Pipcity – Forex Managed Account Scam

April 23, 2008

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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Being able to Invest & Trade on your own is the most amazing road to financial independence & optional retirement. I was very fortunate to have amazing mentors and read many amazing authors, I hope you enjoy my articles & books suggestions which are made with the intent to share my experiences as simple as possible.

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By Jose L. Aguilar

Being able to Invest & Trade on your own is the most amazing road to financial independence & optional retirement. I was very fortunate to have amazing mentors and read many amazing authors, I hope you enjoy my articles & books suggestions which are made with the intent to share my experiences as simple as possible.

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7 Comments

  1. ross

    Have you guys heard of this one: http://www.goforex.net/managed-accounts/account-e.htm

    It says:

    “This managed account is run by the winner of the Automated Trading Championship 2007, Olexandr (Alexander) Topchylo, a.k.a. “Better”.

    Min $10.00.

    Ross

    Reply
  2. admin

    This one seems to be really a managed account. But don’t rely on hypothetical performance. I would like to see their real one. So far the automated trading accounts I tried or watched performed quite poorly 🙁

    Reply
  3. Danielle

    Thanks for the tip. I don’t trust manage accounts in the first place. Your article just proves why! 🙂

    Reply
  4. rock

    Does anyone know a reliable forex managed account ?

    Reply
  5. Danielle

    Rock, I wouldn’t take a responsibility of recommending one, to be honest. I guess, if you find a reputable forex broker their managed accounts will be more or less reliable. Good luck!

    Reply
  6. Currency Broker

    Investing thought of the day: We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful. – Warren Buffett

    Reply
  7. Michael

    so true, Currency Broker! Forex market is ruled by two human deadly sins – fear and greed. I guess, there is no other way to make money!

    Reply

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