The intricate nature of the Forex market is what causes the impatient ones to fall in the greedy hands of scammers. If you have $10,000 or more to invest, you will find hundreds of ‘managed Forex account providers' who are all baying for your money on the internet.
Thankfully, our job is to bring scams to your attention to save you from kissing your money goodbye instead of multiplying it.
Recently, we came across a Forex investment website called Fxofx.com, and we think it's worth highlighting a few points about this website.
First of all, FXOFX is a new managed Forex account service. It does not have a track record yet. It also appears that the service is still looking for new users to spread the word out there.
Their presentation raises questions as to whether they are seriously into giving their clients quality service.
The poor grammar, the spelling mistakes, and the overall basic website design is an eyesore to any potential investor who will bump into this website.
FXOFX uses Google ads to promote itself across the internet. Nonetheless, they have nothing to show to prove that they have delivered profits to past and existing clients.
So if you're planning to let them manage your MT4 account, you need to hold on a little bit because there's a real chance of losing money in the hands of these people.
It's basically a managed Forex account service with no track record of success. They claim to be a reputable brand yet we know very well that this is untrue.
Reputable brands are well-known websites, because people talk about them quite frequently. However, as with FXOFX, nobody seems to have noticed their existence.
Secondly, like other Forex scams that try to pitch managed Forex accounts services with unrealistic returns, FXOFX is making sure that potential clients can notice them by making promises which can't be fulfilled. They desperately try pushing their message out there using promises such as ”we will make you a 200% monthly return on investment”.
A 200% monthly return on investment is unrealistic. It shows that these people have never traded the financial markets, and are not interested whatsoever to make you a successful investor.
In fact, don't be surprised that your money won't be invested in the Forex market at all.
You see, the average investment hustler does not need any license or University degree to get money out of your pocket. They only need excellent marketing skills to convince you into a sham.
FXOFX does not even have Terms and Conditions or risk disclaimer pages, yet this is a requirement for any website that wants to operate in this niche.
There are no money back guarantees or any contract that would clearly spell out the terms and how your account will be traded.
Basically, FXOFX doesn't want anything to do with legally-binding documents. It's bad for their business, you know?
Well, if someone is asking for a minimum investment of $10,000 yet they are not willing to work within the confinements of the industry norm, you should probably run.
While FXOFX claims that they guarantee high returns with low-risk investment strategies, this is actually far from the truth.
It's not safe to do business with this managed Forex account service. You should actually do it at your own risk if you decide to proceed with them. But generally speaking, this service raises many red flags that can't be ignored.
Also, there were claims that FXOFX-managed Forex account service uses a secret ‘strategy' to trade the markets.
However, as a client of FXOFX, you are entitled to know what strategy will be used to trade your account. Anyone who intends to keep these details secret should be treated suspiciously.
Using vague statements such as ”Our algorithm strategy keep you in profit” is also unacceptable. As an investor, you should ask for more. Their answers should be precise and straight to the point.
We are actually not surprised that FXOFX is disregarding these requirements. It's quite obvious that this website is targeting new investors who have no idea how the markets work.
Even if they take your money and hide it under the mattress while making sure that a small percentage of that money is paid out to you on a monthly basis, they still won't incur any losses.
You probably searched for this information on their ”about us” page and found nothing substantial.
Well, this is the order of the day for scams in the managed Forex account niche. FXOFX managed Forex account provider does not reveal who owns the service.
Instead, the website makes claims which can only be treated as empty words. They say that they've been around for more than 15 years developing and implementing more than 300 trading strategies. Really?
Their second most important claim is that they make huge profits with minimal risk. However, when you consider one of their packages, they say that draw down can reach 30%— which is quite high.
There's absolutely nothing in terms of track record which would justify their 15 years existence.
The same applies to their imaginary trading strategies. Someone who has built 300 trading strategies won't have any problem naming one or two, don't you think?
Anyway, the website is owned by Fuad Alkawsi and was last updated on 2017-03-28. We presume that this is the date when the new owner took over the domain (since fxofx.com was registered in 2011).
Take those red flags seriously because FXOFX managed Forex account provider does not have elements of an authentic managed Forex account provider.
If poor grammar and spelling mistakes does not bother you, then consider the fact that FXOFX does not have a track record or user reviews that would shade some light on their level of service and reliability.
Also, consider the fact that this website is selling nothing but empty hype. A return of 100% or 200% does not sound realistic. It's just too good to be true, hence you should not believe them.
Thirdly, we are a little bit uneasy with this service because FXOFX is still a new managed Forex account provider. This account manager has deliberately chosen to breach industry rules since their intentions is to scam novice investors.
Skipping a risk disclaimer page or a terms of service page is a serious offense in this industry.
The reluctance to reveal who owns the website is a grave mistake because it's your right to know who will handle your money.
Also, with such a basic website design, it's hard to convince anyone that this managed Forex account provider is serious about their business.
FXOFX is sort of a scam managed Forex account provider. This asset manager does not have what it takes to compete with well-known fund managers on the Internet.
Also, the fact that FXOFX doesn't add professionalism to this service should make you think twice before donating your hard-earned money to them. A fund manager who prefers to keep an anonymous profile is definitely a scam artist. In fact, it makes a lot of sense to train yourself or use Forex Expert Advisors instead of letting a managed Forex account provider like FXOFX handle your account.
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Thank you for revealing the true nature of FXOFX. They have scammed my friend before, when ever we try to communicate with their customer care service, they would not say any encouraging words to us.