reviews over at FPA: https://www.forexpeacearmy.com/forex-reviews/11106/www.alpha-capitalmarkets.com
     
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  11. cynic

    cynic

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    <6 months data from a company claiming to have been developing automated algorithmic strategies for 9 years!
    Perhaps it might be prudent to insist on seeing their results for the preceeding 8 and a half years before gravitating to such conclusions!
     
  12. kahuna1

    kahuna1

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    Oh read it again ...

    their whole TEAM only has 30 years experience .... holy sh$$it !! Experience is nice, track record better, but these guys are scammers .... SCAM SCAM SCAM

    What are they called ? Insult ... intelligent investors, implying unless you get scammed by these wankers, your stupid ?

    I read on ... and on and on ... its a scam scam scam ... oh your money is insured ? Insured from crooks ? Please send MONEY .... and if you don't start at over 10k ur not a member of the club not an introducer ? Sounds like a pyramid scheme gone mad.

    Is this some IQ test ? OR is it candid camera ... a joke ? No its I suppose real and it takes just a few and hey presto your money is safe in Nigeria ... NOT ... your money is GONE >>> SCAM ALERT
     
  13. James Austin

    James Austin

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    Yes, more data is preferrable; plus a trust-worthy broker.
     
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  14. James Austin

    James Austin

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    I hear you. But the blurb doesnt bother me.

    It's the lack of data and the choice of broker.


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  15. James Austin

    James Austin

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    an email exchange with IC.

    My email:

    Would you consider offering Global Prime as a broker option?
    They are an exceptional broker providing excellent liquidity, spreads etc.; see reviews.

    To be frank I cannot proceed with your current preferred broker.

    IC reply:

    OK we respect your decision.

    However please understand that we are involved in professional arbitration trading. It has taken over 2 years to setup a bespoke global liquidity structure to accommodate our trading flow. We work very closely with ACCFX in this regard and this is certainly not a "rinse and repeat" operation. There is currently over $180m under management in real funds on this structure and it is unlikely that you will find anything that matches our offer elsewhere. We are trading within the understood flow limitations of the LP's we work with and it requires inside knowledge and a very sophisticated structure to do what we are doing. We have worked closely with ACCFX and we personally are happy with their service which is exceptional, despite anything you may read to the contrary.

    Although Global Prime has an excellent reputation, it would take a great deal of additional dedicated additional testing to determine if our strategy would be effective there, added to which we would need to cultivate internal relationships with both the broker and the liquidities. This is is not something we are seeking to do at the current time.

    We are happy to answer any further questions you may have, otherwise we wish you every success in your trading journey.


    $180m! Sounds terrific, but the statement has actually increased my doubt.
    Where are the audited accounts substantiating the statement?
    Why isnt there more historical data?
    Where is the flood of internet chat about the fund?
    etc etc


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  16. IFocus

    IFocus You are arguing with a Galah

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    JA its a scam hang around markets long enough you will see hundreds of these
     
  17. kahuna1

    kahuna1

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    Oh get a real Galah !!

    I love this one so much its my new picture !!
     

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  18. James Austin

    James Austin

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    Yes, I have seen the light. :xyxthumbs



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  19. James Austin

    James Austin

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    Your bird is not as good as his. :p


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