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This is one of the latest managed accounts that I am looking at. Because I have been out of the managed forex game for a couple of years, I want to sit on the fence for a while and watch them for before I leap in.
I have been in touch with the trader. He seems to be a really genuine honest bloke and he has been answering all of my queries without hesitation to my full satisfaction.
This is what I have discovered from him and also what you can discover on his website.
I think first of all you may want to check out his last two years trading performance: the returns are really quite impressive. You can find that information by visiting this part of our website acorn2oak-fx.com/managedforexaccounts/reviews.html.
To put it into perspective, I have created a hypothetical example.
Imagine it was the beginning of 2014 and you just invested $10,000 into Wealthified. During the year, with the effect of compounding profits, which were 631%, you would end up with a total of $63,100 from which performance fees (15%) would have been deducted.
It is 2015 and you just invested $10,000. During the year, with the effect of compounding profits which were 615%, you would end up with a total of $61,500 from which performance fees (15%) would have been deducted.
As mentioned above, the performance fee is 15% at this moment. This is an extremely low amount for a performance fee. They typically start at 25% and they go right up to a huge 50%. I believe that the performance fee will not always remain this low and will rise in the future, however, those that join when the performance fee is 15% will keep that low amount. You would need to confirm that with Wealthified to be certain. In addition to the performance fee, there is another fee which is a trading fee. It is a nominal amount of $50 for every million dollars that is traded.
Another great thing to encourage new investors is the low minimum starting amount of $5,000. This is normally $10,000. For Chinese, Singapore and Swiss citizens, the amount is a remarkable $1,000 or its equivalent in other currencies. These low minimums allow investors to try out managed accounts without the risk of losing too much money if everything went pear shaped.
The broker is one of the most renowned fully regulated and licensed around today – Swiss bank – Dukascopy Bank SA. Being a true ECN (Electronic Communication Network) broker, they have very tight spreads. All security dealers and banks in Switzerland are guaranteed by the Swiss Government so that clients deposits are protected for the amount up to 100,000 Swiss Francs.
You have the ability to set your own personal drawdown limit according to your own risk tolerance. There is also an option available that revokes the LPOA (limited power of attorney) with just one click. This stops the traders from making any new trades on your account.
I have invested in five managed accounts in the past and every one the above aspects of this particular account are better than any of the previous ones I have used before. The package is very good and if he can maintain his trading record then it will become an amazing investment.
As always, conduct your own stringent due diligence before you invest your cash.