There have been many new evidence that FX United's Capital Guaranteed Auto Trading or CGAT is indeed a scam. Thanks to one of the reader, Anthony who commented in the blog. He made more research on it and it truly points out that FX United is a very dubious entity.
Here is his comment:
"Someone approached me with FX United and I did some research online. Here's my consolidated finding, included some points from this blog:
1. Guarantee 12% monthly return is too good to be true. Why don't someone just take up a bank loan to do this?
2. They claimed to be a NZ company, but seems like there's no NZ traffic to their website: http://www.statscrop.com/www/fxunited.com
3. Check the website for contact details, company headquarter address at: 228, Queens Street, Central Business District, Auckland, New Zealand. If you do a google map search and look at the street view, it doesn't seems like an big office. Refer to: https://www.google.com.my/maps/@-36.8493196,174.7651942,3a,42.7y,136.4h,87.44t/data=!3m6!1e1!3m4!1sduQCzUDGAzS778khL1TVrQ!2e0!7i13312!8i6656!6m1!1e1?hl=en
4. If you the number of company registered under the said address, you'll be suprised: http://www.coys.co.nz/search/?a=228+QUEEN+STREET+AUCKLAND
5. Apparently the address made into the news few years ago: http://www.stuff.co.nz/business/money/6613134/RBNZ-issues-warning-over-Auckland-firm
6. And it's available for rental: https://www.bayleys.co.nz/Listing/Auckland/Auckland-City/Auckland-Central/1680909 "
So, let's dissect his points. The first point is pretty obvious. I have already mention about it so mnay times in my blog, yet many still believes in it. So, let's start from second point.
" 2. They claimed to be a NZ company, but seems like there's no NZ traffic to their website: http://www.statscrop.com/www/fxunited.com "
The most important thing is, when I wrote the first blog on FX United, if my memory is right, the address wasn't New Zealand. It was Australia. Can anyone verify this with me?
"3. Check the website for contact details, company headquarter address at: 228, Queens Street, Central Business District, Auckland, New Zealand. If you do a google map search and look at the street view, it doesn't seems like an big office. Refer to: https://www.google.com.my/maps/@-36.8493196,174.7651942,3a,42.7y,136.4h,87.44t/data=!3m6!1e1!3m4!1sduQCzUDGAzS778khL1TVrQ!2e0!7i13312!8i6656!6m1!1e1?hl=en "
"4. If you the number of company registered under the said address, you'll be suprised: http://www.coys.co.nz/search/?a=228+QUEEN+STREET+AUCKLAND "
There have been or had been a total of 83 companies registered at that location. Out of this 83, 35 are registered and still active.
Why there have been so many company and still 35 companies resides at that location? Is FX United only occupying a cubicle to run their business. The next evidence by Anthony tells us the WHY.
"5. Apparently the address made into the news few years ago: http://www.stuff.co.nz/business/money/6613134/RBNZ-issues-warning-over-Auckland-firm"
And wait.. it's available for rental. Any takers?
"6. And it's available for rental: https://www.bayleys.co.nz/Listing/Auckland/Auckland-City/Auckland-Central/1680909"
An entire floor is available. Hope it wasn't FX United moved out of this floor.
So, don't you all think, you all should be wary of FX United? If you still believe it's not a scam and real. Only God can save you.
I do have family and friends who have invested in FX United. I am worried for them. Some of them opened multiple accounts and invested up to the max. I hope they would be able to take out their without any loses before FX United shut down. Yet, thousands others still would lose their money.
Thanks a lot to Anthony for making this research and providing the evidence.
PLEASE UNDERSTAND HOW SCAM WORKS
Read some of this links. Ignorance is what makes people easy to get cheated. Knowledge is what will help you to identify them.Please check this: SCAM 101: The Big Devil, Little Devils: Scammers at all scale to understand how people end up recruiting others even thou they knew it's a scam.
And this as well: 7 Things You Don't Know About Scam.
I have a better investment opportunity. It can give guaranteed return of 20% per month and up to 1000% per year. Check this out to understand how scam works: POTENTIAL RETURN OF UP TO 1,000% - LOOKING FOR INVESTORS
Thanks for putting up a brand new post on this subject.
ReplyDeleteI had contacted FXUnited to check either they are regulated and they say yes (Reply after a month). When I check with NZ authorities, it seems they just register as business entity. The NZ authorities asekd me to be very careful in investing money since they are not regulated.
ReplyDeleteMe too worried as family and friends and dump max deposit.
They are very daring because they do transaction online and the authorities can't take action because they don't actually have an office.
ReplyDeleteFrom the way you write, you are diverting viewers to another investment of yours 20% . I m fxunited member, i do check few months before putting my cash .
ReplyDelete1. Do check with senior member not normal member. Sometimes normal member may misinterpret .
2. If you still doubt whether it is illegal, buy a flight ticket to NZ . worth to visit before u put your hard earn money right ?
3. I already have a friend in fxunited for 2 years. so far ok.
4. Dont be greedy. If you are afraid, i m not asking you to invest all your pocket money/savings. Just put money what you think is good as savings.
5. IF you still doubt, then put all your money into Fix deposit in local banks. is ok .
6. No Force. Remember Fxunited is jus sharing. In this world, only 2 choices. BELIEVE or NON-BELIEVER. That's it. No Force.
The 20% link I gave. First of all, did you read what I have to say. Read them before you accuse me of promoting my own investment. Go read it.
DeleteYour accusation itself shows you never do proper research and don't go through thing properly.
I even wrote there, "check it out to understand how scam works".
Read till the end.
DeleteShirley Zelda
DeleteManusia yang x rajin membaca ni lah yang banyak ajak orang join scam
Baru baca tajuk dah claim macam2
Cubalah anda sendiri fly ke New Zealand😝😝
This comment has been removed by the author.
ReplyDeleteI'm writing the same answer as Shirley. Hmmm.. are both you the same person??
DeleteThe 20% link I gave. First of all, did you read what I have to say. Read them before you accuse me of promoting my own investment. Go read it properly until the end of the article..
Your accusation itself shows you never do proper research and don't go through thing properly.
I even wrote there, "check it out to understand how scam works".
Yes, I will definitely say that this is a Scam that is building itself up through paying 12% monthly returns.
ReplyDeleteThey have devised an efficient IT SYSTEM which provides transparent access to all participants.
I will classify this like any other "snowballing" scheme where they "guarantee" the security of the investors money and prove it with paying the returns promptly as a way to attract more and more investors to invest.
I HAVE CHECKED OUT THIS COMPANY AND THERE IS NO FILINGS ABOUT THE DIRECTORS NOR FINANCIAL REPORTS ETC AND THAT MEANS IT IS A BOGUS SET UP WITH NO CAPITAL.
This therefore means that the so called guarantees are only good as long as investors keep pouring in money.
THEY ARE NOT AN INTERNATIONAL REAL TIME FOREX BROKER AND ARE ONLY USING A COMPUTERISED SYSTEM DEVELOPED BY THEMSELVES MAINLY FOR THE PURPOSE OF PROMOTING THIS SCAM. REMEMBER THEY DO NOT TRADE IN THE REAL FOREX MARKET...WHAT YOU SEE ARE INTERNAL PLAY WITHIN THEIR OWNSYSTEM TO MISLEAD THE INVESTORS.
THEY ARE NOT PART OF ANY NEW ZEALAND BANK OR SUBSIDIARY OF UNITED GLOBAL HOLDINGS LIMITED. Anyway even UNITED GLOBAL HOLDINGS LIMITED in its filings for 2015 shows it is just a registered company with 10000 shares and 2 directors one of whom is an Indian lady named BEGUM residing in UK. THE company has no record of filing any financial statements as well. This makes just a worthless entity.
REMEMBER, whilst the scam is being built up the returns being paid out actually comes from the investors money and NOT FROM ANY BROKERAGE OR PROFIT WHICH THEY DONT MAKE AFTER ALL.
SCHEMES LIKE THIS WILL CONTINUE AS LONG AS THE INFLOW OF NEW MONEY KEEPS ACCELLERATING.
One fateful day when the Authorities are about to catch them, THEY WILL SWITCH OFF THE ENTIRE SYSTEM AND THIS MEANS EVERYONE WILL BE SHUT OUT FOREEVER . ITS AS EASY THAT.
BANK NEGARA HAS ALREADY PLACED THEM ON THE "SCAM ALERT LIST".
Need you guys opinion.Recently, the same guys that doing FXUnited came with another "Investment" idea. It is bitcoin trading and mining. The have almost similar concept like FXUnited where you are also encouraged to recruit people. They associate with https://bitclubnetwork.com/. Any ideas either this company legal or illegal. Thank you
ReplyDeleteHi Jaason,
ReplyDeleteThe idea of buying a share in bit coin mining pool is workable idea and have been done by many people with a group of friends or private members.
Just understand that, bitcoin mining is getting more and more difficult. A system which could process 6 Terahash per second would cost around USD2900. This system would able to mine (as of today's mining difficulty factor) around 0.018bitcoin, which is equivalent to USD 8. We still haven't factor in electricity (the system consume 3800 watt per hour), manpower cost and other costs. Let say daily operating cost per system per day is USD6. So, you earn USD 2, which need to be shared by 6 investors (if you have taken USD500 share option). I make assumption 6 people as the system cost USD2,900.
So, how much each person earns per month? USD 10, which is 2% per month.
But, they'll pay you 50%, which makes it USD 5, 1% per month, which is not bad, 12% per year.
If they offer you anything much higher than this, it probably is a scam, which runs on ponzi scheme, where they don't have any single hardware invested, and only rotates the money between members.
Now, they have member get member, similar to FXUnited, which is where it starts to get fishy. Unless they just pay you some small little rewards such as one time 5% introductory reward or something like similar.
As I have written an example in http://moneyburp.blogspot.my/2015/10/potential-return-of-up-to-1000-looking.html , anything can be turned into scam.
Why don't we forward this blog posting to BNM and see what happens..
ReplyDeleteHi, i heard FX UNITED in midst of trouble. all the payment "12% return" to investor stopped. My friend is also a victim of this scam but he still waiting for his money. According to senior members of FX, the system will back to operate in few weeks so my friend planning to withdraw all his capital money. is that possible? or if he really lost his money already and they are now giving some excuses or empty promises, what those investors should do?
ReplyDeleteVery interesting and informative blog and about the auto-trading and I must appreciate your work well done keep it up.
ReplyDeletesentiment based trading
hey..thanks for ur extensive research and for uncovering the fraud however too late for me..i've invested almost all of my savings in july, and up to now haven't received a single cent..i realized its a scam in the first month that i joined but i thought i should wait to recover my losses (i will be penalized 3% early exit fee, exchange rate MYR/USD to enter 4.2, to exit 3.7) but my plan not only failed, i lost everything..
ReplyDeleteanyway i found this blog posting from NZ writer, Gareth Vaughan of www.interest.co.nz, Denise McNabb, and Richard Smith of Naked Capitalism. They quoted "First up is United Global Holdings, trading name FX United Exchange & Trading. This entity appears to be causing mayhem in Malaysia and is poised to be struck off as both a NZ financial service provider and company having been drawn to the attention of both the Financial Markets Authority (FMA) and Companies Office. The address is actually that of a legitimate Wellington forex trading company, Forex Ltd. Its part owner, Simon Greig, says his firm first discovered the unauthorised use of its address about two months ago when a man who said he was from the Malaysian Embassy visited the office, inquiring about United Global Holdings because of concerns raised by people in Malaysia who were investing money in its schemes. There is no embassy in Wellington, rather a High Commission".
Maybe you could check it out at http://www.nakedcapitalism.com/2016/05/new-zealand-the-worlds-tiniest-international-stock-exchange-a-big-ponzi-scheme-and-other-crazy-tales-from-john-keys-financial-services-hub.html and reveal in your blog some more info about this scheme. Thanks.