Review of fxma – Forex Managed Accounts
It is a little confusing researching fxma because the first link that comes up shows a whole lot of information regarding FXMA/BMFN with BMFN being the company and FXMA the name of their product. After careful reading I discovered that they are two different companies entirely. I have been down many blind alleys during my search for the best forex managed account to suit me and my requirements. With a forex managed account my money will still be held an account in my own name where as a typical fund is held by the fund manager and I would not have the same access.
I can’t just turn up on the doorstep of these businesses, especially this one as they are located in Sydney, Australia. So obviously searching via the internet is my only solution. That is step one and it is a lot of work and very time consuming, hence I felt inclined to write these reviews and give an opinion on the information I have found. Do yourself a favour and be very specific as to what you want before you start searching managed trading service or managed forex account providers.
Step two. Read the websites carefully. And clarify…… what brokers they use, are the brokers regulated? Or are they a broker and managed account provider themselves? Read about the company, the trading team, who they are and their trading philosophy. Try to read and understand their trading strategy or strategies.
Forex Managed Accounts, fxma start out very promisingly with my first look at their website. Place your trust behind the qualified experts. Sounds good! Their contact page has their address and a map showing their location in Sydney, a fax number, a 1300 phone number and email contact.
Good news too with regulatory authority, fxma is the trading name of HLK Group Pty Ltd which is regulated by ASIC, and fxma are a recognised AFS license holder. It is possible to become an authorised representative of fxma.
Here is what they say about them-selves “FXMA employs the latest technology across a multitude of trading platforms, ensuring that all activity is secure and monitored 24 hours a day. As a regulated Managed Discretionary Account (MDA) Operator and independently owned company, we strive to provide a transparent service with qualified reputable expertise. FXMA has a strict supervisory system in place to monitor the traders to ensure they remain compliant with ASIC’s requirements and the Financial Services Law of Australia”.
That is all well and good but when I tried to find actual details, they say “we are currently in the process of preparing managed account packages based on our most previously successful and popular solution offerings” so at this stage it is a case on contacting them to discuss available options and the fxma website says they pride themselves on their past profitable performance and are in the process of building an online showcase of portfolios.
So a lot of information left in the dark, it is hard to put them on my shortlist when I don’t have enough information but I am considering them. I feel like I don’t really know enough about them and having a license isn’t always the be all and end all. Often times the webpages seem to be all saying the same thing but without giving too much detail. As reviews go, with what I have read about fxma, I am comfortable enough to give them a score of 3 out of 5.
I couldn’t find any reviews or client testimonials. You may have better luck with your research. There is also the opportunity to compare all managed forex providers with Acorn 2 Oak. Enter your details above and receive expert advice and a free quote from Acorn 2 Oak, and get on the path to finding the best managed forex account provider for you.
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