Has anyone heard of FX United? I attended a session with them while I was in Singapore lat year on vacation.
Is FX United a scam? — FX United Explained
They promote a 12% per MONTH return if you deposit a minimum of USD$10,000 with them. That crazy return alone is enough to set off alarm bells. Their explanation of how they achieve this is sound - they take your money, place automated trades with the goal of earning 0 pips (so the trade breaks even) and split the spread with you. To me, it makes sense, although, it sounds sketchy. I do not know if it is even legal for a broker to do that. The 12% is not guaranteed, but existing members have shown me statements with more or less consistent returns.
That is just one portion of their business. The other portion is a normal retail trading account where you make your own trades just like with any regular broker.
I ask because there seems to be little chatter about this company online which is odd because usually scams are easily identified through online complaints, but I seem to be able to find little news about the company.
Regardless, I attended one of their training sessions and everything was very sound and technical (no snake oil sales BS) and it is what got me interested in Forex. Still, I was too scared to get on board with them, but none the less, I am grateful to them for introducing me to the world of Forex.
If anyone has any experience with them, I’d be delighted if you shared!