How does FX United make so much money? How much money could I make? UNTIL FURTHER NOTICE I CANNOT RECOMMEND FXUNITED. THE NEW ZEALAND REGULATOR HAS ISSUED NOTICE THAT THE COMPANY WILL BE REMOVED Cgat forex scam company THE REGISTER ON 17 JUNE 2016 UNLESS AN APPLICATION IS MADE TO HAVE IT REMAIN.
ALL MAY BE OK IF THE APPLICATION IS MADE – BUT UNTIL 17 JUNE 2016, I WOULD NOT PLACE ANY FURTHER FUNDS WITH FXUNITED. A lawyer’s view: when I first heard the FX United story, it was presented by a fast talking Malaysian businessman who spoke about Ferrari cars, million dollar incomes and living a dream lifestyle. I am a cynical Australian lawyer, and at that moment, I was totally convinced that it was a scam. But I have a good eye for risk, and I do know where to start looking. So I hit the web to check out whatever I could find, and I also asked one of my associates, who is from New Zealand, to ask around his former colleague in the financial regulatory space in New Zealand. The conclusion we came to is this: FX United could be a scam, but we can find no evidence to support the suggestion that it is.
In fact, the further we investigated, the more it all stacks up. Please keep in mind that holding a financial services licence in New Zealand is not the same as being registered as a forex broker, and does not mean that FX United is subject to close scrutiny or is endorsed by the NZ government agencies. Registration is simply a formality for financial service companies. NZ Ombudsman UGHL is registered on with the NZ Ombudsman for resolution of disputes, and there are no records of disputes. On the page, you will see a search bar. Search, for example search “FX” or “forex” and you will see dozens of warnings – but there is nothing under “FX United” or “United Group Holdings Ltd”. However all this says is that the FMA does not endorse FX United – just as it does not endorse ANY broker.
It appears that the warning from the FMA arose from an overenthusiastic post from a Malaysian Facebook page, which apparently stated that the FMA endorsed FX United. The statement has naturally been removed. We need to be very careful when telling people about FX United that we do not say more than the facts. It is wrong to say that a Government Agency such as the FMA is standing behind FX United, or that it regulates its activities. One of the guys in my upline organisation went to Auckland to the FX United offices at 4th Floor, 228 Queen Street – and found them there operating as expected.
Note: the office has now moved to Level 9, 86 Victoria Street Wellington, 6011 and I understand that FX United is also fitting out a large new office in Manilla which will be completed in May 2016. Even though this marketing structure has been operating since 2013, and thousands of people have joined, there is virtually no internet chatter suggesting that this is a scam. There are a couple of people whose names appear over and over again who seem to be waging war on FX United, but apart from those few, there are scores of very happy members whose lives have been changed. A COUPLE OF NEGATIVESFrom what I can see, there is no NZ resident director, which would normally be required for an NZ financial institution.
Also, I cannot see any evidence that funds are kept in a separate custodial account. For instance, my US Broker arranges trades for me, but my funds are held in a separate custodial account. What this means is that if FX United goes out of business, the money held for me by FX United could be at risk. 16 in the world on volume. It does not surprise me that FX United is growing, because its model for introducing new traders seems to me to be by far the most advanced in the market.
There is no problem with that! There are many testimonials on the Web from people whose lives have been changed through FX United. For me, when taken together, the evidence is overwhelming: Nothing I have seen tells me that FX United is a scam. In fact, I am coming to the conclusion that it really is what it claims to be: the most incredible leveraged investment and business opportunity that I have ever seen. It is wise to be cautious.