FXmanagedaccounts.com is owned and operated by Tom Flora who claims to have a wealth of experience trading, developing trading strategies and programming EAs with the help of other experts.
This trading operation is…. maybe better than a scam like World Markets for example. Read review of this investment scam here.
He also claims to teach traders how to become professionals in the game. FX Managed Accounts also offers a trading simulator where newbies can allegedly learn how to trade on their own and possibly decide to trade for themselves instead of utilizing the services of this investment manager.
FX Managed Accounts charges a monthly fee of 40% based on high water mark. They tell their clients that they can only charge this commission if they make a profit. On top of this, clients accounts are allegedly traded with a combination of expert advisors and manual trading.
Tom has not revealed his trading strategies to help us gauge how safe or risky his approach is to the market. It is also not quite clear whether he is working with other traders in this operation. The minimum balance that he is asking for is $10,000 and claim that traders who can’t raise this amount should not be trading. This is a very reckless statement because we have seen many traders with $500 making sustainable returns in the long run. So by claiming that traders who can’t raise 10K should not trade means that he is simply misleading traders for his own selfish motive.
Throughout the site, you won’t find proof of successful trading and yet the website FX Managed Accounts keeps asking for a minimum of 10K. This is of course a big fat joke because no investor will be willing to part with this amount if they do not have a clue on the performance of Tom and his team. FX Managed Accounts basically expects investors to blindly believe that they will achieve good returns even if they don’t have evidence yet. While it’s true that past performance does not necessarily represent future performance (an excuse which Tom has used on this website to justify the lack of proof of trading performance), it gives a general idea of how the fund has been performing in the last couple of months or even years.
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By the way, the owner of FX Managed Accounts claims to have traded since the early 90s. Surely anybody who has been trading this long knows how to put information together so they can convince investors who can fork out 10K and even more. Unfortunately, if you investigate this website, you will find out that even the date of its creation does not reflect the claim that Tom started trading in the 90s.
Generally, we do not believe in any of the marketing statements which are published on this website. If we look at it carefully, we even doubt whether Tom’s fund management website looks like a professional money manager’s website. In terms of aesthetics, it scores poorly. It looks like a very cheap off the shelf website that the owner did not spend a long time putting together to bring out a professional look. Having said this, we believe that this is yet another joker trying to cheat traders out of their money. You can invest with these genuine trading products instead.
The operator of this website appears to be based in the US. They have also provided their phone number and Skype contact for purposes of communicating with their clients. This is a good gesture because it shows that Tom is indeed ready for business. But this is by no means a factor that determines whether or not Tom and his team are proficient in what they claim to do.
The marketing materials which appear on this website suggest that this is a profitable investment destination. However, they fail to mention what kind of returns we should be expecting in a month. Instead, they only tell us that they will be charging a management fees of 40% of the profits. Other details such as trading strategy are missing, which means that the operator of this website is not very much interested in revealing his way of operation to the potential investor.
Since we do not know what kind of track record Tom Flora has, we cannot be quick to gamble our 10K in his hands. This minimum deposit requirement is indeed high and most investors cannot afford it. Even those who can afford it won’t be willing to part with this much since Tom Flora has not demonstrated his capability to generate returns on a consistent basis. This is something you should consider very important as far as managing your funds are concerned. If the minimum deposit requirement was reasonable, perhaps some investors would be willing to test the service just to see what kind of returns they could earn from this operation.
Every fund manager is required to prove that they can handle funds of their clients properly and even return a consistent profit. FX Managed Accounts does not have any past performance links. We do not know why Tom does not want to show us documented proof of live trading and yet he is quite to solicit 10K from random investors on the internet. This is a very important part of our review. If you want to determine the profitability of these guys, your concern should be past performance and if they can provide their link to one of their myfxbook accounts, this would help you a great deal.
Whether it is an investment advisory firm, a fund manager or anything in between, clients are required to perform due diligence before they can invest their hard earned money. At the moment, we cannot recommend FX Managed Accounts because it fails our credibility test. Moreover, the minimum deposit requirement is very high for a service that is not considered professional from the word go. If you’d like to trade and make a profit, our advice is to use these trading products as they are more reliable than FX Managed Accounts.
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