Davomgt.com provides managed account service to investors willing to part with not less than $10,000. In addition to this, the company offers Forex trading signals for the pairs EUR/USD and USD/CHF and charges a subscription fee of $1000 per month. You can fund your account through a number of ways. There are 3 main ways that Davomgt encourages their clients to fund their accounts. These include MasterCard, Visa, Personal Check and Wire Transfer. The question is whether Davomgt is a trustworthy site since their fees are considered exorbitant and no investor would be willing to part with this much before they can have the assurance that there is value in investing with a site like this.
We’ve gone through the website’s FAQ page and found that this page does not provide sufficient information pertaining to the credibility of this site. They do not reveal the specific brokers whom they are working with and whether or not the service is regulated in their jurisdiction of operation. In addition to this, they are not telling their audience who the owners of this company are, where they are based at or even what kind of trading experience they have in the industry.
This lack of information pertaining to the most important things means that Davomgt is not being transparent enough with their would be client. On top of this, we find that using a gmail address for communication is not very professional. However, they disclosed that their service charges a 30% managed fee based on high water mark.
But there is still a sense that this site is not very reliable and that one would easily lose their investment. If you want managed account service with proven track record, our advice is that you should check out this list and pick the relevant service. Otherwise, if you decide to go with Davomgt, you will end up losing your money because the site is characterized with so many red flags and the risk of losing your funds is like 100%.
This is one of the most boring websites that we ever came across. It is only filled with a few paragraphs explaining what they do and that’s all they can offer. In terms of aesthetic value, the website scores poorly. We wonder if they can ever attract clients through such an ugly website. Secondly, the service does not disclose their regulatory status. We’d like to know where Davomgt is based at and whether or not they are regulated. Unfortunately, because Davomgt is not transparent with their clients, this information is hard to come by.
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But rest assured that no matter where this fund management service is being operated from, the truth still remains that a fund manager needs to have the necessarily license in order to provide a financial service to their clients. This is something that is regulated in nearly all parts of the world. This site does not talk about their regulatory status and yet they continue to provide a financial service while demanding as much as $10,000. Isn’t this realistic?
Apart from not providing regulatory status of their business, the site does not disclose ownership details and according to who.is, the domain was only updated the other day. There is no history for this domain and hence we are unable to find out what this site was doing the better part of last year and so on. It appears to be new but again the classic appearance of the site suggests that it has been around for a while. Based on lack of disclosure of ownership information, a potential client would feel compelled to ignore this service because no investor would be willing to trust an anonymous person to manage their hard earned money.
On top of this, there are no reviews or customer feedback to give us insights on what their service is like. This is yet another red flag because if this website demands 10K as minimum for managing your account, the assumption is that they are dealing with serious investors only and these people must be able to write their testimonials somewhere in the forums. Unfortunately it appears no one is using this service. If you decide to trust them blindly, you’d be the first to get scammed. That’s almost a guarantee we are giving because such websites are often involved in fraudulent financial activities. Otherwise, what would prevent them from stealing from you if they are unregulated?
While it may appear as if this service is targeting serious investors only, it fails to provide verified performance results, which is one critical thing that serious investors often look for. Instead, the person managing Davomgt assumes that their target clients are stupid people who would be willing to fork the minimum amount required to open an investment account without first wanting to prove that the site has verified trading performance.
What we have on this site is a table of quarterly trading performance which has not been verified by a third party statement sharing site like myfxbook.com. That simply means that the site is lying about their performance and most likely you will lose money if you end up trusting the anonymous traders with your hard earned investments.
Davomgt discloses that their trading strategy is Elliott Wave Analysis and they also put emphasis on hedging because the operators appear to believe that they can make money if they open two positions at the same time in the same market. If hedging works, we are sure that every trader would be successful today. You’d simply open two opposite trades in the same market and cancel the one that is going to make a loss. But this is not the case. Hedging sounds simpler than it actually is.
To cut the long story short, this site does not instill confidence in a serious investor who would be willing to entrust a fund manager with his $10,000. Avoid fraudulent sites and only invest in verified trading products.
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