That's not the same company la aiyoo....do u know how many companies use the name FX United. Even if u change 1 letter in the name it becomes a different company la.

And its not a SCAM ALERT list. Its an alert list that notify's investors that such companies are not regulated or licenced by BNM and not authorized to conduct their business in the legal sense.



This post has been edited by cybermaster98: May 25 2016, 12:55 PM

Did i say its NOT a scam? Why don't u read my comments first? Im not one of those fools who go around investing in scams. I know this is NOT LEGIT and it will close down. All im saying is i am confident its not going to happen so soon.

Yes. He's also one of the first to buy a the new BMW 7 Series at Auto Bavaria.

If u read my post from the start, my intention is not to market this product but to seek input from forumers who may have found out something more about this than what i already know. I was hoping for some insider news. Sadly, nothing shared here has been new. It's all on the net with full transparency.

But 1 piece of info was good. The 87% traffic coming from Malaysia. But that's explainable because they just started in Singapore, Philippines and Australia. They don't market this product in NZ i believe. Only the holding company is there. But i hear now they are moving to Philippines. Their office there has been in the process of set up since early this year. Again everything was detailed out on the FB page.

Like i said earlier. This is illegal and it wont last long. But im confident its not gonna go bust in the next 12 months or so...at least.

U seem to be missing the point of this discussion completely.

THIS IS NOT A LEGAL SCHEME.

Do I need to repeat this a 100 times?

When I wrote to the FMA in March 2016 enquiring about FX United, this was the response given:

The Financial Service Providers (Registration and Disputes Resolution) Act 2008 requires a company that is carrying on the business of providing financial services in New Zealand to be registered and the company name to be listed on the Financial Service Providers Register (FSPR) which can be found at www.fspr.govt.nz. Entities are only able to be registered on the FSPR if they are actually providing financial services from a place of business in NZ.

The FSPR was set up to allow the public to check if FSPs are registered, their business address, the types of financial services FSPs are registered to provide and whether they belong to a dispute resolution scheme [DRS]. However being registered does not involve any licensing or determination by an authority that a FSP is a fit and proper person and is no guarantee that a company is currently operating in NZ.

Under NZ financial markets legislation, trading in spot foreign exchange does not require any form of license or authorisation by the FMA. While offering derivative products may require an entity to be licensed by the FMA as a derivatives issuer, this only applies when the offer is made to NZ residents. There is no licensing requirement in NZ for derivative products offered to overseas persons.



I also wrote to the FSPR and their response was as follows:

We refer to the online complaint you have submitted in relation to UNITED GLOBAL HOLDINGS LIMITED.

You have asked whether UNITED GLOBAL HOLDINGS LIMITED is “licensed” in New Zealand to “collect investments and pay out interest”.

We advise as follows:
• UNITED GLOBAL HOLDINGS LIMITED is listed on the NZ Financial Service Provider Register as an entity that provides the sole financial service, trading financial products or foreign exchange on behalf of other persons.
• The company has not been issued any licence by the Financial Markets Authority (FMA).

I might just consider that too.

Yup its a gamble for sure. Maybe even the biggest gamble ive taken to date. But its not a huge amount. Wont break me even if I lose it. But lets see.

Not McD ah??

Nah no stress at all actually. At least with FX, I know the money will come in every month. The question is will the money come in for as long as I wish it would.

Not really. Getting back your deposit doesn't mean it isnt a scam. It just means ure an early investor. The earlier batches of Geneva investors made a lot of money. Its those who came in later who got burnt badly. I personally know of a few FX investors who have gotten back more than their initial investment.

Ive got another 5 months to go before I get back the equivalent of my principle. So fingers crossed I guess.

This post has been edited by cybermaster98: May 30 2016, 05:19 PM

Yes it was highlighted earlier in this thread. The warning came out on 4 May. But you have to read the reason for the warning. Every warning differs.

Anyway FX are no longer in NZ. So lets see how long they manage to survive.

There are 2 groups. The original is an Indian group. Then the Malay group followed. The Indian group led by Dato Raja is the more successful of the two in terms of no of investors and investment amount. Most Chinese are with Dato Raja.

Anyway FX just started operations in Singapore, Philippines & Australia. So as long as they are still expanding, I guess we're a bit safe.... for now.

Ure contradicting yourself and u didn't read what I wrote earlier. U said if one gets back his deposit it means it isn't a scam. I contradicted that because I think that isn't an indicator to be used to decide if something is a scam or otherwise. Im saying even if someone gets back his/her deposit, it could still be a scam as scams usually pay out the initial investors. It/s the later ones who get burnt badly.

And u don't need to believe anything im saying. If u think im lying go right ahead and believe that. Doesn't hurt me one bit if u think im a scammer. Ive been in LYN long enuf and those who know me know my background.

I didn't start this thread to encourage anybody to invest in FX. I started this thread to get more info than what I already know. I know FX is probably a scam but im convinced it wont go bust before I can recover my capital. I could be right or wrong. I guess only time will tell.

Exactly! Don't know why some ppl just don't read before commenting.

Yes im so naïve and foolish. U still butt hurt from your earlier mistake eh?

And I i did post on another thread (which u were on) that my investment in FX is only about 2% of my NAV. So i've gone in doing sufficient research to know that tis is probably a scam but there are chances it will not collapse before I regain my principle. But in the event it does, yes its money down the drain but will not have a significant impact on my finances. Good or bad, it's a lesson i'm willing to learn.

As I mentioned earlier, the purpose of this thread is NOT to encourage anybody to invest. I will keep the thread active until I regain my investment or I get burnt by it. Either way, I will be transparent about it.

And FYI, based on my first month returns, i've already regained 16-17% of my total investment. But u wouldn't want to believe that so please assume that im just lying.