I would kindly like your assistance in verifying whether X-forex trading is not a scam. I recently registered with them and was advised about the good investment forex trading can be. What disturbs me now is their persistence for me to give them my bank card details and that I need a minimum of $100 to trade. They claim to operate from Australia.
Please assist before I lose my hard earned money over a scam.
I’ve been asked by many people about XForex, often asking if it’s connected to the Eurextrade Ponzi scheme scam that collapsed earlier this year. XForex is slightly different, it does actually seem to be a legitimate mechanism, but makes promises that are absurd. The first thing to mention is that ordinary people like you and me don’t make money by trading foreign exchange. The market is so volatile, the changes usually so slight and the companies like XForex so suspicious that we’re not going to make a fortune, if anything from it. Think of it this way. If big commercial banks don’t make fortunes this way with the trillions they have to invest, how can mere mortals like us? The only people making money from Forex trading are the people running the companies encouraging us to cough up our cash.
I think you can judge these schemes by the way they recruit new victims. Eurextrade snared people by accosting them on the streets and in spicy chicken restaurants, XForex do it on Facebook by making extravagant claims. One advert on Facebook showed a room full of hundreds of scattered banknotes, announcing that:
“Mr.Baruti From Botswana Has Made $5024 From EUR/USD Trading Last Month!”It went on to say that “It Is So Easy To Make A Second Income! Take Your First Step In To a Wealthier Future!”
The picture they use, by the way, is a stock photo available on the internet, it’s nothing to do with XForex. You can tell this scheme can’t be trusted, can’t you?
Dear Consumer’s Voice #2
Hello, a friend came to me with an interesting opportunity called WorldVentures. I'm not too sure of its authenticity and was hoping that you guys could look into these guys for me?
WorldVentures is yet another pyramid scheme, operating along the same lines as TVI Express which ripped off Batswana a couple of years ago. WorldVentures claim to sell holiday discount vouchers and they say that these vouchers can drastically reduce the price of holidays, hotel stays and travel in general but that’s just untrue. They’re just a pyramid scheme pretending to have a product. Let me be very clear. A discount voucher isn’t a product, it’s a reduction in the price of a product. What they’re really interested in is you recruiting more and more people beneath you, forming the pyramid that makes them so much money.
WorldVentures are required in the USA to publish their earnings figures and they tell the real truth. Three quarters of all people who join WorldVentures don’t make a single cent. 90% of all the money earned in WorldVentures is earned by the top 1%. Only one American recruit in a thousand makes more than average national earnings from the pyramid.
Just like TVI Express, the founder of which was recently arrested in India, WorldVentures is something to be avoided. It’s a waste of time, effort and money and I urge you not to become a victim. If you want a discount in a hotel, there are plenty of ways to get them without coughing up loads of cash to join a pyramid scheme. Join a hotel loyalty club that offers you something for free, or use free web sites like Bid2Stay in South Africa.
Pyramid schemes don’t make you rich. They make you poor!