Review of diamond managed fx – Forex managed Accounts
Trading funds, managed trading accounts, discretionary managed trading services, automated trading and managed forex accounts: these all seem to be well represented online, although many of the links I clicked on after some research appeared to be brokers encouraging me to open a broking account myself. When searching online it took me awhile to establish what words to use to request information from the search engine that would point me in the right direction. After that, I had to determine what terminology to use to request information from the companies themselves once they made it on to my shortlist. So the first part of my search was working out who was who and I found that by typing in ‘managed forex accounts’ it thinned out a lot of the brokers. Then I started to research those companies and products that were well represented and coming up high on the list in the search engine.
So let’s see what was or wasn’t explained clearly when I researched diamond managed fx. Firstly to see who they were. Well that was definitely not clear. No reviews. I have no idea of location, or country, not even a phone number. The only contact is via email and the only piece of information which may or may not be related is this statement I found in the FAQ’S under, is my investment safe? “Your money will be held in renowned banks in Australia and the UK”.
The next piece of information I found was difficult for me because I am a small investor new to trading, the minimum investment is 5k which is fine now. But will increase to 50k in December. So that does not give me much time to finish my research and see if they are the best forex managed account provider for me. Their performance fee is 30% which seems fairly standard.
3rd party verifications
I like the fact that performance results are accessible directly on the website and it says “third party verified and audited returns – verified by Myfxbook” They haven’t stated their objective as such but have clarified the objective of high return managed forex accounts. This being “strong monthly returns with low drawdown, using a strategy developed over many years of trading. Forex managed accounts aim to satisfy the aggressive investor seeking superior performance” according to the diamond managed fx website. I am sure that I am not an aggressive investor but I do like the sound of their trading approach and risk management as follows “money management is the cornerstone of any professionally managed forex account, and this forex managed fund is no exception. All managed forex account positions will have hard stoploss order in place at all times. These stops are raised as a trade becomes profitable”.
Now this is the little bit that concerns me after all my research and many reviews to share my findings. Under the heading ‘how it works’ I found a little piece that said “a forex managed account protects you, as you would retain complete control of your funds in an FSA regulated brokerage”.
The FSA website was last updated in June 2014 and the FSA has now become two separate regulatory authorities, one of them being the Financial Conduct Authority (FCA). Is this just an oversight on the part of diamond managed fx, or are they not tied to any regulated authority? I cannot see any Risk Disclaimer at the bottom of each page as I have come to expect when I am researching a FCA regulated or authorised company for example.
In my reviews I always say it is important to show the performance results which diamond managed fx have. But there are too many other pieces missing from this website. I am giving a score of 2 out of 5 based on my search criteria. They do not make my shortlist. The profit sounds good but I just don’t know who diamond managed fx are.
Take the hard work out of your search. There are so many websites to investigate. I have shared my research and reviews, but what suits me may not suit you. We may have completely different search criteria. Why not enter your details in the form above and get some expert advice from Acorn 2 Oak. They offer a free service to find the best managed forex account provider to suit what you are looking for.