Executive Forex complaints 1
Keywordscomprehensive training conflict of interest educational package johannesburg money marketer broker monthly fee retail traders tax implication trading account training course
Newest Executive Forex reviews & complaints
Forex scam / fraud
Executive Forex / Randburg Jhb
1. charge you R17700 to open a trading account for you - this you can do for free with any trader included in your R17700 offer you a training course... - this you only get if you in Johannesburg... they don't have infrastructure anywhere else in SA to offer the full comprehensive training needed to be a successful trader... When they "sell" you their educational package... which let me recap is "1 hour training and to open a trading account" (the training material they send you is equal to what you get free of the internet too) So not sure what you paying for.
2. When they send you salesman to convince to sign up... they tell you that you are trading forex... And anyone can do it... BULL... first lie is they don't tell you that 95% retail traders fail, second lie, they say you trading forex but you not trading forex, they sign you up with a Money Marketer broker... quick summary of a Money Marketer... "Market Maker (MM), also called a Dealing Desk (DD): MM is an artificial type of broker because it doesn’t reflect the market directly, but simply quotes prices which are similar to what the market displays. Any order you enter is processed internally and never goes out to the market. Pros: Quick execution (typically no re-quotes) Cons: Every dollar you gain goes out of the broker’s pocket and every dollar you lose ends up in its pocket = major conflict of interest. (Scary!) Third lie, they don't tell you that one of the "owners" Jonathon of Executive Forex is the broker who then contracts to an international MM, through Metratrader 4 (major conflict of interest again) but win win for him, lose lose for you! Fourth lie, tell you there is no tax implication if you withdraw winnings... well there is you need to declare it like everything else... my guess is Executive Forex know you never going cash out so they just get that out the way. Fifth lie, they charge you a monthly fee of R299 for continuous software updates... and signals... - the signals & market info you get for free on forexfactory.com and investing.com and they don't give you any software (Metratrader 4 is not theirs)...So as you can see this company is a SCAM. I am living proof of losing +- R60 000.00 since May 2016, I have had communication with regarding the above and they have just shrugged it off. I have learnt big lessons and have learnt loads about the trading markets MM & STP brokers, how the markets are manipulated and many more so the above is not just hearsay, it is hard truths. BE AWARE
The complaint has been investigated and resolved to the customer's satisfaction.
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