I am a cynical Australian lawyer, and at that moment, I was totally convinced that it was a scam. I have always held to the view that: And in this case, the FX United opportunity is better than good; it is incredible! That is revolutionary, and in my experience, is totally unprecedented.
Now, I am not an expert in this area of law - I am a property lawyer and this is the story of my investigations and is not legal advice. 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. His former colleague in NZ immediately responded: 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.
There are no complaints about UGHL on the New Zealand Financial Markets website even though there are numerous complaints and warnings about other forex brokers. On the page, you will see a search bar.
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. That is simply not the case, and will just cause confusion and the sort of reaction that the FMA has taken quite justifiably. One of the guys in my upline organisation went to Auckland to the FX United offices at 4th Floor, Queen Street - and found them there operating as expected. His smiling face is below:.
Even though this marketing structure has been operating since , and thousands of people have joined, there is virtually no internet chatter suggesting that this is a scam. Sure, there are some complaints from people whose accounts were cancelled but if you look, they are from banned countries like Nigeria.
Here is an example:. In a world where the slightest indiscretion can go instantly viral, it is very compelling evidence when a search of "FX United Scam" reveals Her is another site. This contains very many reviews. 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.
From 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. There are also sites saying FX United must be a scam because its returns are too high to be real but when you check they are just self-serving sites trying to sell their own product. Here is one site that seems to be getting a lot of hits and also a point by point answer to the points raised:.
FX United appears in lists comparing foreign exchange brokers indeed on this list, FX United is shown as 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.
List of New Zealand Forex Brokers. And I have also seen monthly statements indeed lots of them showing real money being made every month by real people. There is no problem with that! There are many testimonials on the Web from people whose lives have been changed through FX United. For instance, go to the "Testimonials" page on this site:.
FX United Testimonials - website. 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: It is wise to be cautious. So continue to watch this space! PS I am also reminded of this cheeky quote from the great Mae West: He said he had met the representatives from FX United when they were in Malaysia, and he has no doubt that they are busy working on something!
He explained to me how all major trades by FX United are effectively hedged by a counter trade, which they are in a position to place in the wholesale market ie if we buy, then they sell - so that if our accounts lose, they gain by the equivalent amount That is why FX United is in a position to top up our accounts if they make a loss.
However, he said that he did not think that CGAT was the whole story. FX United is undoubtedly holding millions of dollars, for thousands of traders, so they are in a position to place funds and earn interest on the overnight money market, and to make very large profits just from this investment.
He pointed out that if anyone is in a position maximize advantage from the the financial system for our joint advantage then it is a foreign exchange broker. However, Peter agreed that none of us fully understands all the business dealings of FX United. All that Peter could say with certainty is that they have never missed a payment on his account since he joined in August , and similarly for his boss since About the Forex or "FX" Industry. How FX Brokers Make their money.
How does FX United make so much money? How much money could I make? Is FX United a scam? Is FX United a bubble? Sign up to FX United for free. Setting up a CGAT account. How to tell your friends and colleagues about FX United. A lawyers view - the story of my investigation: His smiling face is below: Here is an example: Here is one site that seems to be getting a lot of hits and also a point by point answer to the points raised: For instance, go to the "Testimonials" page on this site: FX United Testimonials - website conclusion For me, when taken together, the evidence is overwhelming: I will update this page if I find anything more.More...