Edgar is definitely a scam. They are not registered with the securities commission of NZ nor the Australian Financial Services. In other words, they do not have access to the forex financial system.
This is a ponzi/pyramid scheme. All the trades are fictitious. The system are not “connected” to the foreign market exchange. The system they used are just like any other demo or fxgame account with real data/chart but fake money.
The moderator did not approve my message on the other thread. I’ll just comment on here. The said company’s name is spreading like wild fire through the word of mouth in Sabah, Malaysia. Here’s what I found out.
My friend in Auckland said he has never heard of this company. I’ve checked thru the NZ companies registrar, the said company was established on 9 Jan 09. The sole director is a Philippine national. The company’s website’s design and wordings have 90% similarity with the following websites:
These companies share the same link to download the software (itrader). Unlike Meta Trader 4, which is custom built to suit the companies, the itrader platform is shared between the companies’ clients. In other words, the operations and settlement team should be the same.
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 FX brokers will display their license number on the website under “about us”.
Hence 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 manager’s account. Sounds like Madoff’s game?
One of the forum-er said nobody has been scammed yet. Well, if one person gets scammed, guess what will he do next? Madoff’s scandal was only busted when everyone simultaneously withdraw money and he eventually confessed there was never a profit.
Hi guys, im back after 3 years or so… with regards to edgar international and my buddy, they r both con man… i heard they swallowed almost 30 millions from the scheme…
Anyway. It was a lesson. Never believe somthing that is too good to be true.
Now, i’m trading on my own, getting some income now but still.not solid, pray for my success guys. Thanks