I was researching for new good managed accounts since Galleon, FXCM and FxStreet aren’t doing great. There are several good ones which will be reviewed soon, but their minimums are between $25,000 and $50,000.

I wanted to find something with lower minimum and ended up at Pip City. Let me save you from further stories - this “company” is scam. They are completely anonymous and offer 25% fixed monthly ROI with $10,000 minimum. The “managed account” program is for six months.

How I know this is scam:

1. They offer fixed (and pretty high) ROI. This is simply a joke in a managed forex account. No forex trader can guarantee you fixed ROI unless he’s backing the deal with his own funds (unlikely)
2. It’s not really a managed account. If you contact them and ask which broker to open an account with they give you bank wire details!!!
3. They have filled ForexBastards.com with fake reviews how great the service is. What a joke
4. Last year the same bloody scammer offered even more ridiculous “investment” at a HYIP forum with just $1,000 minimum and ROI 25-50% for 18 per month.

In short - stay away from this crap please. Don’t believe several good reviews on the net, everyone can create an account at Forexbastads and write a review.

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This entry was posted on Wednesday, April 23rd, 2008 at 9:46 pm and is filed under Scam & Fraud. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.