Asked on 04 Jun 2019
Apparently they specialize in CFD copy trading. A friend just told me about it. Not an expert in this field so was hoping someone could help shed some light on this.
And if I should look into this further and consider investing my money with them.
The obvious red flag here is the unrealistic returns they claim to achieve and their referral incentives, both classics characteristics of a Ponzi scheme.
When trying to join, you will be directed to a shady Hong Kong registered broker called "VGX trade" with a suspiciously plain website. Upon creating an account with VGX, the only funding option available is a bank transfer to a Hong Kong bank account under the account name "Pareto International Holding". On top of that, the copy trade agreement provided by VGX lists the same address as Pareto and even signs off with the name and IC number of the "Chief Trader" of Pareto.
It's apparent that VGX and Pareto are the same guys and they do not even appear to be trying to hide the fact. This means that your funds are directly under the custody of an unlicensed company not even registered in Singapore (so much for the whole "Copy Trading" schtick). I believe this is also how they fabricate their trading results on myfxbook as they are the brokers themselves, they can feed in whatever data they want.
I wonder what their end game is with this scheme and how it will eventually unravel but I hope no one is dumb enough to actually hand them your money.
PS. If anyone at Pareto sees this, whats with the pathetic shilling attempt on this thread? Surely you can fake more believable positive reviews?
Was actually skeptical at first when my friend introduced me to their service. so i played safe and invested merely 3k and so far i have been able to withdraw my weekly profits. i will continue to monitor until i withdraw out my entire capital. but tbh, their customer service is really good. so no complains.
4 more comments
Yeah I am actually investing in their service as well, very professional and had been earning my ret...
Read 24 other answers with a Seedly account
You will also enjoy exclusive benefits and get access to members only features.
Sign up or login with an email here