I don’t remember where exactly I found Milbay Finance, but I think some of this blog readers were also considering it. Milbay Finance is Urugway based company which offers forex trading thru North Finance and also passive investment schemes. As usual I’ll bother you with the latter offers only:
Managed Forex Accounts
Their minimum is only $5,000, the performance fee is 33% and if you wish to open an account, you need to do it with MT4 platform based broker firm.
The performance is not earth shattering, but good and stable – 45% for 2007. Given how dramatically the more aggressive managed account services can lose your money in hours, this is a very attractive opportunity in my opinion.
Pooled Forex Fund
If $5,000 is too much for you, you can join their pooled funds whose minimum is just $1,000. The pooled funds are traded in the same way, but the performance fee is 25% only. Sounds great, but you don’t have the same control over your money like in a managed account.
I would never (never again, as I have done it in the past) invest serious money in a pooled fund managed by some strangers, but that’s just me. (Don’t know why? Check out the Scams section on HYWD, it has plenty of horror stories about such “investing”).
So ignoring the pool option, I am considering their managed account service. Right now GalleonFX and FX Street performance is so poor, so we really need something new.
And as usual, I am open to your suggestions via comments.
I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.
Allen Taylor
Thanks Allen. Your blog is quite interesting too
Perhaps you read it in my Blog 😉
I work as Support and Customer Service in Milbay Finance. We post the forex statement for all investors in our private Forum and I have read-only access to the Forex account in every moment (Pooled Funds) to follow the trading of Luciano.
Even some friends from my real job are investing with us.
We stopped receiving deposits from May 2006 until the end of November 2006 and we legalized in Uruguay our program as a Financial Investment Corporation. Now we only accept investors from current investors or only matured investors, those who know what´s a real profit and not a ponzi profit, Luciano trades in a very conservative way to protect the investor´s funds. Less profit but safer.
We also have an office working in Uruguay to fill the Accounting Book because we must receive audits from the Uruguay´s Government.
Hey Jose, having you involved in that certainly makes me feel more comfortable. I’ll most probably be in touch for setting up a MA very shortly
Thanks for your confidence 🙂