In Focus: OpenTrade

by Tony Clifton   [Your Program In Focus]

OpenTrade (aff) is relatively new HYIP which became popular quite fast in the last month. If you have read the Interview published few weeks you have probably noticed that there are important points which are not covered. In this article I have tried to clarify some of them and to estimate the profitability of the program if you join it now. I also included the question which our reader Propellertop suggested about the proof of trading - of course, this is the most important question :-)

First, let me directly give you the short questionnaire I sent to OpenTrade and their answers:

1. Are you registered company and if so where are you located? Can you provide some scans of incorporation documents?

We are alegally registered company in Panama. You can download our documents of incorporation within 24 hours via the following link:
http://support.opentrade.net/docs/?hash=79de9836f3a672abbf74d7ca57b561da

Our legal address is:

Aquilino De La Guardia Street
Ocean Business Plaza, 1206
Panama City, Panama

2. Is there any way that we can see some of the live trading accounts?

Unfortunately we cannot provide you with an access to our trading account for security reasons.

3. Why is the minimum investment so low?

The minimum investment is $100. The "Promotional Package" with the minimum investment of $20 is the limited time offer that is valid only until December 20, 2006.

4. How long do you plan to stay in business?

We have been trading on the Forex market for more than 4 years. We launched our online investment project on a permanent basis.

5. Do you accept bank wires for large investments?

Not at the moment. We currently deal with e-gold as the fastest and the most secure payment system.

The answer above don't give me much reasons for further investigation. Without trading proof I'll threat this program like money game. So instead of doing more DD I want to share my view on the longivity of this program. Obviously the very well created website is a big plus (well, I think they should improve the turing number image - I had to try 5 times until was able to register!). There is also valid SSL and professional support system.

I checked the Alexa rank, but unfortunately there isn't much data and a graph of the changes is not available yet. However the lack of daily anb weekly data shows that their traffic (and respectively the investor's interest to the program has not changed much). This could be good or bad depending on the admin's plans, but it shows a potential for slow and steady grow. With the reasonable variable profits they offer the program have good chance to be here in the beginning of 2007.

They definitely need to attract more interest for staying that long though. Their promotional package is a good way to try them, but it is worthless if you want to play the game for real. Probably I will aim for the Starter where the principal gets returned in 85 days. Note that the payment scheme is once per two weeks unless you want to pay commissions.

In general seems a promissing bet if you join before the end of October.

Published at Oct, 09 '06 ; read 6596 times;

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User comments:

Propellertop at Oct, 10 '06 22:47
Absolute scam. "Can't give you access to trading for security reasons" HAHAHAHAHA!!"We currently deal with e-gold as the fastest and the most secure payment system." Ya. Because most bank wires get hacked...HAHAHAHAHA!! Sorry. Couldn't help myself. It's late and I'm feeling woozy but atleast I'm collected enough to realize this one is a big fat NO WAY.
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clifton at Oct, 11 '06 01:57
"Because most bank wires get hacked" Wow, that was funny ;-) I can't disagree with your comments. Thats why I tried to estimate the timing only
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MIKE at Nov, 08 '07 19:37
WELL CLIFF IM MAKING MONEY AT OPEN TRADE AND I GET CHECKS SO THERE!
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Gbenga Alaje at Dec, 26 '07 04:49
I open account with Opentrade for just a Month ago now I can not access the opentrade website again.
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dayne anderson at Mar, 12 '08 12:37
Yow: This is one of the biggest scams ever. The site is now gone, and I can't get back my principal. I believe the are linked to another scam out of BVI. Be very careful of these web based sites that offer return like 2-4% per day. They are not doing forex, the are actually Ponzi's or Pyramid schemes. Someone at some point is going to lose all their money. Be careful people.
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