Review of forexsson – Forex managed Accounts
A Swedish registered website and no reviews to be found as yet although it does have a mention on scamadvisor.com as 78% trust rating for the registration of the website. This Swedish based company forexsson has partnered up with Tier1FX, which is the foreign exchange division of Hogg Capital Investments Ltd and is regulated by the Malta Financial Services Authority (MFSA) to provide a secure and transparent investment, according to their website. So Tier1FX is licensed, albeit in Malta.
I realise there is a close relationship between Malta and the UK, so in which case wouldn’t you prefer to be regulated by the Financial Conduct Authority? I wonder why they would choose the MFSA over the FCA. It seems they have MFSA license and FCA registration. It is a tricky business trying to understand the wording sometimes. The forexsson disclaimer at the bottom of the page does not mention any actual license or regulatory authority numbers.
Their chat option appeared to be online and available when I clicked on their website and I went straight to a link called 10X campaign, and I was pleasantly surprised to see a 10% donation of performance fees going to help the planet type organisations. Not to mention an incentive to deposit funds by way of a very low performance fee of 15% for 24 months if I deposited 20,000 USD. The first grant will be given in December 2016 so perhaps I should visit the forexsson website again in January and see who it has been donated to and if there are any reviews yet.
The ‘press’ page has two articles listed but not accessible. The articles either do not exist or have been moved according to the error message. The team page does introduce the forexsson CEO but nobody else, i.e. who are the traders? The CEO says they have a proven track record but I imagine I must have to contact them to see their performance figures. There are email addresses and a phone number, no address or location details. It does state the rest of the team’s titles within the organisation but not their qualifications for the position or anything about them. The ‘open account’ page lets me state my investment level but I cannot see a minimum investment.
There is a page talking about the basic outline of trading the forex markets and at the bottom of that they state “All Forexsson’s accounts at Tier1FX are held in EUR, however this may change if we see it more advantageous to hold the accounts in USD”
There is really nothing here to get my teeth into. There is no mention of the strategies or the traders or the platform or the investment level or standard performance fee. Will forexsson still be around after the initial invitation to invest 20,000 USD for a 15% performance fee for 24 months?
A bit wishy washy I’m afraid. As with the links to the two articles, I clicked on the FB link and that also came up with an error. Although their twitter account loaded, they have 10 followers and are following 40 themselves. I definitely don’t feel inclined to click on their online chat option for more information. As I have mentioned in my other reviews, I am not prepared to contact any forex managed account providers until they are on my shortlist and this one I am afraid to say has not made it. I give forexsson a score of 2 out of 5 for my initial investigation into searching for the best forex managed account providers.
If you would like to save yourself some time and receive expert advice, you must look further than my review. Enter your details at the top of the page and use the free service offered by Acorn 2 Oak. Here you will be able to request a free quote from Acorn 2 Oak and find a one stop shop to compare all managed forex account providers in one place.