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Offshore Forex - Scam Managed Forex Accounts?

By Tony Clifton [Your Program In Focus]

When talking about managed accounts, people usually say that it's impossible for you to be scammed. And I agree this is true because the account manager cannot withdraw your money.

Another thing that I always say when talking about managed accounts is that they fraud-free only when you really invest in a managed account. What could this mean?

Let's see what Offshore Forex have to offer you:

  • Very low entry starting at only $2,000. Cool! Most managed accounts will ask you for at least $10,000!

  • Professionally managed. No robots? Great!

  • Efficient and fast payment facility via e-gold or bank wire transfer. E-gold, how convenient. Maybe they are trading in Marketiva?

  • Average Annual Return since 1996 - 157.5 %. Wohoooo! That's much better even than GalleonFX!





Does it sound too good to be true? Yes. And when something sounds too good to be true it usually... is not true.

If you create an account in Offshore Forex you will see there are standard hyip-like links. Deposit by e-gold, Deposit by wire, Withdraw by E-gold, Withdraw by wire etc. Huh?! Where do you deposit these funds? Any broker details, any contracts and other documents to submit? No!

I have contacted them to ask why is that so, which is the broker I need to deposit at and so on. Of course I got no response. SCAM!

Do you want more? See their referral offer. They pay 2% referral bonus from your referrers deposit. Usually the real managed account offers pay their referrals (if they have referral offer at all) a percentage of the profits. Why? Because they don't know how much and if at all profits will be made from that customer.

Let's see more red flags. Their site is hosted on a cheap crowded server and their domain name is registered with the anonymous service of KatzGlobal.

My humble advice is to stay far away from this doggy service. I hope they can notice this article and come to address the issues. But for me, this service is a total scam.

If you are interested in real managed forex account, better check this review.

Published at Jul, 06 '07 , Read 10598 times.



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User comments:

makila at Jul, 15 '07 03:52
People say they cannot be scammed by a real MA. What they forget is that the trader of a MA earns commission on every profitable trade. So the trader may not care about the performance at all and use the MA as a testlab, to simply trade at an insane 1:500 leverage with full lots. If he looses and whipes out one of the MA's...so what it snot his money...If he makes a profit, cool... So be carefull, altough the money cannot be stolen suddenly extreme *losses* with MA's are possible.
Reply to this comment
clifton at Jul, 15 '07 10:53
That's true, Makila, thanks for the input. Only a small corections, the MAs usually earn commissions only if at the end of month or quarter there is a profit. But as long as Offshore Forex is concerned, I don't think they are managed account at all
Reply to this comment
reddy at Sep, 07 '09 09:12
Hello. Do you have information about http://www.jimmyprofit.com Please had some review for reference
Reply to this comment
clifton at Sep, 12 '09 05:38
Hi Reddy, I have not heard anything about them. Be careful with any managed account, they rarely care about making you profits.
Reply to this comment

 
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