Proof? Iāll leave it to Bank Negara or the Securities Commission to find it out themselves.
But hereās [B]10 reasons[/B] why Edgar genuineness as a FOREX broker should be doubted and why so many believe it is a SCAM.
[B]1) Not licensed, registered nor recognized by any financial or regulatory bodies.[/B]
[B]2) No physical office.[/B] Rented a virtual office instead. Therefore how many staff are there actually to handle the money or the existence of their IT system or trading desk and their professionalism are questionable.
[B]3) Company changed the bank account details several times [/B]and even advised clients to bank in to 3rd parties bank account. This is illegal and Bank Negara deemed this as money laundering.
[B]4) Not so international.[/B] Company claimed to be a worldwide financial service company. Unfortunately nobody in NZ has ever heard of it. It claimed to be targeting Asia Regions, in fact it is only targeting Malaysia because they never provide swift code and bank address for other Asia region customers to bank in. They have opened 4 bank accounts in Malaysia under Zook Vision and TSL and LHK Marketing to collect payment from customers. This is illegal way of collecting payments. Any bank staff can check who are the directors of these companies?
[B]5) Malaysian as a director.[/B] In the latest deposit advice, they have appointed Legion Trade Limited (NZ) to collect payment on their behalf. Coincidentally, the director of the company is Encik Abdul Mutalib, a Malaysian from Kota Kinabalu, where most of Edgarās clients are based in.
[B]6) Unknown fund manager.[/B] Some claimed he is Andy, a Sabahan, trading in Sabah. If Andy is the fund manager, what is he doing in Sabah? Shouldnāt the dealing desk and his research team based in NZ? Do you not think such a successful fund manager, his name wouldnāt have been mentioned or identified by Bloomberg?
[B]7) Online trading not allowed to log-in on certain hours.[/B] Clients are told they can only use their online accounts in the morning as the fund manager needs to log in at night to ātrade for themā. Anyone can verify if they are really trading at night or they just log-in to manipulate the statement to show customers they are making money? If yes where does the money come from to payout as profit?
[B]8) Marketing required.[/B] Clients are told to promote to their friends and in return the fund manager will ātrade more for themā. Hereās where the money come from to payout as profit. They take the fresh money from the new clients to pay the old clients, and then tell the new clients to promote to their friends so they can get more fresh money to pay them.
[B]9 & 10 are the good news[/B]
[B]9) 100% profit in 3 months. [/B]Everybody makes profit and the best thing is profit doubles every 3 months. Still remember SwissCash or GoldQuest? Google it if you donāt know. These 2 āinvestmentsā also produced such result in the āearly yearsā but is now disappeared with the money.
[B]10) Nobody has ever made losses with Edgar.[/B] The truth is, you will never have trading losses with Edgar coz Edgarās statement will always show profit. The day will come when Edgar has made enough and decided to disappear with all the money. That day a lot of people will lose money and will be too late to make withdrawal.
[B]Do you still believe Edgar is really a Forex broker?[/B] Put the profit statement and the itrader platform aside. These 2 cannot justify that Edgar is a Forex broker because anyone can come out with these as long as you have the money to hire a computer programmer. Unless someone can prove Edgar is a legitimate Forex broker, otherwise I can say Edgar is merely a cheating pyramid scheme (skim cepat kaya).
One of the forumer said thereās always a risk in trading or doing business. But in this case, your risk is not on trading losses because there will never be any trading losses. The money will keep growing in the account as long as the music keeps playing. Your risk is whether you are fast enough to withdraw the money before Edgar disappear. You are not trading FOREX, you are betting against Edgar. No harm betting against Edgar so long you can make money but donāt sacrifice your friends.
[B]So are you sure which risks you are taking?[/B]
