Hv no idea abt forex, but convinced by a frn who invested in it last Dec & hd showed positif return. So with her recommendation in Jan I put in my 1st forex investment of usd 1k, which managed by a team of managers. Since d returns are so attractive I hv open 3 seperate accounts till now.
Off late, hv heard a lot of rumourse abt Edgar International a scam!! :mad:Any1 in this forum can enlighten me?
Edgar International is registered in NZ but is only heard in Sabah, Malaysia. My friend in Auckland said he has never heard of this company. Iâve checked thru the NZ companies registrar, the said company was established on 9 Jan 09. The sole director is a Philippine national. The companyâs websiteâs design and wordings have 90% similarity with the following websites:
These companies share the same link to download the software (itrader). As far as I understand, the software is a common software from a common link. The dealer will just give you a username and password and you can log in and trade just like that. How can you be sure your account is maintained at edgar and not honest-nz or capital group etc? Does the software link to individual companyâs database or a common database?
I also found out, the said company does not have a license from the Securities of Commission of NZ and the Central Bank of NZ to operate as a financial institution. All genuine FX brokers will display their license number on the website under âabout usâ.
I believe the platform they use is a demo platform which is not connected to the real financial market. There are a lot of demo software which uses real price and chart but fake money. No matter how good the manager/trader or the agent is, if the system is not connected to the real financial world, then all the trades are fictitious. You will be told all your trades make money and you will promote it to your friends and more money will be pump into the managerâs account. Sounds like Madoffâs game?
If the return is so attractive at 30% per month, a $1,000 investment will give you $7BILLION in about 5 years time. Anyone still wants to be a millionaire?
Tks guys 4 d info;). Now Sabah is going v wild wth tis Edgar International investment⌠I understand some1 even named himself as Edgarxxxx coz he profits a lot fr it.:rolleyes:
Iâll leave you to make youâre own decisions though. As Iâve said in other posts though, why so many companies run from a foreign country, and why arenât the websites using proper website addresses. A proper website address is only $30 to set up, why the .org address? It really doesnât promote a professional imageâŚso why are they using it? :rolleyes:
Interesting, it looks like theyâve changed directors in the last weekâŚ:rolleyes: Too much attention maybe?
Looks like YMG DEVELOPMENT LIMITED still has the same director though.
Try going to the companies website in New Zealand and searching for YMG DEVELOPMENTS. Then do a director search on its director, youâll see they used to be the director of Edgar International, as well as a few other companies in the same vein until recently.
I canât post a link but as a hint the New Zealand Companies website is COMPANIES dot GOVT dot NZ
"[I]In New Zealand foreign exchange dealers are not required to be authorised unless the contracts they are offering are futures contracts. If the dealer is offering futures contracts it is required to be authorised by the Commission. âFutures contractsâ is defined broadly under the Securities Markets Act 1988, and includes a variety of derivatives contracts which would not be considered futures contracts in other jurisdictions. Generally foreign exchange contracts which are cash settled and traded on a margined or leveraged basis are futures contracts, though this depends on the terms of the particular contract.
None of the dealers named in your email are authorised or licensed by the Commission either as futures dealers or for any other purpose.
Companies Office records show that most of the companies named below have one of three individuals listed as their shareholder and director, and each of those three individuals [U]uses the same address in the Philippines[/U]. This would indicate that almost all of these companies are operated by the [U]same group of people[/U]. We will look into whether any of these companies is operating in breach of New Zealand law.
Regards
Hayden Best
Lawyer
Securities Commission
Direct Dial: 04 495 1681 "
The Securities Commission of New Zealand has confirmed that none of the companies mentioned are licensed futures dealer nor are authorised to offer futures contracts.
In other words, these companies donât have the license to access the financial market. They are operating like an illegal football bookie. As they are not regulated, they can always refuse payments and run away.
The forex market is a very large market with many different features, advantages and pitfalls. Forex investors [B][U]may[/U][/B] engage in currency futures as well as trade in the spot forex market. The difference between these two investment options is very subtle, but worth noting.
A [B][U]currency futures[/U][/B] contract is a legally binding contract that obligates the two parties involved to trade a particular amount of a currency pair at a predetermined price (the stated exchange rate) at some point in the future. Assuming that the seller does not prematurely close out the position, he or she can either own the currency at the time the future is written, or may âgambleâ that the currency will be cheaper in the spot market some time before the settlement date.
With the [B][U]spot FX[/U][/B], the underlying currencies are physically exchanged following the settlement date. In general, any spot market involves the actual exchange of the underlying asset; this is most common in commodities markets. For example, whenever [U]someone goes to a bank[/U] to [U]exchange currencies[/U], [B][U]that person is participating in the forex spot[/U][/B] market.
The main difference between [B][U]currency futures[/U][/B] and [B][U]spot FX[/U][/B] is when the trading price is determined and when the physical exchange of the currency pair takes place.
With [B][U]currency futures[/U][/B], the price is determined when the [U]contract is signed[/U] and the currency pair is exchanged on the delivery date, which is usually some time in the [U]distant future[/U].
In the [B][U]spot FX[/U][/B], the price is also determined at the [U]point of trade[/U], but the physical exchange of the currency pair takes place right at the [U]point of trade[/U] or within a [U]short period[/U] of time thereafter.
However, it is important to note that most participants in the futures markets are speculators who usually close out their positions before the date of settlement and, therefore, most contracts do not tend to last until the date of delivery.
Solai, donât have to so offensive or you make me feel like you are the owner of Edgar. I have a lot of friends who joined Edgar last couple months and recently difficulty to withdraw their money from the pool. What is your answer again on this? What you quoted futures is a high risk return, but you only look at the return side. As an futures investor, we know return sometime is compensate with risk, however not including being cheat by some asshole. Are you consider scam is one of the factor of Market Risk? Are you willing to cheat by someone who you even donât know? Donât fool yourself.
Solai, go and check with New Zealand Securities Commission website and you will find Hayden Best is one of the solicitor in legal department of New Zealand Securities Commission. I am very sure that he has sufficient knowledge to provide value information here. Hayden has a good intention to warn all investor in courtesy at this forum and let us know something happen and NZ SC in the process of investigation. Donât you think this is one of the sources of information to do trade with Edgar? Hayden is not going arrest someone in front of bank door but look into whether Edgar breach trading law in NZ. Once again, I donât know who you are? Are you one of the owner who recently got elected to be the so call sole shareholder in Edgar? Or are you friend of Franco or Robert Wong? Look like I know Edgar more than you do, huh? Hayden, please post the update findings from your investigation and it will benefit some other trader stubborn enough like Solai. Thanks.
The company has changed their banks. Formerly they ask the clients to bank in to Cosca Internationalâs account in ASB, NZ. Now they just issued a statement advising clients to bank in to Demac Internationalâs account in HSBC, HK. (source: Companyâs website)
Iâm not sure if this is a normal practice in the forex industry. If Edgar is not regulated, and your monies is with Cosca and Demac, in Edgarâs book of accounts, they never receive cash from the clients. If dispute arises, even the regulators canât do anything to Edgar because they never receive any cash. Moreover, Cosca and Demac are not trustees nor subsidiaries of Edgar. (source: cosca and demac company website)
So why did Edgar change from a NZ bank to a bank in HK? Could it be the NZ Commission is investigating all their bank accounts in NZ for money laundering? The company issued a statement in their website under important notice. Go check it out. The statement is signed by the managing director who declines to put his name. This is my first time seeing a letter signed without a name, just the title.
I donât think Solai is the owner. He could be the client-turned introducer. Edgar rewards all the agents and introducers by trading more frequently for them. Iâve never seen a forex company operates in a multi-level-marketing structure. If you recalled, there are certain hours you canât log into your online trading account apparently because the fund manager is âtrading and making profitâ for you, so the next time when you log in youâll see profit sitting in the account already. Profit or no profit, if you can withdraw all your monies then you can consider yourself making money. Think about the consequences, if the introducer makes money but all his friends and relatives lose money if Edgar decide not to pay them one day.
Itâll be difficult for the regulators to trace them, because:
Company is registered in NZ
Marketing and sales are done in Mâsia
Monies are wire-transfer to a bank in HK under different companyâs name
Is this really a high risk investment or a high risk pyramid game? Iâm not Hayden Best, I just quote Haydenâs email reply. This thread is very popular in googleâs search for edgar international. I hope the moderators will not block this thread as I believe it answers many msianâs doubt and questions on edgar international.
Yes, bestwishes; I have check with New Zealand Securities Commission on their website, but does it matter? Having âsomeone trade for youâ is a short term block investment. i.e. set the period, invest -> make money -> withdraw, in my case 3 months/rotation. If you can get pass the very stressful 2nd rotation, youâre home free, loosing does not matter anymore. I am a real follower now (ofcourse until they break, scam or not), edgar? cosca? demac? I donât even know who they are. My trust is on my agent and trader.
Hayden best? He have not quote the difference between future and forex. He mentioned, âThey are operating like an illegal football bookie.â So, does it make me a criminal having a micro trade a/c with fxCM or edgar for that matter???
ytlpowr; thanks for the enlightenment and hope they wonât block this threat too, I join this treat because I too like to know whats going on, I am just an IT company manager involving in product sales & services.
Solai, itâs matter a lot, as you questioning the source of information from Hayden. Finally, all the follower (like you said) depend on some valued information from someone in NZ SC. Then, you can make your own decision whether you need to quit this game or not. Just as ytlpowr mentioned, Edgar using different companies receive money from client; that is really a big doubt for investor to question the credibility of Edgar. In accounting point of view, what ytlpowr said is absolutely right. How about Edgar deny to receive any money from Cosca and Demac since they are no inter-company relationship. That is good for yourself to admit you are a follower, you may be the early bird who join this Edgar and have earn your 100% principal and now keep the earning to rolling the profit. Then, how about the other client who join later and still struggle to fight for 100% principal payback? In this situation, we may find a fact that early bird earn money and latter bird lose money; that is totally multilevel marketing or pyramid scheme money game. I tell you some insider information, now most of the client who submit their withdraw for more than a week still didnât receive any reply from Edgar. Some international clients told me that, Edgar donât even need bank swift code or ABA No. to wire the money back to client. That is so wrong for international money transfer, it will create confusion for all intermediate bank who try to complete the money transfer for client. Then, is that Edgar will argue that you didnât submit sufficient information in order to get your money back? Conclusion, Edgar is a big scam from NZ with a goddamn helper in Malaysia.