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Warning: Offer of Foreign Exchange Trading System by Phoenix Forex Limited

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  • Warning: Offer of Foreign Exchange Trading System by Phoenix Forex Limited

    The Financial Markets Authority (FMA) has issued a warning to the public about Phoenix Forex Limited and the Oak FX foreign exchange trading system.

    FMA believes that Phoenix Forex’s claims about the level of returns made by its trading system are untrue, and that Phoenix Forex is misrepresenting the profitability of, and risks associated with, its trading system. Investments promising unusually high returns are often not legitimate offers. FMA urges caution by anyone considering dealing with Phoenix Forex.

    Phoenix Forex is providing access to a foreign exchange trading system. Under this system, the investor opens an account with a third party broker and the investor’s account is traded for the investor using algorithmic trading software. Phoenix Forex undertakes extensive advertising, as well as making unsolicited cold-calls to potential investors. FMA understands Phoenix Forex requires investors to pay a substantial up-front fee of up to $25,700 to subscribe for the system.

    Phoenix Forex has previously advertised returns of between 50% to 65% per annum, and continues to promote the trading system as providing high returns. In FMA’s experience, it is highly unlikely that this kind of investment can deliver such high returns. Phoenix Forex has not been able to provide any evidence to support its claims of having achieved these returns. Further, investments of this nature carry a high risk of loss of some or all of an investor’s capital, and losses can exceed the amount of the original investment.

    In addition, any person who is in the business of providing financial services must be registered on the Financial Service Provides Register. Further, a company which is in the business of dealing in futures contracts, including margin foreign exchange products, must be authorised by FMA. Phoenix Forex is not registered as a financial service provider, and has not been authorised or licensed by FMA for any service.

    Prospective investors should check to confirm a person or company is registered, and do their own due diligence on that person or company, before engaging any financial service provider or paying any money in respect of a financial service or investment. Any investor who is unsure about a financial service provider or a financial product should seek independent financial advice from a registered or authorised financial adviser before making any investment.

    Source: http://www.fma.govt.nz/keep-updated/...forex-limited/
    Free business resources - www.BusinessBlogsHub.com

  • #2
    More on this piece of software

    Craig Campbell • David McEwen • Financial Markets Authority • Financial services • Kendall Twigden • Mark Brewer • OakFX
    Free business resources - www.BusinessBlogsHub.com


    • #3
      Inside the OakFX boiler-room

      The key salesman at the centre of a controversial foreign exchange software scheme joked to his sales staff he didn't care if it took sexual favours to part investors from their money.

      Mark Brewer describes himself as "sales legend" for Phoenix Forex, and will be sentenced next month following a guilty plea to managing the Intervest Global (NZ) business while bankrupt.

      Phoenix Forex is the subject of an FMA warning urging investors to exercise "caution" as the company's promised 50 per cent returns from its OakFX trading software packages, costing up to $25,700 in licence fees, are unrealistic and not supported by evidence.

      The software automatically trades foreign currencies and is marketed by OakFX as a profitable source of passive income.
      read more: http://www.stuff.co.nz/business/9138...FX-boiler-room
      Free business resources - www.BusinessBlogsHub.com


      • #4
        And more on OakFX from Whaleoil.