Beware of forex money managers that operate like fxwealth.co.uk

Fraud can come in some pretty packages these days, complete with promises of wealth and all tied up with a bow of convenience – just fork over your money, and they will take care of everything, while you dream of how you are going to spend your jackpot. NOT!!!

At ForexFraud.com, we are forever warning our website visitors of the many varying flavors of fraud, from Ponzi schemes to you name it. The latest fraudulent activity that is sweeping the globe in increasing regularity is the phony money manager con game. We have recently received messages from an individual that lost £800 at the following website address: http://www.wealthtradefx.com. We do not know the details of how the loss came about, but we do know the warning signs that popped out when we took the time to review this money manager’s proposition. Would you get suspicious at these red flags?

• There is no address to be found anywhere on the website. The “Contact” section solicits your email, but that is about it – again, no address or phone number disclosed.
• The website only has four tabs, with no “About Us” to reveal anything about the management team.
• The site proclaims “Real Trading Results” and that they charge no fees. They are 30 experienced traders that only make money when you do, i.e., they will share any gains “37/63” – you get the larger portion. All you have to do is send them your money and “mirror” trading will occur automatically.
• The only “Terms” given is the typical risk warning that appears on all forex/CFD websites. We suspect that your email will give you instructions on how to send money and open an account, since no information is provided on the website.
• They also claim that they will provide a “Trade of the Day”, one that they are using to trade millions of pounds in the market on any given day. The site only has four such trades listed, the first one back in May.
• The site, though minimalist in nature, is still rife with errors in spelling and grammar.

Would you send your hard-earned capital to these guys? You can almost see someone laughing on the other end, while trading your funds on fictitious losing trades, pocketing your account balance, and reporting back to you that you need to send more money. Are these guys on the level? There is little evidence to suggest as much. The lesson is to be suspicious and to do your due diligence, no matter how convincing a money manager’s pitch may seem to you. Alas, you are your first and last line of defense against fraud.

Chris Lee

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.