What I have been researching is a way of using a small amount of my capital tucked away in a bank account that is earning no interest, and perhaps making it work better for me in a managed forex account.
I don’t know if I am tired or if this website is just too hard to find anything tangible. I am really struggling with the fx helpers to grab hold of something that makes me comfortable. The contact us page for example has an online enquiry form, an email and Skype and a 44 phone number which is the UK prefix. So, that all looks OK. But the contact us tab says ‘offline leave a message’ which with a UK company should really be online during business hours. I am after all doing my research and I write my reviews during UK business hours. Especially considering the enquiry form says communicate with our team, so there should be more than one person available to be online. Also, when I go to the two managed account options they have not been updated since 2014.
Speaking of the managed accounts, the fx helpers offer two options. One is minimum deposit of $10,000 and the other is minimum deposit of $50,000. They ask for deposits in USD. I see in their information that they have a preferred broker but I must contact them for more details. They offer a clear explanation of how they take their fees via the LPOA as follows “LPOA is short for Limited Power of Attorney. This is an agreement entered between you and the broker that authorizes TheFXHelpers to place trades on your account and for the broker to deduct the monthly performance fees” I cannot find the actual performance fees as it says they vary, only an example of how a 35% performance fee would work, and they work on the high watermark (HWM) rule. This means in a nutshell that losses must be recouped before more fees are paid by the client.
I try to read and understand their trading strategy or strategies. Some companies offer one strategy for each account. Others offer two or more strategies trading on the one account, and they give the benefits as two why they do so. On the fx helpers website there are two links at the bottom of the page for managed forex accounts, the two that I mentioned above at $10K and $50K investment levels. However, at the top of the page I have found two other managed accounts with 5k – 15k entry. I am confused. These also have the latest information being back in 2014. Not happy with what I have found so far!
Regulated or not?
So, to my biggest and most crucial question that needs answering. Are the fx helpers licensed and under which regulatory body? No, nothing in their risk disclaimer showing regulatory authority numbers, but they are registered with the Financial Services Authority (FSA) of St Vincent and the Grenadines. Sadly, if it is not FCA then they are not for me.
As I mentioned I have been researching and comparing different managed forex account providers in order to invest a little of my own money. To save some time and effort for others I have been writing reviews as I go and hopefully allow others to evaluate what different companies offer and how at times it can all seem to be so similar. Regarding this particular search, the fx helpers are not for me, they have to fit certain criteria before they get on my shortlist to actually contact. With the fx helpers having no updated information on their website since 2014, and no FCA regulation, they are not on my shortlist and I give them a score of 1 out of 5.
The best piece of advice I can give to save an enormous amount of effort is to use the free service offered by Acorn 2 Oak. Here you can receive expert advice and compare the managed forex account providers all in one place. I have been reading reviews and going through each website with a fine tooth comb. Enter your details above and let Acorn 2 Oak take some of the sting out of your search.